13 M: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
13 M
Largest movements
- Tangible fixed assets +€41,937
up €41,937 (+29.7%), from €141,006 to €182,943
of which Plant, machinery and equipment: +€50,699
- Cash -€27,924
down €27,924 (-71.2%), from €39,224 to €11,300
mainly Investment in fixed assets (net) (-€63,770) and Receivables within one year (-€8,329)
- Receivables within one year +€8,329
up €8,329 (+626.2%), from €1,330 to €9,659
of which Trade receivables: +€8,930
- Debts after one year +€14,042
up €14,042 (+13.6%), from €103,206 to €117,248
- Current portion of long-term debt +€11,155
up €11,155 (+102.0%), from €10,936 to €22,091
- Profit (loss) carried forward -€6,931
down €6,931 (-33.7%), from -€20,574 to -€27,505
- Other debts +€4,341
new in 2025: €4,341
- Turnover -€32,214
down €32,214 (-14.8%), from €217,952 to €185,738
- Purchases and services -€18,469
down €18,469 (-9.5%), from €194,188 to €175,719
- Gross operating margin -€13,329
down €13,329 (-41.0%), from €32,471 to €19,142
- Depreciation +€11,667
up €11,667 (+114.8%), from €10,166 to €21,833
- Taxes -€5,969
down €5,969 (-95.1%), from €6,275 to €306
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €182,497 | €205,457 | +€22,960 | +12.6% |
| Fixed assets | 21/28 | €141,006 | €182,943 | +€41,937 | +29.7% |
| Tangible fixed assets | 22/27 | €141,006 | €182,943 | +€41,937 | +29.7% |
| Land and buildings | 22 | €138,258 | €129,496 | -€8,762 | -6.3% |
| Plant, machinery and equipment | 23 | €2,748 | €53,447 | +€50,699 | +1844.9% |
| Current assets | 29/58 | €41,491 | €22,514 | -€18,977 | -45.7% |
| Amounts receivable within one year | 40/41 | €1,330 | €9,659 | +€8,329 | +626.2% |
| Trade receivables | 40 | €554 | €9,484 | +€8,930 | +1611.9% |
| Other amounts receivable | 41 | €776 | €175 | -€601 | -77.4% |
| Cash at bank and in hand | 54/58 | €39,224 | €11,300 | -€27,924 | -71.2% |
| Deferred charges and accrued income | 490/1 | €937 | €1,555 | +€618 | +66.0% |
| Total equity and liabilities | 10/49 | €182,497 | €205,457 | +€22,960 | +12.6% |
| Equity | 10/15 | €11,916 | €4,985 | -€6,931 | -58.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,890 | €13,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €12,030 | €12,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,574 | -€27,505 | -€6,931 | -33.7% |
| Amounts payable | 17/49 | €170,581 | €200,472 | +€29,891 | +17.5% |
| Amounts payable after more than one year | 17 | €103,206 | €117,248 | +€14,042 | +13.6% |
| Financial debts | 170/4 | €103,206 | €117,248 | +€14,042 | +13.6% |
| Amounts payable within one year | 42/48 | €67,375 | €83,224 | +€15,849 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €10,936 | €22,091 | +€11,155 | +102.0% |
| Trade debts | 44 | €51,960 | €51,012 | -€948 | -1.8% |
| Suppliers | 440/4 | €51,960 | €51,012 | -€948 | -1.8% |
| Taxes, remuneration and social security | 45 | €4,479 | €5,780 | +€1,301 | +29.0% |
| Taxes | 450/3 | €4,479 | €5,780 | +€1,301 | +29.0% |
| Other amounts payable | 47/48 | - | €4,341 | +€4,341 | |
| Turnover | 70 | €217,952 | €185,738 | -€32,214 | -14.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €194,188 | €175,719 | -€18,469 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,166 | €21,833 | +€11,667 | +114.8% |
| Other operating charges | 640/8 | €1,197 | - | -€1,197 | |
| Gross operating margin | 9900 | €32,471 | €19,142 | -€13,329 | -41.0% |
| Operating profit (loss) | 9901 | €21,108 | -€2,691 | -€23,799 | |
| Financial income | 75/76B | €54 | - | -€54 | |
| Recurring financial income | 75 | €54 | - | -€54 | |
| Financial charges | 65/66B | €2,854 | €3,934 | +€1,080 | +37.8% |
| Recurring financial charges | 65 | €2,854 | €3,934 | +€1,080 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €18,308 | -€6,625 | -€24,933 | |
| Income taxes | 67/77 | €6,275 | €306 | -€5,969 | -95.1% |
| Profit (loss) for the period | 9904 | €12,033 | -€6,931 | -€18,964 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,033 | -€6,931 | -€18,964 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.