28: 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.
What changed
28
NACE 56.111, Full-service restaurants
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€54,193
2024 · €13,878+€40,315
Equity
€245,496
2024 · €191,303+€54,193
Cash
€163,162
2024 · €180,068-€16,906
Balance sheet total
€2.0m
2024 · €2.1m-€56,177
Largest movements
Assets
- Receivables within one year -€59,430
down €59,430 (-3.7%), from €1.6m to €1.5m
of which Trade receivables: -€77,234
- Deferred charges and accrued income +€26,213
new in 2025: €26,213
Equity and liabilities
- Profit (loss) carried forward +€54,193
up €54,193 (+44.0%), from €123,103 to €177,296
- Trade debts -€33,861
down €33,861 (-10.3%), from €329,206 to €295,345
- Tax, wage and social debts -€32,033
down €32,033 (-11.3%), from €284,633 to €252,600
of which Remuneration and social security: -€25,239
- Other debts -€31,040
down €31,040 (-2.7%), from €1.2m to €1.1m
Income statement
- Write-downs -€34,259
down €34,259 (-13.4%), from €255,687 to €221,428
- Staff costs -€26,446
down €26,446 (-1.4%), from €1.8m to €1.8m
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.
Result 2024
€13,878
Gross operating margin
-€18,964
Staff costs
+€26,446
Depreciation
+€2,590
Write-downs
+€34,259
Other operating charges
-€813
Financial income
-€3,490
Financial charges
+€3,311
Taxes
-€3,023
Result 2025
€54,193
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.
From operations
+€69,659
Investment
-€75,912
Financing
-€10,653
Cash 2024
€180,068
From operations (derived)
+€69,659
Net result for the year
+€54,193
Depreciation
+€86,893
Stocks and contracts
-€4,927
Receivables within one year
+€59,430
Deferred charges and accrued income
-€26,213
Trade debts
-€33,861
Tax, wage and social debts
-€32,033
Advances received
-€1,340
Other debts
-€31,040
Accrued charges and deferred income
-€1,443
Investment (derived)
-€75,912
Investment in fixed assets (net)
-€75,912
Financing
-€10,653
Debts after one year
-€3,327
Current portion of long-term debt
-€7,326
Cash 2025
€163,162
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,100,646 | €2,044,469 | -€56,177 | -2.7% |
| Fixed assets | 21/28 | €291,754 | €280,773 | -€10,981 | -3.8% |
| Intangible fixed assets | 21 | €35,451 | €31,048 | -€4,402 | -12.4% |
| Tangible fixed assets | 22/27 | €255,603 | €249,059 | -€6,544 | -2.6% |
| Plant, machinery and equipment | 23 | €14,937 | €21,410 | +€6,473 | +43.3% |
| Furniture and vehicles | 24 | €5,961 | €2,560 | -€3,401 | -57.1% |
| Leasing and similar rights | 25 | €7,009 | €3,643 | -€3,366 | -48.0% |
| Other tangible fixed assets | 26 | €227,697 | €221,447 | -€6,250 | -2.7% |
| Financial fixed assets | 28 | €700 | €665 | -€35 | -5.0% |
| Current assets | 29/58 | €1,808,893 | €1,763,697 | -€45,196 | -2.5% |
| Stocks and contracts in progress | 3 | €37,529 | €42,456 | +€4,927 | +13.1% |
| Stocks | 30/36 | €37,529 | €42,456 | +€4,927 | +13.1% |
| Amounts receivable within one year | 40/41 | €1,591,296 | €1,531,866 | -€59,430 | -3.7% |
| Trade receivables | 40 | €792,748 | €715,514 | -€77,234 | -9.7% |
| Other amounts receivable | 41 | €798,548 | €816,351 | +€17,803 | +2.2% |
| Cash at bank and in hand | 54/58 | €180,068 | €163,162 | -€16,906 | -9.4% |
| Deferred charges and accrued income | 490/1 | - | €26,213 | +€26,213 | |
| Total equity and liabilities | 10/49 | €2,100,646 | €2,044,469 | -€56,177 | -2.7% |
| Equity | 10/15 | €191,303 | €245,496 | +€54,193 | +28.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,103 | €177,296 | +€54,193 | +44.0% |
| Amounts payable | 17/49 | €1,909,343 | €1,798,973 | -€110,370 | -5.8% |
| Amounts payable after more than one year | 17 | €43,828 | €40,500 | -€3,327 | -7.6% |
| Financial debts | 170/4 | €43,828 | €40,500 | -€3,327 | -7.6% |
| Amounts payable within one year | 42/48 | €1,863,458 | €1,757,859 | -€105,599 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €94,531 | €87,206 | -€7,326 | -7.7% |
| Trade debts | 44 | €329,206 | €295,345 | -€33,861 | -10.3% |
| Suppliers | 440/4 | €329,206 | €295,345 | -€33,861 | -10.3% |
| Advances received on contracts in progress | 46 | €3,940 | €2,600 | -€1,340 | -34.0% |
| Taxes, remuneration and social security | 45 | €284,633 | €252,600 | -€32,033 | -11.3% |
| Taxes | 450/3 | €60,076 | €53,283 | -€6,793 | -11.3% |
| Remuneration and social security | 454/9 | €224,557 | €199,317 | -€25,239 | -11.2% |
| Other amounts payable | 47/48 | €1,151,149 | €1,120,109 | -€31,040 | -2.7% |
| Accrued charges and deferred income | 492/3 | €2,058 | €614 | -€1,443 | -70.2% |
| Remuneration, social security and pensions | 62 | €1,834,783 | €1,808,337 | -€26,446 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,483 | €86,893 | -€2,590 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €255,687 | €221,428 | -€34,259 | -13.4% |
| Other operating charges | 640/8 | €20,764 | €21,577 | +€813 | +3.9% |
| Gross operating margin | 9900 | €2,263,538 | €2,244,574 | -€18,964 | -0.8% |
| Operating profit (loss) | 9901 | €62,821 | €106,339 | +€43,518 | +69.3% |
| Financial income | 75/76B | €19,451 | €15,961 | -€3,490 | -17.9% |
| Recurring financial income | 75 | €19,451 | €15,961 | -€3,490 | -17.9% |
| Financial charges | 65/66B | €52,491 | €49,180 | -€3,311 | -6.3% |
| Recurring financial charges | 65 | €52,491 | €49,180 | -€3,311 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €29,781 | €73,120 | +€43,338 | +145.5% |
| Income taxes | 67/77 | €15,904 | €18,927 | +€3,023 | +19.0% |
| Profit (loss) for the period | 9904 | €13,878 | €54,193 | +€40,315 | +290.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,878 | €54,193 | +€40,315 | +290.5% |
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 3 October 2026 via checked.be.