31.: 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.
31.
Largest movements
- Tangible fixed assets +€477,035
up €477,035 (+15.7%), from €3.0m to €3.5m
of which Plant, machinery and equipment: +€572,358
- Cash +€171,152
up €171,152 (+37.2%), from €460,325 to €631,476
mainly Depreciation (+€622,190) and Net result for the year (+€369,159)
- Receivables within one year -€108,839
down €108,839 (-8.0%), from €1.4m to €1.3m
of which Other amounts receivable: -€106,095
- Trade debts +€322,512
up €322,512 (+183.8%), from €175,442 to €497,954
- Reserves +€252,350
up €252,350 (+26.3%), from €959,850 to €1.2m
of which Tax-exempt reserves: +€147,350
- Short-term financial debts +€100,000
up €100,000 (+57.1%), from €175,000 to €275,000
- Accrued charges and deferred income -€100,000
no longer reported in 2025 (was €100,000)
- Profit (loss) carried forward -€83,191
down €83,191 (-43.7%), from €190,258 to €107,066
- Staff costs +€162,974
up €162,974 (+21.7%), from €750,694 to €913,668
- Gross operating margin +€106,314
up €106,314 (+5.3%), from €2.0m to €2.1m
- Depreciation +€64,536
up €64,536 (+11.6%), from €557,654 to €622,190
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 | €4,885,338 | €5,407,611 | +€522,273 | +10.7% |
| Fixed assets | 21/28 | €3,031,141 | €3,508,020 | +€476,879 | +15.7% |
| Intangible fixed assets | 21 | €999 | €843 | -€156 | -15.6% |
| Tangible fixed assets | 22/27 | €3,029,796 | €3,506,831 | +€477,035 | +15.7% |
| Plant, machinery and equipment | 23 | €2,269,358 | €2,841,716 | +€572,358 | +25.2% |
| Furniture and vehicles | 24 | €352,413 | €278,153 | -€74,260 | -21.1% |
| Other tangible fixed assets | 26 | €408,025 | €386,963 | -€21,062 | -5.2% |
| Financial fixed assets | 28 | €346 | €346 | = | 0.0% |
| Current assets | 29/58 | €1,854,197 | €1,899,591 | +€45,394 | +2.4% |
| Amounts receivable within one year | 40/41 | €1,362,916 | €1,254,077 | -€108,839 | -8.0% |
| Trade receivables | 40 | €1,184,656 | €1,181,913 | -€2,743 | -0.2% |
| Other amounts receivable | 41 | €178,259 | €72,164 | -€106,095 | -59.5% |
| Cash at bank and in hand | 54/58 | €460,325 | €631,476 | +€171,152 | +37.2% |
| Deferred charges and accrued income | 490/1 | €30,957 | €14,038 | -€16,919 | -54.7% |
| Total equity and liabilities | 10/49 | €4,885,338 | €5,407,611 | +€522,273 | +10.7% |
| Equity | 10/15 | €1,359,108 | €1,528,266 | +€169,159 | +12.4% |
| Contributions | 10/11 | €209,000 | €209,000 | = | 0.0% |
| Reserves | 13 | €959,850 | €1,212,200 | +€252,350 | +26.3% |
| Tax-exempt reserves | 132 | €184,850 | €332,200 | +€147,350 | +79.7% |
| Distributable reserves | 133 | €775,000 | €880,000 | +€105,000 | +13.5% |
| Profit (loss) carried forward | 14 | €190,258 | €107,066 | -€83,191 | -43.7% |
| Amounts payable | 17/49 | €3,526,230 | €3,879,345 | +€353,115 | +10.0% |
| Amounts payable after more than one year | 17 | €2,012,834 | €2,069,524 | +€56,690 | +2.8% |
| Financial debts | 170/4 | €1,912,834 | €2,069,524 | +€156,690 | +8.2% |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €1,413,396 | €1,809,821 | +€396,425 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €768,056 | €726,065 | -€41,991 | -5.5% |
| Financial debts | 43 | €175,000 | €275,000 | +€100,000 | +57.1% |
| Credit institutions | 430/8 | €175,000 | €275,000 | +€100,000 | +57.1% |
| Trade debts | 44 | €175,442 | €497,954 | +€322,512 | +183.8% |
| Suppliers | 440/4 | €175,442 | €497,954 | +€322,512 | +183.8% |
| Taxes, remuneration and social security | 45 | €91,321 | €106,015 | +€14,695 | +16.1% |
| Taxes | 450/3 | €26,625 | €44,947 | +€18,322 | +68.8% |
| Remuneration and social security | 454/9 | €64,695 | €61,068 | -€3,627 | -5.6% |
| Other amounts payable | 47/48 | €203,578 | €204,787 | +€1,209 | +0.6% |
| Accrued charges and deferred income | 492/3 | €100,000 | - | -€100,000 | |
| Non-recurring operating income | 76A | - | €3,163 | +€3,163 | |
| Remuneration, social security and pensions | 62 | €750,694 | €913,668 | +€162,974 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557,654 | €622,190 | +€64,536 | +11.6% |
| Other operating charges | 640/8 | €18,648 | €24,832 | +€6,184 | +33.2% |
| Gross operating margin | 9900 | €2,011,779 | €2,118,093 | +€106,314 | +5.3% |
| Operating profit (loss) | 9901 | €684,783 | €557,403 | -€127,380 | -18.6% |
| Financial income | 75/76B | €13,060 | €8,761 | -€4,299 | -32.9% |
| Recurring financial income | 75 | €13,060 | €8,761 | -€4,299 | -32.9% |
| Financial charges | 65/66B | €90,408 | €103,356 | +€12,948 | +14.3% |
| Recurring financial charges | 65 | €90,408 | €103,356 | +€12,948 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €607,435 | €462,808 | -€144,627 | -23.8% |
| Income taxes | 67/77 | €109,173 | €93,649 | -€15,524 | -14.2% |
| Profit (loss) for the period | 9904 | €498,261 | €369,159 | -€129,102 | -25.9% |
| Transfer to tax-exempt reserves | 689 | €147,350 | €147,350 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €350,911 | €221,809 | -€129,102 | -36.8% |
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 5 October 2026 via checked.be.