4 A D: 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.
4 A D
Largest movements
- Cash -€59,075
down €59,075 (-20.5%), from €288,108 to €229,033
mainly Investment in fixed assets (net) (-€75,737) and Contributions, distributions and other (-€51,606)
- Tangible fixed assets -€32,777
down €32,777 (-9.0%), from €362,754 to €329,977
of which Land and buildings: -€50,555
- Receivables within one year -€13,994
down €13,994 (-12.6%), from €111,469 to €97,475
of which Trade receivables: -€19,037
- Investment grants -€51,606
down €51,606 (-19.9%), from €259,617 to €208,011
- Profit (loss) carried forward -€50,233
down €50,233 (-12.8%), from €393,318 to €343,085
- Accrued charges and deferred income -€15,132
down €15,132 (-43.3%), from €34,978 to €19,846
- Debts within one year +€11,374
up €11,374 (+11.6%), from €98,196 to €109,571
of which Trade debts: +€22,101
- Staff costs +€35,261
up €35,261 (+8.0%), from €441,365 to €476,626
- Gross operating margin -€33,314
down €33,314 (-5.8%), from €579,001 to €545,687
- Depreciation +€22,246
up €22,246 (+25.8%), from €86,268 to €108,514
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 | €786,110 | €680,513 | -€105,597 | -13.4% |
| Fixed assets | 21/28 | €363,339 | €330,562 | -€32,777 | -9.0% |
| Tangible fixed assets | 22/27 | €362,754 | €329,977 | -€32,777 | -9.0% |
| Land and buildings | 22 | €293,290 | €242,735 | -€50,555 | -17.2% |
| Plant, machinery and equipment | 23 | €65,159 | €67,007 | +€1,849 | +2.8% |
| Furniture and vehicles | 24 | €4,305 | €20,235 | +€15,930 | +370.0% |
| Financial fixed assets | 28 | €585 | €585 | = | 0.0% |
| Current assets | 29/58 | €422,771 | €349,951 | -€72,820 | -17.2% |
| Stocks and contracts in progress | 3 | €14,201 | €13,125 | -€1,075 | -7.6% |
| Stocks | 30/36 | €14,201 | €13,125 | -€1,075 | -7.6% |
| Amounts receivable within one year | 40/41 | €111,469 | €97,475 | -€13,994 | -12.6% |
| Trade receivables | 40 | €31,737 | €12,701 | -€19,037 | -60.0% |
| Other amounts receivable | 41 | €79,732 | €84,775 | +€5,043 | +6.3% |
| Cash at bank and in hand | 54/58 | €288,108 | €229,033 | -€59,075 | -20.5% |
| Deferred charges and accrued income | 490/1 | €8,994 | €10,318 | +€1,324 | +14.7% |
| Total equity and liabilities | 10/49 | €786,110 | €680,513 | -€105,597 | -13.4% |
| Equity | 10/15 | €652,935 | €551,096 | -€101,839 | -15.6% |
| Profit (loss) carried forward | 14 | €393,318 | €343,085 | -€50,233 | -12.8% |
| Investment grants | 15 | €259,617 | €208,011 | -€51,606 | -19.9% |
| Amounts payable | 17/49 | €133,175 | €129,417 | -€3,758 | -2.8% |
| Amounts payable within one year | 42/48 | €98,196 | €109,571 | +€11,374 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €15,430 | - | -€15,430 | |
| Trade debts | 44 | €31,409 | €53,510 | +€22,101 | +70.4% |
| Suppliers | 440/4 | €31,409 | €53,510 | +€22,101 | +70.4% |
| Taxes, remuneration and social security | 45 | €48,157 | €52,761 | +€4,604 | +9.6% |
| Taxes | 450/3 | €2,150 | €2,219 | +€69 | +3.2% |
| Remuneration and social security | 454/9 | €46,007 | €50,542 | +€4,535 | +9.9% |
| Accrued charges and deferred income | 492/3 | €34,978 | €19,846 | -€15,132 | -43.3% |
| Remuneration, social security and pensions | 62 | €441,365 | €476,626 | +€35,261 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,268 | €108,514 | +€22,246 | +25.8% |
| Other operating charges | 640/8 | €10,219 | €10,788 | +€569 | +5.6% |
| Gross operating margin | 9900 | €579,001 | €545,687 | -€33,314 | -5.8% |
| Operating profit (loss) | 9901 | €41,149 | -€50,241 | -€91,390 | |
| Financial income | 75/76B | €733 | €1,809 | +€1,076 | +146.7% |
| Recurring financial income | 75 | €733 | €1,809 | +€1,076 | +146.7% |
| Financial charges | 65/66B | €1,817 | €1,801 | -€16 | -0.9% |
| Recurring financial charges | 65 | €1,817 | €1,801 | -€16 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €40,065 | -€50,233 | -€90,298 | |
| Profit (loss) for the period | 9904 | €40,065 | -€50,233 | -€90,298 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,065 | -€50,233 | -€90,298 |
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.