49h: what changed
Two financial 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.
49h
Largest movements
- Receivables within one year -€85,718
down €85,718 (-78.9%), from €108,580 to €22,862
of which Trade receivables: -€86,010
- Tangible fixed assets -€65,225
down €65,225 (-14.7%), from €443,230 to €378,005
of which Plant, machinery and equipment: -€41,882
- Cash +€12,149
up €12,149 (+319.8%), from €3,799 to €15,948
mainly Receivables within one year (+€85,718) and Depreciation (+€65,225)
- Current portion of long-term debt -€53,702
down €53,702 (-77.8%), from €69,004 to €15,302
- Other debts -€51,845
down €51,845 (-39.6%), from €130,895 to €79,050
- Tax, wage and social debts -€15,071
down €15,071 (-59.7%), from €25,251 to €10,180
of which Taxes: -€9,908
- Debts after one year -€10,804
down €10,804 (-56.7%), from €19,057 to €8,253
- Reserves -€10,769
down €10,769 (-3.6%), from €302,663 to €291,894
of which Distributable reserves: -€10,769
- Gross operating margin +€54,846
up €54,846 (+72.9%), from €75,206 to €130,052
- Depreciation -€18,902
down €18,902 (-22.5%), from €84,127 to €65,225
- Financial charges +€8,734
up €8,734 (+49.3%), from €17,702 to €26,436
of which Non-recurring financial charges: +€9,795
- Taxes -€4,521
down €4,521 (-54.4%), from €8,315 to €3,794
- Staff costs +€2,664
up €2,664 (+6.7%), from €39,509 to €42,173
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 | €557,204 | €418,445 | -€138,759 | -24.9% |
| Fixed assets | 21/28 | €443,398 | €378,173 | -€65,225 | -14.7% |
| Tangible fixed assets | 22/27 | €443,230 | €378,005 | -€65,225 | -14.7% |
| Land and buildings | 22 | €343,147 | €326,830 | -€16,317 | -4.8% |
| Plant, machinery and equipment | 23 | €83,581 | €41,699 | -€41,882 | -50.1% |
| Furniture and vehicles | 24 | €12,342 | €9,476 | -€2,866 | -23.2% |
| Assets under construction and advance payments | 27 | €4,160 | - | -€4,160 | |
| Financial fixed assets | 28 | €168 | €168 | = | 0.0% |
| Current assets | 29/58 | €113,806 | €40,272 | -€73,534 | -64.6% |
| Amounts receivable within one year | 40/41 | €108,580 | €22,862 | -€85,718 | -78.9% |
| Trade receivables | 40 | €108,580 | €22,570 | -€86,010 | -79.2% |
| Other amounts receivable | 41 | - | €292 | +€292 | |
| Cash at bank and in hand | 54/58 | €3,799 | €15,948 | +€12,149 | +319.8% |
| Deferred charges and accrued income | 490/1 | €1,427 | €1,462 | +€35 | +2.5% |
| Total equity and liabilities | 10/49 | €557,204 | €418,445 | -€138,759 | -24.9% |
| Equity | 10/15 | €308,863 | €298,094 | -€10,769 | -3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €302,663 | €291,894 | -€10,769 | -3.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €300,803 | €290,034 | -€10,769 | -3.6% |
| Amounts payable | 17/49 | €248,341 | €120,351 | -€127,990 | -51.5% |
| Amounts payable after more than one year | 17 | €19,057 | €8,253 | -€10,804 | -56.7% |
| Financial debts | 170/4 | €19,057 | €8,253 | -€10,804 | -56.7% |
| Amounts payable within one year | 42/48 | €229,171 | €112,018 | -€117,153 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €69,004 | €15,302 | -€53,702 | -77.8% |
| Trade debts | 44 | €4,021 | €7,486 | +€3,465 | +86.2% |
| Suppliers | 440/4 | €4,021 | €7,486 | +€3,465 | +86.2% |
| Taxes, remuneration and social security | 45 | €25,251 | €10,180 | -€15,071 | -59.7% |
| Taxes | 450/3 | €18,188 | €8,280 | -€9,908 | -54.5% |
| Remuneration and social security | 454/9 | €7,063 | €1,900 | -€5,163 | -73.1% |
| Other amounts payable | 47/48 | €130,895 | €79,050 | -€51,845 | -39.6% |
| Accrued charges and deferred income | 492/3 | €113 | €80 | -€33 | -29.2% |
| Remuneration, social security and pensions | 62 | €39,509 | €42,173 | +€2,664 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,127 | €65,225 | -€18,902 | -22.5% |
| Other operating charges | 640/8 | €3,417 | €3,194 | -€223 | -6.5% |
| Gross operating margin | 9900 | €75,206 | €130,052 | +€54,846 | +72.9% |
| Operating profit (loss) | 9901 | -€51,847 | €19,460 | +€71,307 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €17,702 | €26,436 | +€8,734 | +49.3% |
| Recurring financial charges | 65 | €2,544 | €1,483 | -€1,061 | -41.7% |
| Non-recurring financial charges | 66B | €15,158 | €24,953 | +€9,795 | +64.6% |
| Profit (loss) for the period before taxes | 9903 | -€69,549 | -€6,975 | +€62,574 | +90.0% |
| Income taxes | 67/77 | €8,315 | €3,794 | -€4,521 | -54.4% |
| Profit (loss) for the period | 9904 | -€77,864 | -€10,769 | +€67,095 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,864 | -€10,769 | +€67,095 | +86.2% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.