8L: 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.
8L
Largest movements
- Stocks and contracts +€114,656
new in 2025: €114,656
- Receivables within one year +€95,372
up €95,372 (+82.1%), from €116,141 to €211,513
of which Other amounts receivable: +€77,763
- Receivables after one year -€85,798
no longer reported in 2025 (was €85,798)
- Cash -€76,700
down €76,700 (-34.0%), from €225,754 to €149,054
mainly Stocks and contracts (-€114,656) and Receivables within one year (-€95,372)
- Tangible fixed assets -€13,157
down €13,157 (-9.6%), from €136,384 to €123,227
- Reserves +€29,983
up €29,983 (+5.2%), from €571,390 to €601,373
- Other debts -€10,400
down €10,400 (-84.1%), from €12,362 to €1,962
- Tax, wage and social debts +€7,578
up €7,578 (+171.7%), from €4,413 to €11,991
- Gross operating margin +€9,412
up €9,412 (+30.3%), from €31,088 to €40,501
- Financial income +€4,337
up €4,337 (+90.7%), from €4,785 to €9,122
- Taxes +€3,793
up €3,793, from -€285 to €3,509
- Other operating charges -€3,336
down €3,336 (-56.2%), from €5,940 to €2,604
- Depreciation +€3,264
up €3,264 (+33.0%), from €9,893 to €13,157
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 | €607,749 | €636,874 | +€29,125 | +4.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €142,384 | €135,560 | -€6,824 | -4.8% |
| Tangible fixed assets | 22/27 | €136,384 | €123,227 | -€13,157 | -9.6% |
| Land and buildings | 22 | €93,820 | €90,548 | -€3,273 | -3.5% |
| Plant, machinery and equipment | 23 | €18,154 | €13,556 | -€4,598 | -25.3% |
| Furniture and vehicles | 24 | €24,409 | €19,123 | -€5,286 | -21.7% |
| Financial fixed assets | 28 | €6,000 | €12,333 | +€6,333 | +105.6% |
| Current assets | 29/58 | €465,366 | €501,314 | +€35,948 | +7.7% |
| Amounts receivable after more than one year | 29 | €85,798 | - | -€85,798 | |
| Other amounts receivable | 291 | €85,798 | - | -€85,798 | |
| Stocks and contracts in progress | 3 | - | €114,656 | +€114,656 | |
| Stocks | 30/36 | - | €114,656 | +€114,656 | |
| Amounts receivable within one year | 40/41 | €116,141 | €211,513 | +€95,372 | +82.1% |
| Trade receivables | 40 | €11,680 | €29,289 | +€17,609 | +150.8% |
| Other amounts receivable | 41 | €104,461 | €182,224 | +€77,763 | +74.4% |
| Current investments | 50/53 | €36,000 | €24,000 | -€12,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €225,754 | €149,054 | -€76,700 | -34.0% |
| Deferred charges and accrued income | 490/1 | €1,673 | €2,090 | +€418 | +25.0% |
| Total equity and liabilities | 10/49 | €607,749 | €636,874 | +€29,125 | +4.8% |
| Equity | 10/15 | €589,990 | €619,973 | +€29,983 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €571,390 | €601,373 | +€29,983 | +5.2% |
| Distributable reserves | 133 | €571,390 | €601,373 | +€29,983 | +5.2% |
| Amounts payable | 17/49 | €17,759 | €16,901 | -€858 | -4.8% |
| Amounts payable within one year | 42/48 | €17,471 | €16,901 | -€570 | -3.3% |
| Trade debts | 44 | €696 | €2,948 | +€2,252 | +323.6% |
| Suppliers | 440/4 | €696 | €2,948 | +€2,252 | +323.6% |
| Taxes, remuneration and social security | 45 | €4,413 | €11,991 | +€7,578 | +171.7% |
| Taxes | 450/3 | €4,413 | €11,991 | +€7,578 | +171.7% |
| Other amounts payable | 47/48 | €12,362 | €1,962 | -€10,400 | -84.1% |
| Accrued charges and deferred income | 492/3 | €288 | - | -€288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,893 | €13,157 | +€3,264 | +33.0% |
| Other operating charges | 640/8 | €5,940 | €2,604 | -€3,336 | -56.2% |
| Gross operating margin | 9900 | €31,088 | €40,501 | +€9,412 | +30.3% |
| Operating profit (loss) | 9901 | €15,256 | €24,739 | +€9,484 | +62.2% |
| Financial income | 75/76B | €4,785 | €9,122 | +€4,337 | +90.7% |
| Recurring financial income | 75 | €4,785 | €9,122 | +€4,337 | +90.7% |
| Financial charges | 65/66B | €248 | €370 | +€121 | +48.9% |
| Recurring financial charges | 65 | €248 | €370 | +€121 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €19,792 | €33,492 | +€13,700 | +69.2% |
| Income taxes | 67/77 | -€285 | €3,509 | +€3,793 | |
| Profit (loss) for the period | 9904 | €20,076 | €29,983 | +€9,906 | +49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,076 | €29,983 | +€9,906 | +49.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.