A+: what changed
What changed
A+
NACE 33.200, Installation of industrial machinery and equipment
filed annual accounts (NBB)
Net result for the year
€21,141
2024 · €359,933-€338,792
Equity
€525,420
2024 · €504,279+€21,141
Cash
€37,894
2024 · €325,908-€288,014
Balance sheet total
€1.6m
2024 · €1.2m+€443,807
Largest movements
Assets
- Financial fixed assets +€1.0m
new in 2025: €1.0m
- Receivables within one year -€322,850
down €322,850 (-49.5%), from €651,853 to €329,003
of which Trade receivables: -€163,061
- Cash -€288,014
down €288,014 (-88.4%), from €325,908 to €37,894
mainly Investment in fixed assets (net) (-€1.1m) and Accrued charges and deferred income (-€151,175)
Equity and liabilities
- Debts after one year +€389,778
up €389,778, from €0 to €389,778
- Accrued charges and deferred income -€151,175
down €151,175 (-93.8%), from €161,221 to €10,046
- Short-term financial debts +€91,884
up €91,884 (+1,132%), from €8,116 to €100,000
- Current portion of long-term debt +€79,700
up €79,700 (+359%), from €22,184 to €101,884
- Reserves +€21,141
up €21,141 (+4.4%), from €485,679 to €506,820
Income statement
- Gross operating margin -€315,001
down €315,001 (-53.6%), from €587,944 to €272,943
- Taxes -€34,091
down €34,091 (-61.0%), from €55,931 to €21,840
- Staff costs +€32,196
up €32,196 (+25.9%), from €124,150 to €156,346
- Financial charges +€17,491
up €17,491 (+201%), from €8,682 to €26,173
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€359,933
Gross operating margin
-€315,001
Staff costs
-€32,196
Depreciation
-€2,448
Other operating charges
-€1,164
Financial income
-€4,584
Financial charges
-€17,491
Taxes
+€34,091
Result 2025
€21,141
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€227,876
Investment
-€1.1m
Financing
+€561,362
Cash 2024
€325,908
From operations (derived)
+€227,876
Net result for the year
+€21,141
Depreciation
+€42,982
Stocks and contracts
-€14,705
Receivables within one year
+€322,850
Deferred charges and accrued income
-€5,697
Trade debts
+€13,424
Tax, wage and social debts
+€2,735
Advances received
-€6,790
Other debts
+€3,110
Accrued charges and deferred income
-€151,175
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€561,362
Debts after one year
+€389,778
Current portion of long-term debt
+€79,700
Short-term financial debts
+€91,884
Cash 2025
€37,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,167,010 | €1,610,817 | +€443,807 | +38.0% |
| Fixed assets | 21/28 | €114,045 | €1,148,315 | +€1.0m | +907% |
| Intangible fixed assets | 21 | €7,123 | €2,803 | -€4,319 | -60.6% |
| Tangible fixed assets | 22/27 | €106,923 | €110,511 | +€3,589 | +3.4% |
| Plant, machinery and equipment | 23 | €3,069 | €596 | -€2,473 | -80.6% |
| Furniture and vehicles | 24 | €31,974 | €11,910 | -€20,064 | -62.8% |
| Leasing and similar rights | 25 | - | €37,351 | +€37,351 | |
| Other tangible fixed assets | 26 | €71,879 | €60,654 | -€11,225 | -15.6% |
| Financial fixed assets | 28 | - | €1,035,000 | +€1.0m | |
| Current assets | 29/58 | €1,052,964 | €462,502 | -€590,462 | -56.1% |
| Stocks and contracts in progress | 3 | €62,231 | €76,935 | +€14,705 | +23.6% |
| Stocks | 30/36 | €62,231 | €76,935 | +€14,705 | +23.6% |
| Amounts receivable within one year | 40/41 | €651,853 | €329,003 | -€322,850 | -49.5% |
| Trade receivables | 40 | €472,058 | €308,998 | -€163,061 | -34.5% |
| Other amounts receivable | 41 | €179,795 | €20,005 | -€159,790 | -88.9% |
| Cash at bank and in hand | 54/58 | €325,908 | €37,894 | -€288,014 | -88.4% |
| Deferred charges and accrued income | 490/1 | €12,973 | €18,669 | +€5,697 | +43.9% |
| Total equity and liabilities | 10/49 | €1,167,010 | €1,610,817 | +€443,807 | +38.0% |
| Equity | 10/15 | €504,279 | €525,420 | +€21,141 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €485,679 | €506,820 | +€21,141 | +4.4% |
| Distributable reserves | 133 | €485,679 | €506,820 | +€21,141 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €662,731 | €1,085,396 | +€422,666 | +63.8% |
| Amounts payable after more than one year | 17 | €0 | €389,778 | +€389,778 | |
| Financial debts | 170/4 | €0 | €389,778 | +€389,778 | |
| Amounts payable within one year | 42/48 | €501,509 | €685,572 | +€184,062 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €22,184 | €101,884 | +€79,700 | +359% |
| Financial debts | 43 | €8,116 | €100,000 | +€91,884 | +1,132% |
| Credit institutions | 430/8 | €8,116 | €100,000 | +€91,884 | +1,132% |
| Trade debts | 44 | €179,202 | €192,626 | +€13,424 | +7.5% |
| Suppliers | 440/4 | €179,202 | €192,626 | +€13,424 | +7.5% |
| Advances received on contracts in progress | 46 | €6,790 | €0 | -€6,790 | -100% |
| Taxes, remuneration and social security | 45 | €32,522 | €35,257 | +€2,735 | +8.4% |
| Taxes | 450/3 | €11,536 | €11,193 | -€343 | -3.0% |
| Remuneration and social security | 454/9 | €20,986 | €24,064 | +€3,078 | +14.7% |
| Other amounts payable | 47/48 | €252,695 | €255,805 | +€3,110 | +1.2% |
| Accrued charges and deferred income | 492/3 | €161,221 | €10,046 | -€151,175 | -93.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €124,150 | €156,346 | +€32,196 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,534 | €42,982 | +€2,448 | +6.0% |
| Other operating charges | 640/8 | €3,462 | €4,626 | +€1,164 | +33.6% |
| Gross operating margin | 9900 | €587,944 | €272,943 | -€315,001 | -53.6% |
| Operating profit (loss) | 9901 | €419,797 | €68,989 | -€350,809 | -83.6% |
| Financial income | 75/76B | €4,749 | €165 | -€4,584 | -96.5% |
| Recurring financial income | 75 | €4,749 | €165 | -€4,584 | -96.5% |
| Financial charges | 65/66B | €8,682 | €26,173 | +€17,491 | +201% |
| Recurring financial charges | 65 | €8,682 | €26,173 | +€17,491 | +201% |
| Profit (loss) for the period before taxes | 9903 | €415,864 | €42,981 | -€372,883 | -89.7% |
| Income taxes | 67/77 | €55,931 | €21,840 | -€34,091 | -61.0% |
| Profit (loss) for the period | 9904 | €359,933 | €21,141 | -€338,792 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €359,933 | €21,141 | -€338,792 | -94.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.