'A: 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.
'A
Largest movements
- Receivables within one year +€75,945
up €75,945 (+88.2%), from €86,067 to €162,012
of which Trade receivables: +€75,624
- Stocks and contracts -€62,989
down €62,989 (-19.8%), from €318,901 to €255,912
- Tangible fixed assets -€24,145
down €24,145 (-48.8%), from €49,503 to €25,358
of which Other tangible fixed assets: -€23,144
- Cash +€23,449
up €23,449 (+27.5%), from €85,395 to €108,844
mainly Stocks and contracts (+€62,989) and Depreciation (+€24,545)
- Deferred charges and accrued income +€8,681
up €8,681 (+128%), from €6,800 to €15,481
- Profit (loss) carried forward +€23,346
up €23,346 (+15.4%), from -€151,871 to -€128,524
- Tax, wage and social debts -€12,370
down €12,370 (-24.4%), from €50,631 to €38,261
of which Taxes: -€11,167
- Trade debts +€8,966
up €8,966 (+37.0%), from €24,246 to €33,212
- Other debts +€8,884
up €8,884 (+17.0%), from €52,137 to €61,021
- Current portion of long-term debt -€6,231
no longer reported in 2025 (was €6,231)
- Gross operating margin +€66,017
up €66,017 (+322%), from €20,488 to €86,505
- Staff costs +€23,489
up €23,489 (+433%), from €5,427 to €28,915
- Financial charges -€7,487
down €7,487 (-76.4%), from €9,803 to €2,317
- Other operating charges +€3,503
up €3,503 (+90.3%), from €3,878 to €7,381
- Depreciation -€926
down €926 (-3.6%), from €25,470 to €24,545
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.
Derived cash bridge
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 | €548,070 | €568,612 | +€20,542 | +3.7% |
| Fixed assets | 21/28 | €50,907 | €26,362 | -€24,545 | -48.2% |
| Intangible fixed assets | 21 | €800 | €400 | -€400 | -50.0% |
| Tangible fixed assets | 22/27 | €49,503 | €25,358 | -€24,145 | -48.8% |
| Plant, machinery and equipment | 23 | €741 | €508 | -€233 | -31.5% |
| Furniture and vehicles | 24 | €768 | - | -€768 | |
| Other tangible fixed assets | 26 | €47,995 | €24,851 | -€23,144 | -48.2% |
| Financial fixed assets | 28 | €604 | €604 | = | 0.0% |
| Current assets | 29/58 | €497,163 | €542,250 | +€45,087 | +9.1% |
| Stocks and contracts in progress | 3 | €318,901 | €255,912 | -€62,989 | -19.8% |
| Stocks | 30/36 | €318,901 | €255,912 | -€62,989 | -19.8% |
| Amounts receivable within one year | 40/41 | €86,067 | €162,012 | +€75,945 | +88.2% |
| Trade receivables | 40 | €20,941 | €96,565 | +€75,624 | +361% |
| Other amounts receivable | 41 | €65,126 | €65,447 | +€321 | +0.5% |
| Cash at bank and in hand | 54/58 | €85,395 | €108,844 | +€23,449 | +27.5% |
| Deferred charges and accrued income | 490/1 | €6,800 | €15,481 | +€8,681 | +128% |
| Total equity and liabilities | 10/49 | €548,070 | €568,612 | +€20,542 | +3.7% |
| Equity | 10/15 | -€56,246 | -€32,900 | +€23,346 | +41.5% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €50,625 | €50,625 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €46,125 | €46,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,871 | -€128,524 | +€23,346 | +15.4% |
| Amounts payable | 17/49 | €604,316 | €601,512 | -€2,804 | -0.5% |
| Amounts payable after more than one year | 17 | €468,922 | €468,833 | -€89 | 0.0% |
| Financial debts | 170/4 | €468,922 | €468,833 | -€89 | 0.0% |
| Amounts payable within one year | 42/48 | €135,394 | €132,678 | -€2,716 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €6,231 | - | -€6,231 | |
| Financial debts | 43 | €2,149 | €185 | -€1,964 | -91.4% |
| Credit institutions | 430/8 | €2,149 | €185 | -€1,964 | -91.4% |
| Trade debts | 44 | €24,246 | €33,212 | +€8,966 | +37.0% |
| Suppliers | 440/4 | €24,246 | €33,212 | +€8,966 | +37.0% |
| Taxes, remuneration and social security | 45 | €50,631 | €38,261 | -€12,370 | -24.4% |
| Taxes | 450/3 | €48,715 | €37,548 | -€11,167 | -22.9% |
| Remuneration and social security | 454/9 | €1,916 | €713 | -€1,203 | -62.8% |
| Other amounts payable | 47/48 | €52,137 | €61,021 | +€8,884 | +17.0% |
| Remuneration, social security and pensions | 62 | €5,427 | €28,915 | +€23,489 | +433% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,470 | €24,545 | -€926 | -3.6% |
| Other operating charges | 640/8 | €3,878 | €7,381 | +€3,503 | +90.3% |
| Gross operating margin | 9900 | €20,488 | €86,505 | +€66,017 | +322% |
| Operating profit (loss) | 9901 | -€14,288 | €25,663 | +€39,951 | |
| Financial income | 75/76B | €334 | - | -€334 | |
| Recurring financial income | 75 | €334 | - | -€334 | |
| Financial charges | 65/66B | €9,803 | €2,317 | -€7,487 | -76.4% |
| Recurring financial charges | 65 | €9,803 | €2,317 | -€7,487 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | -€23,756 | €23,346 | +€47,103 | |
| Profit (loss) for the period | 9904 | -€23,756 | €23,346 | +€47,103 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,756 | €23,346 | +€47,103 |
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 24 October 2026 via checked.be.