A.B.L.V.: what changed
A.B.L.V.
Largest movements
- Tangible fixed assets +€240,866
up €240,866 (+67.9%), from €354,921 to €595,787
of which Other tangible fixed assets: +€245,000
- Receivables within one year -€40,464
down €40,464 (-85.1%), from €47,545 to €7,081
of which Trade receivables: -€43,036
- Cash -€15,967
down €15,967 (-23.1%), from €69,259 to €53,292
mainly Investment in fixed assets (net) (-€246,736) and Tax, wage and social debts (-€25,509)
- Deferred charges and accrued income -€9,000
no longer reported in 2025 (was €9,000)
- Short-term financial debts +€141,057
up €141,057 (+46.2%), from €305,000 to €446,057
- Tax, wage and social debts -€25,509
down €25,509 (-85.9%), from €29,687 to €4,178
of which Taxes: -€26,189
- Other debts +€24,464
new in 2025: €24,464
- Trade debts +€22,950
up €22,950 (+724%), from €3,171 to €26,121
- Reserves +€13,188
up €13,188 (+10.0%), from €131,281 to €144,469
of which Distributable reserves: +€13,188
- Staff costs -€46,051
down €46,051 (-67.0%), from €68,682 to €22,631
- Gross operating margin -€29,365
down €29,365 (-30.7%), from €95,728 to €66,363
- Financial charges +€5,623
up €5,623 (+49.4%), from €11,375 to €16,998
of which Financial charges: +€6,160
- Taxes +€2,272
up €2,272 (+79.0%), from €2,876 to €5,148
- Depreciation +€1,250
up €1,250 (+27.1%), from €4,620 to €5,870
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €487,934 | €664,084 | +€176,150 | +36.1% |
| Fixed assets | 21/28 | €354,921 | €595,787 | +€240,866 | +67.9% |
| Tangible fixed assets | 22/27 | €354,921 | €595,787 | +€240,866 | +67.9% |
| Land and buildings | 22 | €341,600 | €341,600 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,698 | €8,241 | -€3,457 | -29.6% |
| Furniture and vehicles | 24 | €1,623 | €946 | -€677 | -41.7% |
| Other tangible fixed assets | 26 | - | €245,000 | +€245,000 | |
| Current assets | 29/58 | €133,013 | €68,297 | -€64,716 | -48.7% |
| Stocks and contracts in progress | 3 | €7,209 | €7,924 | +€715 | +9.9% |
| Stocks | 30/36 | €7,209 | €7,924 | +€715 | +9.9% |
| Amounts receivable within one year | 40/41 | €47,545 | €7,081 | -€40,464 | -85.1% |
| Trade receivables | 40 | €45,655 | €2,619 | -€43,036 | -94.3% |
| Other amounts receivable | 41 | €1,890 | €4,462 | +€2,572 | +136% |
| Cash at bank and in hand | 54/58 | €69,259 | €53,292 | -€15,967 | -23.1% |
| Deferred charges and accrued income | 490/1 | €9,000 | - | -€9,000 | |
| Total equity and liabilities | 10/49 | €487,934 | €664,084 | +€176,150 | +36.1% |
| Equity | 10/15 | €150,076 | €163,264 | +€13,188 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,281 | €144,469 | +€13,188 | +10.0% |
| Tax-exempt reserves | 132 | €2,614 | €2,614 | = | 0.0% |
| Distributable reserves | 133 | €128,667 | €141,855 | +€13,188 | +10.2% |
| Profit (loss) carried forward | 14 | €195 | €195 | = | 0.0% |
| Amounts payable | 17/49 | €337,858 | €500,820 | +€162,962 | +48.2% |
| Amounts payable within one year | 42/48 | €337,858 | €500,820 | +€162,962 | +48.2% |
| Financial debts | 43 | €305,000 | €446,057 | +€141,057 | +46.2% |
| Credit institutions | 430/8 | €305,000 | €446,057 | +€141,057 | +46.2% |
| Trade debts | 44 | €3,171 | €26,121 | +€22,950 | +724% |
| Suppliers | 440/4 | €3,171 | €26,121 | +€22,950 | +724% |
| Taxes, remuneration and social security | 45 | €29,687 | €4,178 | -€25,509 | -85.9% |
| Taxes | 450/3 | €27,337 | €1,148 | -€26,189 | -95.8% |
| Remuneration and social security | 454/9 | €2,350 | €3,030 | +€680 | +28.9% |
| Other amounts payable | 47/48 | - | €24,464 | +€24,464 | |
| Remuneration, social security and pensions | 62 | €68,682 | €22,631 | -€46,051 | -67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,620 | €5,870 | +€1,250 | +27.1% |
| Other operating charges | 640/8 | €2,052 | €2,780 | +€728 | +35.5% |
| Gross operating margin | 9900 | €95,728 | €66,363 | -€29,365 | -30.7% |
| Operating profit (loss) | 9901 | €20,374 | €35,082 | +€14,708 | +72.2% |
| Financial income | 75/76B | €434 | €252 | -€182 | -41.9% |
| Recurring financial income | 75 | €21 | €252 | +€231 | +1,100% |
| Non-recurring financial income | 76B | €413 | €252 | -€161 | -39.0% |
| Financial charges | 65/66B | €11,375 | €16,998 | +€5,623 | +49.4% |
| Recurring financial charges | 65 | €10,732 | €16,892 | +€6,160 | +57.4% |
| Non-recurring financial charges | 66B | €643 | €106 | -€537 | -83.5% |
| Profit (loss) for the period before taxes | 9903 | €9,433 | €18,336 | +€8,903 | +94.4% |
| Income taxes | 67/77 | €2,876 | €5,148 | +€2,272 | +79.0% |
| Profit (loss) for the period | 9904 | €6,557 | €13,188 | +€6,631 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €6,557 | €13,188 | +€6,631 | +101% |
Next steps
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 4 November 2026 via checked.be.