A & C: what changed
Two fiscal 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 & C
Largest movements
- Tangible fixed assets -€27,189
down €27,189 (-11.6%), from €233,542 to €206,354
of which Land and buildings: -€21,243
- Receivables within one year -€25,980
down €25,980 (-47.9%), from €54,221 to €28,241
of which Trade receivables: -€18,677
- Stocks and contracts +€14,179
up €14,179 (+36.5%), from €38,899 to €53,078
- Cash +€8,925
up €8,925 (+19.2%), from €46,446 to €55,371
mainly Depreciation (+€32,093) and Receivables within one year (+€25,980)
- Debts after one year -€15,708
down €15,708 (-10.0%), from €156,369 to €140,661
- Profit (loss) carried forward -€11,713
down €11,713 (-13.1%), from €89,588 to €77,875
- Trade debts -€7,719
down €7,719 (-18.2%), from €42,377 to €34,658
- Gross operating margin -€4,677
down €4,677 (-9.1%), from €51,583 to €46,905
- Financial charges +€1,046
up €1,046 (+24.0%), from €4,355 to €5,401
- Depreciation +€956
up €956 (+3.1%), from €31,137 to €32,093
- Other operating charges +€953
up €953 (+32.4%), from €2,941 to €3,894
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 | €376,397 | €344,525 | -€31,872 | -8.5% |
| Fixed assets | 21/28 | €233,692 | €206,504 | -€27,189 | -11.6% |
| Tangible fixed assets | 22/27 | €233,542 | €206,354 | -€27,189 | -11.6% |
| Land and buildings | 22 | €217,003 | €195,759 | -€21,243 | -9.8% |
| Plant, machinery and equipment | 23 | €699 | €4,521 | +€3,821 | +546.4% |
| Furniture and vehicles | 24 | €15,840 | €6,074 | -€9,766 | -61.7% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €142,705 | €138,021 | -€4,684 | -3.3% |
| Stocks and contracts in progress | 3 | €38,899 | €53,078 | +€14,179 | +36.5% |
| Stocks | 30/36 | €38,899 | €53,078 | +€14,179 | +36.5% |
| Amounts receivable within one year | 40/41 | €54,221 | €28,241 | -€25,980 | -47.9% |
| Trade receivables | 40 | €28,637 | €9,960 | -€18,677 | -65.2% |
| Other amounts receivable | 41 | €25,583 | €18,281 | -€7,303 | -28.5% |
| Cash at bank and in hand | 54/58 | €46,446 | €55,371 | +€8,925 | +19.2% |
| Deferred charges and accrued income | 490/1 | €3,139 | €1,331 | -€1,808 | -57.6% |
| Total equity and liabilities | 10/49 | €376,397 | €344,525 | -€31,872 | -8.5% |
| Equity | 10/15 | €145,846 | €134,133 | -€11,713 | -8.0% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €34,258 | €34,258 | = | 0.0% |
| Distributable reserves | 133 | €34,258 | €34,258 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,588 | €77,875 | -€11,713 | -13.1% |
| Amounts payable | 17/49 | €230,551 | €210,392 | -€20,159 | -8.7% |
| Amounts payable after more than one year | 17 | €156,369 | €140,661 | -€15,708 | -10.0% |
| Financial debts | 170/4 | €156,369 | €140,661 | -€15,708 | -10.0% |
| Amounts payable within one year | 42/48 | €73,182 | €69,731 | -€3,451 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €15,409 | €15,708 | +€299 | +1.9% |
| Trade debts | 44 | €42,377 | €34,658 | -€7,719 | -18.2% |
| Suppliers | 440/4 | €42,377 | €34,658 | -€7,719 | -18.2% |
| Taxes, remuneration and social security | 45 | €6,386 | €6,705 | +€319 | +5.0% |
| Taxes | 450/3 | €0 | €538 | +€538 | |
| Remuneration and social security | 454/9 | €6,386 | €6,167 | -€219 | -3.4% |
| Other amounts payable | 47/48 | €9,011 | €12,661 | +€3,650 | +40.5% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €16,755 | €16,308 | -€448 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,137 | €32,093 | +€956 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €384 | +€384 | |
| Other operating charges | 640/8 | €2,941 | €3,894 | +€953 | +32.4% |
| Gross operating margin | 9900 | €51,583 | €46,905 | -€4,677 | -9.1% |
| Operating profit (loss) | 9901 | €750 | -€5,774 | -€6,524 | |
| Financial income | 75/76B | €11 | €0 | -€11 | -99.7% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -99.7% |
| Financial charges | 65/66B | €4,355 | €5,401 | +€1,046 | +24.0% |
| Recurring financial charges | 65 | €4,355 | €5,401 | +€1,046 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,595 | -€11,175 | -€7,580 | -210.9% |
| Income taxes | 67/77 | €971 | €538 | -€433 | -44.6% |
| Profit (loss) for the period | 9904 | -€4,566 | -€11,713 | -€7,147 | -156.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,566 | -€11,713 | -€7,147 | -156.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.