A+ CONCEPT: 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+ CONCEPT
Largest movements
- Cash -€194,667
down €194,667 (-40.5%), from €480,473 to €285,807
mainly Investment in fixed assets (net) (-€68,670) and Other debts (-€62,688)
- Receivables within one year +€50,486
up €50,486 (+5.4%), from €940,633 to €991,119
of which Trade receivables: +€30,977
- Deferred charges and accrued income +€45,616
up €45,616 (+73.4%), from €62,123 to €107,739
- Tangible fixed assets +€43,948
up €43,948 (+48.7%), from €90,240 to €134,188
of which Other tangible fixed assets: +€57,616
- Reserves +€63,150
up €63,150 (+32.2%), from €196,186 to €259,336
of which Tax-exempt reserves: +€63,150
- Other debts -€62,688
down €62,688 (-43.3%), from €144,905 to €82,217
- Accrued charges and deferred income -€48,527
down €48,527 (-100.0%), from €48,527 to €0
- Profit (loss) carried forward -€41,526
down €41,526 (-6.3%), from €660,432 to €618,905
- Tax, wage and social debts +€28,270
up €28,270 (+8.7%), from €326,349 to €354,619
of which Remuneration and social security: +€33,614
- Staff costs +€298,389
up €298,389 (+27.0%), from €1.1m to €1.4m
- Gross operating margin -€132,573
down €132,573 (-8.0%), from €1.7m to €1.5m
- Taxes -€94,114
down €94,114 (-76.3%), from €123,353 to €29,238
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 | €1,713,835 | €1,655,181 | -€58,653 | -3.4% |
| Fixed assets | 21/28 | €126,575 | €161,487 | +€34,912 | +27.6% |
| Intangible fixed assets | 21 | €32,524 | €23,933 | -€8,591 | -26.4% |
| Tangible fixed assets | 22/27 | €90,240 | €134,188 | +€43,948 | +48.7% |
| Furniture and vehicles | 24 | €24,511 | €10,842 | -€13,669 | -55.8% |
| Other tangible fixed assets | 26 | €65,729 | €123,346 | +€57,616 | +87.7% |
| Financial fixed assets | 28 | €3,811 | €3,366 | -€445 | -11.7% |
| Current assets | 29/58 | €1,587,259 | €1,493,694 | -€93,565 | -5.9% |
| Amounts receivable after more than one year | 29 | €104,030 | €109,030 | +€5,000 | +4.8% |
| Other amounts receivable | 291 | €104,030 | €109,030 | +€5,000 | +4.8% |
| Amounts receivable within one year | 40/41 | €940,633 | €991,119 | +€50,486 | +5.4% |
| Trade receivables | 40 | €937,478 | €968,455 | +€30,977 | +3.3% |
| Other amounts receivable | 41 | €3,155 | €22,664 | +€19,508 | +618.3% |
| Cash at bank and in hand | 54/58 | €480,473 | €285,807 | -€194,667 | -40.5% |
| Deferred charges and accrued income | 490/1 | €62,123 | €107,739 | +€45,616 | +73.4% |
| Total equity and liabilities | 10/49 | €1,713,835 | €1,655,181 | -€58,653 | -3.4% |
| Equity | 10/15 | €876,847 | €898,241 | +€21,394 | +2.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €196,186 | €259,336 | +€63,150 | +32.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Distributable reserves | 133 | €194,186 | €194,186 | = | 0.0% |
| Profit (loss) carried forward | 14 | €660,432 | €618,905 | -€41,526 | -6.3% |
| Investment grants | 15 | €230 | €0 | -€230 | -100.0% |
| Amounts payable | 17/49 | €836,987 | €756,940 | -€80,048 | -9.6% |
| Amounts payable after more than one year | 17 | €9,176 | €0 | -€9,176 | -100.0% |
| Financial debts | 170/4 | €9,176 | €0 | -€9,176 | -100.0% |
| Amounts payable within one year | 42/48 | €779,285 | €756,940 | -€22,345 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €14,962 | €14,231 | -€731 | -4.9% |
| Trade debts | 44 | €293,069 | €305,873 | +€12,803 | +4.4% |
| Suppliers | 440/4 | €293,069 | €305,873 | +€12,803 | +4.4% |
| Taxes, remuneration and social security | 45 | €326,349 | €354,619 | +€28,270 | +8.7% |
| Taxes | 450/3 | €156,368 | €151,024 | -€5,344 | -3.4% |
| Remuneration and social security | 454/9 | €169,981 | €203,595 | +€33,614 | +19.8% |
| Other amounts payable | 47/48 | €144,905 | €82,217 | -€62,688 | -43.3% |
| Accrued charges and deferred income | 492/3 | €48,527 | €0 | -€48,527 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,107,023 | €1,405,412 | +€298,389 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,225 | €33,758 | +€1,533 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €16,789 | €13,712 | -€3,077 | -18.3% |
| Non-recurring operating charges | 66A | €33,806 | €0 | -€33,806 | -100.0% |
| Gross operating margin | 9900 | €1,664,110 | €1,531,536 | -€132,573 | -8.0% |
| Operating profit (loss) | 9901 | €474,266 | €78,655 | -€395,612 | -83.4% |
| Financial income | 75/76B | €10,093 | €11,042 | +€949 | +9.4% |
| Recurring financial income | 75 | €10,093 | €11,042 | +€949 | +9.4% |
| Financial charges | 65/66B | €12,624 | €16,683 | +€4,059 | +32.2% |
| Recurring financial charges | 65 | €12,624 | €16,683 | +€4,059 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €471,736 | €73,013 | -€398,723 | -84.5% |
| Income taxes | 67/77 | €123,353 | €29,238 | -€94,114 | -76.3% |
| Profit (loss) for the period | 9904 | €348,383 | €43,775 | -€304,608 | -87.4% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €348,383 | -€19,375 | -€367,758 |
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 7 October 2026 via checked.be.