A-COVER: 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-COVER
Largest movements
- Cash -€141,833
down €141,833 (-53.2%), from €266,832 to €124,999
mainly Investment in fixed assets (net) (-€210,540) and Receivables within one year (-€39,505)
- Intangible fixed assets +€84,412
new in 2025: €84,412
- Tangible fixed assets +€47,057
up €47,057 (+9.5%), from €493,307 to €540,363
of which Furniture and vehicles: +€95,115
- Receivables within one year +€39,505
up €39,505 (+313.5%), from €12,603 to €52,107
of which Other amounts receivable: +€24,048
- Deferred charges and accrued income +€11,555
up €11,555 (+243.3%), from €4,750 to €16,305
- Reserves +€72,250
up €72,250 (+14.4%), from €500,487 to €572,737
of which Distributable reserves: +€76,676
- Debts after one year -€36,146
down €36,146 (-12.3%), from €294,039 to €257,893
- Trade debts -€24,133
down €24,133 (-58.2%), from €41,463 to €17,330
- Tax, wage and social debts +€17,944
up €17,944 (+35.2%), from €50,967 to €68,912
of which Remuneration and social security: +€26,510
- Staff costs +€145,349
up €145,349 (+57.1%), from €254,740 to €400,089
- Gross operating margin +€61,874
up €61,874 (+9.8%), from €629,756 to €691,629
- Taxes -€36,914
down €36,914 (-45.5%), from €81,144 to €44,230
- Financial charges +€36,872
up €36,872 (+89.6%), from €41,131 to €78,004
- Depreciation +€12,521
up €12,521 (+18.8%), from €66,550 to €79,071
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 | €947,072 | €983,513 | +€36,441 | +3.8% |
| Fixed assets | 21/28 | €497,414 | €628,882 | +€131,469 | +26.4% |
| Intangible fixed assets | 21 | - | €84,412 | +€84,412 | |
| Tangible fixed assets | 22/27 | €493,307 | €540,363 | +€47,057 | +9.5% |
| Land and buildings | 22 | €436,250 | €391,358 | -€44,892 | -10.3% |
| Plant, machinery and equipment | 23 | €16,450 | €13,283 | -€3,166 | -19.2% |
| Furniture and vehicles | 24 | €40,607 | €135,722 | +€95,115 | +234.2% |
| Financial fixed assets | 28 | €4,107 | €4,107 | = | 0.0% |
| Current assets | 29/58 | €449,658 | €354,630 | -€95,028 | -21.1% |
| Amounts receivable after more than one year | 29 | €65,474 | €61,219 | -€4,255 | -6.5% |
| Other amounts receivable | 291 | €65,474 | €61,219 | -€4,255 | -6.5% |
| Amounts receivable within one year | 40/41 | €12,603 | €52,107 | +€39,505 | +313.5% |
| Trade receivables | 40 | €881 | €16,337 | +€15,457 | +1754.9% |
| Other amounts receivable | 41 | €11,722 | €35,770 | +€24,048 | +205.2% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €266,832 | €124,999 | -€141,833 | -53.2% |
| Deferred charges and accrued income | 490/1 | €4,750 | €16,305 | +€11,555 | +243.3% |
| Total equity and liabilities | 10/49 | €947,072 | €983,513 | +€36,441 | +3.8% |
| Equity | 10/15 | €500,587 | €572,837 | +€72,250 | +14.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €500,487 | €572,737 | +€72,250 | +14.4% |
| Tax-exempt reserves | 132 | €53,114 | €48,688 | -€4,426 | -8.3% |
| Distributable reserves | 133 | €447,373 | €524,049 | +€76,676 | +17.1% |
| Provisions and deferred taxes | 16 | €13,278 | €12,172 | -€1,107 | -8.3% |
| Deferred taxes | 168 | €13,278 | €12,172 | -€1,107 | -8.3% |
| Amounts payable | 17/49 | €433,206 | €398,504 | -€34,702 | -8.0% |
| Amounts payable after more than one year | 17 | €294,039 | €257,893 | -€36,146 | -12.3% |
| Financial debts | 170/4 | €294,039 | €257,893 | -€36,146 | -12.3% |
| Amounts payable within one year | 42/48 | €139,167 | €140,611 | +€1,444 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €35,594 | €36,146 | +€552 | +1.6% |
| Trade debts | 44 | €41,463 | €17,330 | -€24,133 | -58.2% |
| Suppliers | 440/4 | €41,463 | €17,330 | -€24,133 | -58.2% |
| Taxes, remuneration and social security | 45 | €50,967 | €68,912 | +€17,944 | +35.2% |
| Taxes | 450/3 | €20,885 | €12,320 | -€8,566 | -41.0% |
| Remuneration and social security | 454/9 | €30,082 | €56,592 | +€26,510 | +88.1% |
| Other amounts payable | 47/48 | €11,143 | €18,224 | +€7,081 | +63.5% |
| Remuneration, social security and pensions | 62 | €254,740 | €400,089 | +€145,349 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,550 | €79,071 | +€12,521 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €586 | +€586 | |
| Other operating charges | 640/8 | €13,594 | €2,876 | -€10,718 | -78.8% |
| Gross operating margin | 9900 | €629,756 | €691,629 | +€61,874 | +9.8% |
| Operating profit (loss) | 9901 | €294,872 | €209,008 | -€85,864 | -29.1% |
| Financial income | 75/76B | €2,133 | €1,717 | -€416 | -19.5% |
| Recurring financial income | 75 | €2,133 | €1,717 | -€416 | -19.5% |
| Financial charges | 65/66B | €41,131 | €78,004 | +€36,872 | +89.6% |
| Recurring financial charges | 65 | €41,131 | €78,004 | +€36,872 | +89.6% |
| Profit (loss) for the period before taxes | 9903 | €255,874 | €132,722 | -€123,152 | -48.1% |
| Transfer from deferred taxes | 780 | €1,107 | €1,107 | = | 0.0% |
| Income taxes | 67/77 | €81,144 | €44,230 | -€36,914 | -45.5% |
| Profit (loss) for the period | 9904 | €175,836 | €89,598 | -€86,238 | -49.0% |
| Transfer from tax-exempt reserves | 789 | €4,426 | €4,426 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €180,263 | €94,024 | -€86,238 | -47.8% |
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 8 October 2026 via checked.be.