A DEUX: 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 DEUX
Largest movements
- Tangible fixed assets -€124,511
down €124,511 (-69.1%), from €180,225 to €55,714
of which Land and buildings: -€115,724
- Current investments +€11,680
up €11,680 (+310.8%), from €3,758 to €15,438
- Cash +€5,755
up €5,755 (+75.5%), from €7,622 to €13,377
mainly Investment in fixed assets (net) (+€106,403) and Other debts (+€67,138)
- Receivables within one year +€5,501
up €5,501 (+9.6%), from €57,132 to €62,634
of which Other amounts receivable: +€2,969
- Debts after one year -€112,956
down €112,956 (-91.2%), from €123,859 to €10,903
- Other debts +€67,138
new in 2025: €67,138
- Reserves -€34,638
down €34,638 (-100.0%), from €34,638 to €0
- Profit (loss) carried forward -€11,808
down €11,808 (-25.8%), from €45,737 to €33,929
- Current portion of long-term debt -€9,420
down €9,420 (-43.5%), from €21,670 to €12,250
- Gross operating margin +€10,319
up €10,319 (+19.2%), from €53,848 to €64,168
- Depreciation -€9,711
down €9,711 (-34.7%), from €28,019 to €18,308
- Staff costs -€8,800
down €8,800 (-50.0%), from €17,585 to €8,784
- Taxes +€8,097
up €8,097 (+350.4%), from €2,311 to €10,408
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 | €257,059 | €155,823 | -€101,236 | -39.4% |
| Fixed assets | 21/28 | €180,478 | €55,766 | -€124,711 | -69.1% |
| Intangible fixed assets | 21 | €253 | €53 | -€200 | -79.2% |
| Tangible fixed assets | 22/27 | €180,225 | €55,714 | -€124,511 | -69.1% |
| Land and buildings | 22 | €140,156 | €24,432 | -€115,724 | -82.6% |
| Furniture and vehicles | 24 | €23,283 | €19,441 | -€3,842 | -16.5% |
| Leasing and similar rights | 25 | €16,786 | €11,841 | -€4,945 | -29.5% |
| Current assets | 29/58 | €76,582 | €100,056 | +€23,475 | +30.7% |
| Stocks and contracts in progress | 3 | €6,291 | €7,607 | +€1,316 | +20.9% |
| Stocks | 30/36 | €6,291 | €7,607 | +€1,316 | +20.9% |
| Amounts receivable within one year | 40/41 | €57,132 | €62,634 | +€5,501 | +9.6% |
| Trade receivables | 40 | €165 | €2,698 | +€2,532 | +1530.9% |
| Other amounts receivable | 41 | €56,967 | €59,936 | +€2,969 | +5.2% |
| Current investments | 50/53 | €3,758 | €15,438 | +€11,680 | +310.8% |
| Cash at bank and in hand | 54/58 | €7,622 | €13,377 | +€5,755 | +75.5% |
| Deferred charges and accrued income | 490/1 | €1,779 | €1,000 | -€778 | -43.8% |
| Total equity and liabilities | 10/49 | €257,059 | €155,823 | -€101,236 | -39.4% |
| Equity | 10/15 | €83,375 | €36,929 | -€46,446 | -55.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €34,638 | €0 | -€34,638 | -100.0% |
| Distributable reserves | 133 | €34,638 | - | -€34,638 | |
| Profit (loss) carried forward | 14 | €45,737 | €33,929 | -€11,808 | -25.8% |
| Amounts payable | 17/49 | €173,684 | €118,894 | -€54,790 | -31.5% |
| Amounts payable after more than one year | 17 | €123,859 | €10,903 | -€112,956 | -91.2% |
| Financial debts | 170/4 | €123,859 | €10,903 | -€112,956 | -91.2% |
| Amounts payable within one year | 42/48 | €49,296 | €107,877 | +€58,581 | +118.8% |
| Current portion of amounts payable after more than one year | 42 | €21,670 | €12,250 | -€9,420 | -43.5% |
| Trade debts | 44 | €3,997 | €5,088 | +€1,091 | +27.3% |
| Suppliers | 440/4 | €3,997 | €5,088 | +€1,091 | +27.3% |
| Taxes, remuneration and social security | 45 | €23,629 | €23,402 | -€228 | -1.0% |
| Taxes | 450/3 | €21,879 | €22,168 | +€289 | +1.3% |
| Remuneration and social security | 454/9 | €1,751 | €1,234 | -€517 | -29.5% |
| Other amounts payable | 47/48 | - | €67,138 | +€67,138 | |
| Accrued charges and deferred income | 492/3 | €528 | €113 | -€415 | -78.5% |
| Remuneration, social security and pensions | 62 | €17,585 | €8,784 | -€8,800 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,019 | €18,308 | -€9,711 | -34.7% |
| Other operating charges | 640/8 | €2,874 | €3,059 | +€185 | +6.4% |
| Gross operating margin | 9900 | €53,848 | €64,168 | +€10,319 | +19.2% |
| Operating profit (loss) | 9901 | €5,370 | €34,016 | +€28,646 | +533.5% |
| Financial income | 75/76B | €23 | €208 | +€185 | +809.3% |
| Recurring financial income | 75 | €23 | €208 | +€185 | +809.3% |
| Financial charges | 65/66B | €3,455 | €3,125 | -€331 | -9.6% |
| Recurring financial charges | 65 | €3,455 | €3,125 | -€331 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €1,938 | €31,100 | +€29,162 | +1505.0% |
| Income taxes | 67/77 | €2,311 | €10,408 | +€8,097 | +350.4% |
| Profit (loss) for the period | 9904 | -€373 | €20,692 | +€21,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€373 | €20,692 | +€21,065 |
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 6 October 2026 via checked.be.