A & L: what changed
Two financial 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 & L
Largest movements
- Stocks and contracts -€180,812
down €180,812 (-100.0%), from €180,812 to €0
- Receivables within one year +€154,394
up €154,394 (+72.3%), from €213,401 to €367,795
of which Other amounts receivable: +€148,216
- Tangible fixed assets -€27,494
down €27,494 (-39.7%), from €69,248 to €41,755
of which Plant, machinery and equipment: -€19,016
- Cash -€24,234
down €24,234 (-13.9%), from €174,413 to €150,180
mainly Receivables within one year (-€154,394) and Net result for the year (-€93,368)
- Deferred charges and accrued income -€18,712
down €18,712 (-93.3%), from €20,045 to €1,333
- Profit (loss) carried forward -€93,368
down €93,368 (-27.0%), from €345,180 to €251,812
- Gross operating margin -€253,778
down €253,778 (-62.8%), from €404,113 to €150,334
- Staff costs -€60,900
down €60,900 (-23.1%), from €263,154 to €202,254
- Taxes -€8,740
down €8,740 (-100.0%), from €8,740 to €0
- Depreciation -€6,021
down €6,021 (-17.7%), from €34,065 to €28,044
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 | €657,920 | €561,813 | -€96,107 | -14.6% |
| Fixed assets | 21/28 | €69,248 | €42,505 | -€26,744 | -38.6% |
| Tangible fixed assets | 22/27 | €69,248 | €41,755 | -€27,494 | -39.7% |
| Plant, machinery and equipment | 23 | €52,760 | €33,744 | -€19,016 | -36.0% |
| Furniture and vehicles | 24 | €16,488 | €8,011 | -€8,477 | -51.4% |
| Financial fixed assets | 28 | - | €750 | +€750 | |
| Current assets | 29/58 | €588,671 | €519,308 | -€69,363 | -11.8% |
| Stocks and contracts in progress | 3 | €180,812 | €0 | -€180,812 | -100.0% |
| Stocks | 30/36 | €180,812 | €0 | -€180,812 | -100.0% |
| Amounts receivable within one year | 40/41 | €213,401 | €367,795 | +€154,394 | +72.3% |
| Trade receivables | 40 | €157,106 | €163,283 | +€6,178 | +3.9% |
| Other amounts receivable | 41 | €56,296 | €204,512 | +€148,216 | +263.3% |
| Cash at bank and in hand | 54/58 | €174,413 | €150,180 | -€24,234 | -13.9% |
| Deferred charges and accrued income | 490/1 | €20,045 | €1,333 | -€18,712 | -93.3% |
| Total equity and liabilities | 10/49 | €657,920 | €561,813 | -€96,107 | -14.6% |
| Equity | 10/15 | €365,631 | €272,263 | -€93,368 | -25.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,180 | €251,812 | -€93,368 | -27.0% |
| Amounts payable | 17/49 | €292,289 | €289,550 | -€2,739 | -0.9% |
| Amounts payable within one year | 42/48 | €292,289 | €289,550 | -€2,739 | -0.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €177,585 | €181,357 | +€3,772 | +2.1% |
| Suppliers | 440/4 | €177,585 | €181,357 | +€3,772 | +2.1% |
| Taxes, remuneration and social security | 45 | €13,431 | €8,193 | -€5,238 | -39.0% |
| Taxes | 450/3 | €11,621 | €0 | -€11,621 | -100.0% |
| Remuneration and social security | 454/9 | €1,811 | €8,193 | +€6,383 | +352.5% |
| Other amounts payable | 47/48 | €1,273 | €0 | -€1,273 | -100.0% |
| Non-recurring operating income | 76A | €75,171 | €0 | -€75,171 | -100.0% |
| Remuneration, social security and pensions | 62 | €263,154 | €202,254 | -€60,900 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,065 | €28,044 | -€6,021 | -17.7% |
| Other operating charges | 640/8 | €5,749 | €3,203 | -€2,546 | -44.3% |
| Gross operating margin | 9900 | €404,113 | €150,334 | -€253,778 | -62.8% |
| Operating profit (loss) | 9901 | €101,144 | -€83,167 | -€184,312 | |
| Financial income | 75/76B | €6 | €0 | -€6 | -100.0% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100.0% |
| Financial charges | 65/66B | €8,947 | €10,201 | +€1,254 | +14.0% |
| Recurring financial charges | 65 | €8,947 | €10,201 | +€1,254 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €92,203 | -€93,368 | -€185,571 | |
| Income taxes | 67/77 | €8,740 | €0 | -€8,740 | -100.0% |
| Profit (loss) for the period | 9904 | €83,464 | -€93,368 | -€176,832 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,464 | -€93,368 | -€176,832 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.