A & O: what changed
A & O
Largest movements
- Tangible fixed assets +€48,503
up €48,503 (+250%), from €19,397 to €67,900
of which Furniture and vehicles: +€53,703
- Stocks and contracts -€11,501
down €11,501 (-49.6%), from €23,201 to €11,700
- Cash -€3,482
down €3,482 (-3.2%), from €107,851 to €104,369
mainly Investment in fixed assets (net) (-€58,478) and Contributions, distributions and other (-€23,963)
- Receivables within one year -€2,953
down €2,953 (-7.0%), from €42,167 to €39,214
of which Other amounts receivable: -€10,758
- Debts after one year +€22,602
new in 2025: €22,602
- Current portion of long-term debt +€12,367
up €12,367, from €0 to €12,367
- Reserves -€10,951
down €10,951 (-7.6%), from €144,038 to €133,087
- Tax, wage and social debts +€3,101
up €3,101 (+22.1%), from €14,061 to €17,161
of which Taxes: +€1,733
- Trade debts +€3,015
up €3,015 (+15.7%), from €19,202 to €22,217
- Gross operating margin +€71,253
up €71,253 (+52.2%), from €136,576 to €207,828
- Staff costs +€62,228
up €62,228 (+56.1%), from €110,841 to €173,069
- Taxes +€5,056
up €5,056 (+122%), from €4,136 to €9,192
- Depreciation +€2,295
up €2,295 (+29.9%), from €7,680 to €9,976
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €198,084 | €228,025 | +€29,941 | +15.1% |
| Fixed assets | 21/28 | €22,882 | €71,385 | +€48,503 | +212% |
| Tangible fixed assets | 22/27 | €19,397 | €67,900 | +€48,503 | +250% |
| Plant, machinery and equipment | 23 | €9,892 | €5,451 | -€4,441 | -44.9% |
| Furniture and vehicles | 24 | €2,861 | €56,564 | +€53,703 | +1,877% |
| Other tangible fixed assets | 26 | €6,645 | €5,886 | -€760 | -11.4% |
| Financial fixed assets | 28 | €3,485 | €3,485 | = | 0.0% |
| Current assets | 29/58 | €175,202 | €156,640 | -€18,562 | -10.6% |
| Stocks and contracts in progress | 3 | €23,201 | €11,700 | -€11,501 | -49.6% |
| Stocks | 30/36 | €23,201 | €11,700 | -€11,501 | -49.6% |
| Amounts receivable within one year | 40/41 | €42,167 | €39,214 | -€2,953 | -7.0% |
| Trade receivables | 40 | €26,300 | €34,105 | +€7,805 | +29.7% |
| Other amounts receivable | 41 | €15,867 | €5,109 | -€10,758 | -67.8% |
| Cash at bank and in hand | 54/58 | €107,851 | €104,369 | -€3,482 | -3.2% |
| Deferred charges and accrued income | 490/1 | €1,982 | €1,356 | -€626 | -31.6% |
| Total equity and liabilities | 10/49 | €198,084 | €228,025 | +€29,941 | +15.1% |
| Equity | 10/15 | €164,038 | €153,087 | -€10,951 | -6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €144,038 | €133,087 | -€10,951 | -7.6% |
| Distributable reserves | 133 | €144,038 | €133,087 | -€10,951 | -7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,046 | €74,938 | +€40,891 | +120% |
| Amounts payable after more than one year | 17 | - | €22,602 | +€22,602 | |
| Financial debts | 170/4 | - | €22,602 | +€22,602 | |
| Amounts payable within one year | 42/48 | €34,046 | €52,336 | +€18,289 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €12,367 | +€12,367 | |
| Financial debts | 43 | €784 | €590 | -€194 | -24.7% |
| Credit institutions | 430/8 | €784 | €590 | -€194 | -24.7% |
| Trade debts | 44 | €19,202 | €22,217 | +€3,015 | +15.7% |
| Suppliers | 440/4 | €19,202 | €22,217 | +€3,015 | +15.7% |
| Taxes, remuneration and social security | 45 | €14,061 | €17,161 | +€3,101 | +22.1% |
| Taxes | 450/3 | €3,973 | €5,706 | +€1,733 | +43.6% |
| Remuneration and social security | 454/9 | €10,088 | €11,455 | +€1,367 | +13.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,600 | €0 | -€2,600 | -100% |
| Remuneration, social security and pensions | 62 | €110,841 | €173,069 | +€62,228 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,680 | €9,976 | +€2,295 | +29.9% |
| Other operating charges | 640/8 | €2,565 | €2,370 | -€195 | -7.6% |
| Gross operating margin | 9900 | €136,576 | €207,828 | +€71,253 | +52.2% |
| Operating profit (loss) | 9901 | €15,490 | €22,414 | +€6,924 | +44.7% |
| Financial income | 75/76B | €73 | €761 | +€687 | +936% |
| Recurring financial income | 75 | €73 | €761 | +€687 | +936% |
| Financial charges | 65/66B | €622 | €971 | +€349 | +56.0% |
| Recurring financial charges | 65 | €622 | €971 | +€349 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | €14,941 | €22,204 | +€7,263 | +48.6% |
| Income taxes | 67/77 | €4,136 | €9,192 | +€5,056 | +122% |
| Profit (loss) for the period | 9904 | €10,805 | €13,012 | +€2,207 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,805 | €13,012 | +€2,207 | +20.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.