A - Parts: 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 - Parts
Largest movements
- Tangible fixed assets -€16,320
down €16,320 (-13.4%), from €121,697 to €105,377
of which Furniture and vehicles: -€17,114
- Cash -€16,243
down €16,243 (-28.7%), from €56,646 to €40,403
mainly Trade debts (-€31,894) and Debts after one year (-€17,514)
- Trade debts -€31,894
down €31,894 (-35.5%), from €89,793 to €57,900
- Debts after one year -€17,514
down €17,514 (-40.1%), from €43,685 to €26,171
- Reserves +€11,381
up €11,381 (+6.3%), from €180,222 to €191,602
of which Distributable reserves: +€12,254
- Tax, wage and social debts +€4,050
up €4,050 (+72.6%), from €5,583 to €9,633
- Depreciation +€6,542
up €6,542 (+45.5%), from €14,383 to €20,925
- Taxes -€2,369
down €2,369 (-24.8%), from €9,568 to €7,199
- Gross operating margin -€1,093
down €1,093 (-2.2%), from €50,717 to €49,623
- Staff costs +€913
no longer reported in 2025 (was -€913)
- Financial charges -€640
down €640 (-18.7%), from €3,424 to €2,784
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.
Derived cash bridge
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 | €377,191 | €341,864 | -€35,328 | -9.4% |
| Fixed assets | 21/28 | €121,697 | €105,377 | -€16,320 | -13.4% |
| Tangible fixed assets | 22/27 | €121,697 | €105,377 | -€16,320 | -13.4% |
| Land and buildings | 22 | €36,175 | €35,302 | -€873 | -2.4% |
| Plant, machinery and equipment | 23 | €17,924 | €19,591 | +€1,667 | +9.3% |
| Furniture and vehicles | 24 | €67,598 | €50,484 | -€17,114 | -25.3% |
| Current assets | 29/58 | €255,494 | €236,487 | -€19,007 | -7.4% |
| Stocks and contracts in progress | 3 | €126,034 | €126,039 | +€4 | 0.0% |
| Stocks | 30/36 | €126,034 | €126,039 | +€4 | 0.0% |
| Amounts receivable within one year | 40/41 | €67,919 | €64,828 | -€3,091 | -4.6% |
| Trade receivables | 40 | €49,081 | €44,552 | -€4,529 | -9.2% |
| Other amounts receivable | 41 | €18,838 | €20,276 | +€1,438 | +7.6% |
| Cash at bank and in hand | 54/58 | €56,646 | €40,403 | -€16,243 | -28.7% |
| Deferred charges and accrued income | 490/1 | €4,895 | €5,217 | +€322 | +6.6% |
| Total equity and liabilities | 10/49 | €377,191 | €341,864 | -€35,328 | -9.4% |
| Equity | 10/15 | €219,265 | €230,646 | +€11,381 | +5.2% |
| Contributions | 10/11 | €39,043 | €39,043 | = | 0.0% |
| Reserves | 13 | €180,222 | €191,602 | +€11,381 | +6.3% |
| Non-distributable reserves | 130/1 | €36,175 | €35,302 | -€873 | -2.4% |
| Reserves not available under the articles | 1311 | €36,175 | €35,302 | -€873 | -2.4% |
| Distributable reserves | 133 | €144,047 | €156,300 | +€12,254 | +8.5% |
| Amounts payable | 17/49 | €157,927 | €111,218 | -€46,709 | -29.6% |
| Amounts payable after more than one year | 17 | €43,685 | €26,171 | -€17,514 | -40.1% |
| Financial debts | 170/4 | €43,685 | €26,171 | -€17,514 | -40.1% |
| Amounts payable within one year | 42/48 | €112,244 | €85,047 | -€27,197 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €16,868 | €17,514 | +€646 | +3.8% |
| Trade debts | 44 | €89,793 | €57,900 | -€31,894 | -35.5% |
| Suppliers | 440/4 | €89,793 | €57,900 | -€31,894 | -35.5% |
| Taxes, remuneration and social security | 45 | €5,583 | €9,633 | +€4,050 | +72.6% |
| Taxes | 450/3 | €5,583 | €9,633 | +€4,050 | +72.6% |
| Accrued charges and deferred income | 492/3 | €1,997 | - | -€1,997 | |
| Remuneration, social security and pensions | 62 | -€913 | - | +€913 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,383 | €20,925 | +€6,542 | +45.5% |
| Other operating charges | 640/8 | €6,733 | €7,336 | +€603 | +9.0% |
| Non-recurring operating charges | 66A | €201 | - | -€201 | |
| Gross operating margin | 9900 | €50,717 | €49,623 | -€1,093 | -2.2% |
| Operating profit (loss) | 9901 | €30,312 | €21,363 | -€8,949 | -29.5% |
| Financial income | 75/76B | €5 | €2 | -€3 | -67.9% |
| Recurring financial income | 75 | €5 | €2 | -€3 | -67.9% |
| Financial charges | 65/66B | €3,424 | €2,784 | -€640 | -18.7% |
| Recurring financial charges | 65 | €3,424 | €2,784 | -€640 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €26,893 | €18,580 | -€8,313 | -30.9% |
| Income taxes | 67/77 | €9,568 | €7,199 | -€2,369 | -24.8% |
| Profit (loss) for the period | 9904 | €17,325 | €11,381 | -€5,944 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,325 | €11,381 | -€5,944 | -34.3% |
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 13 October 2026 via checked.be.