A PRIVATE VIEW: 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 PRIVATE VIEW
Largest movements
- Receivables within one year +€5.1m
up €5.1m (+89.1%), from €5.7m to €10.8m
of which Trade receivables: +€4.7m
- Intangible fixed assets +€3.3m
up €3.3m (+44.9%), from €7.4m to €10.7m
- Cash +€259,351
up €259,351 (+52.3%), from €496,100 to €755,451
mainly Trade debts (+€4.3m) and Contributions, distributions and other (+€3.4m)
- Trade debts +€4.3m
up €4.3m (+78.0%), from €5.5m to €9.8m
- Investment grants +€3.4m
up €3.4m (+47.4%), from €7.2m to €10.7m
- Short-term financial debts +€750,000
up €750,000, from €0 to €750,000
- Financial income -€509,023
down €509,023 (-33.8%), from €1.5m to €996,989
- Gross operating margin +€454,723
up €454,723 (+250%), from €181,926 to €636,649
- Depreciation -€299,297
down €299,297 (-22.7%), from €1.3m to €1.0m
- Staff costs +€158,446
up €158,446 (+51.6%), from €307,186 to €465,632
- Financial charges -€12,887
down €12,887 (-66.4%), from €19,421 to €6,533
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 | €13,971,202 | €22,619,019 | +€8.6m | +61.9% |
| Fixed assets | 21/28 | €7,757,442 | €11,088,713 | +€3.3m | +42.9% |
| Intangible fixed assets | 21 | €7,380,066 | €10,694,124 | +€3.3m | +44.9% |
| Tangible fixed assets | 22/27 | €126,807 | €144,020 | +€17,213 | +13.6% |
| Land and buildings | 22 | €118,193 | €138,971 | +€20,778 | +17.6% |
| Plant, machinery and equipment | 23 | €8,614 | €5,049 | -€3,565 | -41.4% |
| Financial fixed assets | 28 | €250,569 | €250,569 | = | 0.0% |
| Current assets | 29/58 | €6,213,760 | €11,530,306 | +€5.3m | +85.6% |
| Amounts receivable within one year | 40/41 | €5,693,169 | €10,767,981 | +€5.1m | +89.1% |
| Trade receivables | 40 | €5,488,888 | €10,149,295 | +€4.7m | +84.9% |
| Other amounts receivable | 41 | €204,281 | €618,686 | +€414,405 | +203% |
| Cash at bank and in hand | 54/58 | €496,100 | €755,451 | +€259,351 | +52.3% |
| Deferred charges and accrued income | 490/1 | €24,491 | €6,873 | -€17,618 | -71.9% |
| Total equity and liabilities | 10/49 | €13,971,202 | €22,619,019 | +€8.6m | +61.9% |
| Equity | 10/15 | €7,865,445 | €11,433,413 | +€3.6m | +45.4% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €415,532 | €555,552 | +€140,019 | +33.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €21,241 | €21,241 | = | 0.0% |
| Distributable reserves | 133 | €394,291 | €534,311 | +€140,019 | +35.5% |
| Investment grants | 15 | €7,224,913 | €10,652,861 | +€3.4m | +47.4% |
| Amounts payable | 17/49 | €6,105,757 | €11,185,606 | +€5.1m | +83.2% |
| Amounts payable after more than one year | 17 | €91,769 | €94,633 | +€2,863 | +3.1% |
| Financial debts | 170/4 | €91,769 | €59,601 | -€32,168 | -35.1% |
| Advances received on contracts in progress | 176 | - | €35,031 | +€35,031 | |
| Amounts payable within one year | 42/48 | €5,970,108 | €11,090,891 | +€5.1m | +85.8% |
| Current portion of amounts payable after more than one year | 42 | €30,871 | €52,841 | +€21,971 | +71.2% |
| Financial debts | 43 | €0 | €750,000 | +€750,000 | |
| Credit institutions | 430/8 | €0 | €750,000 | +€750,000 | |
| Trade debts | 44 | €5,486,486 | €9,768,439 | +€4.3m | +78.0% |
| Suppliers | 440/4 | €5,486,486 | €9,768,439 | +€4.3m | +78.0% |
| Taxes, remuneration and social security | 45 | €100,444 | €164,567 | +€64,122 | +63.8% |
| Taxes | 450/3 | €12,228 | €53,241 | +€41,013 | +335% |
| Remuneration and social security | 454/9 | €88,217 | €111,325 | +€23,109 | +26.2% |
| Other amounts payable | 47/48 | €352,307 | €355,044 | +€2,737 | +0.8% |
| Accrued charges and deferred income | 492/3 | €43,880 | €82 | -€43,798 | -99.8% |
| Remuneration, social security and pensions | 62 | €307,186 | €465,632 | +€158,446 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,318,191 | €1,018,894 | -€299,297 | -22.7% |
| Other operating charges | 640/8 | €2,385 | €2,560 | +€175 | +7.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €181,926 | €636,649 | +€454,723 | +250% |
| Operating profit (loss) | 9901 | -€1,445,836 | -€850,437 | +€595,400 | +41.2% |
| Financial income | 75/76B | €1,506,012 | €996,989 | -€509,023 | -33.8% |
| Recurring financial income | 75 | €1,506,012 | €996,989 | -€509,023 | -33.8% |
| Financial charges | 65/66B | €19,421 | €6,533 | -€12,887 | -66.4% |
| Recurring financial charges | 65 | €19,421 | €6,533 | -€12,887 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | €40,755 | €140,019 | +€99,265 | +244% |
| Income taxes | 67/77 | €222 | €0 | -€222 | -100% |
| Profit (loss) for the period | 9904 | €40,533 | €140,019 | +€99,487 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €40,533 | €140,019 | +€99,487 | +245% |
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 20 October 2026 via checked.be.