A&R: 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&R
Largest movements
- Tangible fixed assets -€39,670
down €39,670 (-44.0%), from €90,246 to €50,577
of which Land and buildings: -€79,706
- Receivables within one year +€30,671
up €30,671 (+73.4%), from €41,814 to €72,486
of which Trade receivables: +€36,116
- Stocks and contracts -€5,836
down €5,836 (-54.0%), from €10,811 to €4,975
of which Contracts in progress: -€5,081
- Reserves -€103,000
down €103,000 (-76.4%), from €134,859 to €31,859
- Other debts +€101,012
up €101,012 (+1,583%), from €6,379 to €107,391
- Profit (loss) carried forward -€33,836
down €33,836, from €14,583 to -€19,253
- Current portion of long-term debt -€21,802
down €21,802 (-79.5%), from €27,430 to €5,628
- Debts after one year +€17,490
up €17,490 (+24.0%), from €72,968 to €90,458
of which Other amounts payable: +€65,000
- Depreciation -€25,324
down €25,324 (-83.4%), from €30,380 to €5,056
- Provisions +€15,000
new in 2025: €15,000
- Gross operating margin -€12,904
down €12,904 (-83.2%), from €15,509 to €2,605
- Write-downs -€2,265
down €2,265, from €0 to -€2,265
- Other operating charges +€2,223
up €2,223 (+61.1%), from €3,636 to €5,859
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 | €284,151 | €265,993 | -€18,159 | -6.4% |
| Fixed assets | 21/28 | €93,846 | €54,177 | -€39,670 | -42.3% |
| Tangible fixed assets | 22/27 | €90,246 | €50,577 | -€39,670 | -44.0% |
| Land and buildings | 22 | €79,706 | €0 | -€79,706 | -100% |
| Plant, machinery and equipment | 23 | €5,601 | €5,625 | +€24 | +0.4% |
| Furniture and vehicles | 24 | €2,612 | €2,876 | +€264 | +10.1% |
| Leasing and similar rights | 25 | €0 | €40,331 | +€40,331 | |
| Other tangible fixed assets | 26 | €2,327 | €1,746 | -€582 | -25.0% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €190,305 | €211,816 | +€21,511 | +11.3% |
| Stocks and contracts in progress | 3 | €10,811 | €4,975 | -€5,836 | -54.0% |
| Stocks | 30/36 | €5,730 | €4,975 | -€755 | -13.2% |
| Contracts in progress | 37 | €5,081 | €0 | -€5,081 | -100% |
| Amounts receivable within one year | 40/41 | €41,814 | €72,486 | +€30,671 | +73.4% |
| Trade receivables | 40 | €29,546 | €65,662 | +€36,116 | +122% |
| Other amounts receivable | 41 | €12,268 | €6,824 | -€5,444 | -44.4% |
| Cash at bank and in hand | 54/58 | €135,304 | €132,905 | -€2,399 | -1.8% |
| Deferred charges and accrued income | 490/1 | €2,376 | €1,450 | -€926 | -39.0% |
| Total equity and liabilities | 10/49 | €284,151 | €265,993 | -€18,159 | -6.4% |
| Equity | 10/15 | €168,034 | €31,199 | -€136,836 | -81.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €134,859 | €31,859 | -€103,000 | -76.4% |
| Distributable reserves | 133 | €134,859 | €31,859 | -€103,000 | -76.4% |
| Profit (loss) carried forward | 14 | €14,583 | -€19,253 | -€33,836 | |
| Provisions and deferred taxes | 16 | - | €15,000 | +€15,000 | |
| Provisions for liabilities and charges | 160/5 | - | €15,000 | +€15,000 | |
| Other liabilities and charges | 164/5 | - | €15,000 | +€15,000 | |
| Amounts payable | 17/49 | €116,117 | €219,794 | +€103,677 | +89.3% |
| Amounts payable after more than one year | 17 | €72,968 | €90,458 | +€17,490 | +24.0% |
| Financial debts | 170/4 | €72,968 | €25,458 | -€47,510 | -65.1% |
| Other amounts payable | 178/9 | €0 | €65,000 | +€65,000 | |
| Amounts payable within one year | 42/48 | €41,349 | €127,712 | +€86,363 | +209% |
| Current portion of amounts payable after more than one year | 42 | €27,430 | €5,628 | -€21,802 | -79.5% |
| Trade debts | 44 | €4,283 | €13,604 | +€9,322 | +218% |
| Suppliers | 440/4 | €4,283 | €13,604 | +€9,322 | +218% |
| Advances received on contracts in progress | 46 | €2,085 | €0 | -€2,085 | -100% |
| Taxes, remuneration and social security | 45 | €1,172 | €1,088 | -€84 | -7.1% |
| Taxes | 450/3 | €1,172 | €1,088 | -€84 | -7.1% |
| Other amounts payable | 47/48 | €6,379 | €107,391 | +€101,012 | +1,583% |
| Accrued charges and deferred income | 492/3 | €1,800 | €1,625 | -€175 | -9.7% |
| Non-recurring operating income | 76A | €0 | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,380 | €5,056 | -€25,324 | -83.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€2,265 | -€2,265 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €15,000 | +€15,000 | |
| Other operating charges | 640/8 | €3,636 | €5,859 | +€2,223 | +61.1% |
| Non-recurring operating charges | 66A | €0 | €6,691 | +€6,691 | |
| Gross operating margin | 9900 | €15,509 | €2,605 | -€12,904 | -83.2% |
| Operating profit (loss) | 9901 | -€18,507 | -€27,736 | -€9,230 | -49.9% |
| Financial income | 75/76B | €0 | €1 | +€1 | +6,700% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +6,700% |
| Financial charges | 65/66B | €5,303 | €6,100 | +€797 | +15.0% |
| Recurring financial charges | 65 | €5,303 | €6,100 | +€797 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,810 | -€33,836 | -€10,026 | -42.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€23,810 | -€33,836 | -€10,026 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,810 | -€33,836 | -€10,026 | -42.1% |
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 18 October 2026 via checked.be.