A&R: what changed
Two fiscal 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
- Cash +€34,876
up €34,876 (+39.4%), from €88,413 to €123,289
mainly Net result for the year (+€48,476) and Depreciation (+€32,095)
- Stocks and contracts -€22,154
down €22,154 (-79.1%), from €28,008 to €5,854
- Receivables within one year +€6,261
up €6,261 (+116.7%), from €5,364 to €11,624
of which Trade receivables: +€3,920
- Tangible fixed assets -€5,329
down €5,329 (-1.8%), from €299,556 to €294,228
of which Land and buildings: -€14,260
- Reserves +€48,476
up €48,476 (+22.8%), from €212,233 to €260,708
- Advances received -€19,000
down €19,000 (-47.5%), from €40,000 to €21,000
- Other debts -€11,243
down €11,243 (-100.0%), from €11,243 to €0
- Tax, wage and social debts -€7,328
down €7,328 (-43.9%), from €16,678 to €9,350
- Financial income +€2,474
up €2,474 (+151.7%), from €1,631 to €4,106
- Taxes +€1,805
up €1,805 (+15.1%), from €11,953 to €13,758
- Depreciation -€1,790
down €1,790 (-5.3%), from €33,885 to €32,095
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 | €438,010 | €449,091 | +€11,081 | +2.5% |
| Fixed assets | 21/28 | €299,556 | €294,228 | -€5,329 | -1.8% |
| Tangible fixed assets | 22/27 | €299,556 | €294,228 | -€5,329 | -1.8% |
| Land and buildings | 22 | €276,337 | €262,077 | -€14,260 | -5.2% |
| Plant, machinery and equipment | 23 | €14,352 | €9,222 | -€5,130 | -35.7% |
| Furniture and vehicles | 24 | €8,868 | €4,267 | -€4,601 | -51.9% |
| Other tangible fixed assets | 26 | - | €18,662 | +€18,662 | |
| Current assets | 29/58 | €138,453 | €154,863 | +€16,410 | +11.9% |
| Stocks and contracts in progress | 3 | €28,008 | €5,854 | -€22,154 | -79.1% |
| Contracts in progress | 37 | €28,008 | €5,854 | -€22,154 | -79.1% |
| Amounts receivable within one year | 40/41 | €5,364 | €11,624 | +€6,261 | +116.7% |
| Trade receivables | 40 | €1,220 | €5,140 | +€3,920 | +321.3% |
| Other amounts receivable | 41 | €4,144 | €6,485 | +€2,341 | +56.5% |
| Cash at bank and in hand | 54/58 | €88,413 | €123,289 | +€34,876 | +39.4% |
| Deferred charges and accrued income | 490/1 | €16,669 | €14,095 | -€2,573 | -15.4% |
| Total equity and liabilities | 10/49 | €438,010 | €449,091 | +€11,081 | +2.5% |
| Equity | 10/15 | €217,233 | €265,708 | +€48,476 | +22.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €212,233 | €260,708 | +€48,476 | +22.8% |
| Distributable reserves | 133 | €212,233 | €260,708 | +€48,476 | +22.8% |
| Amounts payable | 17/49 | €220,777 | €183,382 | -€37,395 | -16.9% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,777 | €33,363 | -€37,414 | -52.9% |
| Trade debts | 44 | €2,856 | €3,013 | +€157 | +5.5% |
| Suppliers | 440/4 | €2,856 | €3,013 | +€157 | +5.5% |
| Advances received on contracts in progress | 46 | €40,000 | €21,000 | -€19,000 | -47.5% |
| Taxes, remuneration and social security | 45 | €16,678 | €9,350 | -€7,328 | -43.9% |
| Taxes | 450/3 | €16,678 | €9,350 | -€7,328 | -43.9% |
| Other amounts payable | 47/48 | €11,243 | €0 | -€11,243 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €19 | +€19 | |
| Non-recurring operating income | 76A | €8,760 | €0 | -€8,760 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,885 | €32,095 | -€1,790 | -5.3% |
| Other operating charges | 640/8 | €2,544 | €2,608 | +€64 | +2.5% |
| Gross operating margin | 9900 | €106,713 | €106,028 | -€686 | -0.6% |
| Operating profit (loss) | 9901 | €70,285 | €71,324 | +€1,040 | +1.5% |
| Financial income | 75/76B | €1,631 | €4,106 | +€2,474 | +151.7% |
| Recurring financial income | 75 | €1,631 | €4,106 | +€2,474 | +151.7% |
| Financial charges | 65/66B | €13,258 | €13,196 | -€62 | -0.5% |
| Recurring financial charges | 65 | €13,258 | €13,196 | -€62 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €58,658 | €62,234 | +€3,576 | +6.1% |
| Income taxes | 67/77 | €11,953 | €13,758 | +€1,805 | +15.1% |
| Profit (loss) for the period | 9904 | €46,705 | €48,476 | +€1,771 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,705 | €48,476 | +€1,771 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.