A & S: 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 & S
Largest movements
- Receivables within one year +€18,135
up €18,135 (+9.5%), from €190,054 to €208,189
of which Trade receivables: +€26,816
- Stocks and contracts +€11,550
up €11,550 (+11.5%), from €100,761 to €112,311
of which Stocks: +€20,550
- Debts after one year -€127,226
down €127,226 (-85.4%), from €148,990 to €21,764
- Other debts +€100,941
up €100,941 (+254.6%), from €39,649 to €140,591
- Trade debts +€59,077
up €59,077 (+354.1%), from €16,684 to €75,761
- Tax, wage and social debts +€13,191
up €13,191 (+53.2%), from €24,812 to €38,003
of which Remuneration and social security: +€7,400
- Current portion of long-term debt -€11,647
down €11,647 (-82.5%), from €14,119 to €2,471
- Gross operating margin -€9,046
down €9,046 (-27.9%), from €32,453 to €23,407
- Financial charges -€7,829
down €7,829 (-63.5%), from €12,338 to €4,509
- Other operating charges +€541
up €541 (+29.5%), from €1,835 to €2,376
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €297,145 | €326,683 | +€29,538 | +9.9% |
| Fixed assets | 21/28 | €5,668 | €4,402 | -€1,266 | -22.3% |
| Tangible fixed assets | 22/27 | €5,129 | €3,863 | -€1,266 | -24.7% |
| Plant, machinery and equipment | 23 | €1,125 | €1,014 | -€111 | -9.9% |
| Furniture and vehicles | 24 | €878 | €2,137 | +€1,259 | +143.4% |
| Other tangible fixed assets | 26 | €3,126 | €712 | -€2,414 | -77.2% |
| Financial fixed assets | 28 | €539 | €539 | = | 0.0% |
| Current assets | 29/58 | €291,477 | €322,281 | +€30,805 | +10.6% |
| Stocks and contracts in progress | 3 | €100,761 | €112,311 | +€11,550 | +11.5% |
| Stocks | 30/36 | €45,761 | €66,311 | +€20,550 | +44.9% |
| Contracts in progress | 37 | €55,000 | €46,000 | -€9,000 | -16.4% |
| Amounts receivable within one year | 40/41 | €190,054 | €208,189 | +€18,135 | +9.5% |
| Trade receivables | 40 | €179,620 | €206,435 | +€26,816 | +14.9% |
| Other amounts receivable | 41 | €10,434 | €1,754 | -€8,680 | -83.2% |
| Cash at bank and in hand | 54/58 | €662 | €775 | +€112 | +17.0% |
| Deferred charges and accrued income | 490/1 | - | €1,007 | +€1,007 | |
| Total equity and liabilities | 10/49 | €297,145 | €326,683 | +€29,538 | +9.9% |
| Equity | 10/15 | €52,891 | €45,160 | -€7,730 | -14.6% |
| Contributions | 10/11 | €18,584 | €18,584 | = | 0.0% |
| Capital | 10 | €18,584 | €18,584 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €16 | €16 | = | 0.0% |
| Reserves | 13 | €34,306 | €26,576 | -€7,730 | -22.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €32,446 | €24,716 | -€7,730 | -23.8% |
| Amounts payable | 17/49 | €244,254 | €281,523 | +€37,269 | +15.3% |
| Amounts payable after more than one year | 17 | €148,990 | €21,764 | -€127,226 | -85.4% |
| Financial debts | 170/4 | €148,990 | €21,764 | -€127,226 | -85.4% |
| Amounts payable within one year | 42/48 | €95,264 | €259,759 | +€164,495 | +172.7% |
| Current portion of amounts payable after more than one year | 42 | €14,119 | €2,471 | -€11,647 | -82.5% |
| Financial debts | 43 | - | €2,932 | +€2,932 | |
| Credit institutions | 430/8 | - | €2,932 | +€2,932 | |
| Trade debts | 44 | €16,684 | €75,761 | +€59,077 | +354.1% |
| Suppliers | 440/4 | €16,684 | €75,761 | +€59,077 | +354.1% |
| Taxes, remuneration and social security | 45 | €24,812 | €38,003 | +€13,191 | +53.2% |
| Taxes | 450/3 | €3,962 | €9,753 | +€5,791 | +146.2% |
| Remuneration and social security | 454/9 | €20,850 | €28,250 | +€7,400 | +35.5% |
| Other amounts payable | 47/48 | €39,649 | €140,591 | +€100,941 | +254.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,213 | €2,462 | +€249 | +11.2% |
| Other operating charges | 640/8 | €1,835 | €2,376 | +€541 | +29.5% |
| Gross operating margin | 9900 | €32,453 | €23,407 | -€9,046 | -27.9% |
| Operating profit (loss) | 9901 | €28,405 | €18,569 | -€9,836 | -34.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €12,338 | €4,509 | -€7,829 | -63.5% |
| Recurring financial charges | 65 | €12,338 | €4,509 | -€7,829 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €16,068 | €14,060 | -€2,008 | -12.5% |
| Income taxes | 67/77 | €3,962 | €4,229 | +€267 | +6.7% |
| Profit (loss) for the period | 9904 | €12,106 | €9,831 | -€2,275 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,106 | €9,831 | -€2,275 | -18.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.