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
- Cash -€166,868
down €166,868 (-51.9%), from €321,735 to €154,868
mainly Stocks and contracts (-€101,852) and Receivables within one year (-€89,755)
- Stocks and contracts +€101,852
up €101,852 (+30.2%), from €337,110 to €438,962
- Receivables within one year +€89,755
up €89,755 (+73.2%), from €122,577 to €212,332
of which Other amounts receivable: +€135,160
- Tangible fixed assets +€13,642
up €13,642 (+5.9%), from €229,797 to €243,439
of which Furniture and vehicles: +€33,788
- Reserves +€122,690
up €122,690 (+21.3%), from €575,600 to €698,290
of which Distributable reserves: +€122,690
- Trade debts -€72,228
down €72,228 (-62.6%), from €115,365 to €43,137
- Tax, wage and social debts +€39,702
up €39,702 (+97.8%), from €40,595 to €80,297
of which Taxes: +€41,293
- Other debts -€32,177
down €32,177 (-32.6%), from €98,600 to €66,423
- Debts after one year -€17,824
down €17,824 (-11.8%), from €150,968 to €133,144
- Gross operating margin +€38,942
up €38,942 (+9.4%), from €416,115 to €455,057
- Taxes +€11,920
up €11,920 (+23.4%), from €50,848 to €62,768
- Financial charges -€9,313
down €9,313 (-39.0%), from €23,903 to €14,590
- Depreciation +€6,220
up €6,220 (+13.0%), from €47,817 to €54,037
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 | €1,018,721 | €1,059,116 | +€40,394 | +4.0% |
| Fixed assets | 21/28 | €233,679 | €245,378 | +€11,700 | +5.0% |
| Intangible fixed assets | 21 | €3,881 | €1,939 | -€1,942 | -50.0% |
| Tangible fixed assets | 22/27 | €229,797 | €243,439 | +€13,642 | +5.9% |
| Plant, machinery and equipment | 23 | €1,951 | €1,216 | -€734 | -37.6% |
| Furniture and vehicles | 24 | €67,502 | €101,290 | +€33,788 | +50.1% |
| Other tangible fixed assets | 26 | €160,345 | €140,932 | -€19,412 | -12.1% |
| Current assets | 29/58 | €785,043 | €813,738 | +€28,695 | +3.7% |
| Stocks and contracts in progress | 3 | €337,110 | €438,962 | +€101,852 | +30.2% |
| Stocks | 30/36 | €337,110 | €438,962 | +€101,852 | +30.2% |
| Amounts receivable within one year | 40/41 | €122,577 | €212,332 | +€89,755 | +73.2% |
| Trade receivables | 40 | €122,577 | €77,172 | -€45,404 | -37.0% |
| Other amounts receivable | 41 | - | €135,160 | +€135,160 | |
| Cash at bank and in hand | 54/58 | €321,735 | €154,868 | -€166,868 | -51.9% |
| Deferred charges and accrued income | 490/1 | €3,621 | €7,576 | +€3,955 | +109% |
| Total equity and liabilities | 10/49 | €1,018,721 | €1,059,116 | +€40,394 | +4.0% |
| Equity | 10/15 | €595,600 | €718,290 | +€122,690 | +20.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €575,600 | €698,290 | +€122,690 | +21.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €575,600 | €698,290 | +€122,690 | +21.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €423,121 | €340,825 | -€82,296 | -19.4% |
| Amounts payable after more than one year | 17 | €150,968 | €133,144 | -€17,824 | -11.8% |
| Financial debts | 170/4 | €150,968 | €133,144 | -€17,824 | -11.8% |
| Amounts payable within one year | 42/48 | €272,153 | €207,681 | -€64,471 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €17,593 | €17,824 | +€231 | +1.3% |
| Trade debts | 44 | €115,365 | €43,137 | -€72,228 | -62.6% |
| Suppliers | 440/4 | €115,365 | €43,137 | -€72,228 | -62.6% |
| Taxes, remuneration and social security | 45 | €40,595 | €80,297 | +€39,702 | +97.8% |
| Taxes | 450/3 | €19,634 | €60,928 | +€41,293 | +210% |
| Remuneration and social security | 454/9 | €20,961 | €19,369 | -€1,591 | -7.6% |
| Other amounts payable | 47/48 | €98,600 | €66,423 | -€32,177 | -32.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,120 | €10,300 | +€7,180 | +230% |
| Remuneration, social security and pensions | 62 | €171,205 | €171,437 | +€232 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,817 | €54,037 | +€6,220 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€623 | -€623 | |
| Other operating charges | 640/8 | €5,477 | €6,644 | +€1,167 | +21.3% |
| Gross operating margin | 9900 | €416,115 | €455,057 | +€38,942 | +9.4% |
| Operating profit (loss) | 9901 | €191,615 | €223,562 | +€31,947 | +16.7% |
| Financial income | 75/76B | €2,682 | €1,752 | -€930 | -34.7% |
| Recurring financial income | 75 | €2,682 | €1,752 | -€930 | -34.7% |
| Financial charges | 65/66B | €23,903 | €14,590 | -€9,313 | -39.0% |
| Recurring financial charges | 65 | €23,903 | €14,590 | -€9,313 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €170,394 | €210,723 | +€40,329 | +23.7% |
| Income taxes | 67/77 | €50,848 | €62,768 | +€11,920 | +23.4% |
| Profit (loss) for the period | 9904 | €119,546 | €147,956 | +€28,409 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,546 | €147,956 | +€28,409 | +23.8% |
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 16 October 2026 via checked.be.