A-way: 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-way
Largest movements
- Stocks and contracts +€430,944
up €430,944 (+8.5%), from €5.0m to €5.5m
- Receivables within one year +€371,928
up €371,928 (+120.8%), from €307,912 to €679,840
of which Trade receivables: +€298,223
- Short-term financial debts +€1.2m
up €1.2m (+80.0%), from €1.5m to €2.7m
of which Credit institutions: +€1.2m
- Trade debts -€1.1m
down €1.1m (-41.3%), from €2.6m to €1.6m
- Reserves +€574,832
up €574,832 (+53.4%), from €1.1m to €1.7m
- Gross operating margin +€120,708
up €120,708 (+16.1%), from €750,081 to €870,789
- Financial charges +€65,850
up €65,850 (+99.5%), from €66,212 to €132,062
- Write-downs +€9,879
up €9,879 (+21.4%), from -€46,189 to -€36,310
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 | €5,461,802 | €6,203,568 | +€741,767 | +13.6% |
| Current assets | 29/58 | €5,461,802 | €6,203,568 | +€741,767 | +13.6% |
| Stocks and contracts in progress | 3 | €5,048,802 | €5,479,746 | +€430,944 | +8.5% |
| Stocks | 30/36 | €5,048,802 | €5,479,746 | +€430,944 | +8.5% |
| Amounts receivable within one year | 40/41 | €307,912 | €679,840 | +€371,928 | +120.8% |
| Trade receivables | 40 | €259,495 | €557,719 | +€298,223 | +114.9% |
| Other amounts receivable | 41 | €48,416 | €122,121 | +€73,705 | +152.2% |
| Cash at bank and in hand | 54/58 | €86,811 | €32,342 | -€54,470 | -62.7% |
| Deferred charges and accrued income | 490/1 | €18,277 | €11,641 | -€6,636 | -36.3% |
| Total equity and liabilities | 10/49 | €5,461,802 | €6,203,568 | +€741,767 | +13.6% |
| Equity | 10/15 | €1,086,623 | €1,661,454 | +€574,832 | +52.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,076,623 | €1,651,454 | +€574,832 | +53.4% |
| Distributable reserves | 133 | €1,076,623 | €1,651,454 | +€574,832 | +53.4% |
| Amounts payable | 17/49 | €4,375,179 | €4,542,114 | +€166,935 | +3.8% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,232,260 | €4,360,317 | +€128,057 | +3.0% |
| Financial debts | 43 | €1,500,000 | €2,700,000 | +€1.2m | +80.0% |
| Credit institutions | 430/8 | - | €1,200,000 | +€1.2m | |
| Other loans | 439 | €1,500,000 | €1,500,000 | = | 0.0% |
| Trade debts | 44 | €2,648,083 | €1,554,666 | -€1.1m | -41.3% |
| Suppliers | 440/4 | €2,648,083 | €1,554,666 | -€1.1m | -41.3% |
| Taxes, remuneration and social security | 45 | €67,178 | €105,651 | +€38,473 | +57.3% |
| Taxes | 450/3 | €67,178 | €105,651 | +€38,473 | +57.3% |
| Other amounts payable | 47/48 | €17,000 | - | -€17,000 | |
| Accrued charges and deferred income | 492/3 | €67,919 | €106,797 | +€38,878 | +57.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€46,189 | -€36,310 | +€9,879 | +21.4% |
| Other operating charges | 640/8 | €1,185 | €1,118 | -€66 | -5.6% |
| Gross operating margin | 9900 | €750,081 | €870,789 | +€120,708 | +16.1% |
| Operating profit (loss) | 9901 | €795,085 | €905,980 | +€110,895 | +13.9% |
| Financial income | 75/76B | €2,943 | €3,792 | +€849 | +28.9% |
| Recurring financial income | 75 | €2,943 | €3,792 | +€849 | +28.9% |
| Financial charges | 65/66B | €66,212 | €132,062 | +€65,850 | +99.5% |
| Recurring financial charges | 65 | €66,212 | €132,062 | +€65,850 | +99.5% |
| Profit (loss) for the period before taxes | 9903 | €731,816 | €777,710 | +€45,895 | +6.3% |
| Income taxes | 67/77 | €197,178 | €202,879 | +€5,701 | +2.9% |
| Profit (loss) for the period | 9904 | €534,638 | €574,832 | +€40,194 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €534,638 | €574,832 | +€40,194 | +7.5% |
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 8 October 2026 via checked.be.