AA+: 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.
AA+
Largest movements
- Cash -€391,777
down €391,777 (-99.6%), from €393,323 to €1,546
mainly Other debts (-€203,323) and Receivables within one year (-€118,098)
- Receivables within one year +€118,098
up €118,098 (+24.1%), from €490,841 to €608,939
- Other debts -€203,323
down €203,323 (-29.1%), from €699,204 to €495,881
- Debts after one year -€51,750
down €51,750 (-5.8%), from €895,119 to €843,369
of which Financial debts: -€51,750
- Profit (loss) carried forward -€38,493
down €38,493 (-17.4%), from €220,624 to €182,131
- Current portion of long-term debt +€28,079
up €28,079 (+303.8%), from €9,242 to €37,321
- Taxes +€36,910
up €36,910 (+1744.3%), from €2,116 to €39,026
- Financial charges -€16,320
down €16,320 (-66.2%), from €24,655 to €8,335
- Gross operating margin -€8,564
down €8,564 (-46.3%), from €18,506 to €9,942
- Depreciation -€6,741
down €6,741 (-38.8%), from €17,362 to €10,621
- Financial income +€3,204
up €3,204 (+28.0%), from €11,459 to €14,663
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,068,077 | €1,784,127 | -€283,950 | -13.7% |
| Fixed assets | 21/28 | €683,913 | €673,292 | -€10,621 | -1.6% |
| Tangible fixed assets | 22/27 | €392,380 | €381,759 | -€10,621 | -2.7% |
| Land and buildings | 22 | €388,170 | €378,511 | -€9,659 | -2.5% |
| Plant, machinery and equipment | 23 | €574 | €300 | -€274 | -47.7% |
| Furniture and vehicles | 24 | €61 | - | -€61 | |
| Other tangible fixed assets | 26 | €3,575 | €2,948 | -€627 | -17.5% |
| Financial fixed assets | 28 | €291,533 | €291,533 | = | 0.0% |
| Current assets | 29/58 | €1,384,164 | €1,110,835 | -€273,329 | -19.7% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €490,841 | €608,939 | +€118,098 | +24.1% |
| Other amounts receivable | 41 | €490,841 | €608,939 | +€118,098 | +24.1% |
| Cash at bank and in hand | 54/58 | €393,323 | €1,546 | -€391,777 | -99.6% |
| Deferred charges and accrued income | 490/1 | - | €350 | +€350 | |
| Total equity and liabilities | 10/49 | €2,068,077 | €1,784,127 | -€283,950 | -13.7% |
| Equity | 10/15 | €441,242 | €402,749 | -€38,493 | -8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,018 | €202,018 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,750 | €13,750 | = | 0.0% |
| Distributable reserves | 133 | €186,408 | €186,408 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220,624 | €182,131 | -€38,493 | -17.4% |
| Amounts payable | 17/49 | €1,626,835 | €1,381,378 | -€245,457 | -15.1% |
| Amounts payable after more than one year | 17 | €895,119 | €843,369 | -€51,750 | -5.8% |
| Financial debts | 170/4 | €419,619 | €367,869 | -€51,750 | -12.3% |
| Other amounts payable | 178/9 | €475,500 | €475,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €730,016 | €538,009 | -€192,007 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €9,242 | €37,321 | +€28,079 | +303.8% |
| Trade debts | 44 | €6,531 | €4,807 | -€1,724 | -26.4% |
| Suppliers | 440/4 | €6,531 | €4,807 | -€1,724 | -26.4% |
| Taxes, remuneration and social security | 45 | €15,039 | - | -€15,039 | |
| Taxes | 450/3 | €15,039 | - | -€15,039 | |
| Other amounts payable | 47/48 | €699,204 | €495,881 | -€203,323 | -29.1% |
| Accrued charges and deferred income | 492/3 | €1,700 | - | -€1,700 | |
| Non-recurring operating income | 76A | €14,472 | - | -€14,472 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,362 | €10,621 | -€6,741 | -38.8% |
| Other operating charges | 640/8 | €4,564 | €3,390 | -€1,174 | -25.7% |
| Non-recurring operating charges | 66A | €2,547 | €1,726 | -€821 | -32.2% |
| Gross operating margin | 9900 | €18,506 | €9,942 | -€8,564 | -46.3% |
| Operating profit (loss) | 9901 | -€5,967 | -€5,795 | +€172 | +2.9% |
| Financial income | 75/76B | €11,459 | €14,663 | +€3,204 | +28.0% |
| Recurring financial income | 75 | €11,459 | €14,663 | +€3,204 | +28.0% |
| Financial charges | 65/66B | €24,655 | €8,335 | -€16,320 | -66.2% |
| Recurring financial charges | 65 | €24,655 | €8,335 | -€16,320 | -66.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,163 | €533 | +€19,696 | |
| Transfer from deferred taxes | 780 | €50,637 | - | -€50,637 | |
| Income taxes | 67/77 | €2,116 | €39,026 | +€36,910 | +1744.3% |
| Profit (loss) for the period | 9904 | €29,358 | -€38,493 | -€67,851 | |
| Transfer from tax-exempt reserves | 789 | €151,911 | - | -€151,911 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,269 | -€38,493 | -€219,762 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.