ACTION II: 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.
ACTION II
Largest movements
- Receivables after one year +€1.4m
up €1.4m (+2051.4%), from €69,840 to €1.5m
- Tangible fixed assets +€356,326
up €356,326 (+6.8%), from €5.2m to €5.6m
- Receivables within one year -€93,086
down €93,086 (-52.9%), from €176,008 to €82,922
- Short-term financial debts +€1.7m
up €1.7m (+392.1%), from €426,215 to €2.1m
of which Credit institutions: +€1.7m
- Profit (loss) carried forward +€402,398
up €402,398 (+32.2%), from €1.3m to €1.7m
- Debts after one year -€143,330
down €143,330 (-42.3%), from €338,467 to €195,138
of which Other amounts payable: -€86,127
- Trade debts -€136,176
down €136,176 (-64.1%), from €212,608 to €76,432
- Tax, wage and social debts -€80,551
down €80,551 (-53.2%), from €151,332 to €70,781
- Gross operating margin -€219,797
down €219,797 (-18.7%), from €1.2m to €954,921
- Financial charges +€39,007
up €39,007 (+86.3%), from €45,173 to €84,180
- Other operating charges -€23,544
down €23,544 (-17.9%), from €131,167 to €107,623
- Taxes +€15,018
up €15,018 (+12.0%), from €125,382 to €140,400
- Financial income +€14,516
up €14,516 (+1264.3%), from €1,148 to €15,664
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 | €5,533,912 | €7,210,949 | +€1.7m | +30.3% |
| Fixed assets | 21/28 | €5,237,531 | €5,593,856 | +€356,326 | +6.8% |
| Tangible fixed assets | 22/27 | €5,237,531 | €5,593,856 | +€356,326 | +6.8% |
| Land and buildings | 22 | €5,237,531 | €5,593,856 | +€356,326 | +6.8% |
| Current assets | 29/58 | €296,381 | €1,617,093 | +€1.3m | +445.6% |
| Amounts receivable after more than one year | 29 | €69,840 | €1,502,541 | +€1.4m | +2051.4% |
| Trade receivables | 290 | €69,840 | €1,502,541 | +€1.4m | +2051.4% |
| Amounts receivable within one year | 40/41 | €176,008 | €82,922 | -€93,086 | -52.9% |
| Trade receivables | 40 | €176,008 | €82,922 | -€93,086 | -52.9% |
| Cash at bank and in hand | 54/58 | €22,706 | €18,948 | -€3,758 | -16.6% |
| Deferred charges and accrued income | 490/1 | €27,827 | €12,682 | -€15,145 | -54.4% |
| Total equity and liabilities | 10/49 | €5,533,912 | €7,210,949 | +€1.7m | +30.3% |
| Equity | 10/15 | €3,074,540 | €3,419,524 | +€344,983 | +11.2% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €1,598,715 | €1,541,301 | -€57,414 | -3.6% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,576,215 | €1,518,801 | -€57,414 | -3.6% |
| Profit (loss) carried forward | 14 | €1,250,825 | €1,653,223 | +€402,398 | +32.2% |
| Provisions and deferred taxes | 16 | €525,405 | €506,267 | -€19,138 | -3.6% |
| Deferred taxes | 168 | €525,405 | €506,267 | -€19,138 | -3.6% |
| Amounts payable | 17/49 | €1,933,966 | €3,285,158 | +€1.4m | +69.9% |
| Amounts payable after more than one year | 17 | €338,467 | €195,138 | -€143,330 | -42.3% |
| Financial debts | 170/4 | €135,276 | €78,073 | -€57,203 | -42.3% |
| Other amounts payable | 178/9 | €203,191 | €117,064 | -€86,127 | -42.4% |
| Amounts payable within one year | 42/48 | €1,586,087 | €3,021,871 | +€1.4m | +90.5% |
| Current portion of amounts payable after more than one year | 42 | €54,783 | €56,831 | +€2,048 | +3.7% |
| Financial debts | 43 | €426,215 | €2,097,412 | +€1.7m | +392.1% |
| Credit institutions | 430/8 | €421,754 | €2,092,744 | +€1.7m | +396.2% |
| Other loans | 439 | €4,462 | €4,669 | +€207 | +4.6% |
| Trade debts | 44 | €212,608 | €76,432 | -€136,176 | -64.1% |
| Suppliers | 440/4 | €212,608 | €76,432 | -€136,176 | -64.1% |
| Advances received on contracts in progress | 46 | €41,149 | €20,414 | -€20,735 | -50.4% |
| Taxes, remuneration and social security | 45 | €151,332 | €70,781 | -€80,551 | -53.2% |
| Taxes | 450/3 | €151,332 | €70,781 | -€80,551 | -53.2% |
| Other amounts payable | 47/48 | €700,000 | €700,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,412 | €68,150 | +€58,738 | +624.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €290,033 | €291,120 | +€1,087 | +0.4% |
| Other operating charges | 640/8 | €131,167 | €107,623 | -€23,544 | -17.9% |
| Non-recurring operating charges | 66A | €3,000 | €21,416 | +€18,416 | +613.9% |
| Gross operating margin | 9900 | €1,174,717 | €954,921 | -€219,797 | -18.7% |
| Operating profit (loss) | 9901 | €750,517 | €534,762 | -€215,755 | -28.7% |
| Financial income | 75/76B | €1,148 | €15,664 | +€14,516 | +1264.3% |
| Recurring financial income | 75 | €1,148 | €15,664 | +€14,516 | +1264.3% |
| Financial charges | 65/66B | €45,173 | €84,180 | +€39,007 | +86.3% |
| Recurring financial charges | 65 | €45,173 | €84,180 | +€39,007 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | €706,492 | €466,245 | -€240,246 | -34.0% |
| Transfer from deferred taxes | 780 | €19,826 | €19,138 | -€688 | -3.5% |
| Transfer to deferred taxes | 680 | €73,383 | - | -€73,383 | |
| Income taxes | 67/77 | €125,382 | €140,400 | +€15,018 | +12.0% |
| Profit (loss) for the period | 9904 | €527,553 | €344,983 | -€182,569 | -34.6% |
| Transfer from tax-exempt reserves | 789 | €59,478 | €57,414 | -€2,064 | -3.5% |
| Transfer to tax-exempt reserves | 689 | €220,148 | - | -€220,148 | |
| Profit (loss) for the period to be appropriated | 9905 | €366,883 | €402,398 | +€35,515 | +9.7% |
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 7 October 2026 via checked.be.