ACTUAL STYLE: what changed
ACTUAL STYLE
Largest movements
- Stocks and contracts +€231,840
new in 2025: €231,840
- Receivables within one year +€92,842
up €92,842 (+252%), from €36,860 to €129,702
of which Other amounts receivable: +€52,042
- Cash -€62,463
down €62,463 (-74.1%), from €84,340 to €21,876
mainly Stocks and contracts (-€231,840) and Receivables within one year (-€92,842)
- Tangible fixed assets -€17,328
down €17,328 (-8.1%), from €214,661 to €197,332
of which Land and buildings: -€10,863
- Debts after one year +€145,917
up €145,917 (+90.2%), from €161,773 to €307,690
- Other debts +€60,775
new in 2025: €60,775
- Trade debts +€32,828
up €32,828 (+22,487%), from €146 to €32,974
- Tax, wage and social debts +€12,032
up €12,032 (+48.5%), from €24,824 to €36,856
of which Taxes: +€14,032
- Reserves -€6,345
down €6,345 (-3.4%), from €185,975 to €179,629
of which Distributable reserves: -€6,345
- Gross operating margin +€24,737
up €24,737 (+30.7%), from €80,703 to €105,440
- Taxes +€11,418
up €11,418 (+69.9%), from €16,333 to €27,751
- Financial income +€1,353
up €1,353 (+2,644%), from €51 to €1,404
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €389,118 | €633,957 | +€244,839 | +62.9% |
| Fixed assets | 21/28 | €214,661 | €197,332 | -€17,328 | -8.1% |
| Tangible fixed assets | 22/27 | €214,661 | €197,332 | -€17,328 | -8.1% |
| Land and buildings | 22 | €178,082 | €167,219 | -€10,863 | -6.1% |
| Plant, machinery and equipment | 23 | €5,093 | €3,154 | -€1,939 | -38.1% |
| Furniture and vehicles | 24 | €2,111 | €1,059 | -€1,052 | -49.8% |
| Other tangible fixed assets | 26 | €29,374 | €25,900 | -€3,475 | -11.8% |
| Current assets | 29/58 | €174,458 | €436,625 | +€262,167 | +150% |
| Amounts receivable after more than one year | 29 | €46,000 | €46,000 | = | 0.0% |
| Other amounts receivable | 291 | €46,000 | €46,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €231,840 | +€231,840 | |
| Stocks | 30/36 | - | €231,840 | +€231,840 | |
| Amounts receivable within one year | 40/41 | €36,860 | €129,702 | +€92,842 | +252% |
| Trade receivables | 40 | €36,860 | €77,660 | +€40,800 | +111% |
| Other amounts receivable | 41 | - | €52,042 | +€52,042 | |
| Cash at bank and in hand | 54/58 | €84,340 | €21,876 | -€62,463 | -74.1% |
| Deferred charges and accrued income | 490/1 | €7,258 | €7,207 | -€51 | -0.7% |
| Total equity and liabilities | 10/49 | €389,118 | €633,957 | +€244,839 | +62.9% |
| Equity | 10/15 | €192,175 | €185,829 | -€6,345 | -3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €185,975 | €179,629 | -€6,345 | -3.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €184,115 | €177,769 | -€6,345 | -3.4% |
| Amounts payable | 17/49 | €196,944 | €448,128 | +€251,185 | +128% |
| Amounts payable after more than one year | 17 | €161,773 | €307,690 | +€145,917 | +90.2% |
| Financial debts | 170/4 | €161,773 | €307,690 | +€145,917 | +90.2% |
| Amounts payable within one year | 42/48 | €34,628 | €140,438 | +€105,810 | +306% |
| Current portion of amounts payable after more than one year | 42 | €9,658 | €9,832 | +€174 | +1.8% |
| Trade debts | 44 | €146 | €32,974 | +€32,828 | +22,487% |
| Suppliers | 440/4 | €146 | €32,974 | +€32,828 | +22,487% |
| Taxes, remuneration and social security | 45 | €24,824 | €36,856 | +€12,032 | +48.5% |
| Taxes | 450/3 | €22,824 | €36,856 | +€14,032 | +61.5% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | - | €60,775 | +€60,775 | |
| Accrued charges and deferred income | 492/3 | €543 | - | -€543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,127 | €18,001 | -€126 | -0.7% |
| Other operating charges | 640/8 | €2,781 | €2,796 | +€14 | +0.5% |
| Gross operating margin | 9900 | €80,703 | €105,440 | +€24,737 | +30.7% |
| Operating profit (loss) | 9901 | €59,794 | €84,643 | +€24,849 | +41.6% |
| Financial income | 75/76B | €51 | €1,404 | +€1,353 | +2,644% |
| Recurring financial income | 75 | €51 | €1,404 | +€1,353 | +2,644% |
| Financial charges | 65/66B | €3,410 | €3,866 | +€456 | +13.4% |
| Recurring financial charges | 65 | €3,410 | €3,866 | +€456 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €56,435 | €82,181 | +€25,746 | +45.6% |
| Income taxes | 67/77 | €16,333 | €27,751 | +€11,418 | +69.9% |
| Profit (loss) for the period | 9904 | €40,102 | €54,430 | +€14,328 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,102 | €54,430 | +€14,328 | +35.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.