AD - TENTION: 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.
AD - TENTION
Largest movements
- Tangible fixed assets -€298,166
down €298,166 (-16.2%), from €1.8m to €1.5m
- Receivables within one year +€215,957
up €215,957 (+2488.8%), from €8,677 to €224,634
of which Trade receivables: +€215,957
- Cash +€85,315
up €85,315 (+139.4%), from €61,197 to €146,512
mainly Net result for the year (+€454,120) and Investment in fixed assets (net) (+€244,969)
- Stocks and contracts +€27,521
up €27,521 (+4.1%), from €674,116 to €701,637
- Debts after one year -€567,084
down €567,084 (-28.7%), from €2.0m to €1.4m
of which Financial debts: -€567,084
- Profit (loss) carried forward +€244,789
up €244,789 (+64.4%), from €379,991 to €624,780
- Reserves +€209,331
up €209,331 (+1483.5%), from €14,111 to €223,442
of which Tax-exempt reserves: +€209,331
- Tax, wage and social debts +€89,035
new in 2025: €89,035
- Provisions +€52,333
new in 2025: €52,333
- Write-downs -€153,943
no longer reported in 2025 (was €153,943)
- Gross operating margin +€96,361
up €96,361 (+15.0%), from €643,770 to €740,132
- Financial charges -€34,423
down €34,423 (-32.7%), from €105,132 to €70,709
- Taxes +€15,023
up €15,023 (+20.3%), from €74,041 to €89,064
- Depreciation -€12,794
down €12,794 (-19.4%), from €65,992 to €53,197
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 | €2,588,523 | €2,619,562 | +€31,039 | +1.2% |
| Fixed assets | 21/28 | €1,843,910 | €1,545,744 | -€298,166 | -16.2% |
| Tangible fixed assets | 22/27 | €1,843,910 | €1,545,744 | -€298,166 | -16.2% |
| Land and buildings | 22 | €1,843,910 | €1,545,744 | -€298,166 | -16.2% |
| Current assets | 29/58 | €744,613 | €1,073,818 | +€329,205 | +44.2% |
| Stocks and contracts in progress | 3 | €674,116 | €701,637 | +€27,521 | +4.1% |
| Stocks | 30/36 | €674,116 | €701,637 | +€27,521 | +4.1% |
| Amounts receivable within one year | 40/41 | €8,677 | €224,634 | +€215,957 | +2488.8% |
| Trade receivables | 40 | €718 | €216,675 | +€215,957 | +30070.0% |
| Other amounts receivable | 41 | €7,959 | €7,959 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,197 | €146,512 | +€85,315 | +139.4% |
| Deferred charges and accrued income | 490/1 | €623 | €1,035 | +€412 | +66.0% |
| Total equity and liabilities | 10/49 | €2,588,523 | €2,619,562 | +€31,039 | +1.2% |
| Equity | 10/15 | €535,219 | €989,339 | +€454,120 | +84.8% |
| Contributions | 10/11 | €141,117 | €141,117 | = | 0.0% |
| Capital | 10 | €141,109 | €141,109 | = | 0.0% |
| Issued capital | 100 | €141,109 | €141,109 | = | 0.0% |
| Outside capital | 11 | €8 | €8 | = | 0.0% |
| Share premium | 1100/10 | €8 | €8 | = | 0.0% |
| Reserves | 13 | €14,111 | €223,442 | +€209,331 | +1483.5% |
| Non-distributable reserves | 130/1 | €14,111 | €14,111 | = | 0.0% |
| Legal reserve | 130 | €14,111 | €14,111 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €209,331 | +€209,331 | |
| Profit (loss) carried forward | 14 | €379,991 | €624,780 | +€244,789 | +64.4% |
| Provisions and deferred taxes | 16 | - | €52,333 | +€52,333 | |
| Deferred taxes | 168 | - | €52,333 | +€52,333 | |
| Amounts payable | 17/49 | €2,053,305 | €1,577,890 | -€475,415 | -23.2% |
| Amounts payable after more than one year | 17 | €1,978,777 | €1,411,694 | -€567,084 | -28.7% |
| Financial debts | 170/4 | €1,973,177 | €1,406,094 | -€567,084 | -28.7% |
| Other amounts payable | 178/9 | €5,600 | €5,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €71,426 | €164,384 | +€92,958 | +130.1% |
| Financial debts | 43 | €60,018 | €64,032 | +€4,014 | +6.7% |
| Credit institutions | 430/8 | €60,018 | €64,032 | +€4,014 | +6.7% |
| Trade debts | 44 | €4,253 | €4,163 | -€91 | -2.1% |
| Suppliers | 440/4 | €4,253 | €4,163 | -€91 | -2.1% |
| Taxes, remuneration and social security | 45 | - | €89,035 | +€89,035 | |
| Taxes | 450/3 | - | €89,035 | +€89,035 | |
| Other amounts payable | 47/48 | €7,155 | €7,155 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,101 | €1,812 | -€1,289 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,992 | €53,197 | -€12,794 | -19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €153,943 | - | -€153,943 | |
| Other operating charges | 640/8 | €27,168 | €20,826 | -€6,342 | -23.3% |
| Gross operating margin | 9900 | €643,770 | €740,132 | +€96,361 | +15.0% |
| Operating profit (loss) | 9901 | €396,668 | €666,109 | +€269,441 | +67.9% |
| Financial income | 75/76B | - | €118 | +€118 | |
| Recurring financial income | 75 | - | €118 | +€118 | |
| Financial charges | 65/66B | €105,132 | €70,709 | -€34,423 | -32.7% |
| Recurring financial charges | 65 | €105,132 | €70,709 | -€34,423 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €291,536 | €595,517 | +€303,981 | +104.3% |
| Transfer to deferred taxes | 680 | - | €52,333 | +€52,333 | |
| Income taxes | 67/77 | €74,041 | €89,064 | +€15,023 | +20.3% |
| Profit (loss) for the period | 9904 | €217,494 | €454,120 | +€236,626 | +108.8% |
| Transfer to tax-exempt reserves | 689 | - | €209,331 | +€209,331 | |
| Profit (loss) for the period to be appropriated | 9905 | €217,494 | €244,789 | +€27,295 | +12.5% |
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 4 October 2026 via checked.be.