Aggregates & Finance: what changed
Two financial 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.
Aggregates & Finance
Largest movements
- Current investments +€190,000
new in 2025: €190,000
- Cash -€159,253
down €159,253 (-70.4%), from €226,334 to €67,081
mainly Investment in fixed assets (net) (-€202,346) and Current investments (-€190,000)
- Tangible fixed assets -€77,660
down €77,660 (-1.8%), from €4.3m to €4.3m
of which Land and buildings: -€244,305
- Reserves +€154,667
up €154,667 (+11.9%), from €1.3m to €1.5m
of which Tax-exempt reserves: +€80,003
- Current portion of long-term debt -€148,620
down €148,620 (-66.6%), from €223,036 to €74,416
- Debts after one year -€75,683
down €75,683 (-3.1%), from €2.4m to €2.4m
- Short-term financial debts +€54,497
new in 2025: €54,497
- Gross operating margin -€154,661
down €154,661 (-20.6%), from €750,832 to €596,171
- Depreciation -€51,131
down €51,131 (-15.4%), from €331,136 to €280,006
- Taxes -€38,049
down €38,049 (-33.8%), from €112,625 to €74,576
- Financial charges -€15,747
down €15,747 (-15.3%), from €102,979 to €87,233
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 | €4,882,748 | €4,813,343 | -€69,404 | -1.4% |
| Fixed assets | 21/28 | €4,344,028 | €4,266,368 | -€77,660 | -1.8% |
| Tangible fixed assets | 22/27 | €4,344,028 | €4,266,368 | -€77,660 | -1.8% |
| Land and buildings | 22 | €4,264,373 | €4,020,068 | -€244,305 | -5.7% |
| Plant, machinery and equipment | 23 | €66,928 | €55,082 | -€11,846 | -17.7% |
| Furniture and vehicles | 24 | €12,727 | €11,944 | -€783 | -6.2% |
| Assets under construction and advance payments | 27 | - | €179,274 | +€179,274 | |
| Current assets | 29/58 | €538,720 | €546,976 | +€8,256 | +1.5% |
| Amounts receivable within one year | 40/41 | €312,386 | €289,895 | -€22,491 | -7.2% |
| Trade receivables | 40 | €187,386 | €124,471 | -€62,915 | -33.6% |
| Other amounts receivable | 41 | €125,000 | €165,424 | +€40,424 | +32.3% |
| Current investments | 50/53 | - | €190,000 | +€190,000 | |
| Cash at bank and in hand | 54/58 | €226,334 | €67,081 | -€159,253 | -70.4% |
| Total equity and liabilities | 10/49 | €4,882,748 | €4,813,343 | -€69,404 | -1.4% |
| Equity | 10/15 | €1,481,342 | €1,636,009 | +€154,667 | +10.4% |
| Contributions | 10/11 | €177,000 | €177,000 | = | 0.0% |
| Capital | 10 | €177,000 | €177,000 | = | 0.0% |
| Issued capital | 100 | €177,000 | €177,000 | = | 0.0% |
| Reserves | 13 | €1,304,342 | €1,459,009 | +€154,667 | +11.9% |
| Tax-exempt reserves | 132 | €1,185,185 | €1,265,188 | +€80,003 | +6.8% |
| Distributable reserves | 133 | €119,157 | €193,821 | +€74,664 | +62.7% |
| Provisions and deferred taxes | 16 | €610,525 | €564,993 | -€45,532 | -7.5% |
| Deferred taxes | 168 | €610,525 | €564,993 | -€45,532 | -7.5% |
| Amounts payable | 17/49 | €2,790,881 | €2,612,341 | -€178,540 | -6.4% |
| Amounts payable after more than one year | 17 | €2,443,874 | €2,368,191 | -€75,683 | -3.1% |
| Financial debts | 170/4 | €2,443,874 | €2,368,191 | -€75,683 | -3.1% |
| Amounts payable within one year | 42/48 | €347,007 | €244,151 | -€102,856 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €223,036 | €74,416 | -€148,620 | -66.6% |
| Financial debts | 43 | - | €54,497 | +€54,497 | |
| Credit institutions | 430/8 | - | €54,497 | +€54,497 | |
| Trade debts | 44 | €8,364 | €10,085 | +€1,721 | +20.6% |
| Suppliers | 440/4 | €8,364 | €10,085 | +€1,721 | +20.6% |
| Taxes, remuneration and social security | 45 | €59,807 | €39,633 | -€20,174 | -33.7% |
| Taxes | 450/3 | €59,807 | €39,633 | -€20,174 | -33.7% |
| Other amounts payable | 47/48 | €55,800 | €65,519 | +€9,720 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331,136 | €280,006 | -€51,131 | -15.4% |
| Other operating charges | 640/8 | €41,322 | €45,414 | +€4,092 | +9.9% |
| Gross operating margin | 9900 | €750,832 | €596,171 | -€154,661 | -20.6% |
| Operating profit (loss) | 9901 | €378,374 | €270,751 | -€107,623 | -28.4% |
| Financial income | 75/76B | €5 | €193 | +€188 | +4090.4% |
| Recurring financial income | 75 | €5 | €193 | +€188 | +4090.4% |
| Financial charges | 65/66B | €102,979 | €87,233 | -€15,747 | -15.3% |
| Recurring financial charges | 65 | €102,979 | €87,233 | -€15,747 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €275,399 | €183,711 | -€91,688 | -33.3% |
| Transfer from deferred taxes | 780 | €45,532 | €45,532 | = | 0.0% |
| Income taxes | 67/77 | €112,625 | €74,576 | -€38,049 | -33.8% |
| Profit (loss) for the period | 9904 | €208,306 | €154,667 | -€53,639 | -25.7% |
| Transfer from tax-exempt reserves | 789 | €88,397 | €88,397 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €296,703 | €74,664 | -€222,039 | -74.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.