ALL INCLUDED: 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.
ALL INCLUDED
Largest movements
- Receivables within one year -€175,490
down €175,490 (-29.9%), from €587,744 to €412,254
of which Trade receivables: -€374,109
- Deferred charges and accrued income +€35,847
up €35,847 (+109%), from €33,010 to €68,857
- Tangible fixed assets +€30,298
up €30,298 (+16.1%), from €188,542 to €218,840
of which Land and buildings: +€27,344
- Cash -€15,076
down €15,076 (-67.7%), from €22,265 to €7,189
mainly Advances received (-€243,172) and Investment in fixed assets (net) (-€73,293)
- Advances received -€243,172
no longer reported in 2025 (was €243,172)
- Profit (loss) carried forward +€125,278
up €125,278 (+58.7%), from €213,443 to €338,720
- Trade debts -€59,854
down €59,854 (-29.8%), from €200,849 to €140,994
- Tax, wage and social debts +€28,428
up €28,428 (+16.9%), from €168,521 to €196,950
of which Taxes: +€34,450
- Other debts +€19,400
up €19,400 (+664%), from €2,922 to €22,322
- Gross operating margin +€85,492
up €85,492 (+17.4%), from €490,635 to €576,127
- Staff costs +€83,707
up €83,707 (+38.3%), from €218,735 to €302,442
- Other operating charges +€8,264
up €8,264 (+20.0%), from €41,308 to €49,572
- Depreciation +€8,010
up €8,010 (+27.6%), from €28,984 to €36,995
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.
Derived cash bridge
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 | €840,271 | €721,851 | -€118,420 | -14.1% |
| Fixed assets | 21/28 | €197,253 | €233,551 | +€36,298 | +18.4% |
| Tangible fixed assets | 22/27 | €188,542 | €218,840 | +€30,298 | +16.1% |
| Land and buildings | 22 | €43,278 | €70,622 | +€27,344 | +63.2% |
| Furniture and vehicles | 24 | €103,179 | €89,054 | -€14,125 | -13.7% |
| Other tangible fixed assets | 26 | €42,085 | €59,164 | +€17,078 | +40.6% |
| Financial fixed assets | 28 | €8,711 | €14,711 | +€6,000 | +68.9% |
| Current assets | 29/58 | €643,019 | €488,300 | -€154,718 | -24.1% |
| Amounts receivable within one year | 40/41 | €587,744 | €412,254 | -€175,490 | -29.9% |
| Trade receivables | 40 | €374,109 | - | -€374,109 | |
| Other amounts receivable | 41 | €213,635 | €412,254 | +€198,619 | +93.0% |
| Cash at bank and in hand | 54/58 | €22,265 | €7,189 | -€15,076 | -67.7% |
| Deferred charges and accrued income | 490/1 | €33,010 | €68,857 | +€35,847 | +109% |
| Total equity and liabilities | 10/49 | €840,271 | €721,851 | -€118,420 | -14.1% |
| Equity | 10/15 | €213,443 | €338,720 | +€125,278 | +58.7% |
| Profit (loss) carried forward | 14 | €213,443 | €338,720 | +€125,278 | +58.7% |
| Amounts payable | 17/49 | €626,829 | €383,131 | -€243,698 | -38.9% |
| Amounts payable after more than one year | 17 | - | €11,500 | +€11,500 | |
| Financial debts | 170/4 | - | €11,500 | +€11,500 | |
| Amounts payable within one year | 42/48 | €626,829 | €371,631 | -€255,198 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €11,365 | €11,365 | = | 0.0% |
| Trade debts | 44 | €200,849 | €140,994 | -€59,854 | -29.8% |
| Suppliers | 440/4 | €200,849 | €140,994 | -€59,854 | -29.8% |
| Advances received on contracts in progress | 46 | €243,172 | - | -€243,172 | |
| Taxes, remuneration and social security | 45 | €168,521 | €196,950 | +€28,428 | +16.9% |
| Taxes | 450/3 | €111,837 | €146,287 | +€34,450 | +30.8% |
| Remuneration and social security | 454/9 | €56,685 | €50,662 | -€6,022 | -10.6% |
| Other amounts payable | 47/48 | €2,922 | €22,322 | +€19,400 | +664% |
| Remuneration, social security and pensions | 62 | €218,735 | €302,442 | +€83,707 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,984 | €36,995 | +€8,010 | +27.6% |
| Other operating charges | 640/8 | €41,308 | €49,572 | +€8,264 | +20.0% |
| Gross operating margin | 9900 | €490,635 | €576,127 | +€85,492 | +17.4% |
| Operating profit (loss) | 9901 | €201,607 | €187,118 | -€14,490 | -7.2% |
| Financial income | 75/76B | €130 | €61 | -€69 | -52.8% |
| Recurring financial income | 75 | €130 | €61 | -€69 | -52.8% |
| Financial charges | 65/66B | €5,159 | €10,034 | +€4,876 | +94.5% |
| Recurring financial charges | 65 | €5,159 | €10,034 | +€4,876 | +94.5% |
| Profit (loss) for the period before taxes | 9903 | €196,578 | €177,144 | -€19,434 | -9.9% |
| Income taxes | 67/77 | €56,993 | €51,867 | -€5,126 | -9.0% |
| Profit (loss) for the period | 9904 | €139,585 | €125,278 | -€14,308 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €139,585 | €125,278 | -€14,308 | -10.3% |
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 23 October 2026 via checked.be.