ALL - SYSTEMS: 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 - SYSTEMS
Largest movements
- Receivables within one year -€447,567
down €447,567 (-28.3%), from €1.6m to €1.1m
of which Other amounts receivable: -€306,143
- Stocks and contracts +€262,910
up €262,910 (+34.4%), from €764,253 to €1.0m
of which Contracts in progress: +€285,941
- Cash +€160,341
up €160,341 (+739%), from €21,695 to €182,035
mainly Receivables within one year (+€447,567) and Depreciation (+€103,099)
- Tangible fixed assets -€95,898
down €95,898 (-8.7%), from €1.1m to €1.0m
of which Leasing and similar rights: -€75,590
- Profit (loss) carried forward +€98,174
up €98,174 (+11.7%), from €840,717 to €938,890
- Current portion of long-term debt -€81,969
down €81,969 (-50.2%), from €163,403 to €81,433
- Debts after one year -€68,698
down €68,698 (-7.1%), from €967,734 to €899,036
- Accrued charges and deferred income -€54,281
down €54,281 (-7.0%), from €780,835 to €726,554
- Other debts -€37,250
down €37,250 (-22.1%), from €168,600 to €131,350
- Gross operating margin +€167,571
up €167,571 (+14.9%), from €1.1m to €1.3m
- Other operating charges +€142,891
up €142,891 (+495%), from €28,876 to €171,767
- Depreciation +€79,192
up €79,192 (+331%), from €23,907 to €103,099
- Staff costs -€42,808
down €42,808 (-4.8%), from €883,151 to €840,343
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 | €3,504,141 | €3,378,137 | -€126,004 | -3.6% |
| Fixed assets | 21/28 | €1,107,929 | €1,012,031 | -€95,898 | -8.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,103,145 | €1,007,247 | -€95,898 | -8.7% |
| Plant, machinery and equipment | 23 | €12,995 | €9,019 | -€3,976 | -30.6% |
| Furniture and vehicles | 24 | €65,350 | €49,018 | -€16,332 | -25.0% |
| Leasing and similar rights | 25 | €963,132 | €887,542 | -€75,590 | -7.8% |
| Other tangible fixed assets | 26 | €61,668 | €61,668 | = | 0.0% |
| Financial fixed assets | 28 | €4,784 | €4,784 | = | 0.0% |
| Current assets | 29/58 | €2,396,212 | €2,366,105 | -€30,107 | -1.3% |
| Stocks and contracts in progress | 3 | €764,253 | €1,027,163 | +€262,910 | +34.4% |
| Stocks | 30/36 | €402,917 | €379,886 | -€23,031 | -5.7% |
| Contracts in progress | 37 | €361,336 | €647,277 | +€285,941 | +79.1% |
| Amounts receivable within one year | 40/41 | €1,581,715 | €1,134,148 | -€447,567 | -28.3% |
| Trade receivables | 40 | €1,205,115 | €1,063,691 | -€141,424 | -11.7% |
| Other amounts receivable | 41 | €376,600 | €70,457 | -€306,143 | -81.3% |
| Cash at bank and in hand | 54/58 | €21,695 | €182,035 | +€160,341 | +739% |
| Deferred charges and accrued income | 490/1 | €28,549 | €22,759 | -€5,790 | -20.3% |
| Total equity and liabilities | 10/49 | €3,504,141 | €3,378,137 | -€126,004 | -3.6% |
| Equity | 10/15 | €896,809 | €994,982 | +€98,174 | +10.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €840,717 | €938,890 | +€98,174 | +11.7% |
| Amounts payable | 17/49 | €2,607,332 | €2,383,154 | -€224,178 | -8.6% |
| Amounts payable after more than one year | 17 | €967,734 | €899,036 | -€68,698 | -7.1% |
| Financial debts | 170/4 | €967,734 | €899,036 | -€68,698 | -7.1% |
| Amounts payable within one year | 42/48 | €858,763 | €757,565 | -€101,198 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €163,403 | €81,433 | -€81,969 | -50.2% |
| Financial debts | 43 | €24,418 | €23,827 | -€592 | -2.4% |
| Credit institutions | 430/8 | €24,418 | €23,827 | -€592 | -2.4% |
| Trade debts | 44 | €438,801 | €450,983 | +€12,182 | +2.8% |
| Suppliers | 440/4 | €438,801 | €450,983 | +€12,182 | +2.8% |
| Taxes, remuneration and social security | 45 | €63,542 | €69,972 | +€6,431 | +10.1% |
| Remuneration and social security | 454/9 | €63,542 | €69,972 | +€6,431 | +10.1% |
| Other amounts payable | 47/48 | €168,600 | €131,350 | -€37,250 | -22.1% |
| Accrued charges and deferred income | 492/3 | €780,835 | €726,554 | -€54,281 | -7.0% |
| Remuneration, social security and pensions | 62 | €883,151 | €840,343 | -€42,808 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,907 | €103,099 | +€79,192 | +331% |
| Other operating charges | 640/8 | €28,876 | €171,767 | +€142,891 | +495% |
| Non-recurring operating charges | 66A | €493 | - | -€493 | |
| Gross operating margin | 9900 | €1,125,306 | €1,292,878 | +€167,571 | +14.9% |
| Operating profit (loss) | 9901 | €188,880 | €177,669 | -€11,211 | -5.9% |
| Financial income | 75/76B | €4,214 | €254 | -€3,960 | -94.0% |
| Recurring financial income | 75 | €4,214 | €254 | -€3,960 | -94.0% |
| Financial charges | 65/66B | €39,578 | €42,137 | +€2,559 | +6.5% |
| Recurring financial charges | 65 | €39,578 | €42,137 | +€2,559 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €153,515 | €135,786 | -€17,729 | -11.5% |
| Income taxes | 67/77 | €39,520 | €37,612 | -€1,908 | -4.8% |
| Profit (loss) for the period | 9904 | €113,995 | €98,174 | -€15,821 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €113,995 | €98,174 | -€15,821 | -13.9% |
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 18 October 2026 via checked.be.