ALWAYS AHEAD: 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.
ALWAYS AHEAD
Largest movements
- Cash +€187,874
up €187,874 (+145.7%), from €128,960 to €316,834
mainly Net result for the year (+€188,460) and Current investments (+€176,845)
- Current investments -€176,845
down €176,845 (-21.4%), from €828,049 to €651,204
- Tangible fixed assets -€45,957
down €45,957 (-7.2%), from €640,552 to €594,594
of which Land and buildings: -€54,084
- Receivables within one year +€37,351
up €37,351 (+23.1%), from €161,702 to €199,054
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€65,891
down €65,891 (-47.8%), from €137,755 to €71,865
- Financial charges +€39,003
up €39,003 (+396.4%), from €9,840 to €48,843
- Gross operating margin +€19,049
up €19,049 (+5.7%), from €332,358 to €351,406
- Taxes -€15,556
down €15,556 (-14.4%), from €107,947 to €92,391
- Other operating charges +€3,768
up €3,768 (+141.8%), from €2,657 to €6,425
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 | €1,759,263 | €1,762,087 | +€2,824 | +0.2% |
| Fixed assets | 21/28 | €640,552 | €594,594 | -€45,957 | -7.2% |
| Tangible fixed assets | 22/27 | €640,552 | €594,594 | -€45,957 | -7.2% |
| Land and buildings | 22 | €472,623 | €418,539 | -€54,084 | -11.4% |
| Plant, machinery and equipment | 23 | €64,755 | €102,481 | +€37,726 | +58.3% |
| Furniture and vehicles | 24 | €103,174 | €73,575 | -€29,599 | -28.7% |
| Current assets | 29/58 | €1,118,712 | €1,167,493 | +€48,781 | +4.4% |
| Amounts receivable within one year | 40/41 | €161,702 | €199,054 | +€37,351 | +23.1% |
| Trade receivables | 40 | €161,702 | €199,054 | +€37,351 | +23.1% |
| Current investments | 50/53 | €828,049 | €651,204 | -€176,845 | -21.4% |
| Cash at bank and in hand | 54/58 | €128,960 | €316,834 | +€187,874 | +145.7% |
| Deferred charges and accrued income | 490/1 | - | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €1,759,263 | €1,762,087 | +€2,824 | +0.2% |
| Equity | 10/15 | €1,717,206 | €1,705,666 | -€11,540 | -0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,391,568 | €1,380,028 | -€11,540 | -0.8% |
| Non-distributable reserves | 130/1 | €7,713 | €7,713 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,713 | €7,713 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,355 | €5,355 | = | 0.0% |
| Distributable reserves | 133 | €1,378,500 | €1,366,960 | -€11,540 | -0.8% |
| Profit (loss) carried forward | 14 | €313,238 | €313,238 | = | 0.0% |
| Amounts payable | 17/49 | €42,057 | €56,421 | +€14,364 | +34.2% |
| Amounts payable within one year | 42/48 | €42,057 | €56,421 | +€14,364 | +34.2% |
| Trade debts | 44 | €3,852 | €5,918 | +€2,066 | +53.6% |
| Suppliers | 440/4 | €3,852 | €5,918 | +€2,066 | +53.6% |
| Taxes, remuneration and social security | 45 | €38,205 | €50,503 | +€12,298 | +32.2% |
| Taxes | 450/3 | €34,723 | €47,100 | +€12,377 | +35.6% |
| Remuneration and social security | 454/9 | €3,482 | €3,403 | -€80 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,712 | €87,152 | -€3,559 | -3.9% |
| Other operating charges | 640/8 | €2,657 | €6,425 | +€3,768 | +141.8% |
| Gross operating margin | 9900 | €332,358 | €351,406 | +€19,049 | +5.7% |
| Operating profit (loss) | 9901 | €238,989 | €257,829 | +€18,841 | +7.9% |
| Financial income | 75/76B | €137,755 | €71,865 | -€65,891 | -47.8% |
| Recurring financial income | 75 | €137,755 | €71,865 | -€65,891 | -47.8% |
| Financial charges | 65/66B | €9,840 | €48,843 | +€39,003 | +396.4% |
| Recurring financial charges | 65 | €9,840 | €48,843 | +€39,003 | +396.4% |
| Profit (loss) for the period before taxes | 9903 | €366,904 | €280,851 | -€86,053 | -23.5% |
| Income taxes | 67/77 | €107,947 | €92,391 | -€15,556 | -14.4% |
| Profit (loss) for the period | 9904 | €258,957 | €188,460 | -€70,497 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €258,957 | €188,460 | -€70,497 | -27.2% |
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.