always at work: 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.
always at work
Largest movements
- Cash +€61,770
up €61,770 (+232.9%), from €26,520 to €88,290
mainly Net result for the year (+€66,724) and Depreciation (+€27,122)
- Tangible fixed assets -€9,462
down €9,462 (-1.4%), from €661,962 to €652,501
of which Land and buildings: -€5,093
- Reserves +€66,724
up €66,724 (+33.3%), from €200,447 to €267,171
of which Distributable reserves: +€66,724
- Debts after one year -€19,291
down €19,291 (-3.9%), from €499,794 to €480,502
- Gross operating margin +€27,073
up €27,073 (+25.5%), from €106,252 to €133,325
- Other operating charges -€17,926
down €17,926 (-93.5%), from €19,163 to €1,237
- Depreciation +€15,679
up €15,679 (+137.0%), from €11,443 to €27,122
- Financial charges +€14,625
up €14,625 (+463.1%), from €3,158 to €17,783
- Taxes +€1,882
up €1,882 (+8.9%), from €21,194 to €23,075
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 | €785,194 | €842,271 | +€57,078 | +7.3% |
| Fixed assets | 21/28 | €661,962 | €652,501 | -€9,462 | -1.4% |
| Tangible fixed assets | 22/27 | €661,962 | €652,501 | -€9,462 | -1.4% |
| Land and buildings | 22 | €635,681 | €630,588 | -€5,093 | -0.8% |
| Plant, machinery and equipment | 23 | €2,358 | €1,743 | -€616 | -26.1% |
| Furniture and vehicles | 24 | €23,923 | €20,170 | -€3,753 | -15.7% |
| Current assets | 29/58 | €123,231 | €189,770 | +€66,539 | +54.0% |
| Amounts receivable after more than one year | 29 | €17,804 | €17,804 | = | 0.0% |
| Other amounts receivable | 291 | €17,804 | €17,804 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €78,728 | €82,376 | +€3,647 | +4.6% |
| Trade receivables | 40 | €23,453 | €23,828 | +€375 | +1.6% |
| Other amounts receivable | 41 | €55,276 | €58,548 | +€3,272 | +5.9% |
| Cash at bank and in hand | 54/58 | €26,520 | €88,290 | +€61,770 | +232.9% |
| Deferred charges and accrued income | 490/1 | €178 | €1,301 | +€1,122 | +629.3% |
| Total equity and liabilities | 10/49 | €785,194 | €842,271 | +€57,078 | +7.3% |
| Equity | 10/15 | €206,647 | €273,371 | +€66,724 | +32.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €200,447 | €267,171 | +€66,724 | +33.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €198,587 | €265,311 | +€66,724 | +33.6% |
| Amounts payable | 17/49 | €578,547 | €568,901 | -€9,646 | -1.7% |
| Amounts payable after more than one year | 17 | €499,794 | €480,502 | -€19,291 | -3.9% |
| Financial debts | 170/4 | €499,794 | €480,502 | -€19,291 | -3.9% |
| Amounts payable within one year | 42/48 | €78,753 | €88,398 | +€9,645 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €18,659 | €19,291 | +€632 | +3.4% |
| Trade debts | 44 | €12,464 | €14,652 | +€2,188 | +17.6% |
| Suppliers | 440/4 | €12,464 | €14,652 | +€2,188 | +17.6% |
| Taxes, remuneration and social security | 45 | €47,630 | €54,455 | +€6,825 | +14.3% |
| Taxes | 450/3 | €47,630 | €54,455 | +€6,825 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,443 | €27,122 | +€15,679 | +137.0% |
| Other operating charges | 640/8 | €19,163 | €1,237 | -€17,926 | -93.5% |
| Gross operating margin | 9900 | €106,252 | €133,325 | +€27,073 | +25.5% |
| Operating profit (loss) | 9901 | €75,646 | €104,966 | +€29,320 | +38.8% |
| Financial income | 75/76B | €2,229 | €2,616 | +€386 | +17.3% |
| Recurring financial income | 75 | €2,229 | €2,616 | +€386 | +17.3% |
| Financial charges | 65/66B | €3,158 | €17,783 | +€14,625 | +463.1% |
| Recurring financial charges | 65 | €3,158 | €17,783 | +€14,625 | +463.1% |
| Profit (loss) for the period before taxes | 9903 | €74,717 | €89,799 | +€15,082 | +20.2% |
| Income taxes | 67/77 | €21,194 | €23,075 | +€1,882 | +8.9% |
| Profit (loss) for the period | 9904 | €53,523 | €66,724 | +€13,200 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,523 | €66,724 | +€13,200 | +24.7% |
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 9 October 2026 via checked.be.