AN OTHER LOOK TO EFFICIENCY: 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.
AN OTHER LOOK TO EFFICIENCY
Largest movements
- Tangible fixed assets +€398,573
up €398,573 (+12.3%), from €3.2m to €3.6m
of which Assets under construction and advance payments: +€545,060
- Financial fixed assets +€200,050
up €200,050 (+142%), from €141,000 to €341,050
- Debts after one year +€756,626
up €756,626 (+29.4%), from €2.6m to €3.3m
- Trade debts -€169,700
down €169,700 (-83.3%), from €203,805 to €34,105
- Gross operating margin +€43,695
up €43,695 (+35.4%), from €123,539 to €167,234
- Depreciation +€36,463
up €36,463 (+27.2%), from €134,170 to €170,634
- Taxes +€5,839
up €5,839, from -€5,698 to €141
- Financial charges +€5,233
up €5,233 (+1,410%), from €371 to €5,605
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 | €3,571,510 | €4,168,972 | +€597,462 | +16.7% |
| Fixed assets | 21/28 | €3,375,592 | €3,973,714 | +€598,123 | +17.7% |
| Intangible fixed assets | 21 | €2,202 | €1,702 | -€500 | -22.7% |
| Tangible fixed assets | 22/27 | €3,232,389 | €3,630,962 | +€398,573 | +12.3% |
| Land and buildings | 22 | €2,740,448 | €2,600,416 | -€140,032 | -5.1% |
| Plant, machinery and equipment | 23 | €1,906 | €3,090 | +€1,184 | +62.1% |
| Furniture and vehicles | 24 | €52,515 | €44,875 | -€7,640 | -14.5% |
| Assets under construction and advance payments | 27 | €437,521 | €982,581 | +€545,060 | +125% |
| Financial fixed assets | 28 | €141,000 | €341,050 | +€200,050 | +142% |
| Current assets | 29/58 | €195,918 | €195,258 | -€660 | -0.3% |
| Amounts receivable within one year | 40/41 | €94,296 | €103,024 | +€8,728 | +9.3% |
| Trade receivables | 40 | €89,347 | €103,024 | +€13,677 | +15.3% |
| Other amounts receivable | 41 | €4,949 | - | -€4,949 | |
| Cash at bank and in hand | 54/58 | €93,322 | €83,177 | -€10,145 | -10.9% |
| Deferred charges and accrued income | 490/1 | €8,300 | €9,056 | +€757 | +9.1% |
| Total equity and liabilities | 10/49 | €3,571,510 | €4,168,972 | +€597,462 | +16.7% |
| Equity | 10/15 | €783,845 | €789,658 | +€5,812 | +0.7% |
| Contributions | 10/11 | €797,944 | €797,944 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,099 | -€24,436 | -€10,338 | -73.3% |
| Investment grants | 15 | - | €16,150 | +€16,150 | |
| Amounts payable | 17/49 | €2,787,664 | €3,379,314 | +€591,650 | +21.2% |
| Amounts payable after more than one year | 17 | €2,575,000 | €3,331,626 | +€756,626 | +29.4% |
| Other amounts payable | 178/9 | €2,575,000 | €3,331,626 | +€756,626 | +29.4% |
| Amounts payable within one year | 42/48 | €212,664 | €46,690 | -€165,975 | -78.0% |
| Trade debts | 44 | €203,805 | €34,105 | -€169,700 | -83.3% |
| Suppliers | 440/4 | €203,805 | €34,105 | -€169,700 | -83.3% |
| Taxes, remuneration and social security | 45 | €472 | €1,857 | +€1,385 | +294% |
| Taxes | 450/3 | €472 | €1,857 | +€1,385 | +294% |
| Other amounts payable | 47/48 | €8,387 | €10,728 | +€2,341 | +27.9% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,170 | €170,634 | +€36,463 | +27.2% |
| Other operating charges | 640/8 | €1,559 | €2,049 | +€490 | +31.4% |
| Gross operating margin | 9900 | €123,539 | €167,234 | +€43,695 | +35.4% |
| Operating profit (loss) | 9901 | -€12,191 | -€5,449 | +€6,742 | +55.3% |
| Financial income | 75/76B | €6 | €857 | +€851 | +13,697% |
| Recurring financial income | 75 | €6 | €857 | +€851 | +13,697% |
| Financial charges | 65/66B | €371 | €5,605 | +€5,233 | +1,410% |
| Recurring financial charges | 65 | €371 | €5,605 | +€5,233 | +1,410% |
| Profit (loss) for the period before taxes | 9903 | -€12,556 | -€10,197 | +€2,359 | +18.8% |
| Income taxes | 67/77 | -€5,698 | €141 | +€5,839 | |
| Profit (loss) for the period | 9904 | -€6,858 | -€10,338 | -€3,480 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,858 | -€10,338 | -€3,480 | -50.7% |
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 19 October 2026 via checked.be.