AND'OR: 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.
AND'OR
Largest movements
- Receivables after one year +€123,100
up €123,100 (+267%), from €46,125 to €169,225
- Receivables within one year -€42,221
down €42,221 (-22.3%), from €189,510 to €147,289
of which Trade receivables: -€52,888
- Tangible fixed assets +€22,805
up €22,805 (+5.4%), from €426,017 to €448,822
of which Other tangible fixed assets: +€24,172
- Deferred charges and accrued income -€8,253
down €8,253 (-16.8%), from €49,066 to €40,813
- Reserves +€74,000
up €74,000 (+70.6%), from €104,860 to €178,860
of which Distributable reserves: +€74,000
- Tax, wage and social debts +€23,710
up €23,710 (+31.3%), from €75,840 to €99,550
of which Taxes: +€20,320
- Debts after one year -€17,467
down €17,467 (-7.9%), from €221,879 to €204,412
- Trade debts +€12,934
up €12,934 (+37.7%), from €34,266 to €47,200
- Gross operating margin -€14,353
down €14,353 (-2.9%), from €496,561 to €482,208
- Write-downs -€12,146
no longer reported in 2025 (was €12,146)
- Depreciation +€11,852
up €11,852 (+43.9%), from €26,981 to €38,833
- Other operating charges -€8,102
down €8,102 (-66.3%), from €12,218 to €4,116
- Staff costs -€6,409
down €6,409 (-2.0%), from €313,328 to €306,919
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 | €731,178 | €818,808 | +€87,630 | +12.0% |
| Fixed assets | 21/28 | €426,556 | €449,361 | +€22,805 | +5.3% |
| Tangible fixed assets | 22/27 | €426,017 | €448,822 | +€22,805 | +5.4% |
| Land and buildings | 22 | €346,266 | €331,505 | -€14,761 | -4.3% |
| Plant, machinery and equipment | 23 | €7,198 | €9,988 | +€2,789 | +38.7% |
| Furniture and vehicles | 24 | €19,457 | €35,150 | +€15,693 | +80.7% |
| Leasing and similar rights | 25 | €5,088 | - | -€5,088 | |
| Other tangible fixed assets | 26 | €48,008 | €72,179 | +€24,172 | +50.3% |
| Financial fixed assets | 28 | €539 | €539 | = | 0.0% |
| Current assets | 29/58 | €304,621 | €369,447 | +€64,825 | +21.3% |
| Amounts receivable after more than one year | 29 | €46,125 | €169,225 | +€123,100 | +267% |
| Other amounts receivable | 291 | €46,125 | €169,225 | +€123,100 | +267% |
| Amounts receivable within one year | 40/41 | €189,510 | €147,289 | -€42,221 | -22.3% |
| Trade receivables | 40 | €181,196 | €128,308 | -€52,888 | -29.2% |
| Other amounts receivable | 41 | €8,314 | €18,981 | +€10,667 | +128% |
| Cash at bank and in hand | 54/58 | €19,921 | €12,120 | -€7,801 | -39.2% |
| Deferred charges and accrued income | 490/1 | €49,066 | €40,813 | -€8,253 | -16.8% |
| Total equity and liabilities | 10/49 | €731,178 | €818,808 | +€87,630 | +12.0% |
| Equity | 10/15 | €369,100 | €443,231 | +€74,132 | +20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,860 | €178,860 | +€74,000 | +70.6% |
| 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 | €103,000 | €177,000 | +€74,000 | +71.8% |
| Profit (loss) carried forward | 14 | €245,640 | €245,771 | +€132 | +0.1% |
| Amounts payable | 17/49 | €362,078 | €375,576 | +€13,498 | +3.7% |
| Amounts payable after more than one year | 17 | €221,879 | €204,412 | -€17,467 | -7.9% |
| Financial debts | 170/4 | €221,879 | €204,412 | -€17,467 | -7.9% |
| Amounts payable within one year | 42/48 | €135,336 | €171,164 | +€35,829 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €22,642 | €17,467 | -€5,175 | -22.9% |
| Trade debts | 44 | €34,266 | €47,200 | +€12,934 | +37.7% |
| Suppliers | 440/4 | €34,266 | €47,200 | +€12,934 | +37.7% |
| Taxes, remuneration and social security | 45 | €75,840 | €99,550 | +€23,710 | +31.3% |
| Taxes | 450/3 | €66,099 | €86,420 | +€20,320 | +30.7% |
| Remuneration and social security | 454/9 | €9,741 | €13,131 | +€3,390 | +34.8% |
| Other amounts payable | 47/48 | €2,588 | €6,948 | +€4,360 | +168% |
| Accrued charges and deferred income | 492/3 | €4,864 | - | -€4,864 | |
| Remuneration, social security and pensions | 62 | €313,328 | €306,919 | -€6,409 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,981 | €38,833 | +€11,852 | +43.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,146 | - | -€12,146 | |
| Other operating charges | 640/8 | €12,218 | €4,116 | -€8,102 | -66.3% |
| Non-recurring operating charges | 66A | €2,403 | - | -€2,403 | |
| Gross operating margin | 9900 | €496,561 | €482,208 | -€14,353 | -2.9% |
| Operating profit (loss) | 9901 | €129,486 | €132,341 | +€2,855 | +2.2% |
| Financial income | 75/76B | €3,911 | €4,235 | +€324 | +8.3% |
| Recurring financial income | 75 | €3,911 | €4,235 | +€324 | +8.3% |
| Financial charges | 65/66B | €21,481 | €18,872 | -€2,609 | -12.1% |
| Recurring financial charges | 65 | €21,481 | €18,872 | -€2,609 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €111,916 | €117,703 | +€5,787 | +5.2% |
| Income taxes | 67/77 | €42,819 | €43,571 | +€752 | +1.8% |
| Profit (loss) for the period | 9904 | €69,096 | €74,132 | +€5,035 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,096 | €74,132 | +€5,035 | +7.3% |
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 22 October 2026 via checked.be.