André - Emiel: 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.
André - Emiel
Largest movements
- Cash +€308,771
up €308,771 (+206.5%), from €149,500 to €458,272
mainly Net result for the year (+€480,662) and Stocks and contracts (+€213,737)
- Stocks and contracts -€213,737
down €213,737 (-53.1%), from €402,719 to €188,981
- Tangible fixed assets -€49,811
down €49,811 (-4.7%), from €1.1m to €1.0m
of which Land and buildings: -€25,794
- Receivables within one year +€23,169
up €23,169 (+27.0%), from €85,962 to €109,132
- Reserves +€480,662
up €480,662 (+67.2%), from €714,916 to €1.2m
of which Distributable reserves: +€480,662
- Short-term financial debts -€465,000
down €465,000 (-100.0%), from €465,000 to €0
- Tax, wage and social debts +€129,219
up €129,219 (+169.0%), from €76,448 to €205,667
- Debts after one year -€61,350
down €61,350 (-26.8%), from €228,640 to €167,290
- Current portion of long-term debt -€17,894
down €17,894 (-22.6%), from €79,245 to €61,350
- Gross operating margin +€540,853
up €540,853 (+227.4%), from €237,798 to €778,651
- Taxes +€147,507
up €147,507 (+507.2%), from €29,080 to €176,587
- Financial charges -€23,226
down €23,226 (-64.7%), from €35,908 to €12,682
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 | €1,688,570 | €1,756,963 | +€68,393 | +4.1% |
| Fixed assets | 21/28 | €1,050,388 | €1,000,578 | -€49,811 | -4.7% |
| Tangible fixed assets | 22/27 | €1,050,370 | €1,000,559 | -€49,811 | -4.7% |
| Land and buildings | 22 | €959,875 | €934,081 | -€25,794 | -2.7% |
| Plant, machinery and equipment | 23 | €8,041 | €5,891 | -€2,150 | -26.7% |
| Furniture and vehicles | 24 | €82,454 | €60,587 | -€21,867 | -26.5% |
| Financial fixed assets | 28 | €18 | €18 | = | 0.0% |
| Current assets | 29/58 | €638,182 | €756,385 | +€118,203 | +18.5% |
| Stocks and contracts in progress | 3 | €402,719 | €188,981 | -€213,737 | -53.1% |
| Stocks | 30/36 | €402,719 | €188,981 | -€213,737 | -53.1% |
| Amounts receivable within one year | 40/41 | €85,962 | €109,132 | +€23,169 | +27.0% |
| Other amounts receivable | 41 | €85,962 | €109,132 | +€23,169 | +27.0% |
| Cash at bank and in hand | 54/58 | €149,500 | €458,272 | +€308,771 | +206.5% |
| Total equity and liabilities | 10/49 | €1,688,570 | €1,756,963 | +€68,393 | +4.1% |
| Equity | 10/15 | €838,863 | €1,319,525 | +€480,662 | +57.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Outside capital | 11 | €123,947 | €123,947 | = | 0.0% |
| Other | 1109/19 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €714,916 | €1,195,578 | +€480,662 | +67.2% |
| Non-distributable reserves | 130/1 | €5,682 | €5,682 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,682 | €5,682 | = | 0.0% |
| Distributable reserves | 133 | €709,234 | €1,189,896 | +€480,662 | +67.8% |
| Amounts payable | 17/49 | €849,707 | €437,438 | -€412,269 | -48.5% |
| Amounts payable after more than one year | 17 | €228,640 | €167,290 | -€61,350 | -26.8% |
| Financial debts | 170/4 | €228,640 | €167,290 | -€61,350 | -26.8% |
| Amounts payable within one year | 42/48 | €621,067 | €270,148 | -€350,919 | -56.5% |
| Current portion of amounts payable after more than one year | 42 | €79,245 | €61,350 | -€17,894 | -22.6% |
| Financial debts | 43 | €465,000 | €0 | -€465,000 | -100.0% |
| Credit institutions | 430/8 | €465,000 | €0 | -€465,000 | -100.0% |
| Trade debts | 44 | €374 | €3,130 | +€2,757 | +737.7% |
| Suppliers | 440/4 | €374 | €3,130 | +€2,757 | +737.7% |
| Taxes, remuneration and social security | 45 | €76,448 | €205,667 | +€129,219 | +169.0% |
| Taxes | 450/3 | €76,448 | €205,667 | +€129,219 | +169.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,957 | €86,757 | +€6,801 | +8.5% |
| Other operating charges | 640/8 | €18,896 | €21,963 | +€3,067 | +16.2% |
| Gross operating margin | 9900 | €237,798 | €778,651 | +€540,853 | +227.4% |
| Operating profit (loss) | 9901 | €138,945 | €669,931 | +€530,986 | +382.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €35,908 | €12,682 | -€23,226 | -64.7% |
| Recurring financial charges | 65 | €35,908 | €12,682 | -€23,226 | -64.7% |
| Profit (loss) for the period before taxes | 9903 | €103,037 | €657,249 | +€554,212 | +537.9% |
| Income taxes | 67/77 | €29,080 | €176,587 | +€147,507 | +507.2% |
| Profit (loss) for the period | 9904 | €73,957 | €480,662 | +€406,705 | +549.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,957 | €480,662 | +€406,705 | +549.9% |
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 30 September 2026 via checked.be.