ANGLE DE VUE: 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.
ANGLE DE VUE
Largest movements
- Receivables within one year +€387,065
up €387,065 (+70.2%), from €551,053 to €938,118
of which Trade receivables: +€245,729
- Cash -€363,354
down €363,354 (-87.8%), from €413,808 to €50,454
mainly Receivables within one year (-€387,065) and Contributions, distributions and other (-€158,470)
- Tangible fixed assets -€11,159
down €11,159 (-8.6%), from €129,088 to €117,929
of which Land and buildings: -€11,362
- Reserves +€90,736
up €90,736 (+17.5%), from €518,220 to €608,956
of which Distributable reserves: +€90,736
- Other debts -€90,433
down €90,433 (-36.1%), from €250,243 to €159,810
- Tax, wage and social debts +€45,552
up €45,552 (+37.7%), from €120,957 to €166,509
of which Taxes: +€45,998
- Accrued charges and deferred income -€44,224
down €44,224 (-100.0%), from €44,231 to €7
- Trade debts +€15,496
up €15,496 (+10.2%), from €151,898 to €167,393
- Gross operating margin -€124,161
down €124,161 (-22.4%), from €554,012 to €429,851
- Taxes -€40,501
down €40,501 (-25.7%), from €157,286 to €116,785
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 | €1,102,344 | €1,115,075 | +€12,731 | +1.2% |
| Fixed assets | 21/28 | €131,513 | €120,354 | -€11,159 | -8.5% |
| Tangible fixed assets | 22/27 | €129,088 | €117,929 | -€11,159 | -8.6% |
| Land and buildings | 22 | €56,778 | €45,416 | -€11,362 | -20.0% |
| Plant, machinery and equipment | 23 | €7,280 | €4,508 | -€2,773 | -38.1% |
| Furniture and vehicles | 24 | €65,030 | €68,006 | +€2,976 | +4.6% |
| Financial fixed assets | 28 | €2,425 | €2,425 | = | 0.0% |
| Current assets | 29/58 | €970,831 | €994,720 | +€23,890 | +2.5% |
| Amounts receivable within one year | 40/41 | €551,053 | €938,118 | +€387,065 | +70.2% |
| Trade receivables | 40 | €398,063 | €643,791 | +€245,729 | +61.7% |
| Other amounts receivable | 41 | €152,991 | €294,327 | +€141,336 | +92.4% |
| Cash at bank and in hand | 54/58 | €413,808 | €50,454 | -€363,354 | -87.8% |
| Deferred charges and accrued income | 490/1 | €5,969 | €6,148 | +€179 | +3.0% |
| Total equity and liabilities | 10/49 | €1,102,344 | €1,115,075 | +€12,731 | +1.2% |
| Equity | 10/15 | €530,620 | €621,356 | +€90,736 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €518,220 | €608,956 | +€90,736 | +17.5% |
| 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 | €516,360 | €607,096 | +€90,736 | +17.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €571,724 | €493,719 | -€78,005 | -13.6% |
| Amounts payable within one year | 42/48 | €527,492 | €493,712 | -€33,780 | -6.4% |
| Trade debts | 44 | €151,898 | €167,393 | +€15,496 | +10.2% |
| Suppliers | 440/4 | €151,898 | €167,393 | +€15,496 | +10.2% |
| Advances received on contracts in progress | 46 | €4,395 | €0 | -€4,395 | -100.0% |
| Taxes, remuneration and social security | 45 | €120,957 | €166,509 | +€45,552 | +37.7% |
| Taxes | 450/3 | €105,605 | €151,603 | +€45,998 | +43.6% |
| Remuneration and social security | 454/9 | €15,351 | €14,906 | -€445 | -2.9% |
| Other amounts payable | 47/48 | €250,243 | €159,810 | -€90,433 | -36.1% |
| Accrued charges and deferred income | 492/3 | €44,231 | €7 | -€44,224 | -100.0% |
| Non-recurring operating income | 76A | €27,956 | €4,910 | -€23,046 | -82.4% |
| Remuneration, social security and pensions | 62 | €21,651 | €25,357 | +€3,706 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,622 | €37,871 | -€751 | -1.9% |
| Other operating charges | 640/8 | €9,383 | €4,321 | -€5,062 | -53.9% |
| Non-recurring operating charges | 66A | €0 | €1,893 | +€1,893 | |
| Gross operating margin | 9900 | €554,012 | €429,851 | -€124,161 | -22.4% |
| Operating profit (loss) | 9901 | €484,356 | €360,409 | -€123,947 | -25.6% |
| Financial income | 75/76B | €11,524 | €9,145 | -€2,379 | -20.6% |
| Recurring financial income | 75 | €11,524 | €9,145 | -€2,379 | -20.6% |
| Financial charges | 65/66B | €2,195 | €3,562 | +€1,367 | +62.3% |
| Recurring financial charges | 65 | €2,195 | €3,562 | +€1,367 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €493,685 | €365,991 | -€127,693 | -25.9% |
| Income taxes | 67/77 | €157,286 | €116,785 | -€40,501 | -25.7% |
| Profit (loss) for the period | 9904 | €336,399 | €249,206 | -€87,193 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €336,399 | €249,206 | -€87,193 | -25.9% |
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 5 October 2026 via checked.be.