ANNEX: 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.
ANNEX
Largest movements
- Stocks and contracts +€386,171
up €386,171 (+57.2%), from €675,703 to €1.1m
- Cash +€59,307
up €59,307 (+90.8%), from €65,350 to €124,657
mainly Debts after one year (+€357,388) and Net result for the year (+€52,576)
- Debts after one year +€357,388
up €357,388 (+134.9%), from €265,000 to €622,388
- Reserves +€52,576
up €52,576 (+13.1%), from €401,066 to €453,642
of which Distributable reserves: +€52,576
- Gross operating margin -€384,214
down €384,214 (-80.9%), from €474,745 to €90,531
- Taxes -€99,553
down €99,553 (-85.2%), from €116,781 to €17,228
- Financial charges -€9,128
down €9,128 (-34.9%), from €26,163 to €17,034
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 | €776,938 | €1,199,641 | +€422,702 | +54.4% |
| Fixed assets | 21/28 | €10,295 | - | -€10,295 | |
| Tangible fixed assets | 22/27 | €10,295 | - | -€10,295 | |
| Furniture and vehicles | 24 | €10,295 | - | -€10,295 | |
| Current assets | 29/58 | €766,644 | €1,199,641 | +€432,997 | +56.5% |
| Stocks and contracts in progress | 3 | €675,703 | €1,061,874 | +€386,171 | +57.2% |
| Stocks | 30/36 | €675,703 | €1,061,874 | +€386,171 | +57.2% |
| Amounts receivable within one year | 40/41 | €23,276 | €13,110 | -€10,165 | -43.7% |
| Trade receivables | 40 | €15,018 | €1,333 | -€13,685 | -91.1% |
| Other amounts receivable | 41 | €8,257 | €11,778 | +€3,520 | +42.6% |
| Cash at bank and in hand | 54/58 | €65,350 | €124,657 | +€59,307 | +90.8% |
| Deferred charges and accrued income | 490/1 | €2,315 | - | -€2,315 | |
| Total equity and liabilities | 10/49 | €776,938 | €1,199,641 | +€422,702 | +54.4% |
| Equity | 10/15 | €419,666 | €472,242 | +€52,576 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €401,066 | €453,642 | +€52,576 | +13.1% |
| 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 | €399,206 | €451,782 | +€52,576 | +13.2% |
| Amounts payable | 17/49 | €357,272 | €727,399 | +€370,126 | +103.6% |
| Amounts payable after more than one year | 17 | €265,000 | €622,388 | +€357,388 | +134.9% |
| Financial debts | 170/4 | €265,000 | €622,388 | +€357,388 | +134.9% |
| Amounts payable within one year | 42/48 | €91,272 | €92,633 | +€1,361 | +1.5% |
| Trade debts | 44 | €2,521 | €1,143 | -€1,378 | -54.7% |
| Suppliers | 440/4 | €2,521 | €1,143 | -€1,378 | -54.7% |
| Taxes, remuneration and social security | 45 | €7,698 | €7,334 | -€364 | -4.7% |
| Taxes | 450/3 | €7,698 | €7,334 | -€364 | -4.7% |
| Other amounts payable | 47/48 | €81,053 | €84,156 | +€3,103 | +3.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €12,377 | +€11,377 | +1137.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,750 | - | -€3,750 | |
| Other operating charges | 640/8 | €7,118 | €3,693 | -€3,425 | -48.1% |
| Gross operating margin | 9900 | €474,745 | €90,531 | -€384,214 | -80.9% |
| Operating profit (loss) | 9901 | €463,877 | €86,838 | -€377,039 | -81.3% |
| Financial income | 75/76B | €4,199 | - | -€4,199 | |
| Recurring financial income | 75 | €4,199 | - | -€4,199 | |
| Financial charges | 65/66B | €26,163 | €17,034 | -€9,128 | -34.9% |
| Recurring financial charges | 65 | €26,163 | €17,034 | -€9,128 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €441,913 | €69,804 | -€372,109 | -84.2% |
| Income taxes | 67/77 | €116,781 | €17,228 | -€99,553 | -85.2% |
| Profit (loss) for the period | 9904 | €325,132 | €52,576 | -€272,556 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €325,132 | €52,576 | -€272,556 | -83.8% |
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 3 October 2026 via checked.be.