Antoon Decock: 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.
Antoon Decock
Largest movements
- Receivables within one year -€357,108
down €357,108 (-21.9%), from €1.6m to €1.3m
of which Trade receivables: -€441,966
- Stocks and contracts -€262,249
down €262,249 (-25.8%), from €1.0m to €755,823
of which Stocks: -€501,738
- Cash +€254,364
up €254,364 (+177.8%), from €143,100 to €397,464
mainly Debts after one year (+€406,030) and Receivables within one year (+€357,108)
- Tangible fixed assets -€104,836
down €104,836 (-4.7%), from €2.2m to €2.1m
of which Plant, machinery and equipment: -€98,023
- Trade debts -€540,978
down €540,978 (-43.5%), from €1.2m to €703,657
- Debts after one year +€406,030
up €406,030 (+33.3%), from €1.2m to €1.6m
of which Financial debts: +€426,278
- Short-term financial debts -€215,302
down €215,302 (-27.3%), from €789,642 to €574,340
- Current portion of long-term debt -€135,272
down €135,272 (-43.7%), from €309,465 to €174,193
- Staff costs +€94,816
up €94,816 (+8.2%), from €1.2m to €1.2m
- Other operating charges -€45,006
down €45,006 (-61.4%), from €73,347 to €28,341
- Write-downs -€38,129
down €38,129 (-61.8%), from €61,746 to €23,617
- Financial charges -€24,868
down €24,868 (-18.8%), from €132,133 to €107,264
of which Financial charges: -€30,714
- Taxes +€20,510
up €20,510 (+4542.0%), from €452 to €20,961
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 | €5,311,997 | €4,850,955 | -€461,042 | -8.7% |
| Fixed assets | 21/28 | €2,515,842 | €2,396,320 | -€119,522 | -4.8% |
| Intangible fixed assets | 21 | €4,028 | €3,920 | -€108 | -2.7% |
| Tangible fixed assets | 22/27 | €2,222,308 | €2,117,472 | -€104,836 | -4.7% |
| Land and buildings | 22 | €1,886,594 | €1,815,253 | -€71,340 | -3.8% |
| Plant, machinery and equipment | 23 | €308,568 | €210,545 | -€98,023 | -31.8% |
| Furniture and vehicles | 24 | €21,717 | €85,979 | +€64,262 | +295.9% |
| Other tangible fixed assets | 26 | €5,430 | €5,695 | +€265 | +4.9% |
| Financial fixed assets | 28 | €289,506 | €274,927 | -€14,579 | -5.0% |
| Current assets | 29/58 | €2,796,155 | €2,454,636 | -€341,520 | -12.2% |
| Stocks and contracts in progress | 3 | €1,018,071 | €755,823 | -€262,249 | -25.8% |
| Stocks | 30/36 | €1,018,071 | €516,334 | -€501,738 | -49.3% |
| Contracts in progress | 37 | - | €239,489 | +€239,489 | |
| Amounts receivable within one year | 40/41 | €1,629,832 | €1,272,723 | -€357,108 | -21.9% |
| Trade receivables | 40 | €1,469,712 | €1,027,746 | -€441,966 | -30.1% |
| Other amounts receivable | 41 | €160,120 | €244,977 | +€84,858 | +53.0% |
| Current investments | 50/53 | - | €11,982 | +€11,982 | |
| Cash at bank and in hand | 54/58 | €143,100 | €397,464 | +€254,364 | +177.8% |
| Deferred charges and accrued income | 490/1 | €5,152 | €16,643 | +€11,491 | +223.1% |
| Total equity and liabilities | 10/49 | €5,311,997 | €4,850,955 | -€461,042 | -8.7% |
| Equity | 10/15 | €1,579,744 | €1,595,248 | +€15,503 | +1.0% |
| Contributions | 10/11 | €1,162,000 | €1,162,000 | = | 0.0% |
| Capital | 10 | €1,162,000 | €1,162,000 | = | 0.0% |
| Issued capital | 100 | €1,162,000 | €1,162,000 | = | 0.0% |
| Reserves | 13 | €417,744 | €433,248 | +€15,503 | +3.7% |
| Non-distributable reserves | 130/1 | €18,094 | €18,869 | +€775 | +4.3% |
| Legal reserve | 130 | €18,094 | €18,869 | +€775 | +4.3% |
| Tax-exempt reserves | 132 | €181,413 | €181,413 | = | 0.0% |
| Distributable reserves | 133 | €218,238 | €232,967 | +€14,728 | +6.7% |
| Amounts payable | 17/49 | €3,732,253 | €3,255,708 | -€476,545 | -12.8% |
| Amounts payable after more than one year | 17 | €1,219,947 | €1,625,977 | +€406,030 | +33.3% |
| Financial debts | 170/4 | €1,078,617 | €1,504,895 | +€426,278 | +39.5% |
| Other amounts payable | 178/9 | €141,331 | €121,082 | -€20,249 | -14.3% |
| Amounts payable within one year | 42/48 | €2,512,305 | €1,629,731 | -€882,575 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €309,465 | €174,193 | -€135,272 | -43.7% |
| Financial debts | 43 | €789,642 | €574,340 | -€215,302 | -27.3% |
| Credit institutions | 430/8 | €789,642 | €574,340 | -€215,302 | -27.3% |
| Trade debts | 44 | €1,244,635 | €703,657 | -€540,978 | -43.5% |
| Suppliers | 440/4 | €1,244,635 | €703,657 | -€540,978 | -43.5% |
| Advances received on contracts in progress | 46 | €2,845 | €2,845 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €57,738 | €66,714 | +€8,976 | +15.5% |
| Taxes | 450/3 | €4,217 | €13,869 | +€9,652 | +228.9% |
| Remuneration and social security | 454/9 | €53,521 | €52,845 | -€676 | -1.3% |
| Other amounts payable | 47/48 | €107,981 | €107,981 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,150,321 | €1,245,137 | +€94,816 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,131 | €183,228 | +€5,097 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €61,746 | €23,617 | -€38,129 | -61.8% |
| Other operating charges | 640/8 | €73,347 | €28,341 | -€45,006 | -61.4% |
| Non-recurring operating charges | 66A | - | €299 | +€299 | |
| Gross operating margin | 9900 | €1,621,913 | €1,620,719 | -€1,194 | -0.1% |
| Operating profit (loss) | 9901 | €158,369 | €140,098 | -€18,271 | -11.5% |
| Financial income | 75/76B | €7,253 | €3,631 | -€3,622 | -49.9% |
| Recurring financial income | 75 | €3,203 | €3,631 | +€428 | +13.4% |
| Non-recurring financial income | 76B | €4,050 | - | -€4,050 | |
| Financial charges | 65/66B | €132,133 | €107,264 | -€24,868 | -18.8% |
| Recurring financial charges | 65 | €132,119 | €101,405 | -€30,714 | -23.2% |
| Non-recurring financial charges | 66B | €13 | €5,859 | +€5,846 | +43954.8% |
| Profit (loss) for the period before taxes | 9903 | €33,489 | €36,465 | +€2,975 | +8.9% |
| Income taxes | 67/77 | €452 | €20,961 | +€20,510 | +4542.0% |
| Profit (loss) for the period | 9904 | €33,038 | €15,503 | -€17,534 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,038 | €15,503 | -€17,534 | -53.1% |
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 12 October 2026 via checked.be.