ANTWER: 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.
ANTWER
Largest movements
- Tangible fixed assets -€28,466
down €28,466 (-10.3%), from €276,142 to €247,676
of which Land and buildings: -€18,030
- Receivables within one year +€17,515
up €17,515 (+538%), from €3,257 to €20,772
of which Other amounts receivable: +€15,531
- Cash +€16,383
up €16,383 (+12.9%), from €126,949 to €143,331
mainly Depreciation (+€32,756) and Net result for the year (+€13,803)
- Stocks and contracts +€6,447
up €6,447 (+5.0%), from €130,241 to €136,688
of which Stocks: +€6,875
- Reserves +€13,803
up €13,803 (+2.9%), from €472,544 to €486,347
of which Distributable reserves: +€13,803
- Gross operating margin -€9,168
down €9,168 (-10.0%), from €91,315 to €82,147
- Financial income -€4,120
down €4,120 (-42.1%), from €9,794 to €5,674
- Financial charges -€1,693
down €1,693 (-52.3%), from €3,233 to €1,541
- Staff costs +€1,157
up €1,157 (+6.1%), from €18,915 to €20,073
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 | €536,664 | €548,543 | +€11,879 | +2.2% |
| Fixed assets | 21/28 | €276,217 | €247,751 | -€28,466 | -10.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €276,142 | €247,676 | -€28,466 | -10.3% |
| Land and buildings | 22 | €231,323 | €213,294 | -€18,030 | -7.8% |
| Plant, machinery and equipment | 23 | €14,871 | €14,427 | -€443 | -3.0% |
| Furniture and vehicles | 24 | €29,948 | €19,955 | -€9,993 | -33.4% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €260,447 | €300,792 | +€40,345 | +15.5% |
| Stocks and contracts in progress | 3 | €130,241 | €136,688 | +€6,447 | +5.0% |
| Stocks | 30/36 | €91,296 | €98,171 | +€6,875 | +7.5% |
| Contracts in progress | 37 | €38,945 | €38,517 | -€428 | -1.1% |
| Amounts receivable within one year | 40/41 | €3,257 | €20,772 | +€17,515 | +538% |
| Trade receivables | 40 | €2,303 | €4,288 | +€1,984 | +86.2% |
| Other amounts receivable | 41 | €954 | €16,485 | +€15,531 | +1,628% |
| Cash at bank and in hand | 54/58 | €126,949 | €143,331 | +€16,383 | +12.9% |
| Total equity and liabilities | 10/49 | €536,664 | €548,543 | +€11,879 | +2.2% |
| Equity | 10/15 | €496,342 | €510,145 | +€13,803 | +2.8% |
| Contributions | 10/11 | €23,798 | €23,798 | = | 0.0% |
| Reserves | 13 | €472,544 | €486,347 | +€13,803 | +2.9% |
| Non-distributable reserves | 130/1 | €2,690 | €2,690 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,690 | €2,690 | = | 0.0% |
| Tax-exempt reserves | 132 | €607 | €607 | = | 0.0% |
| Distributable reserves | 133 | €469,246 | €483,049 | +€13,803 | +2.9% |
| Amounts payable | 17/49 | €40,323 | €38,398 | -€1,924 | -4.8% |
| Amounts payable within one year | 42/48 | €40,323 | €38,398 | -€1,924 | -4.8% |
| Trade debts | 44 | €29,664 | €29,727 | +€63 | +0.2% |
| Suppliers | 440/4 | €29,664 | €29,727 | +€63 | +0.2% |
| Taxes, remuneration and social security | 45 | €4,868 | €7,671 | +€2,803 | +57.6% |
| Taxes | 450/3 | €1,963 | €1,715 | -€248 | -12.6% |
| Remuneration and social security | 454/9 | €2,905 | €5,956 | +€3,051 | +105% |
| Other amounts payable | 47/48 | €5,791 | €1,000 | -€4,791 | -82.7% |
| Remuneration, social security and pensions | 62 | €18,915 | €20,073 | +€1,157 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,170 | €32,756 | -€414 | -1.2% |
| Other operating charges | 640/8 | €3,015 | €3,739 | +€724 | +24.0% |
| Non-recurring operating charges | 66A | - | €11,370 | +€11,370 | |
| Gross operating margin | 9900 | €91,315 | €82,147 | -€9,168 | -10.0% |
| Operating profit (loss) | 9901 | €36,215 | €14,211 | -€22,005 | -60.8% |
| Financial income | 75/76B | €9,794 | €5,674 | -€4,120 | -42.1% |
| Recurring financial income | 75 | €9,794 | €5,674 | -€4,120 | -42.1% |
| Financial charges | 65/66B | €3,233 | €1,541 | -€1,693 | -52.3% |
| Recurring financial charges | 65 | €3,233 | €1,541 | -€1,693 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €42,776 | €18,344 | -€24,432 | -57.1% |
| Income taxes | 67/77 | €4,046 | €4,541 | +€494 | +12.2% |
| Profit (loss) for the period | 9904 | €38,730 | €13,803 | -€24,927 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,730 | €13,803 | -€24,927 | -64.4% |
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 14 October 2026 via checked.be.