AR: 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.
AR
Largest movements
- Receivables within one year +€66,431
up €66,431 (+107.9%), from €61,575 to €128,006
of which Trade receivables: +€61,131
- Cash +€57,824
up €57,824 (+164.4%), from €35,167 to €92,990
mainly Trade debts (+€53,405) and Debts after one year (+€38,188)
- Tangible fixed assets +€45,392
up €45,392 (+62.0%), from €73,268 to €118,660
of which Furniture and vehicles: +€36,210
- Intangible fixed assets -€11,399
down €11,399 (-18.8%), from €60,478 to €49,079
- Stocks and contracts +€11,110
up €11,110 (+7.7%), from €144,238 to €155,348
- Trade debts +€53,405
up €53,405 (+26.2%), from €204,072 to €257,477
- Debts after one year +€38,188
up €38,188 (+52.0%), from €73,393 to €111,581
- Profit (loss) carried forward +€33,348
up €33,348 (+68.4%), from -€48,762 to -€15,414
- Tax, wage and social debts +€22,946
up €22,946 (+46.2%), from €49,710 to €72,657
of which Taxes: +€18,019
- Other debts -€21,859
down €21,859 (-32.7%), from €66,859 to €45,000
- Staff costs -€89,448
down €89,448 (-25.3%), from €354,199 to €264,750
- Financial charges +€12,489
up €12,489 (+52.3%), from €23,866 to €36,354
- Taxes +€7,678
new in 2025: €7,678
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 | €388,441 | €553,024 | +€164,584 | +42.4% |
| Fixed assets | 21/28 | €133,747 | €167,740 | +€33,993 | +25.4% |
| Intangible fixed assets | 21 | €60,478 | €49,079 | -€11,399 | -18.8% |
| Tangible fixed assets | 22/27 | €73,268 | €118,660 | +€45,392 | +62.0% |
| Land and buildings | 22 | €670 | €470 | -€200 | -29.8% |
| Plant, machinery and equipment | 23 | €72,598 | €81,980 | +€9,381 | +12.9% |
| Furniture and vehicles | 24 | - | €36,210 | +€36,210 | |
| Current assets | 29/58 | €254,694 | €385,285 | +€130,590 | +51.3% |
| Stocks and contracts in progress | 3 | €144,238 | €155,348 | +€11,110 | +7.7% |
| Stocks | 30/36 | €144,238 | €155,348 | +€11,110 | +7.7% |
| Amounts receivable within one year | 40/41 | €61,575 | €128,006 | +€66,431 | +107.9% |
| Trade receivables | 40 | €59,767 | €120,898 | +€61,131 | +102.3% |
| Other amounts receivable | 41 | €1,808 | €7,108 | +€5,300 | +293.2% |
| Cash at bank and in hand | 54/58 | €35,167 | €92,990 | +€57,824 | +164.4% |
| Deferred charges and accrued income | 490/1 | €13,715 | €8,941 | -€4,775 | -34.8% |
| Total equity and liabilities | 10/49 | €388,441 | €553,024 | +€164,584 | +42.4% |
| Equity | 10/15 | -€28,762 | €24,586 | +€53,348 | |
| Contributions | 10/11 | €20,000 | €40,000 | +€20,000 | +100.0% |
| Profit (loss) carried forward | 14 | -€48,762 | -€15,414 | +€33,348 | +68.4% |
| Amounts payable | 17/49 | €417,202 | €528,438 | +€111,236 | +26.7% |
| Amounts payable after more than one year | 17 | €73,393 | €111,581 | +€38,188 | +52.0% |
| Financial debts | 170/4 | €73,393 | €111,581 | +€38,188 | +52.0% |
| Amounts payable within one year | 42/48 | €343,809 | €416,170 | +€72,361 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €23,167 | €38,542 | +€15,374 | +66.4% |
| Financial debts | 43 | - | €2,495 | +€2,495 | |
| Credit institutions | 430/8 | - | €2,495 | +€2,495 | |
| Trade debts | 44 | €204,072 | €257,477 | +€53,405 | +26.2% |
| Suppliers | 440/4 | €204,072 | €257,477 | +€53,405 | +26.2% |
| Taxes, remuneration and social security | 45 | €49,710 | €72,657 | +€22,946 | +46.2% |
| Taxes | 450/3 | €26,874 | €44,893 | +€18,019 | +67.1% |
| Remuneration and social security | 454/9 | €22,837 | €27,764 | +€4,927 | +21.6% |
| Other amounts payable | 47/48 | €66,859 | €45,000 | -€21,859 | -32.7% |
| Accrued charges and deferred income | 492/3 | - | €687 | +€687 | |
| Remuneration, social security and pensions | 62 | €354,199 | €264,750 | -€89,448 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,665 | €34,603 | -€2,062 | -5.6% |
| Other operating charges | 640/8 | €13,552 | €10,334 | -€3,217 | -23.7% |
| Non-recurring operating charges | 66A | €2,000 | €346 | -€1,654 | -82.7% |
| Gross operating margin | 9900 | €380,884 | €384,705 | +€3,821 | +1.0% |
| Operating profit (loss) | 9901 | -€25,532 | €74,672 | +€100,204 | |
| Financial income | 75/76B | €636 | €2,708 | +€2,073 | +326.1% |
| Recurring financial income | 75 | €636 | €2,708 | +€2,073 | +326.1% |
| Financial charges | 65/66B | €23,866 | €36,354 | +€12,489 | +52.3% |
| Recurring financial charges | 65 | €23,866 | €36,354 | +€12,489 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | -€48,762 | €41,026 | +€89,788 | |
| Income taxes | 67/77 | - | €7,678 | +€7,678 | |
| Profit (loss) for the period | 9904 | -€48,762 | €33,348 | +€82,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,762 | €33,348 | +€82,110 |
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 10 October 2026 via checked.be.