AR Performance: 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 Performance
Largest movements
- Receivables within one year -€39,317
down €39,317 (-16.2%), from €242,648 to €203,331
of which Trade receivables: -€38,084
- Tangible fixed assets +€10,593
up €10,593 (+22.9%), from €46,304 to €56,896
of which Plant, machinery and equipment: +€12,205
- Cash +€8,999
up €8,999 (+19.9%), from €45,125 to €54,125
mainly Net result for the year (+€63,306) and Receivables within one year (+€39,317)
- Reserves +€63,306
up €63,306 (+106%), from €59,603 to €122,910
- Trade debts -€57,617
down €57,617 (-64.7%), from €89,084 to €31,467
- Tax, wage and social debts -€56,803
down €56,803 (-58.9%), from €96,519 to €39,715
of which Taxes: -€43,912
- Debts after one year +€33,438
new in 2025: €33,438
- Accrued charges and deferred income -€16,218
down €16,218 (-99.1%), from €16,358 to €140
- Gross operating margin +€78,310
up €78,310 (+54.2%), from €144,455 to €222,766
- Staff costs +€16,121
up €16,121 (+17.9%), from €90,014 to €106,135
- Taxes +€13,194
up €13,194 (+101%), from €13,073 to €26,267
- Financial income -€11,105
down €11,105 (-99.1%), from €11,208 to €103
of which Non-recurring financial income: -€11,000
- Other operating charges +€2,469
up €2,469 (+41.0%), from €6,029 to €8,498
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 | €523,984 | €505,334 | -€18,650 | -3.6% |
| Fixed assets | 21/28 | €46,304 | €56,896 | +€10,593 | +22.9% |
| Tangible fixed assets | 22/27 | €46,304 | €56,896 | +€10,593 | +22.9% |
| Land and buildings | 22 | €21,403 | €19,276 | -€2,127 | -9.9% |
| Plant, machinery and equipment | 23 | €12,826 | €25,031 | +€12,205 | +95.2% |
| Furniture and vehicles | 24 | €12,075 | €12,590 | +€514 | +4.3% |
| Current assets | 29/58 | €477,680 | €448,437 | -€29,242 | -6.1% |
| Stocks and contracts in progress | 3 | €189,907 | €190,527 | +€620 | +0.3% |
| Stocks | 30/36 | €189,907 | €190,527 | +€620 | +0.3% |
| Amounts receivable within one year | 40/41 | €242,648 | €203,331 | -€39,317 | -16.2% |
| Trade receivables | 40 | €241,346 | €203,262 | -€38,084 | -15.8% |
| Other amounts receivable | 41 | €1,302 | €69 | -€1,233 | -94.7% |
| Cash at bank and in hand | 54/58 | €45,125 | €54,125 | +€8,999 | +19.9% |
| Deferred charges and accrued income | 490/1 | - | €455 | +€455 | |
| Total equity and liabilities | 10/49 | €523,984 | €505,334 | -€18,650 | -3.6% |
| Equity | 10/15 | €65,803 | €129,110 | +€63,306 | +96.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,603 | €122,910 | +€63,306 | +106% |
| Distributable reserves | 133 | €59,603 | €122,910 | +€63,306 | +106% |
| Amounts payable | 17/49 | €458,180 | €376,224 | -€81,956 | -17.9% |
| Amounts payable after more than one year | 17 | - | €33,438 | +€33,438 | |
| Financial debts | 170/4 | - | €33,438 | +€33,438 | |
| Amounts payable within one year | 42/48 | €441,822 | €342,646 | -€99,176 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €7,408 | €10,470 | +€3,062 | +41.3% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €89,084 | €31,467 | -€57,617 | -64.7% |
| Suppliers | 440/4 | €89,084 | €31,467 | -€57,617 | -64.7% |
| Advances received on contracts in progress | 46 | €6,565 | €6,565 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €96,519 | €39,715 | -€56,803 | -58.9% |
| Taxes | 450/3 | €65,021 | €21,109 | -€43,912 | -67.5% |
| Remuneration and social security | 454/9 | €31,498 | €18,606 | -€12,892 | -40.9% |
| Other amounts payable | 47/48 | €242,246 | €239,429 | -€2,817 | -1.2% |
| Accrued charges and deferred income | 492/3 | €16,358 | €140 | -€16,218 | -99.1% |
| Non-recurring operating income | 76A | - | €9,999 | +€9,999 | |
| Remuneration, social security and pensions | 62 | €90,014 | €106,135 | +€16,121 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,769 | €15,130 | +€2,361 | +18.5% |
| Other operating charges | 640/8 | €6,029 | €8,498 | +€2,469 | +41.0% |
| Gross operating margin | 9900 | €144,455 | €222,766 | +€78,310 | +54.2% |
| Operating profit (loss) | 9901 | €35,644 | €93,003 | +€57,359 | +161% |
| Financial income | 75/76B | €11,208 | €103 | -€11,105 | -99.1% |
| Recurring financial income | 75 | €208 | €103 | -€105 | -50.6% |
| Non-recurring financial income | 76B | €11,000 | - | -€11,000 | |
| Financial charges | 65/66B | €2,870 | €3,532 | +€662 | +23.1% |
| Recurring financial charges | 65 | €2,870 | €3,532 | +€662 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €43,981 | €89,574 | +€45,592 | +104% |
| Income taxes | 67/77 | €13,073 | €26,267 | +€13,194 | +101% |
| Profit (loss) for the period | 9904 | €30,908 | €63,306 | +€32,398 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €30,908 | €63,306 | +€32,398 | +105% |
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 17 October 2026 via checked.be.