ARTICLE XXIII: 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.
ARTICLE XXIII
Largest movements
- Stocks and contracts -€136,549
down €136,549 (-57.9%), from €235,980 to €99,431
of which Contracts in progress: -€136,671
- Receivables within one year +€107,888
up €107,888 (+16.4%), from €656,896 to €764,784
of which Other amounts receivable: +€134,960
- Tangible fixed assets +€25,608
up €25,608 (+73.8%), from €34,681 to €60,289
of which Plant, machinery and equipment: +€29,083
- Profit (loss) carried forward +€17,295
up €17,295 (+31.2%), from €55,459 to €72,754
- Debts within one year -€11,938
down €11,938 (-1.3%), from €936,113 to €924,175
of which Advances received: -€129,281
- Gross operating margin +€368,080
up €368,080 (+23.0%), from €1.6m to €2.0m
- Staff costs +€265,588
up €265,588 (+16.1%), from €1.6m to €1.9m
- Turnover +€69,848
up €69,848 (+26.0%), from €268,902 to €338,750
- Purchases and services -€39,001
down €39,001 (-6.2%), from €627,298 to €588,297
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 | €991,572 | €996,929 | +€5,357 | +0.5% |
| Fixed assets | 21/28 | €36,681 | €62,289 | +€25,608 | +69.8% |
| Tangible fixed assets | 22/27 | €34,681 | €60,289 | +€25,608 | +73.8% |
| Plant, machinery and equipment | 23 | €26,447 | €55,529 | +€29,083 | +110.0% |
| Furniture and vehicles | 24 | €3,131 | €4,704 | +€1,573 | +50.2% |
| Other tangible fixed assets | 26 | €5,104 | €55 | -€5,048 | -98.9% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €954,891 | €934,641 | -€20,251 | -2.1% |
| Stocks and contracts in progress | 3 | €235,980 | €99,431 | -€136,549 | -57.9% |
| Stocks | 30/36 | €12,724 | €12,847 | +€123 | +1.0% |
| Contracts in progress | 37 | €223,256 | €86,585 | -€136,671 | -61.2% |
| Amounts receivable within one year | 40/41 | €656,896 | €764,784 | +€107,888 | +16.4% |
| Trade receivables | 40 | €124,126 | €97,054 | -€27,072 | -21.8% |
| Other amounts receivable | 41 | €532,770 | €667,730 | +€134,960 | +25.3% |
| Cash at bank and in hand | 54/58 | €61,124 | €69,461 | +€8,337 | +13.6% |
| Deferred charges and accrued income | 490/1 | €892 | €965 | +€73 | +8.2% |
| Total equity and liabilities | 10/49 | €991,572 | €996,929 | +€5,357 | +0.5% |
| Equity | 10/15 | €55,459 | €72,754 | +€17,295 | +31.2% |
| Profit (loss) carried forward | 14 | €55,459 | €72,754 | +€17,295 | +31.2% |
| Amounts payable | 17/49 | €936,113 | €924,175 | -€11,938 | -1.3% |
| Amounts payable within one year | 42/48 | €936,113 | €924,175 | -€11,938 | -1.3% |
| Trade debts | 44 | €19,947 | €25,793 | +€5,845 | +29.3% |
| Suppliers | 440/4 | €19,947 | €25,793 | +€5,845 | +29.3% |
| Advances received on contracts in progress | 46 | €212,863 | €83,582 | -€129,281 | -60.7% |
| Taxes, remuneration and social security | 45 | €296,631 | €360,624 | +€63,993 | +21.6% |
| Taxes | 450/3 | €36,627 | €28,858 | -€7,769 | -21.2% |
| Remuneration and social security | 454/9 | €260,004 | €331,766 | +€71,762 | +27.6% |
| Turnover | 70 | €268,902 | €338,750 | +€69,848 | +26.0% |
| Non-recurring operating income | 76A | €918 | €3,702 | +€2,784 | +303.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €627,298 | €588,297 | -€39,001 | -6.2% |
| Remuneration, social security and pensions | 62 | €1,649,706 | €1,915,294 | +€265,588 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,016 | €22,114 | +€3,098 | +16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,044 | €12,397 | +€5,353 | +76.0% |
| Other operating charges | 640/8 | €4,135 | €384 | -€3,751 | -90.7% |
| Non-recurring operating charges | 66A | €1,279 | €491 | -€788 | -61.6% |
| Gross operating margin | 9900 | €1,601,249 | €1,969,328 | +€368,080 | +23.0% |
| Operating profit (loss) | 9901 | -€79,932 | €18,648 | +€98,580 | |
| Financial charges | 65/66B | €511 | €1,353 | +€843 | +165.1% |
| Recurring financial charges | 65 | €511 | €1,353 | +€843 | +165.1% |
| Profit (loss) for the period before taxes | 9903 | -€80,443 | €17,295 | +€97,737 | |
| Profit (loss) for the period | 9904 | -€80,443 | €17,295 | +€97,737 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,443 | €17,295 | +€97,737 |
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 5 October 2026 via checked.be.