AS BUILT: 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.
AS BUILT
Largest movements
- Receivables within one year +€398,627
up €398,627 (+87.3%), from €456,609 to €855,235
of which Trade receivables: +€330,315
- Receivables after one year -€189,820
down €189,820 (-59.4%), from €319,320 to €129,500
- Cash +€29,798
up €29,798 (+346%), from €8,604 to €38,402
mainly Receivables after one year (+€189,820) and Other debts (+€101,743)
- Tangible fixed assets -€12,283
down €12,283 (-46.2%), from €26,592 to €14,309
of which Furniture and vehicles: -€6,940
- Other debts +€101,743
up €101,743 (+34.7%), from €293,613 to €395,356
- Profit (loss) carried forward +€62,631
up €62,631 (+20.2%), from -€310,297 to -€247,666
- Short-term financial debts +€59,657
up €59,657 (+100%), from €59,392 to €119,050
of which Other loans: +€45,000
- Trade debts +€46,774
up €46,774 (+9.7%), from €484,197 to €530,971
- Tax, wage and social debts -€34,836
down €34,836 (-43.1%), from €80,805 to €45,970
of which Remuneration and social security: -€39,285
- Staff costs -€366,749
down €366,749 (-39.9%), from €918,535 to €551,786
- Gross operating margin -€71,465
down €71,465 (-8.8%), from €807,909 to €736,444
- Other operating charges -€65,261
down €65,261 (-79.9%), from €81,632 to €16,371
- Financial income +€59,188
up €59,188 (+304%), from €19,473 to €78,662
of which Non-recurring financial income: +€35,041
- Write-downs +€29,406
up €29,406 (+114%), from €25,804 to €55,210
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 | €867,094 | €1,094,957 | +€227,863 | +26.3% |
| Fixed assets | 21/28 | €47,741 | €34,339 | -€13,402 | -28.1% |
| Intangible fixed assets | 21 | €1,118 | €0 | -€1,118 | -100% |
| Tangible fixed assets | 22/27 | €26,592 | €14,309 | -€12,283 | -46.2% |
| Plant, machinery and equipment | 23 | €9,366 | €4,022 | -€5,344 | -57.1% |
| Furniture and vehicles | 24 | €17,226 | €10,287 | -€6,940 | -40.3% |
| Financial fixed assets | 28 | €20,030 | €20,030 | = | 0.0% |
| Current assets | 29/58 | €819,353 | €1,060,618 | +€241,265 | +29.4% |
| Amounts receivable after more than one year | 29 | €319,320 | €129,500 | -€189,820 | -59.4% |
| Other amounts receivable | 291 | €319,320 | €129,500 | -€189,820 | -59.4% |
| Amounts receivable within one year | 40/41 | €456,609 | €855,235 | +€398,627 | +87.3% |
| Trade receivables | 40 | €361,769 | €692,084 | +€330,315 | +91.3% |
| Other amounts receivable | 41 | €94,840 | €163,152 | +€68,312 | +72.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €8,604 | €38,402 | +€29,798 | +346% |
| Deferred charges and accrued income | 490/1 | €34,820 | €37,480 | +€2,660 | +7.6% |
| Total equity and liabilities | 10/49 | €867,094 | €1,094,957 | +€227,863 | +26.3% |
| Equity | 10/15 | -€94,697 | -€32,066 | +€62,631 | +66.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €197,000 | €197,000 | = | 0.0% |
| Distributable reserves | 133 | €197,000 | €197,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€310,297 | -€247,666 | +€62,631 | +20.2% |
| Amounts payable | 17/49 | €961,791 | €1,127,023 | +€165,232 | +17.2% |
| Amounts payable after more than one year | 17 | €17,446 | €0 | -€17,446 | -100% |
| Financial debts | 170/4 | €17,446 | €0 | -€17,446 | -100% |
| Amounts payable within one year | 42/48 | €942,244 | €1,108,792 | +€166,548 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €24,236 | €17,446 | -€6,790 | -28.0% |
| Financial debts | 43 | €59,392 | €119,050 | +€59,657 | +100% |
| Credit institutions | 430/8 | €59,392 | €74,050 | +€14,657 | +24.7% |
| Other loans | 439 | - | €45,000 | +€45,000 | |
| Trade debts | 44 | €484,197 | €530,971 | +€46,774 | +9.7% |
| Suppliers | 440/4 | €484,197 | €530,971 | +€46,774 | +9.7% |
| Taxes, remuneration and social security | 45 | €80,805 | €45,970 | -€34,836 | -43.1% |
| Taxes | 450/3 | €8,653 | €13,103 | +€4,450 | +51.4% |
| Remuneration and social security | 454/9 | €72,152 | €32,867 | -€39,285 | -54.4% |
| Other amounts payable | 47/48 | €293,613 | €395,356 | +€101,743 | +34.7% |
| Accrued charges and deferred income | 492/3 | €2,102 | €18,231 | +€16,130 | +767% |
| Remuneration, social security and pensions | 62 | €918,535 | €551,786 | -€366,749 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,742 | €13,402 | -€3,340 | -20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,804 | €55,210 | +€29,406 | +114% |
| Other operating charges | 640/8 | €81,632 | €16,371 | -€65,261 | -79.9% |
| Non-recurring operating charges | 66A | €59,307 | €47,857 | -€11,450 | -19.3% |
| Gross operating margin | 9900 | €807,909 | €736,444 | -€71,465 | -8.8% |
| Operating profit (loss) | 9901 | -€294,110 | €51,820 | +€345,930 | |
| Financial income | 75/76B | €19,473 | €78,662 | +€59,188 | +304% |
| Recurring financial income | 75 | €19,473 | €43,621 | +€24,147 | +124% |
| Non-recurring financial income | 76B | €0 | €35,041 | +€35,041 | |
| Financial charges | 65/66B | €31,758 | €60,438 | +€28,680 | +90.3% |
| Recurring financial charges | 65 | €31,758 | €34,573 | +€2,815 | +8.9% |
| Non-recurring financial charges | 66B | - | €25,865 | +€25,865 | |
| Profit (loss) for the period before taxes | 9903 | -€306,395 | €70,043 | +€376,438 | |
| Income taxes | 67/77 | €3,950 | €7,412 | +€3,462 | +87.7% |
| Profit (loss) for the period | 9904 | -€310,344 | €62,631 | +€372,976 | |
| Profit (loss) for the period to be appropriated | 9905 | -€310,344 | €62,631 | +€372,976 |
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.