AS WORKS: 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 WORKS
Largest movements
- Receivables within one year -€89,589
down €89,589 (-40.6%), from €220,814 to €131,225
of which Trade receivables: -€95,630
- Cash +€57,702
up €57,702 (+65.1%), from €88,643 to €146,345
mainly Other debts (+€105,816) and Receivables within one year (+€89,589)
- Tangible fixed assets -€13,573
down €13,573 (-13.6%), from €99,936 to €86,363
of which Leasing and similar rights: -€11,220
- Stocks and contracts +€6,662
new in 2025: €6,662
- Other debts +€105,816
up €105,816 (+22,107%), from €479 to €106,295
- Reserves -€104,000
down €104,000 (-43.9%), from €236,860 to €132,860
- Trade debts -€39,009
down €39,009 (-68.7%), from €56,818 to €17,809
- Debts after one year -€19,209
down €19,209 (-22.0%), from €87,508 to €68,299
- Tax, wage and social debts +€13,696
up €13,696 (+123%), from €11,152 to €24,848
of which Taxes: +€18,357
- Gross operating margin -€28,714
down €28,714 (-12.4%), from €231,563 to €202,849
- Staff costs -€25,008
down €25,008 (-16.1%), from €155,377 to €130,369
- Depreciation +€6,440
up €6,440 (+25.1%), from €25,709 to €32,149
- Other operating charges +€3,880
up €3,880 (+109%), from €3,544 to €7,424
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 | €425,461 | €382,539 | -€42,922 | -10.1% |
| Fixed assets | 21/28 | €112,003 | €96,430 | -€15,573 | -13.9% |
| Intangible fixed assets | 21 | €3,497 | €1,497 | -€2,000 | -57.2% |
| Tangible fixed assets | 22/27 | €99,936 | €86,363 | -€13,573 | -13.6% |
| Plant, machinery and equipment | 23 | €9,923 | €9,351 | -€572 | -5.8% |
| Furniture and vehicles | 24 | €9,900 | €11,488 | +€1,588 | +16.0% |
| Leasing and similar rights | 25 | €30,082 | €18,862 | -€11,220 | -37.3% |
| Other tangible fixed assets | 26 | €50,031 | €46,662 | -€3,369 | -6.7% |
| Financial fixed assets | 28 | €8,570 | €8,570 | = | 0.0% |
| Current assets | 29/58 | €313,458 | €286,109 | -€27,349 | -8.7% |
| Stocks and contracts in progress | 3 | - | €6,662 | +€6,662 | |
| Stocks | 30/36 | - | €6,662 | +€6,662 | |
| Amounts receivable within one year | 40/41 | €220,814 | €131,225 | -€89,589 | -40.6% |
| Trade receivables | 40 | €197,435 | €101,805 | -€95,630 | -48.4% |
| Other amounts receivable | 41 | €23,379 | €29,420 | +€6,041 | +25.8% |
| Cash at bank and in hand | 54/58 | €88,643 | €146,345 | +€57,702 | +65.1% |
| Deferred charges and accrued income | 490/1 | €4,001 | €1,877 | -€2,124 | -53.1% |
| Total equity and liabilities | 10/49 | €425,461 | €382,539 | -€42,922 | -10.1% |
| Equity | 10/15 | €259,632 | €155,915 | -€103,717 | -39.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €236,860 | €132,860 | -€104,000 | -43.9% |
| Distributable reserves | 133 | €236,860 | €132,860 | -€104,000 | -43.9% |
| Profit (loss) carried forward | 14 | €4,111 | €4,455 | +€344 | +8.4% |
| Investment grants | 15 | €62 | €0 | -€62 | -100% |
| Amounts payable | 17/49 | €165,829 | €226,624 | +€60,796 | +36.7% |
| Amounts payable after more than one year | 17 | €87,508 | €68,299 | -€19,209 | -22.0% |
| Financial debts | 170/4 | €87,508 | €68,299 | -€19,209 | -22.0% |
| Amounts payable within one year | 42/48 | €78,270 | €158,174 | +€79,904 | +102% |
| Current portion of amounts payable after more than one year | 42 | €9,822 | €9,223 | -€599 | -6.1% |
| Trade debts | 44 | €56,818 | €17,809 | -€39,009 | -68.7% |
| Suppliers | 440/4 | €56,818 | €17,809 | -€39,009 | -68.7% |
| Taxes, remuneration and social security | 45 | €11,152 | €24,848 | +€13,696 | +123% |
| Taxes | 450/3 | €1,728 | €20,085 | +€18,357 | +1,063% |
| Remuneration and social security | 454/9 | €9,424 | €4,763 | -€4,661 | -49.5% |
| Other amounts payable | 47/48 | €479 | €106,295 | +€105,816 | +22,107% |
| Accrued charges and deferred income | 492/3 | €51 | €152 | +€100 | +196% |
| Non-recurring operating income | 76A | - | €31,674 | +€31,674 | |
| Remuneration, social security and pensions | 62 | €155,377 | €130,369 | -€25,008 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,709 | €32,149 | +€6,440 | +25.1% |
| Other operating charges | 640/8 | €3,544 | €7,424 | +€3,880 | +109% |
| Non-recurring operating charges | 66A | €13,315 | - | -€13,315 | |
| Gross operating margin | 9900 | €231,563 | €202,849 | -€28,714 | -12.4% |
| Operating profit (loss) | 9901 | €33,619 | €32,907 | -€712 | -2.1% |
| Financial income | 75/76B | €286 | €63 | -€223 | -78.1% |
| Recurring financial income | 75 | €286 | €63 | -€223 | -78.1% |
| Financial charges | 65/66B | €8,628 | €6,698 | -€1,930 | -22.4% |
| Recurring financial charges | 65 | €8,628 | €6,698 | -€1,930 | -22.4% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €25,276 | €26,272 | +€995 | +3.9% |
| Income taxes | 67/77 | €4,824 | €4,928 | +€103 | +2.1% |
| Profit (loss) for the period | 9904 | €20,452 | €21,344 | +€892 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,452 | €21,344 | +€892 | +4.4% |
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 30 October 2026 via checked.be.