At C: 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.
At C
Largest movements
- Cash +€44,448
up €44,448 (+12.6%), from €353,856 to €398,303
mainly Trade debts (+€60,924) and Net result for the year (+€56,403)
- Receivables within one year +€12,256
up €12,256 (+18.9%), from €64,779 to €77,035
of which Trade receivables: +€11,575
- Stocks and contracts +€10,828
up €10,828 (+4.9%), from €219,445 to €230,274
- Trade debts +€60,924
up €60,924 (+21.0%), from €289,451 to €350,375
- Other debts +€21,249
up €21,249 (+37.7%), from €56,377 to €77,626
- Reserves -€14,374
down €14,374 (-4.7%), from €302,895 to €288,522
- Gross operating margin +€58,665
up €58,665 (+170.1%), from €34,495 to €93,160
- Taxes +€9,088
up €9,088 (+107.8%), from €8,429 to €17,517
- Financial charges +€8,104
up €8,104 (+171.0%), from €4,739 to €12,843
- Financial income -€1,194
down €1,194 (-25.9%), from €4,616 to €3,422
- Depreciation +€1,057
up €1,057 (+13.7%), from €7,705 to €8,762
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 | €669,270 | €736,187 | +€66,917 | +10.0% |
| Fixed assets | 21/28 | €23,303 | €25,181 | +€1,878 | +8.1% |
| Tangible fixed assets | 22/27 | €23,303 | €25,181 | +€1,878 | +8.1% |
| Plant, machinery and equipment | 23 | €2,171 | €1,543 | -€628 | -28.9% |
| Furniture and vehicles | 24 | €7,707 | €12,054 | +€4,347 | +56.4% |
| Other tangible fixed assets | 26 | €13,425 | €11,584 | -€1,840 | -13.7% |
| Current assets | 29/58 | €645,967 | €711,006 | +€65,039 | +10.1% |
| Stocks and contracts in progress | 3 | €219,445 | €230,274 | +€10,828 | +4.9% |
| Stocks | 30/36 | €219,445 | €230,274 | +€10,828 | +4.9% |
| Amounts receivable within one year | 40/41 | €64,779 | €77,035 | +€12,256 | +18.9% |
| Trade receivables | 40 | €59,424 | €70,999 | +€11,575 | +19.5% |
| Other amounts receivable | 41 | €5,355 | €6,036 | +€680 | +12.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €353,856 | €398,303 | +€44,448 | +12.6% |
| Deferred charges and accrued income | 490/1 | €7,888 | €5,395 | -€2,493 | -31.6% |
| Total equity and liabilities | 10/49 | €669,270 | €736,187 | +€66,917 | +10.0% |
| Equity | 10/15 | €321,495 | €307,122 | -€14,374 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,895 | €288,522 | -€14,374 | -4.7% |
| Distributable reserves | 133 | €302,895 | €288,522 | -€14,374 | -4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €347,775 | €429,066 | +€81,291 | +23.4% |
| Amounts payable within one year | 42/48 | €347,775 | €429,066 | +€81,291 | +23.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €289,451 | €350,375 | +€60,924 | +21.0% |
| Suppliers | 440/4 | €289,451 | €350,375 | +€60,924 | +21.0% |
| Taxes, remuneration and social security | 45 | €1,947 | €1,064 | -€883 | -45.3% |
| Taxes | 450/3 | €1,947 | €1,064 | -€883 | -45.3% |
| Other amounts payable | 47/48 | €56,377 | €77,626 | +€21,249 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,705 | €8,762 | +€1,057 | +13.7% |
| Other operating charges | 640/8 | €870 | €1,057 | +€187 | +21.5% |
| Gross operating margin | 9900 | €34,495 | €93,160 | +€58,665 | +170.1% |
| Operating profit (loss) | 9901 | €25,919 | €83,341 | +€57,422 | +221.5% |
| Financial income | 75/76B | €4,616 | €3,422 | -€1,194 | -25.9% |
| Recurring financial income | 75 | €4,616 | €3,422 | -€1,194 | -25.9% |
| Financial charges | 65/66B | €4,739 | €12,843 | +€8,104 | +171.0% |
| Recurring financial charges | 65 | €4,739 | €12,843 | +€8,104 | +171.0% |
| Profit (loss) for the period before taxes | 9903 | €25,796 | €73,920 | +€48,124 | +186.6% |
| Income taxes | 67/77 | €8,429 | €17,517 | +€9,088 | +107.8% |
| Profit (loss) for the period | 9904 | €17,367 | €56,403 | +€39,036 | +224.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,367 | €56,403 | +€39,036 | +224.8% |
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 6 October 2026 via checked.be.