AT THE CROSSROADS: 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.
AT THE CROSSROADS
Largest movements
- Cash +€51,058
up €51,058 (+35.1%), from €145,387 to €196,445
mainly Net result for the year (+€75,934) and Receivables within one year (+€43,480)
- Current investments +€50,000
new in 2025: €50,000
- Receivables within one year -€43,480
down €43,480 (-12.5%), from €348,138 to €304,659
of which Trade receivables: -€25,414
- Tangible fixed assets -€25,674
down €25,674 (-11.9%), from €215,237 to €189,563
of which Land and buildings: -€15,517
- Reserves +€75,101
up €75,101 (+42.5%), from €176,685 to €251,786
of which Distributable reserves: +€75,101
- Debts after one year -€53,328
down €53,328 (-53.7%), from €99,378 to €46,050
- Trade debts +€22,693
up €22,693 (+14.9%), from €152,194 to €174,886
- Tax, wage and social debts -€12,752
down €12,752 (-37.1%), from €34,403 to €21,651
of which Taxes: -€18,069
- Staff costs +€39,860
new in 2025: €39,860
- Taxes -€15,481
down €15,481 (-33.0%), from €46,850 to €31,370
- Gross operating margin +€2,452
up €2,452 (+1.2%), from €198,021 to €200,473
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 | €712,681 | €745,565 | +€32,884 | +4.6% |
| Fixed assets | 21/28 | €215,237 | €189,563 | -€25,674 | -11.9% |
| Tangible fixed assets | 22/27 | €215,237 | €189,563 | -€25,674 | -11.9% |
| Land and buildings | 22 | €169,045 | €153,527 | -€15,517 | -9.2% |
| Plant, machinery and equipment | 23 | €784 | €1,666 | +€882 | +113% |
| Furniture and vehicles | 24 | €43,468 | €32,625 | -€10,842 | -24.9% |
| Other tangible fixed assets | 26 | €1,941 | €1,745 | -€197 | -10.1% |
| Current assets | 29/58 | €497,444 | €556,002 | +€58,558 | +11.8% |
| Amounts receivable within one year | 40/41 | €348,138 | €304,659 | -€43,480 | -12.5% |
| Trade receivables | 40 | €263,830 | €238,415 | -€25,414 | -9.6% |
| Other amounts receivable | 41 | €84,308 | €66,243 | -€18,065 | -21.4% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €145,387 | €196,445 | +€51,058 | +35.1% |
| Deferred charges and accrued income | 490/1 | €3,919 | €4,898 | +€979 | +25.0% |
| Total equity and liabilities | 10/49 | €712,681 | €745,565 | +€32,884 | +4.6% |
| Equity | 10/15 | €362,605 | €437,706 | +€75,101 | +20.7% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €176,685 | €251,786 | +€75,101 | +42.5% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Distributable reserves | 133 | €158,093 | €233,194 | +€75,101 | +47.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €350,076 | €307,859 | -€42,218 | -12.1% |
| Amounts payable after more than one year | 17 | €99,378 | €46,050 | -€53,328 | -53.7% |
| Financial debts | 170/4 | €99,378 | €46,050 | -€53,328 | -53.7% |
| Amounts payable within one year | 42/48 | €250,698 | €261,809 | +€11,111 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €51,316 | €53,328 | +€2,012 | +3.9% |
| Financial debts | 43 | €1,064 | €0 | -€1,064 | -100% |
| Credit institutions | 430/8 | €1,064 | €0 | -€1,064 | -100% |
| Trade debts | 44 | €152,194 | €174,886 | +€22,693 | +14.9% |
| Suppliers | 440/4 | €152,194 | €174,886 | +€22,693 | +14.9% |
| Taxes, remuneration and social security | 45 | €34,403 | €21,651 | -€12,752 | -37.1% |
| Taxes | 450/3 | €32,853 | €14,784 | -€18,069 | -55.0% |
| Remuneration and social security | 454/9 | €1,550 | €6,867 | +€5,317 | +343% |
| Other amounts payable | 47/48 | €11,721 | €11,943 | +€222 | +1.9% |
| Remuneration, social security and pensions | 62 | - | €39,860 | +€39,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,413 | €42,062 | +€1,649 | +4.1% |
| Other operating charges | 640/8 | €5,405 | €6,377 | +€972 | +18.0% |
| Gross operating margin | 9900 | €198,021 | €200,473 | +€2,452 | +1.2% |
| Operating profit (loss) | 9901 | €152,204 | €112,174 | -€40,030 | -26.3% |
| Financial income | 75/76B | €204 | €759 | +€555 | +272% |
| Recurring financial income | 75 | €204 | €759 | +€555 | +272% |
| Financial charges | 65/66B | €7,195 | €5,630 | -€1,566 | -21.8% |
| Recurring financial charges | 65 | €7,195 | €5,630 | -€1,566 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €145,212 | €107,304 | -€37,908 | -26.1% |
| Income taxes | 67/77 | €46,850 | €31,370 | -€15,481 | -33.0% |
| Profit (loss) for the period | 9904 | €98,362 | €75,934 | -€22,427 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €98,362 | €75,934 | -€22,427 | -22.8% |
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 29 October 2026 via checked.be.