AU BLE D'OR: 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.
AU BLE D'OR
Largest movements
- Cash -€745,384
down €745,384 (-58.0%), from €1.3m to €539,178
mainly Investment in fixed assets (net) (-€587,648) and Contributions, distributions and other (-€300,000)
- Tangible fixed assets +€388,880
up €388,880 (+71.0%), from €547,867 to €936,747
of which Plant, machinery and equipment: +€387,436
- Receivables within one year +€169,154
up €169,154 (+52.8%), from €320,474 to €489,628
of which Trade receivables: +€169,154
- Stocks and contracts +€113,112
up €113,112 (+81.5%), from €138,827 to €251,939
- Trade debts +€220,683
new in 2025: €220,683
- Other debts -€205,189
down €205,189 (-96.8%), from €211,898 to €6,709
- Tax, wage and social debts -€64,021
down €64,021 (-62.9%), from €101,745 to €37,725
of which Taxes: -€68,418
- Profit (loss) carried forward -€29,936
down €29,936 (-1.6%), from €1.9m to €1.9m
- Depreciation +€70,421
up €70,421 (+54.9%), from €128,347 to €198,768
- Staff costs +€42,299
up €42,299 (+125%), from €33,943 to €76,241
- Taxes -€35,028
down €35,028 (-32.4%), from €108,165 to €73,137
- Gross operating margin +€28,863
up €28,863 (+4.7%), from €618,653 to €647,516
- Other operating charges +€10,607
up €10,607 (+40.9%), from €25,913 to €36,520
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 | €2,296,534 | €2,218,071 | -€78,463 | -3.4% |
| Fixed assets | 21/28 | €548,446 | €937,326 | +€388,880 | +70.9% |
| Tangible fixed assets | 22/27 | €547,867 | €936,747 | +€388,880 | +71.0% |
| Land and buildings | 22 | €240,000 | €220,000 | -€20,000 | -8.3% |
| Plant, machinery and equipment | 23 | €303,090 | €690,526 | +€387,436 | +128% |
| Furniture and vehicles | 24 | €4,777 | €26,221 | +€21,444 | +449% |
| Financial fixed assets | 28 | €579 | €579 | = | 0.0% |
| Current assets | 29/58 | €1,748,088 | €1,280,745 | -€467,343 | -26.7% |
| Stocks and contracts in progress | 3 | €138,827 | €251,939 | +€113,112 | +81.5% |
| Stocks | 30/36 | €138,827 | €251,939 | +€113,112 | +81.5% |
| Amounts receivable within one year | 40/41 | €320,474 | €489,628 | +€169,154 | +52.8% |
| Trade receivables | 40 | €278,639 | €447,793 | +€169,154 | +60.7% |
| Other amounts receivable | 41 | €41,835 | €41,835 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,284,562 | €539,178 | -€745,384 | -58.0% |
| Deferred charges and accrued income | 490/1 | €4,225 | - | -€4,225 | |
| Total equity and liabilities | 10/49 | €2,296,534 | €2,218,071 | -€78,463 | -3.4% |
| Equity | 10/15 | €1,982,891 | €1,952,954 | -€29,936 | -1.5% |
| Reserves | 13 | €59,254 | €59,254 | = | 0.0% |
| Distributable reserves | 133 | €59,254 | €59,254 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,923,637 | €1,893,701 | -€29,936 | -1.6% |
| Amounts payable | 17/49 | €313,643 | €265,117 | -€48,527 | -15.5% |
| Amounts payable within one year | 42/48 | €313,643 | €265,117 | -€48,527 | -15.5% |
| Trade debts | 44 | - | €220,683 | +€220,683 | |
| Suppliers | 440/4 | - | €220,683 | +€220,683 | |
| Taxes, remuneration and social security | 45 | €101,745 | €37,725 | -€64,021 | -62.9% |
| Taxes | 450/3 | €96,961 | €28,543 | -€68,418 | -70.6% |
| Remuneration and social security | 454/9 | €4,784 | €9,181 | +€4,397 | +91.9% |
| Other amounts payable | 47/48 | €211,898 | €6,709 | -€205,189 | -96.8% |
| Non-recurring operating income | 76A | - | €10,100 | +€10,100 | |
| Remuneration, social security and pensions | 62 | €33,943 | €76,241 | +€42,299 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,347 | €198,768 | +€70,421 | +54.9% |
| Other operating charges | 640/8 | €25,913 | €36,520 | +€10,607 | +40.9% |
| Non-recurring operating charges | 66A | €829 | - | -€829 | |
| Gross operating margin | 9900 | €618,653 | €647,516 | +€28,863 | +4.7% |
| Operating profit (loss) | 9901 | €429,621 | €335,987 | -€93,634 | -21.8% |
| Financial income | 75/76B | €5,877 | €5,735 | -€142 | -2.4% |
| Recurring financial income | 75 | €5,877 | €5,735 | -€142 | -2.4% |
| Financial charges | 65/66B | €602 | -€1,479 | -€2,081 | |
| Recurring financial charges | 65 | €602 | -€1,479 | -€2,081 | |
| Profit (loss) for the period before taxes | 9903 | €434,895 | €343,200 | -€91,695 | -21.1% |
| Income taxes | 67/77 | €108,165 | €73,137 | -€35,028 | -32.4% |
| Profit (loss) for the period | 9904 | €326,730 | €270,064 | -€56,666 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €326,730 | €270,064 | -€56,666 | -17.3% |
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 27 October 2026 via checked.be.