AUDIO SHOW: 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.
AUDIO SHOW
Largest movements
- Cash +€177,987
up €177,987 (+55.8%), from €318,963 to €496,950
mainly Depreciation (+€172,160) and Net result for the year (+€89,538)
- Tangible fixed assets -€47,977
down €47,977 (-8.3%), from €576,865 to €528,888
of which Plant, machinery and equipment: -€25,223
- Reserves +€88,600
up €88,600 (+20.1%), from €440,450 to €529,050
of which Distributable reserves: +€46,500
- Trade debts +€42,899
up €42,899 (+698.0%), from €6,146 to €49,045
- Staff costs +€73,995
up €73,995 (+146.9%), from €50,355 to €124,349
- Gross operating margin -€29,982
down €29,982 (-6.5%), from €460,534 to €430,552
- Taxes -€22,624
down €22,624 (-43.4%), from €52,097 to €29,472
- Depreciation +€21,616
up €21,616 (+14.4%), from €150,544 to €172,160
- Other operating charges +€10,180
up €10,180 (+325.5%), from €3,127 to €13,307
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 | €1,076,833 | €1,204,589 | +€127,756 | +11.9% |
| Fixed assets | 21/28 | €578,460 | €530,618 | -€47,842 | -8.3% |
| Tangible fixed assets | 22/27 | €576,865 | €528,888 | -€47,977 | -8.3% |
| Land and buildings | 22 | €16,535 | €734 | -€15,801 | -95.6% |
| Plant, machinery and equipment | 23 | €478,271 | €453,048 | -€25,223 | -5.3% |
| Furniture and vehicles | 24 | €82,060 | €75,107 | -€6,953 | -8.5% |
| Financial fixed assets | 28 | €1,595 | €1,730 | +€135 | +8.5% |
| Current assets | 29/58 | €498,372 | €673,970 | +€175,598 | +35.2% |
| Stocks and contracts in progress | 3 | €71,170 | €59,402 | -€11,768 | -16.5% |
| Stocks | 30/36 | €71,170 | €59,402 | -€11,768 | -16.5% |
| Amounts receivable within one year | 40/41 | €101,762 | €107,999 | +€6,237 | +6.1% |
| Trade receivables | 40 | €101,273 | €101,888 | +€616 | +0.6% |
| Other amounts receivable | 41 | €490 | €6,111 | +€5,621 | +1147.7% |
| Cash at bank and in hand | 54/58 | €318,963 | €496,950 | +€177,987 | +55.8% |
| Deferred charges and accrued income | 490/1 | €6,477 | €9,620 | +€3,143 | +48.5% |
| Total equity and liabilities | 10/49 | €1,076,833 | €1,204,589 | +€127,756 | +11.9% |
| Equity | 10/15 | €895,869 | €981,910 | +€86,042 | +9.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €440,450 | €529,050 | +€88,600 | +20.1% |
| Tax-exempt reserves | 132 | €102,950 | €145,050 | +€42,100 | +40.9% |
| Distributable reserves | 133 | €337,500 | €384,000 | +€46,500 | +13.8% |
| Profit (loss) carried forward | 14 | €432,721 | €432,826 | +€105 | 0.0% |
| Investment grants | 15 | €2,698 | €35 | -€2,663 | -98.7% |
| Amounts payable | 17/49 | €180,964 | €222,678 | +€41,715 | +23.1% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,944 | €116,489 | +€43,546 | +59.7% |
| Trade debts | 44 | €6,146 | €49,045 | +€42,899 | +698.0% |
| Suppliers | 440/4 | €6,146 | €49,045 | +€42,899 | +698.0% |
| Taxes, remuneration and social security | 45 | €40,450 | €45,626 | +€5,176 | +12.8% |
| Taxes | 450/3 | €33,019 | €22,642 | -€10,377 | -31.4% |
| Remuneration and social security | 454/9 | €7,431 | €22,984 | +€15,553 | +209.3% |
| Other amounts payable | 47/48 | €26,348 | €21,818 | -€4,530 | -17.2% |
| Accrued charges and deferred income | 492/3 | €8,020 | €6,189 | -€1,831 | -22.8% |
| Remuneration, social security and pensions | 62 | €50,355 | €124,349 | +€73,995 | +146.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,544 | €172,160 | +€21,616 | +14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,547 | €174 | -€1,374 | -88.8% |
| Other operating charges | 640/8 | €3,127 | €13,307 | +€10,180 | +325.5% |
| Non-recurring operating charges | 66A | €9,253 | - | -€9,253 | |
| Gross operating margin | 9900 | €460,534 | €430,552 | -€29,982 | -6.5% |
| Operating profit (loss) | 9901 | €245,708 | €120,562 | -€125,146 | -50.9% |
| Financial income | 75/76B | €3,726 | €5,308 | +€1,582 | +42.5% |
| Recurring financial income | 75 | €3,726 | €5,308 | +€1,582 | +42.5% |
| Financial charges | 65/66B | €8,996 | €6,860 | -€2,137 | -23.8% |
| Recurring financial charges | 65 | €8,996 | €6,860 | -€2,137 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €240,438 | €119,010 | -€121,428 | -50.5% |
| Income taxes | 67/77 | €52,097 | €29,472 | -€22,624 | -43.4% |
| Profit (loss) for the period | 9904 | €188,341 | €89,538 | -€98,803 | -52.5% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €42,100 | -€42,100 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €104,141 | €47,438 | -€56,703 | -54.4% |
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 7 October 2026 via checked.be.