Axis: 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.
Axis
Largest movements
- Receivables within one year +€59,602
up €59,602 (+37.1%), from €160,771 to €220,373
of which Trade receivables: +€55,546
- Stocks and contracts -€35,458
down €35,458 (-13.2%), from €268,142 to €232,684
- Cash -€18,881
down €18,881 (-20.8%), from €90,588 to €71,707
mainly Net result for the year (-€97,610) and Receivables within one year (-€59,602)
- Tangible fixed assets +€14,691
up €14,691 (+9.9%), from €148,584 to €163,275
of which Furniture and vehicles: +€27,233
- Financial fixed assets -€8,192
down €8,192 (-31.7%), from €25,812 to €17,620
- Trade debts +€161,424
up €161,424 (+33.1%), from €488,317 to €649,741
- Profit (loss) carried forward -€97,610
down €97,610 (-43.9%), from -€222,465 to -€320,075
- Debts after one year -€45,000
down €45,000 (-33.0%), from €136,305 to €91,305
of which Financial debts: -€45,000
- Tax, wage and social debts +€44,449
up €44,449 (+59.6%), from €74,585 to €119,034
of which Remuneration and social security: +€45,216
- Other debts -€41,029
down €41,029 (-37.9%), from €108,178 to €67,149
- Gross operating margin -€55,774
down €55,774 (-8.9%), from €624,051 to €568,277
- Financial charges +€12,114
up €12,114 (+37.9%), from €31,972 to €44,086
of which Financial charges: +€17,946
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 | €713,826 | €717,561 | +€3,735 | +0.5% |
| Fixed assets | 21/28 | €174,396 | €180,896 | +€6,500 | +3.7% |
| Tangible fixed assets | 22/27 | €148,584 | €163,275 | +€14,691 | +9.9% |
| Land and buildings | 22 | €75,615 | €53,804 | -€21,811 | -28.8% |
| Plant, machinery and equipment | 23 | €50,332 | €59,602 | +€9,270 | +18.4% |
| Furniture and vehicles | 24 | €22,637 | €49,870 | +€27,233 | +120.3% |
| Financial fixed assets | 28 | €25,812 | €17,620 | -€8,192 | -31.7% |
| Current assets | 29/58 | €539,430 | €536,666 | -€2,764 | -0.5% |
| Stocks and contracts in progress | 3 | €268,142 | €232,684 | -€35,458 | -13.2% |
| Stocks | 30/36 | €268,142 | €232,684 | -€35,458 | -13.2% |
| Amounts receivable within one year | 40/41 | €160,771 | €220,373 | +€59,602 | +37.1% |
| Trade receivables | 40 | €78,462 | €134,008 | +€55,546 | +70.8% |
| Other amounts receivable | 41 | €82,309 | €86,365 | +€4,056 | +4.9% |
| Cash at bank and in hand | 54/58 | €90,588 | €71,707 | -€18,881 | -20.8% |
| Deferred charges and accrued income | 490/1 | €19,929 | €11,901 | -€8,028 | -40.3% |
| Total equity and liabilities | 10/49 | €713,826 | €717,561 | +€3,735 | +0.5% |
| Equity | 10/15 | -€112,465 | -€210,075 | -€97,610 | -86.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | - | -€100,000 | |
| Issued capital | 100 | €100,000 | - | -€100,000 | |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | - | -€10,000 | |
| Legal reserve | 130 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | -€222,465 | -€320,075 | -€97,610 | -43.9% |
| Amounts payable | 17/49 | €826,291 | €927,636 | +€101,345 | +12.3% |
| Amounts payable after more than one year | 17 | €136,305 | €91,305 | -€45,000 | -33.0% |
| Financial debts | 170/4 | €132,505 | €87,505 | -€45,000 | -34.0% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €689,774 | €836,331 | +€146,557 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €18,693 | €407 | -€18,286 | -97.8% |
| Trade debts | 44 | €488,317 | €649,741 | +€161,424 | +33.1% |
| Suppliers | 440/4 | €488,317 | €649,741 | +€161,424 | +33.1% |
| Taxes, remuneration and social security | 45 | €74,585 | €119,034 | +€44,449 | +59.6% |
| Taxes | 450/3 | €934 | €167 | -€767 | -82.1% |
| Remuneration and social security | 454/9 | €73,651 | €118,867 | +€45,216 | +61.4% |
| Other amounts payable | 47/48 | €108,178 | €67,149 | -€41,029 | -37.9% |
| Accrued charges and deferred income | 492/3 | €212 | - | -€212 | |
| Non-recurring operating income | 76A | €10,359 | - | -€10,359 | |
| Remuneration, social security and pensions | 62 | €556,257 | €551,765 | -€4,493 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,637 | €41,688 | -€2,949 | -6.6% |
| Other operating charges | 640/8 | €31,050 | €34,175 | +€3,125 | +10.1% |
| Non-recurring operating charges | 66A | €6,462 | €418 | -€6,044 | -93.5% |
| Gross operating margin | 9900 | €624,051 | €568,277 | -€55,774 | -8.9% |
| Operating profit (loss) | 9901 | -€14,355 | -€59,768 | -€45,413 | -316.4% |
| Financial income | 75/76B | €2,233 | €7,661 | +€5,428 | +243.1% |
| Recurring financial income | 75 | €2,233 | €7,661 | +€5,428 | +243.1% |
| Financial charges | 65/66B | €31,972 | €44,086 | +€12,114 | +37.9% |
| Recurring financial charges | 65 | €26,140 | €44,086 | +€17,946 | +68.7% |
| Non-recurring financial charges | 66B | €5,832 | - | -€5,832 | |
| Profit (loss) for the period before taxes | 9903 | -€44,094 | -€96,193 | -€52,099 | -118.2% |
| Income taxes | 67/77 | €719 | €1,417 | +€698 | +97.1% |
| Profit (loss) for the period | 9904 | -€44,812 | -€97,610 | -€52,797 | -117.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,812 | -€97,610 | -€52,797 | -117.8% |
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 3 October 2026 via checked.be.