B. CONCEPT: what changed
B. CONCEPT
Largest movements
- Receivables within one year +€581,019
up €581,019 (+130%), from €446,470 to €1.0m
of which Trade receivables: +€542,471
- Stocks and contracts -€166,460
down €166,460 (-24.0%), from €693,999 to €527,539
- Tangible fixed assets +€141,654
up €141,654 (+44.4%), from €319,384 to €461,037
of which Other tangible fixed assets: +€141,506
- Cash -€81,990
down €81,990 (-50.6%), from €161,905 to €79,916
mainly Receivables within one year (-€581,019) and Short-term financial debts (-€381,995)
- Deferred charges and accrued income -€75,900
down €75,900 (-27.0%), from €281,001 to €205,101
- Short-term financial debts -€381,995
down €381,995 (-57.7%), from €662,357 to €280,362
- Trade debts +€283,388
up €283,388 (+84.7%), from €334,541 to €617,929
- Advances received +€209,748
up €209,748 (+104%), from €201,338 to €411,086
- Debts after one year +€148,951
up €148,951 (+91.2%), from €163,275 to €312,225
of which Financial debts: +€151,675
- Other debts +€139,811
up €139,811 (+226%), from €62,000 to €201,811
- Gross operating margin -€113,321
down €113,321 (-31.9%), from €355,294 to €241,973
- Staff costs -€40,228
down €40,228 (-18.4%), from €218,781 to €178,552
- Write-downs -€19,629
down €19,629, from €5,788 to -€13,841
- Taxes -€15,685
down €15,685 (-77.8%), from €20,148 to €4,463
- Financial charges -€13,955
down €13,955 (-28.5%), from €49,016 to €35,061
Change in the result, 2023 to 2024
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2023 and 2024 balance sheets and the 2024 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,902,817 | €2,303,341 | +€400,524 | +21.0% |
| Fixed assets | 21/28 | €319,442 | €463,296 | +€143,854 | +45.0% |
| Tangible fixed assets | 22/27 | €319,384 | €461,037 | +€141,654 | +44.4% |
| Furniture and vehicles | 24 | €12,195 | €13,547 | +€1,352 | +11.1% |
| Leasing and similar rights | 25 | €11,338 | €10,134 | -€1,204 | -10.6% |
| Other tangible fixed assets | 26 | €295,851 | €437,356 | +€141,506 | +47.8% |
| Financial fixed assets | 28 | €59 | €2,259 | +€2,200 | +3,738% |
| Current assets | 29/58 | €1,583,375 | €1,840,045 | +€256,670 | +16.2% |
| Stocks and contracts in progress | 3 | €693,999 | €527,539 | -€166,460 | -24.0% |
| Stocks | 30/36 | €693,999 | €527,539 | -€166,460 | -24.0% |
| Amounts receivable within one year | 40/41 | €446,470 | €1,027,490 | +€581,019 | +130% |
| Trade receivables | 40 | €429,300 | €971,772 | +€542,471 | +126% |
| Other amounts receivable | 41 | €17,170 | €55,718 | +€38,548 | +225% |
| Cash at bank and in hand | 54/58 | €161,905 | €79,916 | -€81,990 | -50.6% |
| Deferred charges and accrued income | 490/1 | €281,001 | €205,101 | -€75,900 | -27.0% |
| Total equity and liabilities | 10/49 | €1,902,817 | €2,303,341 | +€400,524 | +21.0% |
| Equity | 10/15 | €363,545 | €367,991 | +€4,446 | +1.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,545 | €312,991 | +€4,446 | +1.4% |
| Amounts payable | 17/49 | €1,539,272 | €1,935,350 | +€396,078 | +25.7% |
| Amounts payable after more than one year | 17 | €163,275 | €312,225 | +€148,951 | +91.2% |
| Financial debts | 170/4 | €3,384 | €155,059 | +€151,675 | +4,482% |
| Other amounts payable | 178/9 | €159,891 | €157,166 | -€2,725 | -1.7% |
| Amounts payable within one year | 42/48 | €1,366,454 | €1,618,031 | +€251,578 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €48,454 | €53,889 | +€5,435 | +11.2% |
| Financial debts | 43 | €662,357 | €280,362 | -€381,995 | -57.7% |
| Credit institutions | 430/8 | €662,357 | €280,362 | -€381,995 | -57.7% |
| Trade debts | 44 | €334,541 | €617,929 | +€283,388 | +84.7% |
| Suppliers | 440/4 | €334,541 | €617,929 | +€283,388 | +84.7% |
| Advances received on contracts in progress | 46 | €201,338 | €411,086 | +€209,748 | +104% |
| Taxes, remuneration and social security | 45 | €57,763 | €52,955 | -€4,808 | -8.3% |
| Taxes | 450/3 | €29,394 | €20,720 | -€8,674 | -29.5% |
| Remuneration and social security | 454/9 | €28,370 | €32,235 | +€3,865 | +13.6% |
| Other amounts payable | 47/48 | €62,000 | €201,811 | +€139,811 | +226% |
| Accrued charges and deferred income | 492/3 | €9,543 | €5,093 | -€4,450 | -46.6% |
| Remuneration, social security and pensions | 62 | €218,781 | €178,552 | -€40,228 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,401 | €36,629 | +€5,228 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,788 | -€13,841 | -€19,629 | |
| Other operating charges | 640/8 | €10,694 | €5,726 | -€4,968 | -46.5% |
| Gross operating margin | 9900 | €355,294 | €241,973 | -€113,321 | -31.9% |
| Operating profit (loss) | 9901 | €88,631 | €34,908 | -€53,723 | -60.6% |
| Financial income | 75/76B | €12,170 | €9,062 | -€3,108 | -25.5% |
| Recurring financial income | 75 | €12,170 | €9,062 | -€3,108 | -25.5% |
| Financial charges | 65/66B | €49,016 | €35,061 | -€13,955 | -28.5% |
| Recurring financial charges | 65 | €49,016 | €35,061 | -€13,955 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €51,785 | €8,909 | -€42,876 | -82.8% |
| Income taxes | 67/77 | €20,148 | €4,463 | -€15,685 | -77.8% |
| Profit (loss) for the period | 9904 | €31,637 | €4,446 | -€27,190 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,637 | €4,446 | -€27,190 | -85.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.