B & CS: 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.
B & CS
Largest movements
- Stocks and contracts +€273,687
new in 2025: €273,687
- Receivables within one year -€13,363
down €13,363 (-91.9%), from €14,541 to €1,178
of which Trade receivables: -€13,461
- Cash -€7,398
down €7,398 (-9.9%), from €74,563 to €67,164
mainly Stocks and contracts (-€273,687) and Investment in fixed assets (net) (-€12,600)
- Debts after one year +€229,245
new in 2025: €229,245
- Reserves +€16,503
up €16,503 (+45.1%), from €36,590 to €53,093
- Current portion of long-term debt +€14,755
new in 2025: €14,755
- Trade debts -€10,476
no longer reported in 2025 (was €10,476)
- Other debts -€9,408
down €9,408 (-9.6%), from €98,256 to €88,848
- Gross operating margin -€14,551
down €14,551 (-20.5%), from €70,826 to €56,276
- Taxes -€4,296
down €4,296 (-36.7%), from €11,698 to €7,402
- Depreciation +€1,720
up €1,720 (+14.3%), from €12,066 to €13,786
- Financial charges -€1,459
down €1,459 (-16.1%), from €9,075 to €7,616
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 | €209,826 | €461,565 | +€251,739 | +120.0% |
| Fixed assets | 21/28 | €120,722 | €119,536 | -€1,186 | -1.0% |
| Tangible fixed assets | 22/27 | €120,722 | €119,536 | -€1,186 | -1.0% |
| Land and buildings | 22 | €112,553 | €109,733 | -€2,819 | -2.5% |
| Furniture and vehicles | 24 | €8,169 | €9,803 | +€1,633 | +20.0% |
| Current assets | 29/58 | €89,104 | €342,029 | +€252,925 | +283.9% |
| Stocks and contracts in progress | 3 | - | €273,687 | +€273,687 | |
| Stocks | 30/36 | - | €273,687 | +€273,687 | |
| Amounts receivable within one year | 40/41 | €14,541 | €1,178 | -€13,363 | -91.9% |
| Trade receivables | 40 | €14,541 | €1,080 | -€13,461 | -92.6% |
| Other amounts receivable | 41 | - | €98 | +€98 | |
| Cash at bank and in hand | 54/58 | €74,563 | €67,164 | -€7,398 | -9.9% |
| Total equity and liabilities | 10/49 | €209,826 | €461,565 | +€251,739 | +120.0% |
| Equity | 10/15 | €72,541 | €98,093 | +€25,553 | +35.2% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Contributions outside capital | 11 | €45,000 | €45,000 | = | 0.0% |
| Other | 1109/19 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €36,590 | €53,093 | +€16,503 | +45.1% |
| Distributable reserves | 133 | €36,590 | €53,093 | +€16,503 | +45.1% |
| Profit (loss) carried forward | 14 | -€9,050 | - | +€9,050 | |
| Amounts payable | 17/49 | €137,285 | €363,471 | +€226,186 | +164.8% |
| Amounts payable after more than one year | 17 | - | €229,245 | +€229,245 | |
| Financial debts | 170/4 | - | €229,245 | +€229,245 | |
| Amounts payable within one year | 42/48 | €137,285 | €134,226 | -€3,059 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,755 | +€14,755 | |
| Trade debts | 44 | €10,476 | - | -€10,476 | |
| Suppliers | 440/4 | €10,476 | - | -€10,476 | |
| Taxes, remuneration and social security | 45 | €28,553 | €30,624 | +€2,071 | +7.3% |
| Taxes | 450/3 | €28,553 | €30,624 | +€2,071 | +7.3% |
| Other amounts payable | 47/48 | €98,256 | €88,848 | -€9,408 | -9.6% |
| Non-recurring operating income | 76A | €603 | - | -€603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,066 | €13,786 | +€1,720 | +14.3% |
| Other operating charges | 640/8 | €1,495 | €1,924 | +€429 | +28.7% |
| Gross operating margin | 9900 | €70,826 | €56,276 | -€14,551 | -20.5% |
| Operating profit (loss) | 9901 | €57,266 | €40,565 | -€16,700 | -29.2% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €9,075 | €7,616 | -€1,459 | -16.1% |
| Recurring financial charges | 65 | €9,075 | €7,616 | -€1,459 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €48,191 | €32,955 | -€15,236 | -31.6% |
| Income taxes | 67/77 | €11,698 | €7,402 | -€4,296 | -36.7% |
| Profit (loss) for the period | 9904 | €36,493 | €25,553 | -€10,940 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,493 | €25,553 | -€10,940 | -30.0% |
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 12 October 2026 via checked.be.