B.L.S.: 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.L.S.
Largest movements
- Tangible fixed assets +€167,399
up €167,399 (+12.5%), from €1.3m to €1.5m
of which Assets under construction and advance payments: +€250,318
- Receivables within one year -€134,496
down €134,496 (-62.1%), from €216,452 to €81,955
of which Trade receivables: -€144,927
- Receivables after one year -€22,986
down €22,986 (-45.7%), from €50,334 to €27,348
- Cash +€22,304
up €22,304 (+101.7%), from €21,940 to €44,244
mainly Receivables within one year (+€134,496) and Depreciation (+€116,897)
- Profit (loss) carried forward +€99,121
up €99,121 (+21.3%), from €465,273 to €564,394
- Debts after one year -€48,956
down €48,956 (-5.3%), from €915,134 to €866,179
of which Financial debts: -€116,319
- Tax, wage and social debts -€19,319
down €19,319 (-67.3%), from €28,686 to €9,367
of which Taxes: -€19,447
- Write-downs +€9,836
up €9,836, from -€9,836 to €0
- Other operating charges -€8,475
down €8,475 (-24.9%), from €34,081 to €25,607
- Financial charges -€5,440
down €5,440 (-20.9%), from €26,004 to €20,564
- Gross operating margin -€4,343
down €4,343 (-1.3%), from €335,879 to €331,536
- Depreciation +€3,518
up €3,518 (+3.1%), from €113,380 to €116,897
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 | €1,636,095 | €1,671,358 | +€35,263 | +2.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,340,924 | €1,508,323 | +€167,399 | +12.5% |
| Tangible fixed assets | 22/27 | €1,340,924 | €1,508,323 | +€167,399 | +12.5% |
| Land and buildings | 22 | €1,305,292 | €1,206,289 | -€99,003 | -7.6% |
| Plant, machinery and equipment | 23 | €28,715 | €50,701 | +€21,986 | +76.6% |
| Furniture and vehicles | 24 | €6,916 | €1,015 | -€5,901 | -85.3% |
| Assets under construction and advance payments | 27 | - | €250,318 | +€250,318 | |
| Current assets | 29/58 | €295,171 | €163,035 | -€132,136 | -44.8% |
| Amounts receivable after more than one year | 29 | €50,334 | €27,348 | -€22,986 | -45.7% |
| Other amounts receivable | 291 | €50,334 | €27,348 | -€22,986 | -45.7% |
| Amounts receivable within one year | 40/41 | €216,452 | €81,955 | -€134,496 | -62.1% |
| Trade receivables | 40 | €212,400 | €67,473 | -€144,927 | -68.2% |
| Other amounts receivable | 41 | €4,051 | €14,482 | +€10,431 | +257.5% |
| Cash at bank and in hand | 54/58 | €21,940 | €44,244 | +€22,304 | +101.7% |
| Deferred charges and accrued income | 490/1 | €6,446 | €9,487 | +€3,042 | +47.2% |
| Total equity and liabilities | 10/49 | €1,636,095 | €1,671,358 | +€35,263 | +2.2% |
| Equity | 10/15 | €569,321 | €664,664 | +€95,343 | +16.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €465,273 | €564,394 | +€99,121 | +21.3% |
| Investment grants | 15 | €35,848 | €32,070 | -€3,778 | -10.5% |
| Amounts payable | 17/49 | €1,066,774 | €1,006,694 | -€60,080 | -5.6% |
| Amounts payable after more than one year | 17 | €915,134 | €866,179 | -€48,956 | -5.3% |
| Financial debts | 170/4 | €565,873 | €449,553 | -€116,319 | -20.6% |
| Other amounts payable | 178/9 | €349,262 | €416,625 | +€67,363 | +19.3% |
| Amounts payable within one year | 42/48 | €151,640 | €140,516 | -€11,124 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €118,654 | €116,319 | -€2,335 | -2.0% |
| Trade debts | 44 | €4,299 | €14,030 | +€9,730 | +226.3% |
| Suppliers | 440/4 | €4,299 | €14,030 | +€9,730 | +226.3% |
| Taxes, remuneration and social security | 45 | €28,686 | €9,367 | -€19,319 | -67.3% |
| Taxes | 450/3 | €23,107 | €3,660 | -€19,447 | -84.2% |
| Remuneration and social security | 454/9 | €5,579 | €5,707 | +€127 | +2.3% |
| Other amounts payable | 47/48 | - | €800 | +€800 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €46,276 | €48,782 | +€2,505 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,380 | €116,897 | +€3,518 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,836 | €0 | +€9,836 | |
| Other operating charges | 640/8 | €34,081 | €25,607 | -€8,475 | -24.9% |
| Gross operating margin | 9900 | €335,879 | €331,536 | -€4,343 | -1.3% |
| Operating profit (loss) | 9901 | €151,978 | €140,250 | -€11,727 | -7.7% |
| Financial income | 75/76B | €6,069 | €4,803 | -€1,266 | -20.9% |
| Recurring financial income | 75 | €6,069 | €4,803 | -€1,266 | -20.9% |
| Financial charges | 65/66B | €26,004 | €20,564 | -€5,440 | -20.9% |
| Recurring financial charges | 65 | €26,004 | €20,564 | -€5,440 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €132,043 | €124,490 | -€7,553 | -5.7% |
| Income taxes | 67/77 | €26,817 | €24,569 | -€2,248 | -8.4% |
| Profit (loss) for the period | 9904 | €105,227 | €99,921 | -€5,305 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,227 | €99,921 | -€5,305 | -5.0% |
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.