B & 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 & S
Largest movements
- Current investments +€300,000
up €300,000, from €0 to €300,000
- Tangible fixed assets -€84,053
down €84,053 (-3.6%), from €2.3m to €2.2m
- Receivables within one year -€59,801
down €59,801 (-51.2%), from €116,801 to €57,000
of which Trade receivables: -€98,046
- Cash -€41,066
down €41,066 (-25.6%), from €160,315 to €119,248
mainly Current investments (-€300,000) and Debts after one year (-€113,194)
- Reserves +€215,220
up €215,220 (+55.6%), from €386,803 to €602,023
- Debts after one year -€113,194
down €113,194 (-7.2%), from €1.6m to €1.5m
of which Financial debts: -€113,194
- Gross operating margin +€219,383
up €219,383 (+83.0%), from €264,421 to €483,804
- Taxes +€60,756
up €60,756 (+468.8%), from €12,959 to €73,715
- Financial income -€7,850
down €7,850 (-74.6%), from €10,530 to €2,679
- Depreciation +€6,124
up €6,124 (+6.4%), from €96,086 to €102,210
- Other operating charges +€5,673
up €5,673 (+57.7%), from €9,826 to €15,498
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 | €2,591,456 | €2,706,959 | +€115,503 | +4.5% |
| Fixed assets | 21/28 | €2,314,341 | €2,230,288 | -€84,053 | -3.6% |
| Tangible fixed assets | 22/27 | €2,314,341 | €2,230,288 | -€84,053 | -3.6% |
| Land and buildings | 22 | €2,314,341 | €2,230,288 | -€84,053 | -3.6% |
| Current assets | 29/58 | €277,116 | €476,671 | +€199,556 | +72.0% |
| Amounts receivable within one year | 40/41 | €116,801 | €57,000 | -€59,801 | -51.2% |
| Trade receivables | 40 | €98,046 | €0 | -€98,046 | -100.0% |
| Other amounts receivable | 41 | €18,755 | €57,000 | +€38,245 | +203.9% |
| Current investments | 50/53 | €0 | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €160,315 | €119,248 | -€41,066 | -25.6% |
| Deferred charges and accrued income | 490/1 | €0 | €423 | +€423 | |
| Total equity and liabilities | 10/49 | €2,591,456 | €2,706,959 | +€115,503 | +4.5% |
| Equity | 10/15 | €405,403 | €620,623 | +€215,220 | +53.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,803 | €602,023 | +€215,220 | +55.6% |
| Distributable reserves | 133 | €386,803 | €602,023 | +€215,220 | +55.6% |
| Amounts payable | 17/49 | €2,186,053 | €2,086,336 | -€99,717 | -4.6% |
| Amounts payable after more than one year | 17 | €1,579,693 | €1,466,499 | -€113,194 | -7.2% |
| Financial debts | 170/4 | €1,574,693 | €1,461,499 | -€113,194 | -7.2% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €602,161 | €599,840 | -€2,320 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €110,097 | €113,194 | +€3,096 | +2.8% |
| Trade debts | 44 | €3,548 | €3,206 | -€342 | -9.6% |
| Suppliers | 440/4 | €3,548 | €3,206 | -€342 | -9.6% |
| Advances received on contracts in progress | 46 | - | €3,038 | +€3,038 | |
| Taxes, remuneration and social security | 45 | €7,805 | €20,836 | +€13,032 | +167.0% |
| Taxes | 450/3 | €7,805 | €20,836 | +€13,032 | +167.0% |
| Other amounts payable | 47/48 | €480,711 | €459,567 | -€21,144 | -4.4% |
| Accrued charges and deferred income | 492/3 | €4,200 | €19,997 | +€15,797 | +376.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,086 | €102,210 | +€6,124 | +6.4% |
| Other operating charges | 640/8 | €9,826 | €15,498 | +€5,673 | +57.7% |
| Gross operating margin | 9900 | €264,421 | €483,804 | +€219,383 | +83.0% |
| Operating profit (loss) | 9901 | €158,510 | €366,097 | +€207,587 | +131.0% |
| Financial income | 75/76B | €10,530 | €2,679 | -€7,850 | -74.6% |
| Recurring financial income | 75 | €10,530 | €2,679 | -€7,850 | -74.6% |
| Financial charges | 65/66B | €75,086 | €79,841 | +€4,755 | +6.3% |
| Recurring financial charges | 65 | €75,086 | €79,841 | +€4,755 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €93,954 | €288,935 | +€194,981 | +207.5% |
| Income taxes | 67/77 | €12,959 | €73,715 | +€60,756 | +468.8% |
| Profit (loss) for the period | 9904 | €80,995 | €215,220 | +€134,226 | +165.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,995 | €215,220 | +€134,226 | +165.7% |
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 11 October 2026 via checked.be.