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
- Receivables within one year +€103,687
up €103,687 (+163%), from €63,491 to €167,178
of which Trade receivables: +€70,418
- Tangible fixed assets +€27,687
up €27,687 (+522%), from €5,303 to €32,991
of which Land and buildings: +€27,950
- Cash +€10,016
up €10,016 (+94.3%), from €10,621 to €20,637
mainly Net result for the year (+€85,480) and Debts after one year (+€22,724)
- Intangible fixed assets -€9,076
down €9,076 (-19.9%), from €45,517 to €36,441
- Profit (loss) carried forward +€65,480
up €65,480 (+105%), from €62,411 to €127,891
- Debts after one year +€22,724
new in 2025: €22,724
- Tax, wage and social debts +€20,273
up €20,273 (+44.2%), from €45,854 to €66,127
of which Taxes: +€20,549
- Accrued charges and deferred income +€8,957
up €8,957 (+859%), from €1,043 to €10,000
- Other debts +€7,620
up €7,620 (+56.8%), from €13,423 to €21,043
- Gross operating margin +€69,324
up €69,324 (+29.4%), from €235,883 to €305,207
- Staff costs +€8,493
up €8,493 (+4.9%), from €174,775 to €183,268
- Taxes +€7,202
up €7,202 (+60.4%), from €11,932 to €19,134
- Write-downs +€3,891
up €3,891 (+2,948%), from €132 to €4,023
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.
Derived cash bridge
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 | €160,074 | €290,995 | +€130,921 | +81.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €50,821 | €69,432 | +€18,611 | +36.6% |
| Intangible fixed assets | 21 | €45,517 | €36,441 | -€9,076 | -19.9% |
| Tangible fixed assets | 22/27 | €5,303 | €32,991 | +€27,687 | +522% |
| Land and buildings | 22 | - | €27,950 | +€27,950 | |
| Plant, machinery and equipment | 23 | €5,303 | €5,041 | -€263 | -5.0% |
| Current assets | 29/58 | €109,253 | €221,563 | +€112,309 | +103% |
| Stocks and contracts in progress | 3 | €31,403 | €30,142 | -€1,261 | -4.0% |
| Stocks | 30/36 | €31,403 | €30,142 | -€1,261 | -4.0% |
| Amounts receivable within one year | 40/41 | €63,491 | €167,178 | +€103,687 | +163% |
| Trade receivables | 40 | €45,634 | €116,052 | +€70,418 | +154% |
| Other amounts receivable | 41 | €17,857 | €51,127 | +€33,270 | +186% |
| Cash at bank and in hand | 54/58 | €10,621 | €20,637 | +€10,016 | +94.3% |
| Deferred charges and accrued income | 490/1 | €3,738 | €3,604 | -€134 | -3.6% |
| Total equity and liabilities | 10/49 | €160,074 | €290,995 | +€130,921 | +81.8% |
| Equity | 10/15 | €62,911 | €128,391 | +€65,480 | +104% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,411 | €127,891 | +€65,480 | +105% |
| Amounts payable | 17/49 | €97,163 | €162,604 | +€65,441 | +67.4% |
| Amounts payable after more than one year | 17 | - | €22,724 | +€22,724 | |
| Financial debts | 170/4 | - | €22,724 | +€22,724 | |
| Amounts payable within one year | 42/48 | €96,120 | €129,880 | +€33,760 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | - | €2,105 | +€2,105 | |
| Trade debts | 44 | €36,843 | €40,605 | +€3,762 | +10.2% |
| Suppliers | 440/4 | €36,843 | €40,605 | +€3,762 | +10.2% |
| Taxes, remuneration and social security | 45 | €45,854 | €66,127 | +€20,273 | +44.2% |
| Taxes | 450/3 | €26,555 | €47,104 | +€20,549 | +77.4% |
| Remuneration and social security | 454/9 | €19,299 | €19,024 | -€275 | -1.4% |
| Other amounts payable | 47/48 | €13,423 | €21,043 | +€7,620 | +56.8% |
| Accrued charges and deferred income | 492/3 | €1,043 | €10,000 | +€8,957 | +859% |
| Remuneration, social security and pensions | 62 | €174,775 | €183,268 | +€8,493 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,102 | €11,487 | +€385 | +3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €132 | €4,023 | +€3,891 | +2,948% |
| Other operating charges | 640/8 | €3,397 | €3,428 | +€31 | +0.9% |
| Gross operating margin | 9900 | €235,883 | €305,207 | +€69,324 | +29.4% |
| Operating profit (loss) | 9901 | €46,477 | €103,002 | +€56,525 | +122% |
| Financial income | 75/76B | €2,683 | €4,292 | +€1,609 | +60.0% |
| Recurring financial income | 75 | €2,683 | €4,292 | +€1,609 | +60.0% |
| Financial charges | 65/66B | €3,889 | €2,680 | -€1,209 | -31.1% |
| Recurring financial charges | 65 | €3,889 | €2,680 | -€1,209 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €45,272 | €104,614 | +€59,343 | +131% |
| Income taxes | 67/77 | €11,932 | €19,134 | +€7,202 | +60.4% |
| Profit (loss) for the period | 9904 | €33,339 | €85,480 | +€52,141 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €33,339 | €85,480 | +€52,141 | +156% |
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 16 October 2026 via checked.be.