B.S.M.: what changed
Two fiscal 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.M.
Largest movements
- Receivables within one year -€255,119
down €255,119 (-86.7%), from €294,347 to €39,228
of which Trade receivables: -€250,567
- Tangible fixed assets +€149,260
up €149,260 (+21.1%), from €707,839 to €857,098
of which Land and buildings: +€189,756
- Cash +€93,456
up €93,456 (+182.8%), from €51,117 to €144,573
mainly Receivables within one year (+€255,119) and Depreciation (+€77,192)
- Profit (loss) carried forward -€100,020
down €100,020 (-25.4%), from €393,732 to €293,712
- Debts after one year +€58,603
up €58,603 (+165.6%), from €35,397 to €94,000
- Other debts +€35,460
up €35,460 (+42.6%), from €83,164 to €118,623
- Trade debts -€14,447
down €14,447 (-51.8%), from €27,911 to €13,464
- Gross operating margin -€79,708
down €79,708 (-89.7%), from €88,877 to €9,169
- Depreciation +€4,125
up €4,125 (+5.6%), from €73,067 to €77,192
- Financial charges +€2,859
up €2,859 (+243.5%), from €1,174 to €4,033
- Staff costs +€2,135
up €2,135 (+10.7%), from €20,025 to €22,160
- Other operating charges -€1,135
down €1,135 (-16.2%), from €7,015 to €5,879
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 | €1,422,287 | €1,398,275 | -€24,012 | -1.7% |
| Fixed assets | 21/28 | €709,368 | €858,627 | +€149,260 | +21.0% |
| Tangible fixed assets | 22/27 | €707,839 | €857,098 | +€149,260 | +21.1% |
| Land and buildings | 22 | €480,862 | €670,618 | +€189,756 | +39.5% |
| Plant, machinery and equipment | 23 | €225,004 | €186,436 | -€38,568 | -17.1% |
| Furniture and vehicles | 24 | €1,974 | €45 | -€1,928 | -97.7% |
| Financial fixed assets | 28 | €1,529 | €1,529 | = | 0.0% |
| Current assets | 29/58 | €712,920 | €539,648 | -€173,271 | -24.3% |
| Amounts receivable after more than one year | 29 | €242,801 | €242,801 | = | 0.0% |
| Other amounts receivable | 291 | €242,801 | €242,801 | = | 0.0% |
| Stocks and contracts in progress | 3 | €119,508 | €109,108 | -€10,400 | -8.7% |
| Stocks | 30/36 | €119,508 | €109,108 | -€10,400 | -8.7% |
| Amounts receivable within one year | 40/41 | €294,347 | €39,228 | -€255,119 | -86.7% |
| Trade receivables | 40 | €251,743 | €1,176 | -€250,567 | -99.5% |
| Other amounts receivable | 41 | €42,604 | €38,051 | -€4,552 | -10.7% |
| Cash at bank and in hand | 54/58 | €51,117 | €144,573 | +€93,456 | +182.8% |
| Deferred charges and accrued income | 490/1 | €5,148 | €3,940 | -€1,208 | -23.5% |
| Total equity and liabilities | 10/49 | €1,422,287 | €1,398,275 | -€24,012 | -1.7% |
| Equity | 10/15 | €1,258,107 | €1,158,087 | -€100,020 | -8.0% |
| Contributions | 10/11 | €331,250 | €331,250 | = | 0.0% |
| Capital | 10 | €331,250 | €331,250 | = | 0.0% |
| Issued capital | 100 | €331,250 | €331,250 | = | 0.0% |
| Reserves | 13 | €533,125 | €533,125 | = | 0.0% |
| Non-distributable reserves | 130/1 | €33,125 | €33,125 | = | 0.0% |
| Legal reserve | 130 | €33,125 | €33,125 | = | 0.0% |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €393,732 | €293,712 | -€100,020 | -25.4% |
| Amounts payable | 17/49 | €164,181 | €240,189 | +€76,008 | +46.3% |
| Amounts payable after more than one year | 17 | €35,397 | €94,000 | +€58,603 | +165.6% |
| Financial debts | 170/4 | €35,397 | €94,000 | +€58,603 | +165.6% |
| Amounts payable within one year | 42/48 | €128,364 | €145,996 | +€17,632 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €27,911 | €13,464 | -€14,447 | -51.8% |
| Suppliers | 440/4 | €27,911 | €13,464 | -€14,447 | -51.8% |
| Taxes, remuneration and social security | 45 | €5,289 | €1,908 | -€3,381 | -63.9% |
| Taxes | 450/3 | €3,470 | €212 | -€3,258 | -93.9% |
| Remuneration and social security | 454/9 | €1,819 | €1,696 | -€123 | -6.7% |
| Other amounts payable | 47/48 | €83,164 | €118,623 | +€35,460 | +42.6% |
| Accrued charges and deferred income | 492/3 | €420 | €193 | -€227 | -54.1% |
| Remuneration, social security and pensions | 62 | €20,025 | €22,160 | +€2,135 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,067 | €77,192 | +€4,125 | +5.6% |
| Other operating charges | 640/8 | €7,015 | €5,879 | -€1,135 | -16.2% |
| Gross operating margin | 9900 | €88,877 | €9,169 | -€79,708 | -89.7% |
| Operating profit (loss) | 9901 | -€11,230 | -€96,063 | -€84,833 | -755.4% |
| Financial income | 75/76B | €399 | €76 | -€323 | -81.0% |
| Recurring financial income | 75 | €399 | €76 | -€323 | -81.0% |
| Financial charges | 65/66B | €1,174 | €4,033 | +€2,859 | +243.5% |
| Recurring financial charges | 65 | €1,174 | €4,033 | +€2,859 | +243.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,005 | -€100,020 | -€88,015 | -733.1% |
| Profit (loss) for the period | 9904 | -€12,005 | -€100,020 | -€88,015 | -733.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,005 | -€100,020 | -€88,015 | -733.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.