Bar Theo: 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.
Bar Theo
Largest movements
- Receivables within one year +€176,604
up €176,604 (+197.2%), from €89,536 to €266,139
of which Other amounts receivable: +€176,779
- Cash -€108,903
down €108,903 (-51.5%), from €211,523 to €102,619
mainly Receivables within one year (-€176,604) and Investment in fixed assets (net) (-€146,621)
- Tangible fixed assets +€93,766
up €93,766 (+61.5%), from €152,369 to €246,134
of which Land and buildings: +€99,384
- Reserves +€85,298
up €85,298 (+19.7%), from €433,895 to €519,193
- Tax, wage and social debts +€78,437
up €78,437 (+769.7%), from €10,191 to €88,628
of which Taxes: +€48,819
- Current portion of long-term debt -€10,375
down €10,375 (-51.8%), from €20,026 to €9,651
- Gross operating margin +€102,531
up €102,531 (+20.3%), from €505,833 to €608,363
- Staff costs +€32,385
up €32,385 (+8.6%), from €375,017 to €407,402
- Depreciation +€18,170
up €18,170 (+53.3%), from €34,086 to €52,256
- Taxes +€9,570
up €9,570 (+26.2%), from €36,553 to €46,123
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 | €499,400 | €657,474 | +€158,075 | +31.7% |
| Fixed assets | 21/28 | €152,545 | €246,910 | +€94,366 | +61.9% |
| Tangible fixed assets | 22/27 | €152,369 | €246,134 | +€93,766 | +61.5% |
| Land and buildings | 22 | €6,314 | €105,699 | +€99,384 | +1573.9% |
| Plant, machinery and equipment | 23 | €45,543 | €54,716 | +€9,173 | +20.1% |
| Furniture and vehicles | 24 | €24,734 | €22,824 | -€1,911 | -7.7% |
| Other tangible fixed assets | 26 | €75,777 | €62,896 | -€12,881 | -17.0% |
| Financial fixed assets | 28 | €176 | €776 | +€600 | +340.9% |
| Current assets | 29/58 | €346,855 | €410,564 | +€63,709 | +18.4% |
| Stocks and contracts in progress | 3 | €13,186 | €14,599 | +€1,413 | +10.7% |
| Stocks | 30/36 | €13,186 | €14,599 | +€1,413 | +10.7% |
| Amounts receivable within one year | 40/41 | €89,536 | €266,139 | +€176,604 | +197.2% |
| Trade receivables | 40 | €175 | - | -€175 | |
| Other amounts receivable | 41 | €89,361 | €266,139 | +€176,779 | +197.8% |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €211,523 | €102,619 | -€108,903 | -51.5% |
| Deferred charges and accrued income | 490/1 | €7,610 | €2,206 | -€5,404 | -71.0% |
| Total equity and liabilities | 10/49 | €499,400 | €657,474 | +€158,075 | +31.7% |
| Equity | 10/15 | €448,769 | €534,067 | +€85,298 | +19.0% |
| Contributions | 10/11 | €14,874 | €14,874 | = | 0.0% |
| Reserves | 13 | €433,895 | €519,193 | +€85,298 | +19.7% |
| Distributable reserves | 133 | €433,895 | €519,193 | +€85,298 | +19.7% |
| Amounts payable | 17/49 | €50,631 | €123,407 | +€72,776 | +143.7% |
| Amounts payable after more than one year | 17 | €16,918 | €20,517 | +€3,599 | +21.3% |
| Financial debts | 170/4 | €16,918 | €20,517 | +€3,599 | +21.3% |
| Amounts payable within one year | 42/48 | €33,713 | €102,890 | +€69,177 | +205.2% |
| Current portion of amounts payable after more than one year | 42 | €20,026 | €9,651 | -€10,375 | -51.8% |
| Trade debts | 44 | €3,321 | €4,612 | +€1,291 | +38.9% |
| Suppliers | 440/4 | €3,321 | €4,612 | +€1,291 | +38.9% |
| Taxes, remuneration and social security | 45 | €10,191 | €88,628 | +€78,437 | +769.7% |
| Taxes | 450/3 | - | €48,819 | +€48,819 | |
| Remuneration and social security | 454/9 | €10,191 | €39,808 | +€29,618 | +290.6% |
| Other amounts payable | 47/48 | €175 | - | -€175 | |
| Remuneration, social security and pensions | 62 | €375,017 | €407,402 | +€32,385 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,086 | €52,256 | +€18,170 | +53.3% |
| Other operating charges | 640/8 | €4,948 | €6,267 | +€1,319 | +26.7% |
| Gross operating margin | 9900 | €505,833 | €608,363 | +€102,531 | +20.3% |
| Operating profit (loss) | 9901 | €91,782 | €142,438 | +€50,656 | +55.2% |
| Financial income | 75/76B | €2,978 | €141 | -€2,837 | -95.3% |
| Recurring financial income | 75 | €2,978 | €141 | -€2,837 | -95.3% |
| Financial charges | 65/66B | €8,395 | €11,158 | +€2,763 | +32.9% |
| Recurring financial charges | 65 | €8,395 | €11,158 | +€2,763 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €86,366 | €131,421 | +€45,056 | +52.2% |
| Income taxes | 67/77 | €36,553 | €46,123 | +€9,570 | +26.2% |
| Profit (loss) for the period | 9904 | €49,812 | €85,298 | +€35,486 | +71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,812 | €85,298 | +€35,486 | +71.2% |
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 10 October 2026 via checked.be.