BEAR IN MIND: 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.
BEAR IN MIND
Largest movements
- Receivables within one year +€71,270
up €71,270 (+79.4%), from €89,799 to €161,069
of which Trade receivables: +€69,453
- Cash +€35,592
up €35,592 (+236%), from €15,062 to €50,654
mainly Depreciation (+€116,207) and Debts after one year (+€76,932)
- Tangible fixed assets -€27,173
down €27,173 (-2.7%), from €991,209 to €964,036
of which Furniture and vehicles: -€38,717
- Debts after one year +€76,932
up €76,932 (+11.7%), from €654,907 to €731,839
of which Other amounts payable: +€100,000
- Reserves -€44,317
down €44,317 (-30.7%), from €144,346 to €100,029
- Trade debts +€19,850
up €19,850 (+262%), from €7,587 to €27,438
- Current portion of long-term debt +€14,668
up €14,668 (+22.6%), from €64,771 to €79,439
- Depreciation +€19,869
up €19,869 (+20.6%), from €96,338 to €116,207
- Gross operating margin +€17,006
up €17,006 (+6.2%), from €276,381 to €293,387
- Financial charges +€6,202
up €6,202 (+25.5%), from €24,322 to €30,524
- Taxes -€4,032
down €4,032 (-14.7%), from €27,403 to €23,371
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 | €1,166,422 | €1,240,672 | +€74,250 | +6.4% |
| Fixed assets | 21/28 | €992,972 | €964,899 | -€28,073 | -2.8% |
| Intangible fixed assets | 21 | €1,763 | €863 | -€900 | -51.0% |
| Tangible fixed assets | 22/27 | €991,209 | €964,036 | -€27,173 | -2.7% |
| Land and buildings | 22 | €820,530 | €828,189 | +€7,659 | +0.9% |
| Plant, machinery and equipment | 23 | €29,123 | €33,009 | +€3,886 | +13.3% |
| Furniture and vehicles | 24 | €141,555 | €102,838 | -€38,717 | -27.4% |
| Current assets | 29/58 | €173,450 | €275,773 | +€102,323 | +59.0% |
| Amounts receivable within one year | 40/41 | €89,799 | €161,069 | +€71,270 | +79.4% |
| Trade receivables | 40 | €89,799 | €159,252 | +€69,453 | +77.3% |
| Other amounts receivable | 41 | - | €1,817 | +€1,817 | |
| Current investments | 50/53 | €57,344 | €49,176 | -€8,167 | -14.2% |
| Cash at bank and in hand | 54/58 | €15,062 | €50,654 | +€35,592 | +236% |
| Deferred charges and accrued income | 490/1 | €11,245 | €14,873 | +€3,628 | +32.3% |
| Total equity and liabilities | 10/49 | €1,166,422 | €1,240,672 | +€74,250 | +6.4% |
| Equity | 10/15 | €164,346 | €120,029 | -€44,317 | -27.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €144,346 | €100,029 | -€44,317 | -30.7% |
| Distributable reserves | 133 | €144,346 | €100,029 | -€44,317 | -30.7% |
| Amounts payable | 17/49 | €1,002,076 | €1,120,643 | +€118,567 | +11.8% |
| Amounts payable after more than one year | 17 | €654,907 | €731,839 | +€76,932 | +11.7% |
| Financial debts | 170/4 | €654,907 | €631,839 | -€23,068 | -3.5% |
| Other amounts payable | 178/9 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €343,183 | €381,065 | +€37,883 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €64,771 | €79,439 | +€14,668 | +22.6% |
| Trade debts | 44 | €7,587 | €27,438 | +€19,850 | +262% |
| Suppliers | 440/4 | €7,587 | €27,438 | +€19,850 | +262% |
| Taxes, remuneration and social security | 45 | €19,186 | €22,084 | +€2,899 | +15.1% |
| Taxes | 450/3 | €11,138 | €13,862 | +€2,724 | +24.5% |
| Remuneration and social security | 454/9 | €8,047 | €8,222 | +€174 | +2.2% |
| Other amounts payable | 47/48 | €251,638 | €252,104 | +€466 | +0.2% |
| Accrued charges and deferred income | 492/3 | €3,986 | €7,739 | +€3,753 | +94.1% |
| Remuneration, social security and pensions | 62 | €31,353 | €30,163 | -€1,191 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,338 | €116,207 | +€19,869 | +20.6% |
| Other operating charges | 640/8 | €17,275 | €18,029 | +€754 | +4.4% |
| Gross operating margin | 9900 | €276,381 | €293,387 | +€17,006 | +6.2% |
| Operating profit (loss) | 9901 | €131,415 | €128,988 | -€2,427 | -1.8% |
| Financial income | 75/76B | €312 | €1,422 | +€1,110 | +355% |
| Recurring financial income | 75 | €312 | €1,422 | +€1,110 | +355% |
| Financial charges | 65/66B | €24,322 | €30,524 | +€6,202 | +25.5% |
| Recurring financial charges | 65 | €24,322 | €30,524 | +€6,202 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €107,405 | €99,887 | -€7,518 | -7.0% |
| Income taxes | 67/77 | €27,403 | €23,371 | -€4,032 | -14.7% |
| Profit (loss) for the period | 9904 | €80,002 | €76,516 | -€3,486 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,002 | €76,516 | -€3,486 | -4.4% |
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 15 October 2026 via checked.be.