BELGIUM COPY: 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.
BELGIUM COPY
Largest movements
- Receivables within one year -€67,401
down €67,401 (-34.8%), from €193,731 to €126,331
of which Other amounts receivable: -€40,680
- Cash +€24,127
up €24,127 (+31.4%), from €76,782 to €100,909
mainly Net result for the year (+€71,446) and Receivables within one year (+€67,401)
- Stocks and contracts -€4,386
down €4,386 (-27.9%), from €15,706 to €11,320
- Trade debts -€98,718
down €98,718 (-69.6%), from €141,887 to €43,169
- Other debts +€36,500
new in 2025: €36,500
- Reserves +€35,000
up €35,000 (+37.2%), from €94,000 to €129,000
of which Distributable reserves: +€35,000
- Tax, wage and social debts +€24,778
up €24,778 (+1,098%), from €2,256 to €27,034
- Current portion of long-term debt -€24,112
down €24,112 (-53.2%), from €45,332 to €21,219
- Gross operating margin +€40,652
up €40,652 (+54.1%), from €75,110 to €115,762
- Taxes +€26,316
up €26,316 (+6,264%), from €420 to €26,736
- Financial charges -€5,148
down €5,148 (-39.0%), from €13,188 to €8,040
- Staff costs -€5,120
down €5,120 (-53.5%), from €9,562 to €4,442
- Depreciation +€3,066
up €3,066 (+64.0%), from €4,789 to €7,855
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 | €325,589 | €278,013 | -€47,576 | -14.6% |
| Fixed assets | 21/28 | €28,071 | €28,114 | +€43 | +0.2% |
| Tangible fixed assets | 22/27 | €19,797 | €19,840 | +€43 | +0.2% |
| Plant, machinery and equipment | 23 | €16,607 | €12,709 | -€3,899 | -23.5% |
| Furniture and vehicles | 24 | €3,189 | €7,132 | +€3,942 | +124% |
| Financial fixed assets | 28 | €8,274 | €8,274 | = | 0.0% |
| Current assets | 29/58 | €297,518 | €249,899 | -€47,619 | -16.0% |
| Stocks and contracts in progress | 3 | €15,706 | €11,320 | -€4,386 | -27.9% |
| Stocks | 30/36 | €15,706 | €11,320 | -€4,386 | -27.9% |
| Amounts receivable within one year | 40/41 | €193,731 | €126,331 | -€67,401 | -34.8% |
| Trade receivables | 40 | €40,464 | €13,744 | -€26,720 | -66.0% |
| Other amounts receivable | 41 | €153,267 | €112,587 | -€40,680 | -26.5% |
| Cash at bank and in hand | 54/58 | €76,782 | €100,909 | +€24,127 | +31.4% |
| Deferred charges and accrued income | 490/1 | €11,299 | €11,339 | +€40 | +0.4% |
| Total equity and liabilities | 10/49 | €325,589 | €278,013 | -€47,576 | -14.6% |
| Equity | 10/15 | €112,600 | €148,046 | +€35,446 | +31.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,000 | €129,000 | +€35,000 | +37.2% |
| Tax-exempt reserves | 132 | €31,656 | €31,656 | = | 0.0% |
| Distributable reserves | 133 | €62,344 | €97,344 | +€35,000 | +56.1% |
| Profit (loss) carried forward | 14 | - | €446 | +€446 | |
| Amounts payable | 17/49 | €212,989 | €129,968 | -€83,022 | -39.0% |
| Amounts payable after more than one year | 17 | €23,264 | €2,045 | -€21,219 | -91.2% |
| Financial debts | 170/4 | €23,264 | €2,045 | -€21,219 | -91.2% |
| Amounts payable within one year | 42/48 | €189,475 | €127,922 | -€61,553 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €45,332 | €21,219 | -€24,112 | -53.2% |
| Trade debts | 44 | €141,887 | €43,169 | -€98,718 | -69.6% |
| Suppliers | 440/4 | €141,887 | €43,169 | -€98,718 | -69.6% |
| Taxes, remuneration and social security | 45 | €2,256 | €27,034 | +€24,778 | +1,098% |
| Taxes | 450/3 | €2,256 | €27,034 | +€24,778 | +1,098% |
| Other amounts payable | 47/48 | - | €36,500 | +€36,500 | |
| Accrued charges and deferred income | 492/3 | €250 | - | -€250 | |
| Remuneration, social security and pensions | 62 | €9,562 | €4,442 | -€5,120 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,789 | €7,855 | +€3,066 | +64.0% |
| Other operating charges | 640/8 | €3,190 | €2,716 | -€473 | -14.8% |
| Gross operating margin | 9900 | €75,110 | €115,762 | +€40,652 | +54.1% |
| Operating profit (loss) | 9901 | €57,569 | €100,748 | +€43,180 | +75.0% |
| Financial income | 75/76B | €7,102 | €5,473 | -€1,629 | -22.9% |
| Recurring financial income | 75 | €7,102 | €5,473 | -€1,629 | -22.9% |
| Financial charges | 65/66B | €13,188 | €8,040 | -€5,148 | -39.0% |
| Recurring financial charges | 65 | €13,188 | €8,040 | -€5,148 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €51,483 | €98,182 | +€46,699 | +90.7% |
| Income taxes | 67/77 | €420 | €26,736 | +€26,316 | +6,264% |
| Profit (loss) for the period | 9904 | €51,063 | €71,446 | +€20,382 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,063 | €71,446 | +€20,382 | +39.9% |
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 28 October 2026 via checked.be.