BETWEEN 9 AND 5: 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.
BETWEEN 9 AND 5
Largest movements
- Receivables within one year -€15,765
down €15,765 (-7.4%), from €212,852 to €197,087
of which Trade receivables: -€30,117
- Cash -€9,490
down €9,490 (-3.4%), from €276,733 to €267,243
mainly Debts after one year (-€17,772) and Investment in fixed assets (net) (-€15,034)
- Tangible fixed assets -€9,179
down €9,179 (-5.0%), from €183,698 to €174,519
of which Land and buildings: -€19,715
- Debts after one year -€17,772
down €17,772 (-10.1%), from €176,629 to €158,857
- Tax, wage and social debts -€14,005
down €14,005 (-26.7%), from €52,400 to €38,395
- Gross operating margin -€111,720
down €111,720 (-77.8%), from €143,557 to €31,838
- Taxes -€38,395
no longer reported in 2025 (was €38,395)
- Financial income -€13,666
down €13,666 (-95.4%), from €14,319 to €653
- Write-downs -€4,450
down €4,450, from €2,225 to -€2,225
- Other operating charges -€3,763
down €3,763 (-31.2%), from €12,054 to €8,291
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 | €674,286 | €643,447 | -€30,839 | -4.6% |
| Fixed assets | 21/28 | €183,698 | €174,519 | -€9,179 | -5.0% |
| Tangible fixed assets | 22/27 | €183,698 | €174,519 | -€9,179 | -5.0% |
| Land and buildings | 22 | €177,435 | €157,720 | -€19,715 | -11.1% |
| Plant, machinery and equipment | 23 | - | €12,786 | +€12,786 | |
| Furniture and vehicles | 24 | €3,246 | €2,732 | -€514 | -15.8% |
| Other tangible fixed assets | 26 | €3,017 | €1,281 | -€1,735 | -57.5% |
| Current assets | 29/58 | €490,588 | €468,928 | -€21,659 | -4.4% |
| Amounts receivable within one year | 40/41 | €212,852 | €197,087 | -€15,765 | -7.4% |
| Trade receivables | 40 | €211,606 | €181,489 | -€30,117 | -14.2% |
| Other amounts receivable | 41 | €1,246 | €15,598 | +€14,352 | +1,152% |
| Cash at bank and in hand | 54/58 | €276,733 | €267,243 | -€9,490 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,003 | €4,599 | +€3,596 | +359% |
| Total equity and liabilities | 10/49 | €674,286 | €643,447 | -€30,839 | -4.6% |
| Equity | 10/15 | €373,900 | €370,581 | -€3,319 | -0.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €353,900 | €350,581 | -€3,319 | -0.9% |
| Distributable reserves | 133 | €353,900 | €350,581 | -€3,319 | -0.9% |
| Amounts payable | 17/49 | €300,386 | €272,866 | -€27,520 | -9.2% |
| Amounts payable after more than one year | 17 | €176,629 | €158,857 | -€17,772 | -10.1% |
| Financial debts | 170/4 | €176,629 | €158,857 | -€17,772 | -10.1% |
| Amounts payable within one year | 42/48 | €123,757 | €114,009 | -€9,748 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €17,516 | €17,772 | +€256 | +1.5% |
| Trade debts | 44 | €1,183 | €2,766 | +€1,583 | +134% |
| Suppliers | 440/4 | €1,183 | €2,766 | +€1,583 | +134% |
| Advances received on contracts in progress | 46 | - | €1,102 | +€1,102 | |
| Taxes, remuneration and social security | 45 | €52,400 | €38,395 | -€14,005 | -26.7% |
| Taxes | 450/3 | €52,400 | €38,395 | -€14,005 | -26.7% |
| Other amounts payable | 47/48 | €52,657 | €53,974 | +€1,317 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,815 | €24,213 | +€398 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,225 | -€2,225 | -€4,450 | |
| Other operating charges | 640/8 | €12,054 | €8,291 | -€3,763 | -31.2% |
| Gross operating margin | 9900 | €143,557 | €31,838 | -€111,720 | -77.8% |
| Operating profit (loss) | 9901 | €105,464 | €1,559 | -€103,905 | -98.5% |
| Financial income | 75/76B | €14,319 | €653 | -€13,666 | -95.4% |
| Recurring financial income | 75 | €14,319 | €653 | -€13,666 | -95.4% |
| Financial charges | 65/66B | €7,220 | €5,531 | -€1,689 | -23.4% |
| Recurring financial charges | 65 | €7,220 | €5,531 | -€1,689 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €112,564 | -€3,319 | -€115,883 | |
| Income taxes | 67/77 | €38,395 | - | -€38,395 | |
| Profit (loss) for the period | 9904 | €74,168 | -€3,319 | -€77,487 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,168 | -€3,319 | -€77,487 |
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 17 October 2026 via checked.be.