BILANDE: 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.
BILANDE
Largest movements
- Tangible fixed assets +€145,222
up €145,222 (+43.4%), from €334,375 to €479,597
of which Plant, machinery and equipment: +€106,643
- Cash -€134,655
down €134,655 (-84.0%), from €160,361 to €25,707
mainly Investment in fixed assets (net) (-€214,746) and Receivables within one year (-€79,517)
- Receivables within one year +€79,517
up €79,517 (+1319.6%), from €6,026 to €85,543
of which Trade receivables: +€84,635
- Other debts +€58,863
up €58,863 (+61.3%), from €96,056 to €154,918
- Debts after one year +€48,355
up €48,355 (+27.7%), from €174,592 to €222,947
- Trade debts -€36,316
down €36,316 (-50.8%), from €71,483 to €35,168
- Reserves +€14,669
up €14,669 (+21.2%), from €69,226 to €83,895
of which Distributable reserves: +€20,240
- Depreciation +€15,044
up €15,044 (+27.6%), from €54,480 to €69,524
- Gross operating margin +€14,821
up €14,821 (+12.6%), from €117,664 to €132,485
- Financial charges +€6,985
up €6,985 (+891.2%), from €784 to €7,769
- Taxes +€2,837
up €2,837 (+269.1%), from €1,054 to €3,891
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 | €503,893 | €594,196 | +€90,303 | +17.9% |
| Fixed assets | 21/28 | €334,375 | €479,597 | +€145,222 | +43.4% |
| Tangible fixed assets | 22/27 | €334,375 | €479,597 | +€145,222 | +43.4% |
| Plant, machinery and equipment | 23 | €310,104 | €416,747 | +€106,643 | +34.4% |
| Furniture and vehicles | 24 | €24,271 | €62,850 | +€38,579 | +159.0% |
| Current assets | 29/58 | €169,517 | €114,599 | -€54,919 | -32.4% |
| Stocks and contracts in progress | 3 | €3,130 | €1,668 | -€1,462 | -46.7% |
| Stocks | 30/36 | €3,130 | €1,668 | -€1,462 | -46.7% |
| Amounts receivable within one year | 40/41 | €6,026 | €85,543 | +€79,517 | +1319.6% |
| Trade receivables | 40 | €508 | €85,143 | +€84,635 | +16660.2% |
| Other amounts receivable | 41 | €5,518 | €400 | -€5,118 | -92.8% |
| Cash at bank and in hand | 54/58 | €160,361 | €25,707 | -€134,655 | -84.0% |
| Deferred charges and accrued income | 490/1 | - | €1,680 | +€1,680 | |
| Total equity and liabilities | 10/49 | €503,893 | €594,196 | +€90,303 | +17.9% |
| Equity | 10/15 | €83,560 | €98,229 | +€14,669 | +17.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €69,226 | €83,895 | +€14,669 | +21.2% |
| Non-distributable reserves | 130/1 | €286 | €286 | = | 0.0% |
| Reserves not available under the articles | 1311 | €286 | €286 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,342 | €25,771 | -€5,570 | -17.8% |
| Distributable reserves | 133 | €37,599 | €57,839 | +€20,240 | +53.8% |
| Profit (loss) carried forward | 14 | €8,134 | €8,134 | = | 0.0% |
| Provisions and deferred taxes | 16 | €11,197 | €8,965 | -€2,232 | -19.9% |
| Deferred taxes | 168 | €11,197 | €8,965 | -€2,232 | -19.9% |
| Amounts payable | 17/49 | €409,136 | €487,001 | +€77,865 | +19.0% |
| Amounts payable after more than one year | 17 | €174,592 | €222,947 | +€48,355 | +27.7% |
| Financial debts | 170/4 | €174,592 | €222,947 | +€48,355 | +27.7% |
| Amounts payable within one year | 42/48 | €234,544 | €263,995 | +€29,450 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €60,495 | €64,377 | +€3,883 | +6.4% |
| Trade debts | 44 | €71,483 | €35,168 | -€36,316 | -50.8% |
| Suppliers | 440/4 | €71,483 | €35,168 | -€36,316 | -50.8% |
| Taxes, remuneration and social security | 45 | €6,511 | €9,531 | +€3,021 | +46.4% |
| Taxes | 450/3 | €3,850 | €5,858 | +€2,008 | +52.1% |
| Remuneration and social security | 454/9 | €2,660 | €3,673 | +€1,013 | +38.1% |
| Other amounts payable | 47/48 | €96,056 | €154,918 | +€58,863 | +61.3% |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €37,828 | €38,170 | +€343 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,480 | €69,524 | +€15,044 | +27.6% |
| Other operating charges | 640/8 | €608 | €696 | +€88 | +14.5% |
| Gross operating margin | 9900 | €117,664 | €132,485 | +€14,821 | +12.6% |
| Operating profit (loss) | 9901 | €24,748 | €24,094 | -€654 | -2.6% |
| Financial income | 75/76B | €1 | €3 | +€2 | +220.7% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +220.7% |
| Financial charges | 65/66B | €784 | €7,769 | +€6,985 | +891.2% |
| Recurring financial charges | 65 | €784 | €7,769 | +€6,985 | +891.2% |
| Profit (loss) for the period before taxes | 9903 | €23,965 | €16,329 | -€7,637 | -31.9% |
| Transfer from deferred taxes | 780 | €2,189 | €2,232 | +€42 | +1.9% |
| Transfer to deferred taxes | 680 | €5,000 | - | -€5,000 | |
| Income taxes | 67/77 | €1,054 | €3,891 | +€2,837 | +269.1% |
| Profit (loss) for the period | 9904 | €20,100 | €14,669 | -€5,431 | -27.0% |
| Transfer from tax-exempt reserves | 789 | €5,443 | €5,570 | +€127 | +2.3% |
| Transfer to tax-exempt reserves | 689 | €15,000 | - | -€15,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,543 | €20,240 | +€9,696 | +92.0% |
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 6 October 2026 via checked.be.