BILLIONS: what changed
BILLIONS
Largest movements
- Receivables within one year +€38,039
up €38,039 (+226%), from €16,839 to €54,878
of which Trade receivables: +€31,368
- Deferred charges and accrued income -€17,610
down €17,610 (-91.6%), from €19,215 to €1,605
- Cash -€12,561
down €12,561 (-31.4%), from €39,974 to €27,413
mainly Receivables within one year (-€38,039) and Tax, wage and social debts (-€18,070)
- Stocks and contracts +€11,571
new in 2025: €11,571
- Tangible fixed assets -€3,290
down €3,290 (-8.2%), from €39,996 to €36,706
of which Furniture and vehicles: -€5,671
- Tax, wage and social debts -€18,070
down €18,070 (-78.5%), from €23,018 to €4,948
- Trade debts +€12,739
up €12,739 (+57.2%), from €22,271 to €35,009
- Debts after one year +€12,433
new in 2025: €12,433
- Other debts +€8,874
up €8,874 (+12,596%), from €70 to €8,944
- Profit (loss) carried forward -€6,250
down €6,250 (-8.8%), from €70,857 to €64,607
- Gross operating margin -€55,101
down €55,101 (-84.1%), from €65,550 to €10,449
- Taxes -€23,728
down €23,728, from €23,475 to -€253
- Depreciation +€8,247
up €8,247 (+237%), from €3,477 to €11,724
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €119,216 | €135,125 | +€15,909 | +13.3% |
| Fixed assets | 21/28 | €43,189 | €39,658 | -€3,530 | -8.2% |
| Intangible fixed assets | 21 | €613 | €373 | -€240 | -39.2% |
| Tangible fixed assets | 22/27 | €39,996 | €36,706 | -€3,290 | -8.2% |
| Plant, machinery and equipment | 23 | €8,603 | €10,983 | +€2,380 | +27.7% |
| Furniture and vehicles | 24 | €31,394 | €25,723 | -€5,671 | -18.1% |
| Financial fixed assets | 28 | €2,580 | €2,580 | = | 0.0% |
| Current assets | 29/58 | €76,027 | €95,467 | +€19,439 | +25.6% |
| Stocks and contracts in progress | 3 | - | €11,571 | +€11,571 | |
| Stocks | 30/36 | - | €11,571 | +€11,571 | |
| Amounts receivable within one year | 40/41 | €16,839 | €54,878 | +€38,039 | +226% |
| Trade receivables | 40 | €16,839 | €48,207 | +€31,368 | +186% |
| Other amounts receivable | 41 | - | €6,671 | +€6,671 | |
| Cash at bank and in hand | 54/58 | €39,974 | €27,413 | -€12,561 | -31.4% |
| Deferred charges and accrued income | 490/1 | €19,215 | €1,605 | -€17,610 | -91.6% |
| Total equity and liabilities | 10/49 | €119,216 | €135,125 | +€15,909 | +13.3% |
| Equity | 10/15 | €73,857 | €67,607 | -€6,250 | -8.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,857 | €64,607 | -€6,250 | -8.8% |
| Amounts payable | 17/49 | €45,359 | €67,518 | +€22,159 | +48.9% |
| Amounts payable after more than one year | 17 | - | €12,433 | +€12,433 | |
| Financial debts | 170/4 | - | €12,433 | +€12,433 | |
| Amounts payable within one year | 42/48 | €45,359 | €53,730 | +€8,372 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,829 | +€4,829 | |
| Trade debts | 44 | €22,271 | €35,009 | +€12,739 | +57.2% |
| Suppliers | 440/4 | €22,271 | €35,009 | +€12,739 | +57.2% |
| Taxes, remuneration and social security | 45 | €23,018 | €4,948 | -€18,070 | -78.5% |
| Taxes | 450/3 | €23,018 | €4,948 | -€18,070 | -78.5% |
| Other amounts payable | 47/48 | €70 | €8,944 | +€8,874 | +12,596% |
| Accrued charges and deferred income | 492/3 | - | €1,355 | +€1,355 | |
| Remuneration, social security and pensions | 62 | €3,840 | €3,840 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,477 | €11,724 | +€8,247 | +237% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €63 | +€63 | |
| Other operating charges | 640/8 | €182 | €353 | +€171 | +94.1% |
| Gross operating margin | 9900 | €65,550 | €10,449 | -€55,101 | -84.1% |
| Operating profit (loss) | 9901 | €58,052 | -€5,531 | -€63,582 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +1,858% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1,858% |
| Financial charges | 65/66B | €819 | €975 | +€156 | +19.0% |
| Recurring financial charges | 65 | €819 | €975 | +€156 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €57,232 | -€6,503 | -€63,736 | |
| Income taxes | 67/77 | €23,475 | -€253 | -€23,728 | |
| Profit (loss) for the period | 9904 | €33,758 | -€6,250 | -€40,008 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,758 | -€6,250 | -€40,008 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.