BLACKBOX: 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.
BLACKBOX
Largest movements
- Tangible fixed assets +€328,634
up €328,634 (+40.9%), from €803,394 to €1.1m
of which Land and buildings: +€312,930
- Cash -€79,526
down €79,526 (-88.4%), from €89,966 to €10,439
mainly Investment in fixed assets (net) (-€379,561) and Trade debts (-€12,311)
- Receivables after one year -€60,556
no longer reported in 2024 (was €60,556)
of which Trade receivables: -€52,756
- Debts after one year +€175,570
up €175,570 (+24.5%), from €715,976 to €891,547
- Financial charges +€16,711
up €16,711 (+68.4%), from €24,426 to €41,137
- Depreciation +€14,794
up €14,794 (+40.9%), from €36,133 to €50,927
- Taxes -€4,431
down €4,431 (-66.1%), from €6,704 to €2,274
- Financial income +€3,958
up €3,958 (+20.3%), from €19,513 to €23,471
- Gross operating margin -€3,277
down €3,277 (-4.8%), from €68,489 to €65,213
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,164,748 | €2,339,804 | +€175,056 | +8.1% |
| Fixed assets | 21/28 | €846,519 | €1,175,153 | +€328,634 | +38.8% |
| Tangible fixed assets | 22/27 | €803,394 | €1,132,028 | +€328,634 | +40.9% |
| Land and buildings | 22 | €753,533 | €1,066,463 | +€312,930 | +41.5% |
| Plant, machinery and equipment | 23 | €34,861 | €65,565 | +€30,704 | +88.1% |
| Assets under construction and advance payments | 27 | €15,000 | - | -€15,000 | |
| Financial fixed assets | 28 | €43,125 | €43,125 | = | 0.0% |
| Current assets | 29/58 | €1,318,229 | €1,164,651 | -€153,578 | -11.7% |
| Amounts receivable after more than one year | 29 | €60,556 | - | -€60,556 | |
| Trade receivables | 290 | €52,756 | - | -€52,756 | |
| Other amounts receivable | 291 | €7,800 | - | -€7,800 | |
| Amounts receivable within one year | 40/41 | €1,166,255 | €1,153,697 | -€12,558 | -1.1% |
| Trade receivables | 40 | €27,304 | €1,100 | -€26,204 | -96.0% |
| Other amounts receivable | 41 | €1,138,950 | €1,152,597 | +€13,646 | +1.2% |
| Cash at bank and in hand | 54/58 | €89,966 | €10,439 | -€79,526 | -88.4% |
| Deferred charges and accrued income | 490/1 | €1,453 | €515 | -€938 | -64.6% |
| Total equity and liabilities | 10/49 | €2,164,748 | €2,339,804 | +€175,056 | +8.1% |
| Equity | 10/15 | €937,575 | €928,244 | -€9,332 | -1.0% |
| Contributions | 10/11 | €70,650 | €70,650 | = | 0.0% |
| Reserves | 13 | €803,699 | €785,843 | -€17,856 | -2.2% |
| Tax-exempt reserves | 132 | €798,674 | €780,819 | -€17,856 | -2.2% |
| Distributable reserves | 133 | €5,025 | €5,025 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,227 | €71,751 | +€8,524 | +13.5% |
| Provisions and deferred taxes | 16 | €266,225 | €260,273 | -€5,952 | -2.2% |
| Deferred taxes | 168 | €266,225 | €260,273 | -€5,952 | -2.2% |
| Amounts payable | 17/49 | €960,948 | €1,151,288 | +€190,340 | +19.8% |
| Amounts payable after more than one year | 17 | €715,976 | €891,547 | +€175,570 | +24.5% |
| Financial debts | 170/4 | €715,976 | €891,547 | +€175,570 | +24.5% |
| Amounts payable within one year | 42/48 | €233,005 | €248,979 | +€15,974 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €57,951 | €74,942 | +€16,991 | +29.3% |
| Trade debts | 44 | €19,460 | €7,149 | -€12,311 | -63.3% |
| Suppliers | 440/4 | €19,460 | €7,149 | -€12,311 | -63.3% |
| Taxes, remuneration and social security | 45 | €12,468 | €11,011 | -€1,457 | -11.7% |
| Taxes | 450/3 | €12,468 | €11,011 | -€1,457 | -11.7% |
| Other amounts payable | 47/48 | €143,126 | €155,877 | +€12,751 | +8.9% |
| Accrued charges and deferred income | 492/3 | €11,966 | €10,762 | -€1,204 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,133 | €50,927 | +€14,794 | +40.9% |
| Other operating charges | 640/8 | €8,719 | €9,629 | +€910 | +10.4% |
| Gross operating margin | 9900 | €68,489 | €65,213 | -€3,277 | -4.8% |
| Operating profit (loss) | 9901 | €23,637 | €4,657 | -€18,980 | -80.3% |
| Financial income | 75/76B | €19,513 | €23,471 | +€3,958 | +20.3% |
| Recurring financial income | 75 | €19,513 | €23,471 | +€3,958 | +20.3% |
| Financial charges | 65/66B | €24,426 | €41,137 | +€16,711 | +68.4% |
| Recurring financial charges | 65 | €24,426 | €41,137 | +€16,711 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €18,724 | -€13,010 | -€31,733 | |
| Transfer from deferred taxes | 780 | €1,599 | €5,952 | +€4,352 | +272.1% |
| Income taxes | 67/77 | €6,704 | €2,274 | -€4,431 | -66.1% |
| Profit (loss) for the period | 9904 | €13,619 | -€9,332 | -€22,950 | |
| Transfer from tax-exempt reserves | 789 | €4,798 | €17,856 | +€13,057 | +272.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,417 | €8,524 | -€9,893 | -53.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.