BLUE 1: 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.
BLUE 1
Largest movements
- Receivables within one year +€286,640
up €286,640 (+32.2%), from €891,179 to €1.2m
of which Other amounts receivable: +€243,943
- Stocks and contracts -€248,111
down €248,111 (-31.1%), from €797,056 to €548,945
- Cash -€53,989
down €53,989 (-29.5%), from €182,893 to €128,904
mainly Contributions, distributions and other (-€814,000) and Receivables within one year (-€286,640)
- Intangible fixed assets -€39,512
down €39,512 (-31.6%), from €124,961 to €85,450
- Tangible fixed assets -€27,808
down €27,808 (-4.9%), from €564,721 to €536,913
of which Land and buildings: -€20,639
- Other debts +€830,800
up €830,800 (+258.0%), from €322,000 to €1.2m
- Reserves -€678,602
down €678,602 (-54.1%), from €1.3m to €575,061
of which Distributable reserves: -€678,602
- Short-term financial debts -€120,000
no longer reported in 2025 (was €120,000)
- Trade debts -€105,499
down €105,499 (-33.8%), from €311,670 to €206,171
- Staff costs -€118,260
down €118,260 (-20.6%), from €574,148 to €455,888
- Gross operating margin -€89,946
down €89,946 (-10.6%), from €852,453 to €762,507
- Taxes +€16,394
up €16,394 (+152.5%), from €10,749 to €27,144
- Depreciation -€11,609
down €11,609 (-8.8%), from €131,488 to €119,879
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 | €2,564,263 | €2,481,991 | -€82,273 | -3.2% |
| Fixed assets | 21/28 | €689,682 | €622,362 | -€67,320 | -9.8% |
| Intangible fixed assets | 21 | €124,961 | €85,450 | -€39,512 | -31.6% |
| Tangible fixed assets | 22/27 | €564,721 | €536,913 | -€27,808 | -4.9% |
| Land and buildings | 22 | €429,949 | €409,310 | -€20,639 | -4.8% |
| Plant, machinery and equipment | 23 | €63,139 | €49,267 | -€13,872 | -22.0% |
| Furniture and vehicles | 24 | €71,633 | €78,336 | +€6,702 | +9.4% |
| Current assets | 29/58 | €1,874,581 | €1,859,628 | -€14,953 | -0.8% |
| Stocks and contracts in progress | 3 | €797,056 | €548,945 | -€248,111 | -31.1% |
| Stocks | 30/36 | €797,056 | €548,945 | -€248,111 | -31.1% |
| Amounts receivable within one year | 40/41 | €891,179 | €1,177,819 | +€286,640 | +32.2% |
| Trade receivables | 40 | €330,485 | €373,182 | +€42,697 | +12.9% |
| Other amounts receivable | 41 | €560,693 | €804,636 | +€243,943 | +43.5% |
| Cash at bank and in hand | 54/58 | €182,893 | €128,904 | -€53,989 | -29.5% |
| Deferred charges and accrued income | 490/1 | €3,453 | €3,961 | +€507 | +14.7% |
| Total equity and liabilities | 10/49 | €2,564,263 | €2,481,991 | -€82,273 | -3.2% |
| Equity | 10/15 | €1,315,163 | €636,561 | -€678,602 | -51.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,253,663 | €575,061 | -€678,602 | -54.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,945 | €7,945 | = | 0.0% |
| Distributable reserves | 133 | €1,239,568 | €560,966 | -€678,602 | -54.7% |
| Provisions and deferred taxes | 16 | €12,817 | €12,817 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,817 | €12,817 | = | 0.0% |
| Environmental obligations | 163 | €12,817 | €12,817 | = | 0.0% |
| Amounts payable | 17/49 | €1,236,283 | €1,832,612 | +€596,329 | +48.2% |
| Amounts payable after more than one year | 17 | €392,477 | €379,570 | -€12,907 | -3.3% |
| Financial debts | 170/4 | €392,477 | €379,570 | -€12,907 | -3.3% |
| Amounts payable within one year | 42/48 | €843,807 | €1,453,042 | +€609,236 | +72.2% |
| Current portion of amounts payable after more than one year | 42 | €65,097 | €58,374 | -€6,723 | -10.3% |
| Financial debts | 43 | €120,000 | - | -€120,000 | |
| Credit institutions | 430/8 | €120,000 | - | -€120,000 | |
| Trade debts | 44 | €311,670 | €206,171 | -€105,499 | -33.8% |
| Suppliers | 440/4 | €311,670 | €206,171 | -€105,499 | -33.8% |
| Taxes, remuneration and social security | 45 | €25,040 | €35,698 | +€10,658 | +42.6% |
| Taxes | 450/3 | €12,358 | €7,144 | -€5,214 | -42.2% |
| Remuneration and social security | 454/9 | €12,682 | €28,554 | +€15,872 | +125.2% |
| Other amounts payable | 47/48 | €322,000 | €1,152,800 | +€830,800 | +258.0% |
| Remuneration, social security and pensions | 62 | €574,148 | €455,888 | -€118,260 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,488 | €119,879 | -€11,609 | -8.8% |
| Other operating charges | 640/8 | €4,467 | €7,059 | +€2,592 | +58.0% |
| Gross operating margin | 9900 | €852,453 | €762,507 | -€89,946 | -10.6% |
| Operating profit (loss) | 9901 | €142,350 | €179,681 | +€37,332 | +26.2% |
| Financial income | 75/76B | €315 | €1,260 | +€945 | +300.6% |
| Recurring financial income | 75 | €315 | €1,260 | +€945 | +300.6% |
| Financial charges | 65/66B | €23,418 | €18,399 | -€5,018 | -21.4% |
| Recurring financial charges | 65 | €23,418 | €18,399 | -€5,018 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €119,246 | €162,542 | +€43,296 | +36.3% |
| Income taxes | 67/77 | €10,749 | €27,144 | +€16,394 | +152.5% |
| Profit (loss) for the period | 9904 | €108,497 | €135,398 | +€26,901 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,497 | €135,398 | +€26,901 | +24.8% |
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 8 October 2026 via checked.be.