BODY: 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.
BODY
Largest movements
- Tangible fixed assets -€10,245
down €10,245 (-2.0%), from €521,201 to €510,956
of which Land and buildings: -€25,706
- Stocks and contracts -€7,684
down €7,684 (-19.8%), from €38,797 to €31,113
- Debts after one year -€34,146
down €34,146 (-14.5%), from €235,081 to €200,935
of which Other amounts payable: -€18,000
- Other debts +€31,609
up €31,609 (+9.0%), from €351,252 to €382,861
- Trade debts -€30,805
down €30,805 (-31.8%), from €96,727 to €65,922
- Tax, wage and social debts +€8,246
up €8,246 (+59.2%), from €13,930 to €22,177
of which Remuneration and social security: +€13,462
- Profit (loss) carried forward +€7,901
up €7,901 (+6.2%), from -€127,681 to -€119,780
- Gross operating margin +€118,014
up €118,014 (+122.4%), from €96,453 to €214,467
- Staff costs +€84,460
up €84,460 (+162.6%), from €51,938 to €136,399
- Depreciation +€5,845
up €5,845 (+15.2%), from €38,497 to €44,342
- Other operating charges +€3,836
up €3,836 (+49.3%), from €7,786 to €11,622
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 | €662,609 | €645,745 | -€16,864 | -2.5% |
| Fixed assets | 21/28 | €521,201 | €510,956 | -€10,245 | -2.0% |
| Tangible fixed assets | 22/27 | €521,201 | €510,956 | -€10,245 | -2.0% |
| Land and buildings | 22 | €440,143 | €414,437 | -€25,706 | -5.8% |
| Plant, machinery and equipment | 23 | €79,154 | €89,926 | +€10,772 | +13.6% |
| Furniture and vehicles | 24 | €1,904 | €6,593 | +€4,689 | +246.3% |
| Current assets | 29/58 | €141,408 | €134,788 | -€6,619 | -4.7% |
| Stocks and contracts in progress | 3 | €38,797 | €31,113 | -€7,684 | -19.8% |
| Stocks | 30/36 | €38,797 | €31,113 | -€7,684 | -19.8% |
| Amounts receivable within one year | 40/41 | €39,828 | €39,870 | +€42 | +0.1% |
| Trade receivables | 40 | €30,242 | €38,268 | +€8,027 | +26.5% |
| Other amounts receivable | 41 | €9,587 | €1,602 | -€7,985 | -83.3% |
| Cash at bank and in hand | 54/58 | €60,588 | €62,895 | +€2,307 | +3.8% |
| Deferred charges and accrued income | 490/1 | €2,195 | €910 | -€1,285 | -58.5% |
| Total equity and liabilities | 10/49 | €662,609 | €645,745 | -€16,864 | -2.5% |
| Equity | 10/15 | -€50,196 | -€42,296 | +€7,901 | +15.7% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €3,116 | €3,116 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,688 | €2,688 | = | 0.0% |
| Legal reserve | 130 | €2,688 | €2,688 | = | 0.0% |
| Distributable reserves | 133 | €428 | €428 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,681 | -€119,780 | +€7,901 | +6.2% |
| Amounts payable | 17/49 | €712,805 | €688,040 | -€24,764 | -3.5% |
| Amounts payable after more than one year | 17 | €235,081 | €200,935 | -€34,146 | -14.5% |
| Financial debts | 170/4 | €164,581 | €148,435 | -€16,146 | -9.8% |
| Other amounts payable | 178/9 | €70,500 | €52,500 | -€18,000 | -25.5% |
| Amounts payable within one year | 42/48 | €477,724 | €487,105 | +€9,382 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €15,814 | €16,146 | +€332 | +2.1% |
| Trade debts | 44 | €96,727 | €65,922 | -€30,805 | -31.8% |
| Suppliers | 440/4 | €96,727 | €65,922 | -€30,805 | -31.8% |
| Taxes, remuneration and social security | 45 | €13,930 | €22,177 | +€8,246 | +59.2% |
| Taxes | 450/3 | €8,255 | €3,039 | -€5,216 | -63.2% |
| Remuneration and social security | 454/9 | €5,676 | €19,137 | +€13,462 | +237.2% |
| Other amounts payable | 47/48 | €351,252 | €382,861 | +€31,609 | +9.0% |
| Remuneration, social security and pensions | 62 | €51,938 | €136,399 | +€84,460 | +162.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,497 | €44,342 | +€5,845 | +15.2% |
| Other operating charges | 640/8 | €7,786 | €11,622 | +€3,836 | +49.3% |
| Gross operating margin | 9900 | €96,453 | €214,467 | +€118,014 | +122.4% |
| Operating profit (loss) | 9901 | -€1,768 | €22,104 | +€23,872 | |
| Financial income | 75/76B | €0 | €70 | +€70 | +69580.0% |
| Recurring financial income | 75 | €0 | €70 | +€70 | +69580.0% |
| Financial charges | 65/66B | €14,497 | €13,983 | -€514 | -3.5% |
| Recurring financial charges | 65 | €14,497 | €13,983 | -€514 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,265 | €8,190 | +€24,456 | |
| Income taxes | 67/77 | €280 | €290 | +€10 | +3.6% |
| Profit (loss) for the period | 9904 | -€16,545 | €7,901 | +€24,446 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,545 | €7,901 | +€24,446 |
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 5 October 2026 via checked.be.