BONUS: what changed
Two financial 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.
BONUS
Largest movements
- Stocks and contracts +€200,411
up €200,411 (+16.4%), from €1.2m to €1.4m
- Cash +€61,026
up €61,026 (+56.0%), from €108,892 to €169,919
mainly Debts after one year (+€315,813) and Net result for the year (+€79,609)
- Receivables within one year +€23,453
up €23,453 (+7.4%), from €314,870 to €338,323
of which Other amounts receivable: +€18,556
- Debts after one year +€315,813
up €315,813 (+23.0%), from €1.4m to €1.7m
- Trade debts -€102,467
down €102,467 (-99.9%), from €102,583 to €117
- Profit (loss) carried forward +€79,609
up €79,609 (+95.3%), from €83,541 to €163,150
- Taxes -€50,851
down €50,851 (-63.0%), from €80,767 to €29,917
- Gross operating margin -€41,326
down €41,326 (-18.9%), from €218,319 to €176,992
- Financial charges +€33,297
up €33,297 (+134%), from €24,836 to €58,133
- Other operating charges -€25,886
down €25,886 (-81.0%), from €31,941 to €6,055
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.
Derived cash bridge
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 | €1,686,405 | €1,978,559 | +€292,154 | +17.3% |
| Fixed assets | 21/28 | €35,172 | €40,725 | +€5,553 | +15.8% |
| Tangible fixed assets | 22/27 | €35,172 | €40,725 | +€5,553 | +15.8% |
| Land and buildings | 22 | €1,380 | €1,330 | -€50 | -3.6% |
| Plant, machinery and equipment | 23 | €3,693 | €4,089 | +€396 | +10.7% |
| Furniture and vehicles | 24 | €12,186 | €12,312 | +€126 | +1.0% |
| Other tangible fixed assets | 26 | €17,914 | €22,994 | +€5,080 | +28.4% |
| Current assets | 29/58 | €1,651,233 | €1,937,834 | +€286,602 | +17.4% |
| Stocks and contracts in progress | 3 | €1,225,683 | €1,426,094 | +€200,411 | +16.4% |
| Stocks | 30/36 | €1,225,683 | €1,426,094 | +€200,411 | +16.4% |
| Amounts receivable within one year | 40/41 | €314,870 | €338,323 | +€23,453 | +7.4% |
| Trade receivables | 40 | €76,821 | €81,718 | +€4,897 | +6.4% |
| Other amounts receivable | 41 | €238,049 | €256,605 | +€18,556 | +7.8% |
| Cash at bank and in hand | 54/58 | €108,892 | €169,919 | +€61,026 | +56.0% |
| Deferred charges and accrued income | 490/1 | €1,787 | €3,498 | +€1,711 | +95.8% |
| Total equity and liabilities | 10/49 | €1,686,405 | €1,978,559 | +€292,154 | +17.3% |
| Equity | 10/15 | €104,001 | €183,610 | +€79,609 | +76.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,541 | €163,150 | +€79,609 | +95.3% |
| Amounts payable | 17/49 | €1,582,404 | €1,794,950 | +€212,545 | +13.4% |
| Amounts payable after more than one year | 17 | €1,375,557 | €1,691,370 | +€315,813 | +23.0% |
| Financial debts | 170/4 | €1,375,557 | €1,691,370 | +€315,813 | +23.0% |
| Amounts payable within one year | 42/48 | €206,847 | €103,579 | -€103,267 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €23,220 | €24,126 | +€906 | +3.9% |
| Financial debts | 43 | €9,730 | €7,610 | -€2,120 | -21.8% |
| Credit institutions | 430/8 | €9,730 | €7,610 | -€2,120 | -21.8% |
| Trade debts | 44 | €102,583 | €117 | -€102,467 | -99.9% |
| Suppliers | 440/4 | €102,583 | €117 | -€102,467 | -99.9% |
| Taxes, remuneration and social security | 45 | €71,313 | €71,727 | +€414 | +0.6% |
| Taxes | 450/3 | €67,313 | €67,727 | +€414 | +0.6% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,500 | €5,121 | +€1,620 | +46.3% |
| Other operating charges | 640/8 | €31,941 | €6,055 | -€25,886 | -81.0% |
| Gross operating margin | 9900 | €218,319 | €176,992 | -€41,326 | -18.9% |
| Operating profit (loss) | 9901 | €182,878 | €165,817 | -€17,061 | -9.3% |
| Financial income | 75/76B | €1,841 | €1,841 | +€0 | 0.0% |
| Recurring financial income | 75 | €1,841 | €1,841 | +€0 | 0.0% |
| Financial charges | 65/66B | €24,836 | €58,133 | +€33,297 | +134% |
| Recurring financial charges | 65 | €24,836 | €58,133 | +€33,297 | +134% |
| Profit (loss) for the period before taxes | 9903 | €159,883 | €109,526 | -€50,357 | -31.5% |
| Income taxes | 67/77 | €80,767 | €29,917 | -€50,851 | -63.0% |
| Profit (loss) for the period | 9904 | €79,116 | €79,609 | +€493 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,116 | €79,609 | +€493 | +0.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.