Bowtie: 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.
Bowtie
Largest movements
- Receivables after one year -€56,226
down €56,226 (-18.7%), from €300,166 to €243,941
- Receivables within one year +€30,572
up €30,572 (+18.1%), from €168,789 to €199,361
of which Other amounts receivable: +€23,021
- Trade debts -€23,681
down €23,681 (-47.9%), from €49,404 to €25,723
- Other debts +€10,891
up €10,891 (+21.5%), from €50,718 to €61,609
- Accrued charges and deferred income -€7,404
down €7,404 (-51.5%), from €14,382 to €6,978
- Depreciation -€8,670
down €8,670 (-87.1%), from €9,949 to €1,279
- Gross operating margin -€6,005
down €6,005 (-7.9%), from €76,183 to €70,179
- Other operating charges +€1,648
up €1,648 (+95.1%), from €1,732 to €3,379
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 | €621,537 | €595,601 | -€25,936 | -4.2% |
| Fixed assets | 21/28 | €21,341 | €20,062 | -€1,279 | -6.0% |
| Tangible fixed assets | 22/27 | €21,341 | €20,062 | -€1,279 | -6.0% |
| Land and buildings | 22 | €19,308 | €19,308 | = | 0.0% |
| Plant, machinery and equipment | 23 | €899 | €467 | -€432 | -48.1% |
| Furniture and vehicles | 24 | €1,134 | €288 | -€847 | -74.6% |
| Current assets | 29/58 | €600,196 | €575,539 | -€24,657 | -4.1% |
| Amounts receivable after more than one year | 29 | €300,166 | €243,941 | -€56,226 | -18.7% |
| Other amounts receivable | 291 | €300,166 | €243,941 | -€56,226 | -18.7% |
| Amounts receivable within one year | 40/41 | €168,789 | €199,361 | +€30,572 | +18.1% |
| Trade receivables | 40 | €87,131 | €94,682 | +€7,551 | +8.7% |
| Other amounts receivable | 41 | €81,657 | €104,679 | +€23,021 | +28.2% |
| Cash at bank and in hand | 54/58 | €128,926 | €130,143 | +€1,217 | +0.9% |
| Deferred charges and accrued income | 490/1 | €2,315 | €2,094 | -€221 | -9.6% |
| Total equity and liabilities | 10/49 | €621,537 | €595,601 | -€25,936 | -4.2% |
| Equity | 10/15 | €489,479 | €483,589 | -€5,890 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,917 | €261,027 | -€5,890 | -2.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,989 | €1,989 | = | 0.0% |
| Distributable reserves | 133 | €263,073 | €257,183 | -€5,890 | -2.2% |
| Profit (loss) carried forward | 14 | €216,362 | €216,362 | = | 0.0% |
| Amounts payable | 17/49 | €132,058 | €112,012 | -€20,046 | -15.2% |
| Amounts payable within one year | 42/48 | €117,676 | €105,034 | -€12,642 | -10.7% |
| Trade debts | 44 | €49,404 | €25,723 | -€23,681 | -47.9% |
| Suppliers | 440/4 | €49,404 | €25,723 | -€23,681 | -47.9% |
| Taxes, remuneration and social security | 45 | €17,554 | €17,702 | +€148 | +0.8% |
| Taxes | 450/3 | €17,554 | €17,702 | +€148 | +0.8% |
| Other amounts payable | 47/48 | €50,718 | €61,609 | +€10,891 | +21.5% |
| Accrued charges and deferred income | 492/3 | €14,382 | €6,978 | -€7,404 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,949 | €1,279 | -€8,670 | -87.1% |
| Other operating charges | 640/8 | €1,732 | €3,379 | +€1,648 | +95.1% |
| Gross operating margin | 9900 | €76,183 | €70,179 | -€6,005 | -7.9% |
| Operating profit (loss) | 9901 | €64,502 | €65,520 | +€1,018 | +1.6% |
| Financial income | 75/76B | €7,165 | €6,912 | -€253 | -3.5% |
| Recurring financial income | 75 | €7,165 | €6,912 | -€253 | -3.5% |
| Financial charges | 65/66B | €239 | €135 | -€103 | -43.3% |
| Recurring financial charges | 65 | €239 | €135 | -€103 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €71,428 | €72,297 | +€869 | +1.2% |
| Income taxes | 67/77 | €21,932 | €22,074 | +€142 | +0.6% |
| Profit (loss) for the period | 9904 | €49,496 | €50,223 | +€727 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,496 | €50,223 | +€727 | +1.5% |
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 5 October 2026 via checked.be.