BOX: 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.
BOX
Largest movements
- Receivables within one year +€65,514
up €65,514 (+457.1%), from €14,332 to €79,847
of which Trade receivables: +€49,049
- Tangible fixed assets -€44,817
down €44,817 (-3.9%), from €1.2m to €1.1m
of which Land and buildings: -€46,832
- Cash -€18,297
down €18,297 (-21.9%), from €83,564 to €65,266
mainly Debts after one year (-€91,624) and Receivables within one year (-€65,514)
- Debts after one year -€91,624
down €91,624 (-9.8%), from €931,139 to €839,515
of which Financial debts: -€93,500
- Reserves +€70,330
up €70,330 (+108.3%), from €64,958 to €135,287
- Tax, wage and social debts +€21,524
up €21,524 (+121.3%), from €17,749 to €39,273
- Gross operating margin +€4,958
up €4,958 (+3.0%), from €165,861 to €170,819
- Financial charges -€2,925
down €2,925 (-10.7%), from €27,338 to €24,413
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 | €1,254,663 | €1,257,063 | +€2,400 | +0.2% |
| Fixed assets | 21/28 | €1,156,767 | €1,111,950 | -€44,817 | -3.9% |
| Tangible fixed assets | 22/27 | €1,156,767 | €1,111,950 | -€44,817 | -3.9% |
| Land and buildings | 22 | €1,145,103 | €1,098,271 | -€46,832 | -4.1% |
| Plant, machinery and equipment | 23 | €7,652 | €11,000 | +€3,348 | +43.7% |
| Furniture and vehicles | 24 | €4,012 | €2,679 | -€1,333 | -33.2% |
| Current assets | 29/58 | €97,896 | €145,113 | +€47,217 | +48.2% |
| Amounts receivable within one year | 40/41 | €14,332 | €79,847 | +€65,514 | +457.1% |
| Trade receivables | 40 | €1,934 | €50,982 | +€49,049 | +2536.7% |
| Other amounts receivable | 41 | €12,399 | €28,864 | +€16,465 | +132.8% |
| Cash at bank and in hand | 54/58 | €83,564 | €65,266 | -€18,297 | -21.9% |
| Total equity and liabilities | 10/49 | €1,254,663 | €1,257,063 | +€2,400 | +0.2% |
| Equity | 10/15 | €194,958 | €265,287 | +€70,330 | +36.1% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €64,958 | €135,287 | +€70,330 | +108.3% |
| Distributable reserves | 133 | €64,958 | €135,287 | +€70,330 | +108.3% |
| Amounts payable | 17/49 | €1,059,705 | €991,775 | -€67,930 | -6.4% |
| Amounts payable after more than one year | 17 | €931,139 | €839,515 | -€91,624 | -9.8% |
| Financial debts | 170/4 | €750,542 | €657,041 | -€93,500 | -12.5% |
| Other amounts payable | 178/9 | €180,598 | €182,473 | +€1,876 | +1.0% |
| Amounts payable within one year | 42/48 | €128,566 | €152,261 | +€23,694 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €93,500 | €93,500 | = | 0.0% |
| Trade debts | 44 | €17,317 | €19,488 | +€2,171 | +12.5% |
| Suppliers | 440/4 | €17,317 | €19,488 | +€2,171 | +12.5% |
| Taxes, remuneration and social security | 45 | €17,749 | €39,273 | +€21,524 | +121.3% |
| Taxes | 450/3 | €17,749 | €39,273 | +€21,524 | +121.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,860 | €50,430 | +€1,570 | +3.2% |
| Other operating charges | 640/8 | €8,377 | €8,933 | +€556 | +6.6% |
| Gross operating margin | 9900 | €165,861 | €170,819 | +€4,958 | +3.0% |
| Operating profit (loss) | 9901 | €108,624 | €111,456 | +€2,832 | +2.6% |
| Financial income | 75/76B | €164 | €1,064 | +€900 | +550.2% |
| Recurring financial income | 75 | €164 | €1,064 | +€900 | +550.2% |
| Financial charges | 65/66B | €27,338 | €24,413 | -€2,925 | -10.7% |
| Recurring financial charges | 65 | €27,338 | €24,413 | -€2,925 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €81,449 | €88,106 | +€6,657 | +8.2% |
| Income taxes | 67/77 | €16,634 | €17,776 | +€1,142 | +6.9% |
| Profit (loss) for the period | 9904 | €64,815 | €70,330 | +€5,515 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,815 | €70,330 | +€5,515 | +8.5% |
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 7 October 2026 via checked.be.