BOX 63: 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 63
Largest movements
- Cash -€67,473
down €67,473 (-30.1%), from €224,118 to €156,645
mainly Tax, wage and social debts (-€45,866) and Receivables within one year (-€39,100)
- Receivables within one year +€39,100
up €39,100 (+105.8%), from €36,956 to €76,056
of which Trade receivables: +€34,317
- Stocks and contracts +€33,949
up €33,949 (+16.5%), from €206,016 to €239,965
- Tangible fixed assets +€8,325
new in 2025: €8,325
- Tax, wage and social debts -€45,866
down €45,866 (-55.6%), from €82,543 to €36,677
of which Taxes: -€54,151
- Other debts +€43,963
up €43,963 (+14.6%), from €301,856 to €345,819
- Profit (loss) carried forward +€23,074
up €23,074 (+40.1%), from €57,542 to €80,616
- Debts after one year -€7,888
down €7,888 (-65.8%), from €11,990 to €4,101
- Other operating charges -€2,007
down €2,007 (-67.8%), from €2,961 to €953
- Staff costs +€1,852
up €1,852 (+2.6%), from €70,584 to €72,436
- Gross operating margin -€1,176
down €1,176 (-1.1%), from €107,338 to €106,162
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 | €468,428 | €483,551 | +€15,123 | +3.2% |
| Fixed assets | 21/28 | €157 | €8,482 | +€8,325 | +5302.7% |
| Tangible fixed assets | 22/27 | - | €8,325 | +€8,325 | |
| Furniture and vehicles | 24 | - | €8,325 | +€8,325 | |
| Financial fixed assets | 28 | €157 | €157 | = | 0.0% |
| Current assets | 29/58 | €468,271 | €475,069 | +€6,797 | +1.5% |
| Stocks and contracts in progress | 3 | €206,016 | €239,965 | +€33,949 | +16.5% |
| Stocks | 30/36 | €206,016 | €239,965 | +€33,949 | +16.5% |
| Amounts receivable within one year | 40/41 | €36,956 | €76,056 | +€39,100 | +105.8% |
| Trade receivables | 40 | €2,162 | €36,479 | +€34,317 | +1587.3% |
| Other amounts receivable | 41 | €34,794 | €39,577 | +€4,783 | +13.7% |
| Cash at bank and in hand | 54/58 | €224,118 | €156,645 | -€67,473 | -30.1% |
| Deferred charges and accrued income | 490/1 | €1,182 | €2,403 | +€1,221 | +103.4% |
| Total equity and liabilities | 10/49 | €468,428 | €483,551 | +€15,123 | +3.2% |
| Equity | 10/15 | €64,272 | €87,346 | +€23,074 | +35.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €530 | €530 | = | 0.0% |
| Non-distributable reserves | 130/1 | €530 | €530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €530 | €530 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,542 | €80,616 | +€23,074 | +40.1% |
| Amounts payable | 17/49 | €404,156 | €396,205 | -€7,951 | -2.0% |
| Amounts payable after more than one year | 17 | €11,990 | €4,101 | -€7,888 | -65.8% |
| Financial debts | 170/4 | €11,990 | €4,101 | -€7,888 | -65.8% |
| Amounts payable within one year | 42/48 | €392,166 | €392,104 | -€62 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €7,487 | €7,888 | +€401 | +5.4% |
| Trade debts | 44 | €280 | €1,719 | +€1,439 | +513.7% |
| Suppliers | 440/4 | €280 | €1,719 | +€1,439 | +513.7% |
| Taxes, remuneration and social security | 45 | €82,543 | €36,677 | -€45,866 | -55.6% |
| Taxes | 450/3 | €63,376 | €9,225 | -€54,151 | -85.4% |
| Remuneration and social security | 454/9 | €19,167 | €27,453 | +€8,285 | +43.2% |
| Other amounts payable | 47/48 | €301,856 | €345,819 | +€43,963 | +14.6% |
| Remuneration, social security and pensions | 62 | €70,584 | €72,436 | +€1,852 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €377 | +€377 | |
| Other operating charges | 640/8 | €2,961 | €953 | -€2,007 | -67.8% |
| Gross operating margin | 9900 | €107,338 | €106,162 | -€1,176 | -1.1% |
| Operating profit (loss) | 9901 | €33,793 | €32,396 | -€1,397 | -4.1% |
| Financial income | 75/76B | - | €233 | +€233 | |
| Recurring financial income | 75 | - | €233 | +€233 | |
| Financial charges | 65/66B | €1,449 | €1,129 | -€320 | -22.1% |
| Recurring financial charges | 65 | €1,449 | €1,129 | -€320 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €32,344 | €31,500 | -€844 | -2.6% |
| Income taxes | 67/77 | €8,960 | €8,426 | -€534 | -6.0% |
| Profit (loss) for the period | 9904 | €23,384 | €23,074 | -€310 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,384 | €23,074 | -€310 | -1.3% |
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 4 October 2026 via checked.be.