BOX OUT: 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.
BOX OUT
Largest movements
- Receivables within one year -€63,610
down €63,610 (-80.8%), from €78,708 to €15,098
of which Trade receivables: -€58,362
- Cash +€49,662
up €49,662 (+16.0%), from €311,151 to €360,813
mainly Other debts (+€91,641) and Receivables within one year (+€63,610)
- Tangible fixed assets +€26,422
up €26,422 (+88.4%), from €29,884 to €56,305
of which Furniture and vehicles: +€27,103
- Other debts +€91,641
up €91,641 (+11853.2%), from €773 to €92,414
- Provisions -€79,947
down €79,947 (-100.0%), from €79,947 to €0
- Reserves +€13,619
up €13,619 (+4.3%), from €315,327 to €328,946
of which Distributable reserves: +€13,619
- Tax, wage and social debts -€12,894
down €12,894 (-35.7%), from €36,072 to €23,178
of which Taxes: -€19,704
- Gross operating margin -€95,661
down €95,661 (-62.5%), from €153,053 to €57,392
- Provisions -€79,947
no longer reported in 2025 (was €79,947)
- Financial income -€31,245
down €31,245 (-96.2%), from €32,495 to €1,251
- Financial charges +€18,352
up €18,352 (+952.9%), from €1,926 to €20,278
- Taxes -€8,075
down €8,075 (-36.4%), from €22,195 to €14,120
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 | €456,027 | €468,455 | +€12,429 | +2.7% |
| Fixed assets | 21/28 | €31,216 | €57,184 | +€25,968 | +83.2% |
| Intangible fixed assets | 21 | €832 | €378 | -€454 | -54.5% |
| Tangible fixed assets | 22/27 | €29,884 | €56,305 | +€26,422 | +88.4% |
| Land and buildings | 22 | €24,249 | €23,440 | -€810 | -3.3% |
| Furniture and vehicles | 24 | €2,405 | €29,508 | +€27,103 | +1127.2% |
| Other tangible fixed assets | 26 | €3,230 | €3,358 | +€128 | +4.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €424,810 | €411,271 | -€13,539 | -3.2% |
| Stocks and contracts in progress | 3 | €33,108 | €33,683 | +€575 | +1.7% |
| Stocks | 30/36 | €33,108 | €33,683 | +€575 | +1.7% |
| Amounts receivable within one year | 40/41 | €78,708 | €15,098 | -€63,610 | -80.8% |
| Trade receivables | 40 | €72,717 | €14,355 | -€58,362 | -80.3% |
| Other amounts receivable | 41 | €5,991 | €743 | -€5,248 | -87.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €311,151 | €360,813 | +€49,662 | +16.0% |
| Deferred charges and accrued income | 490/1 | €1,843 | €1,677 | -€166 | -9.0% |
| Total equity and liabilities | 10/49 | €456,027 | €468,455 | +€12,429 | +2.7% |
| Equity | 10/15 | €330,798 | €344,417 | +€13,619 | +4.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €315,327 | €328,946 | +€13,619 | +4.3% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €273,227 | €286,846 | +€13,619 | +5.0% |
| Profit (loss) carried forward | 14 | €3,070 | €3,070 | = | 0.0% |
| Provisions and deferred taxes | 16 | €79,947 | €0 | -€79,947 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €79,947 | €0 | -€79,947 | -100.0% |
| Environmental obligations | 163 | €79,947 | €0 | -€79,947 | -100.0% |
| Amounts payable | 17/49 | €45,282 | €124,039 | +€78,756 | +173.9% |
| Amounts payable within one year | 42/48 | €45,282 | €124,039 | +€78,756 | +173.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €8,437 | €8,446 | +€9 | +0.1% |
| Suppliers | 440/4 | €8,437 | €8,446 | +€9 | +0.1% |
| Taxes, remuneration and social security | 45 | €36,072 | €23,178 | -€12,894 | -35.7% |
| Taxes | 450/3 | €33,243 | €13,539 | -€19,704 | -59.3% |
| Remuneration and social security | 454/9 | €2,829 | €9,640 | +€6,810 | +240.7% |
| Other amounts payable | 47/48 | €773 | €92,414 | +€91,641 | +11853.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,759 | €6,448 | +€1,689 | +35.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,317 | +€2,317 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €79,947 | - | -€79,947 | |
| Other operating charges | 640/8 | €690 | €1,861 | +€1,170 | +169.5% |
| Gross operating margin | 9900 | €153,053 | €57,392 | -€95,661 | -62.5% |
| Operating profit (loss) | 9901 | €67,657 | €46,767 | -€20,891 | -30.9% |
| Financial income | 75/76B | €32,495 | €1,251 | -€31,245 | -96.2% |
| Recurring financial income | 75 | €32,495 | €1,251 | -€31,245 | -96.2% |
| Financial charges | 65/66B | €1,926 | €20,278 | +€18,352 | +952.9% |
| Recurring financial charges | 65 | €1,926 | €20,278 | +€18,352 | +952.9% |
| Profit (loss) for the period before taxes | 9903 | €98,226 | €27,739 | -€70,487 | -71.8% |
| Income taxes | 67/77 | €22,195 | €14,120 | -€8,075 | -36.4% |
| Profit (loss) for the period | 9904 | €76,032 | €13,619 | -€62,413 | -82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,032 | €13,619 | -€62,413 | -82.1% |
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 10 October 2026 via checked.be.