BOXING DAY: 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.
BOXING DAY
Largest movements
- Cash -€115,006
down €115,006 (-30.0%), from €382,867 to €267,860
mainly Investment in fixed assets (net) (-€149,832) and Debts after one year (-€67,765)
- Tangible fixed assets +€79,776
up €79,776 (+3.6%), from €2.2m to €2.3m
of which Plant, machinery and equipment: +€128,288
- Debts after one year -€67,765
down €67,765 (-24.2%), from €280,410 to €212,646
- Reserves +€46,668
up €46,668 (+2.8%), from €1.7m to €1.7m
of which Distributable reserves: +€44,808
- Gross operating margin +€87,676
up €87,676 (+144%), from €61,033 to €148,709
- Other operating charges -€59,735
down €59,735 (-72.6%), from €82,283 to €22,549
- Depreciation +€17,302
up €17,302 (+32.8%), from €52,754 to €70,056
- Financial income -€10,692
down €10,692 (-99.9%), from €10,701 to €9
- Taxes +€4,435
up €4,435 (+684%), from €648 to €5,083
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 | €2,588,482 | €2,554,243 | -€34,239 | -1.3% |
| Fixed assets | 21/28 | €2,201,994 | €2,281,770 | +€79,776 | +3.6% |
| Tangible fixed assets | 22/27 | €2,201,994 | €2,281,770 | +€79,776 | +3.6% |
| Land and buildings | 22 | €1,437,519 | €1,409,836 | -€27,683 | -1.9% |
| Plant, machinery and equipment | 23 | €199,243 | €327,531 | +€128,288 | +64.4% |
| Furniture and vehicles | 24 | €10,871 | €11,868 | +€997 | +9.2% |
| Leasing and similar rights | 25 | €554,361 | €532,535 | -€21,825 | -3.9% |
| Current assets | 29/58 | €386,488 | €272,473 | -€114,015 | -29.5% |
| Amounts receivable within one year | 40/41 | €708 | €1,625 | +€918 | +130% |
| Trade receivables | 40 | €545 | €1,463 | +€918 | +168% |
| Other amounts receivable | 41 | €163 | €163 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €382,867 | €267,860 | -€115,006 | -30.0% |
| Deferred charges and accrued income | 490/1 | €2,914 | €2,988 | +€74 | +2.5% |
| Total equity and liabilities | 10/49 | €2,588,482 | €2,554,243 | -€34,239 | -1.3% |
| Equity | 10/15 | €1,679,925 | €1,726,593 | +€46,668 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,661,325 | €1,707,993 | +€46,668 | +2.8% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €1,661,325 | €1,706,133 | +€44,808 | +2.7% |
| Amounts payable | 17/49 | €908,558 | €827,651 | -€80,907 | -8.9% |
| Amounts payable after more than one year | 17 | €280,410 | €212,646 | -€67,765 | -24.2% |
| Financial debts | 170/4 | €280,410 | €212,646 | -€67,765 | -24.2% |
| Amounts payable within one year | 42/48 | €628,147 | €614,005 | -€14,142 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €66,398 | €67,765 | +€1,367 | +2.1% |
| Trade debts | 44 | €37,633 | €24,464 | -€13,169 | -35.0% |
| Suppliers | 440/4 | €37,633 | €24,464 | -€13,169 | -35.0% |
| Advances received on contracts in progress | 46 | €860 | - | -€860 | |
| Taxes, remuneration and social security | 45 | €1,518 | €5,731 | +€4,213 | +277% |
| Taxes | 450/3 | €1,518 | €5,731 | +€4,213 | +277% |
| Other amounts payable | 47/48 | €521,738 | €516,046 | -€5,693 | -1.1% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Non-recurring operating income | 76A | - | €4,800 | +€4,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,754 | €70,056 | +€17,302 | +32.8% |
| Other operating charges | 640/8 | €82,283 | €22,549 | -€59,735 | -72.6% |
| Gross operating margin | 9900 | €61,033 | €148,709 | +€87,676 | +144% |
| Operating profit (loss) | 9901 | -€74,004 | €56,105 | +€130,108 | |
| Financial income | 75/76B | €10,701 | €9 | -€10,692 | -99.9% |
| Recurring financial income | 75 | €10,701 | €9 | -€10,692 | -99.9% |
| Financial charges | 65/66B | €5,587 | €4,363 | -€1,224 | -21.9% |
| Recurring financial charges | 65 | €5,587 | €4,363 | -€1,224 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€68,890 | €51,751 | +€120,641 | |
| Income taxes | 67/77 | €648 | €5,083 | +€4,435 | +684% |
| Profit (loss) for the period | 9904 | -€69,538 | €46,668 | +€116,206 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,538 | €46,668 | +€116,206 |
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 26 October 2026 via checked.be.