BREAK OUT TIME: 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.
BREAK OUT TIME
Largest movements
- Tangible fixed assets +€769,134
up €769,134 (+134%), from €574,856 to €1.3m
of which Other tangible fixed assets: +€642,797
- Receivables within one year +€51,086
up €51,086 (+61.2%), from €83,486 to €134,573
of which Other amounts receivable: +€35,910
- Cash -€34,277
down €34,277 (-70.7%), from €48,481 to €14,204
mainly Investment in fixed assets (net) (-€960,475) and Receivables within one year (-€51,086)
- Debts after one year +€436,204
up €436,204 (+110%), from €397,486 to €833,690
of which Financial debts: +€406,204
- Trade debts +€161,255
up €161,255 (+373%), from €43,215 to €204,470
- Current portion of long-term debt +€133,721
up €133,721 (+124%), from €107,763 to €241,484
- Tax, wage and social debts +€39,217
up €39,217 (+174%), from €22,575 to €61,792
of which Remuneration and social security: +€23,755
- Gross operating margin +€127,916
up €127,916 (+33.5%), from €382,105 to €510,020
- Depreciation +€104,143
up €104,143 (+105%), from €99,494 to €203,637
- Staff costs +€100,143
up €100,143 (+70.3%), from €142,430 to €242,574
- Financial charges +€27,783
up €27,783 (+156%), from €17,763 to €45,546
- Taxes -€14,566
down €14,566 (-95.9%), from €15,192 to €626
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 | €788,148 | €1,577,378 | +€789,229 | +100% |
| Formation expenses | 20 | €5,259 | €3,962 | -€1,297 | -24.7% |
| Fixed assets | 21/28 | €615,803 | €1,373,937 | +€758,134 | +123% |
| Intangible fixed assets | 21 | €40,947 | €29,947 | -€11,000 | -26.9% |
| Tangible fixed assets | 22/27 | €574,856 | €1,343,990 | +€769,134 | +134% |
| Plant, machinery and equipment | 23 | €26,353 | €21,301 | -€5,052 | -19.2% |
| Furniture and vehicles | 24 | €233,409 | €237,798 | +€4,389 | +1.9% |
| Other tangible fixed assets | 26 | €315,094 | €957,891 | +€642,797 | +204% |
| Assets under construction and advance payments | 27 | - | €127,000 | +€127,000 | |
| Current assets | 29/58 | €167,086 | €199,478 | +€32,392 | +19.4% |
| Amounts receivable after more than one year | 29 | €5,200 | €2,600 | -€2,600 | -50.0% |
| Trade receivables | 290 | €5,200 | €2,600 | -€2,600 | -50.0% |
| Stocks and contracts in progress | 3 | €11,108 | €22,757 | +€11,649 | +105% |
| Stocks | 30/36 | €11,108 | €22,757 | +€11,649 | +105% |
| Amounts receivable within one year | 40/41 | €83,486 | €134,573 | +€51,086 | +61.2% |
| Trade receivables | 40 | €66,163 | €81,339 | +€15,176 | +22.9% |
| Other amounts receivable | 41 | €17,324 | €53,234 | +€35,910 | +207% |
| Cash at bank and in hand | 54/58 | €48,481 | €14,204 | -€34,277 | -70.7% |
| Deferred charges and accrued income | 490/1 | €18,811 | €25,344 | +€6,533 | +34.7% |
| Total equity and liabilities | 10/49 | €788,148 | €1,577,378 | +€789,229 | +100% |
| Equity | 10/15 | €198,388 | €210,293 | +€11,906 | +6.0% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,388 | €140,293 | +€11,906 | +9.3% |
| Amounts payable | 17/49 | €589,761 | €1,367,084 | +€777,324 | +132% |
| Amounts payable after more than one year | 17 | €397,486 | €833,690 | +€436,204 | +110% |
| Financial debts | 170/4 | €397,486 | €803,690 | +€406,204 | +102% |
| Other amounts payable | 178/9 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €177,529 | €528,260 | +€350,731 | +198% |
| Current portion of amounts payable after more than one year | 42 | €107,763 | €241,484 | +€133,721 | +124% |
| Financial debts | 43 | €3,182 | €6,474 | +€3,291 | +103% |
| Credit institutions | 430/8 | €3,182 | €6,474 | +€3,291 | +103% |
| Trade debts | 44 | €43,215 | €204,470 | +€161,255 | +373% |
| Suppliers | 440/4 | €43,215 | €204,470 | +€161,255 | +373% |
| Advances received on contracts in progress | 46 | - | €1,786 | +€1,786 | |
| Taxes, remuneration and social security | 45 | €22,575 | €61,792 | +€39,217 | +174% |
| Taxes | 450/3 | €531 | €15,993 | +€15,462 | +2,911% |
| Remuneration and social security | 454/9 | €22,044 | €45,799 | +€23,755 | +108% |
| Other amounts payable | 47/48 | €793 | €12,254 | +€11,460 | +1,445% |
| Accrued charges and deferred income | 492/3 | €14,746 | €5,135 | -€9,611 | -65.2% |
| Remuneration, social security and pensions | 62 | €142,430 | €242,574 | +€100,143 | +70.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,494 | €203,637 | +€104,143 | +105% |
| Other operating charges | 640/8 | €3,941 | €6,529 | +€2,588 | +65.7% |
| Gross operating margin | 9900 | €382,105 | €510,020 | +€127,916 | +33.5% |
| Operating profit (loss) | 9901 | €136,240 | €57,281 | -€78,959 | -58.0% |
| Financial income | 75/76B | €750 | €796 | +€46 | +6.2% |
| Recurring financial income | 75 | €750 | €796 | +€46 | +6.2% |
| Financial charges | 65/66B | €17,763 | €45,546 | +€27,783 | +156% |
| Recurring financial charges | 65 | €17,763 | €45,546 | +€27,783 | +156% |
| Profit (loss) for the period before taxes | 9903 | €119,226 | €12,531 | -€106,695 | -89.5% |
| Income taxes | 67/77 | €15,192 | €626 | -€14,566 | -95.9% |
| Profit (loss) for the period | 9904 | €104,035 | €11,906 | -€92,129 | -88.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,035 | €11,906 | -€92,129 | -88.6% |
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 17 October 2026 via checked.be.