BUILDING VISION: 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.
BUILDING VISION
Largest movements
- Receivables within one year -€106,020
down €106,020 (-50.5%), from €210,074 to €104,054
of which Other amounts receivable: -€78,655
- Cash +€97,132
up €97,132 (+249.0%), from €39,013 to €136,144
mainly Receivables within one year (+€106,020) and Net result for the year (+€95,941)
- Tangible fixed assets +€23,652
up €23,652 (+26.7%), from €88,634 to €112,286
of which Other tangible fixed assets: +€28,605
- Deferred charges and accrued income +€15,323
up €15,323 (+120.2%), from €12,745 to €28,068
- Other debts +€69,680
up €69,680 (+117.6%), from €59,255 to €128,935
- Reserves -€26,183
down €26,183 (-12.2%), from €214,243 to €188,060
- Trade debts -€10,085
down €10,085 (-52.7%), from €19,150 to €9,065
- Debts after one year -€8,232
down €8,232 (-23.7%), from €34,755 to €26,523
- Tax, wage and social debts +€4,127
up €4,127 (+27.0%), from €15,265 to €19,391
of which Taxes: +€7,127
- Gross operating margin +€52,613
up €52,613 (+49.8%), from €105,753 to €158,367
- Taxes +€15,181
up €15,181 (+61.6%), from €24,625 to €39,806
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 | €362,630 | €390,559 | +€27,929 | +7.7% |
| Fixed assets | 21/28 | €98,642 | €122,293 | +€23,652 | +24.0% |
| Tangible fixed assets | 22/27 | €88,634 | €112,286 | +€23,652 | +26.7% |
| Plant, machinery and equipment | 23 | €3,808 | €1,415 | -€2,393 | -62.8% |
| Furniture and vehicles | 24 | €4,636 | €2,076 | -€2,560 | -55.2% |
| Other tangible fixed assets | 26 | €80,190 | €108,795 | +€28,605 | +35.7% |
| Financial fixed assets | 28 | €10,007 | €10,007 | = | 0.0% |
| Current assets | 29/58 | €263,989 | €268,266 | +€4,277 | +1.6% |
| Stocks and contracts in progress | 3 | €2,157 | €0 | -€2,157 | -100.0% |
| Stocks | 30/36 | €2,157 | €0 | -€2,157 | -100.0% |
| Amounts receivable within one year | 40/41 | €210,074 | €104,054 | -€106,020 | -50.5% |
| Trade receivables | 40 | €33,214 | €5,848 | -€27,365 | -82.4% |
| Other amounts receivable | 41 | €176,860 | €98,205 | -€78,655 | -44.5% |
| Cash at bank and in hand | 54/58 | €39,013 | €136,144 | +€97,132 | +249.0% |
| Deferred charges and accrued income | 490/1 | €12,745 | €28,068 | +€15,323 | +120.2% |
| Total equity and liabilities | 10/49 | €362,630 | €390,559 | +€27,929 | +7.7% |
| Equity | 10/15 | €223,743 | €197,560 | -€26,183 | -11.7% |
| Contributions | 10/11 | €9,500 | €9,500 | = | 0.0% |
| Reserves | 13 | €214,243 | €188,060 | -€26,183 | -12.2% |
| Distributable reserves | 133 | €214,243 | €188,060 | -€26,183 | -12.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €138,887 | €192,999 | +€54,112 | +39.0% |
| Amounts payable after more than one year | 17 | €34,755 | €26,523 | -€8,232 | -23.7% |
| Financial debts | 170/4 | €34,755 | €26,523 | -€8,232 | -23.7% |
| Amounts payable within one year | 42/48 | €104,096 | €166,114 | +€62,018 | +59.6% |
| Current portion of amounts payable after more than one year | 42 | €8,057 | €8,232 | +€175 | +2.2% |
| Financial debts | 43 | €2,369 | €491 | -€1,878 | -79.3% |
| Other loans | 439 | €2,369 | €491 | -€1,878 | -79.3% |
| Trade debts | 44 | €19,150 | €9,065 | -€10,085 | -52.7% |
| Suppliers | 440/4 | €19,150 | €9,065 | -€10,085 | -52.7% |
| Taxes, remuneration and social security | 45 | €15,265 | €19,391 | +€4,127 | +27.0% |
| Taxes | 450/3 | €12,265 | €19,391 | +€7,127 | +58.1% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | €59,255 | €128,935 | +€69,680 | +117.6% |
| Accrued charges and deferred income | 492/3 | €37 | €362 | +€326 | +891.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,194 | €20,667 | +€1,473 | +7.7% |
| Other operating charges | 640/8 | €1,146 | €777 | -€370 | -32.3% |
| Gross operating margin | 9900 | €105,753 | €158,367 | +€52,613 | +49.8% |
| Operating profit (loss) | 9901 | €85,413 | €136,923 | +€51,511 | +60.3% |
| Financial income | 75/76B | €0 | €20 | +€20 | |
| Recurring financial income | 75 | €0 | €20 | +€20 | |
| Financial charges | 65/66B | €1,314 | €1,195 | -€118 | -9.0% |
| Recurring financial charges | 65 | €1,314 | €1,195 | -€118 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €84,099 | €135,747 | +€51,648 | +61.4% |
| Income taxes | 67/77 | €24,625 | €39,806 | +€15,181 | +61.6% |
| Profit (loss) for the period | 9904 | €59,474 | €95,941 | +€36,468 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,474 | €95,941 | +€36,468 | +61.3% |
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 8 October 2026 via checked.be.