BULLET POINT: 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.
BULLET POINT
Largest movements
- Cash +€85,109
up €85,109 (+543%), from €15,664 to €100,773
mainly Trade debts (+€82,055) and Net result for the year (+€70,980)
- Receivables within one year +€33,003
up €33,003 (+33.2%), from €99,446 to €132,449
of which Trade receivables: +€34,232
- Tangible fixed assets -€19,076
down €19,076 (-2.9%), from €647,108 to €628,032
of which Land and buildings: -€26,409
- Trade debts +€82,055
up €82,055 (+109%), from €75,023 to €157,078
- Debts after one year -€59,525
down €59,525 (-11.9%), from €498,806 to €439,281
- Profit (loss) carried forward +€35,598
up €35,598, from -€35,598 to €0
- Other debts +€35,161
up €35,161 (+11,453%), from €307 to €35,468
- Gross operating margin +€53,433
up €53,433 (+13.3%), from €402,241 to €455,674
- Staff costs +€18,323
up €18,323 (+6.4%), from €287,764 to €306,087
- Taxes +€15,615
up €15,615 (+1,418%), from €1,102 to €16,717
- Write-downs -€14,469
down €14,469, from €0 to -€14,469
- Other operating charges +€14,456
up €14,456 (+427%), from €3,382 to €17,838
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 | €781,292 | €875,025 | +€93,733 | +12.0% |
| Fixed assets | 21/28 | €650,817 | €631,240 | -€19,576 | -3.0% |
| Intangible fixed assets | 21 | €3,708 | €3,208 | -€500 | -13.5% |
| Tangible fixed assets | 22/27 | €647,108 | €628,032 | -€19,076 | -2.9% |
| Land and buildings | 22 | €626,963 | €600,554 | -€26,409 | -4.2% |
| Plant, machinery and equipment | 23 | €876 | €673 | -€203 | -23.2% |
| Furniture and vehicles | 24 | €19,270 | €26,805 | +€7,535 | +39.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €130,475 | €243,785 | +€113,310 | +86.8% |
| Amounts receivable within one year | 40/41 | €99,446 | €132,449 | +€33,003 | +33.2% |
| Trade receivables | 40 | €98,217 | €132,449 | +€34,232 | +34.9% |
| Other amounts receivable | 41 | €1,229 | €0 | -€1,229 | -100% |
| Cash at bank and in hand | 54/58 | €15,664 | €100,773 | +€85,109 | +543% |
| Deferred charges and accrued income | 490/1 | €15,365 | €10,563 | -€4,802 | -31.3% |
| Total equity and liabilities | 10/49 | €781,292 | €875,025 | +€93,733 | +12.0% |
| Equity | 10/15 | €33,805 | €72,786 | +€38,980 | +115% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €56,403 | €59,786 | +€3,382 | +6.0% |
| Tax-exempt reserves | 132 | €15,427 | €15,427 | = | 0.0% |
| Distributable reserves | 133 | €40,976 | €44,359 | +€3,382 | +8.3% |
| Profit (loss) carried forward | 14 | -€35,598 | €0 | +€35,598 | |
| Amounts payable | 17/49 | €747,487 | €802,240 | +€54,753 | +7.3% |
| Amounts payable after more than one year | 17 | €498,806 | €439,281 | -€59,525 | -11.9% |
| Financial debts | 170/4 | €498,806 | €439,281 | -€59,525 | -11.9% |
| Amounts payable within one year | 42/48 | €248,335 | €362,959 | +€114,623 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | €58,631 | €59,525 | +€894 | +1.5% |
| Financial debts | 43 | €62,599 | €55,141 | -€7,458 | -11.9% |
| Credit institutions | 430/8 | €50,124 | €42,666 | -€7,458 | -14.9% |
| Other loans | 439 | €12,475 | €12,475 | = | 0.0% |
| Trade debts | 44 | €75,023 | €157,078 | +€82,055 | +109% |
| Suppliers | 440/4 | €75,023 | €157,078 | +€82,055 | +109% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €51,776 | €55,746 | +€3,971 | +7.7% |
| Taxes | 450/3 | €19,362 | €19,503 | +€140 | +0.7% |
| Remuneration and social security | 454/9 | €32,413 | €36,244 | +€3,830 | +11.8% |
| Other amounts payable | 47/48 | €307 | €35,468 | +€35,161 | +11,453% |
| Accrued charges and deferred income | 492/3 | €345 | €0 | -€345 | -100% |
| Non-recurring operating income | 76A | €0 | €10,149 | +€10,149 | |
| Remuneration, social security and pensions | 62 | €287,764 | €306,087 | +€18,323 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,761 | €39,132 | -€6,629 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€14,469 | -€14,469 | |
| Other operating charges | 640/8 | €3,382 | €17,838 | +€14,456 | +427% |
| Non-recurring operating charges | 66A | €1,052 | €0 | -€1,052 | -100% |
| Gross operating margin | 9900 | €402,241 | €455,674 | +€53,433 | +13.3% |
| Operating profit (loss) | 9901 | €64,282 | €107,084 | +€42,803 | +66.6% |
| Financial income | 75/76B | €548 | €3,229 | +€2,681 | +489% |
| Recurring financial income | 75 | €548 | €3,229 | +€2,681 | +489% |
| Financial charges | 65/66B | €24,499 | €22,616 | -€1,883 | -7.7% |
| Recurring financial charges | 65 | €24,499 | €22,616 | -€1,883 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €40,331 | €87,697 | +€47,366 | +117% |
| Income taxes | 67/77 | €1,102 | €16,717 | +€15,615 | +1,418% |
| Profit (loss) for the period | 9904 | €39,229 | €70,980 | +€31,751 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,229 | €70,980 | +€31,751 | +80.9% |
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 18 October 2026 via checked.be.