BUSINESSSTRATEGY: 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.
BUSINESSSTRATEGY
Largest movements
- Cash +€137,258
up €137,258 (+38.8%), from €354,076 to €491,333
mainly Net result for the year (+€64,755) and Receivables within one year (+€47,501)
- Receivables within one year -€47,501
down €47,501 (-24.4%), from €194,698 to €147,197
of which Other amounts receivable: -€27,217
- Reserves +€64,755
up €64,755 (+17.5%), from €370,606 to €435,362
- Tax, wage and social debts +€18,642
up €18,642 (+83.3%), from €22,368 to €41,011
- Trade debts +€11,022
up €11,022 (+33.4%), from €33,037 to €44,060
- Other debts -€6,462
down €6,462 (-100%), from €6,462 to €0
- Gross operating margin +€81,946
up €81,946 (+859%), from €9,538 to €91,485
- Taxes +€24,269
up €24,269 (+620%), from €3,917 to €28,185
- Financial income +€2,111
up €2,111 (+55.8%), from €3,784 to €5,896
- Other operating charges -€1,901
down €1,901 (-94.1%), from €2,021 to €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.
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 | €553,474 | €644,113 | +€90,639 | +16.4% |
| Fixed assets | 21/28 | €4,700 | €5,583 | +€883 | +18.8% |
| Tangible fixed assets | 22/27 | €4,700 | €5,583 | +€883 | +18.8% |
| Plant, machinery and equipment | 23 | €4,187 | €5,182 | +€995 | +23.8% |
| Furniture and vehicles | 24 | €513 | €401 | -€112 | -21.8% |
| Current assets | 29/58 | €548,774 | €638,530 | +€89,757 | +16.4% |
| Amounts receivable within one year | 40/41 | €194,698 | €147,197 | -€47,501 | -24.4% |
| Trade receivables | 40 | €58,367 | €38,083 | -€20,284 | -34.8% |
| Other amounts receivable | 41 | €136,331 | €109,113 | -€27,217 | -20.0% |
| Cash at bank and in hand | 54/58 | €354,076 | €491,333 | +€137,258 | +38.8% |
| Total equity and liabilities | 10/49 | €553,474 | €644,113 | +€90,639 | +16.4% |
| Equity | 10/15 | €376,806 | €441,562 | +€64,755 | +17.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €370,606 | €435,362 | +€64,755 | +17.5% |
| Distributable reserves | 133 | €370,606 | €435,362 | +€64,755 | +17.5% |
| Provisions and deferred taxes | 16 | €114,800 | €114,800 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €114,800 | €114,800 | = | 0.0% |
| Pensions and similar obligations | 160 | €114,800 | €114,800 | = | 0.0% |
| Amounts payable | 17/49 | €61,868 | €87,752 | +€25,884 | +41.8% |
| Amounts payable within one year | 42/48 | €61,868 | €85,070 | +€23,203 | +37.5% |
| Trade debts | 44 | €33,037 | €44,060 | +€11,022 | +33.4% |
| Suppliers | 440/4 | €33,037 | €44,060 | +€11,022 | +33.4% |
| Taxes, remuneration and social security | 45 | €22,368 | €41,011 | +€18,642 | +83.3% |
| Taxes | 450/3 | €22,368 | €41,011 | +€18,642 | +83.3% |
| Other amounts payable | 47/48 | €6,462 | €0 | -€6,462 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,682 | +€2,682 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,275 | €2,924 | +€649 | +28.5% |
| Other operating charges | 640/8 | €2,021 | €120 | -€1,901 | -94.1% |
| Gross operating margin | 9900 | €9,538 | €91,485 | +€81,946 | +859% |
| Operating profit (loss) | 9901 | €5,242 | €88,440 | +€83,198 | +1,587% |
| Financial income | 75/76B | €3,784 | €5,896 | +€2,111 | +55.8% |
| Recurring financial income | 75 | €3,784 | €5,896 | +€2,111 | +55.8% |
| Financial charges | 65/66B | €1,437 | €1,395 | -€42 | -2.9% |
| Recurring financial charges | 65 | €1,437 | €1,395 | -€42 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €7,589 | €92,941 | +€85,351 | +1,125% |
| Income taxes | 67/77 | €3,917 | €28,185 | +€24,269 | +620% |
| Profit (loss) for the period | 9904 | €3,673 | €64,755 | +€61,082 | +1,663% |
| Profit (loss) for the period to be appropriated | 9905 | €3,673 | €64,755 | +€61,082 | +1,663% |
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 28 October 2026 via checked.be.