BY AVELIEN: 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.
BY AVELIEN
Largest movements
- Stocks and contracts +€30,859
up €30,859 (+32.8%), from €94,154 to €125,013
- Receivables within one year +€13,090
up €13,090 (+2,287%), from €572 to €13,663
of which Trade receivables: +€13,244
- Cash +€5,089
up €5,089 (+792%), from €643 to €5,731
mainly Trade debts (+€24,783) and Tax, wage and social debts (+€11,456)
- Tangible fixed assets -€4,999
down €4,999 (-19.1%), from €26,125 to €21,126
of which Plant, machinery and equipment: -€2,881
- Trade debts +€24,783
up €24,783 (+389%), from €6,374 to €31,157
- Tax, wage and social debts +€11,456
up €11,456 (+68.8%), from €16,653 to €28,109
of which Taxes: +€8,169
- Reserves +€8,574
up €8,574 (+43.5%), from €19,694 to €28,268
- Other debts +€5,413
up €5,413 (+7.8%), from €69,426 to €74,838
- Short-term financial debts -€4,780
no longer reported in 2025 (was €4,780)
- Financial charges -€4,751
down €4,751 (-73.5%), from €6,464 to €1,712
- Gross operating margin -€3,135
down €3,135 (-3.2%), from €97,379 to €94,244
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 | €121,494 | €165,673 | +€44,179 | +36.4% |
| Fixed assets | 21/28 | €26,125 | €21,126 | -€4,999 | -19.1% |
| Tangible fixed assets | 22/27 | €26,125 | €21,126 | -€4,999 | -19.1% |
| Land and buildings | 22 | €17,514 | €15,396 | -€2,118 | -12.1% |
| Plant, machinery and equipment | 23 | €8,611 | €5,730 | -€2,881 | -33.5% |
| Current assets | 29/58 | €95,369 | €144,547 | +€49,179 | +51.6% |
| Stocks and contracts in progress | 3 | €94,154 | €125,013 | +€30,859 | +32.8% |
| Stocks | 30/36 | €94,154 | €125,013 | +€30,859 | +32.8% |
| Amounts receivable within one year | 40/41 | €572 | €13,663 | +€13,090 | +2,287% |
| Trade receivables | 40 | €419 | €13,663 | +€13,244 | +3,160% |
| Other amounts receivable | 41 | €153 | - | -€153 | |
| Cash at bank and in hand | 54/58 | €643 | €5,731 | +€5,089 | +792% |
| Deferred charges and accrued income | 490/1 | - | €141 | +€141 | |
| Total equity and liabilities | 10/49 | €121,494 | €165,673 | +€44,179 | +36.4% |
| Equity | 10/15 | €22,194 | €30,768 | +€8,574 | +38.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,694 | €28,268 | +€8,574 | +43.5% |
| Distributable reserves | 133 | €19,694 | €28,268 | +€8,574 | +43.5% |
| Amounts payable | 17/49 | €99,300 | €134,905 | +€35,605 | +35.9% |
| Amounts payable within one year | 42/48 | €99,000 | €134,105 | +€35,105 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €1,767 | - | -€1,767 | |
| Financial debts | 43 | €4,780 | - | -€4,780 | |
| Credit institutions | 430/8 | €4,780 | - | -€4,780 | |
| Trade debts | 44 | €6,374 | €31,157 | +€24,783 | +389% |
| Suppliers | 440/4 | €6,374 | €31,157 | +€24,783 | +389% |
| Taxes, remuneration and social security | 45 | €16,653 | €28,109 | +€11,456 | +68.8% |
| Taxes | 450/3 | €16,653 | €24,821 | +€8,169 | +49.1% |
| Remuneration and social security | 454/9 | - | €3,288 | +€3,288 | |
| Other amounts payable | 47/48 | €69,426 | €74,838 | +€5,413 | +7.8% |
| Accrued charges and deferred income | 492/3 | €300 | €800 | +€500 | +167% |
| Remuneration, social security and pensions | 62 | €73,367 | €73,062 | -€305 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,999 | €4,999 | = | 0.0% |
| Other operating charges | 640/8 | €1,216 | €2,061 | +€844 | +69.4% |
| Gross operating margin | 9900 | €97,379 | €94,244 | -€3,135 | -3.2% |
| Operating profit (loss) | 9901 | €17,796 | €14,122 | -€3,674 | -20.6% |
| Financial income | 75/76B | €1 | €22 | +€21 | +2,241% |
| Recurring financial income | 75 | €1 | €22 | +€21 | +2,241% |
| Financial charges | 65/66B | €6,464 | €1,712 | -€4,751 | -73.5% |
| Recurring financial charges | 65 | €6,464 | €1,712 | -€4,751 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €11,334 | €12,432 | +€1,098 | +9.7% |
| Income taxes | 67/77 | €3,535 | €3,858 | +€323 | +9.1% |
| Profit (loss) for the period | 9904 | €7,799 | €8,574 | +€775 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,799 | €8,574 | +€775 | +9.9% |
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 26 October 2026 via checked.be.