C. PRO: 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.
C. PRO
Largest movements
- Cash +€470,807
up €470,807 (+183%), from €257,269 to €728,076
mainly Net result for the year (+€394,931) and Current investments (+€173,534)
- Current investments -€173,534
down €173,534 (-100%), from €173,534 to €0
- Stocks and contracts +€168,388
up €168,388 (+91.7%), from €183,531 to €351,919
- Tangible fixed assets -€38,405
down €38,405 (-23.1%), from €165,998 to €127,593
of which Land and buildings: -€28,106
- Profit (loss) carried forward +€394,931
up €394,931 (+57.9%), from €682,103 to €1.1m
- Accrued charges and deferred income +€138,370
up €138,370 (+61.9%), from €223,616 to €361,986
- Trade debts +€121,526
up €121,526 (+21.6%), from €563,122 to €684,648
- Reserves -€102,478
down €102,478 (-35.9%), from €285,752 to €183,274
of which Distributable reserves: -€102,478
- Provisions -€82,754
down €82,754 (-100%), from €82,754 to €0
- Gross operating margin +€148,821
up €148,821 (+7.3%), from €2.0m to €2.2m
- Staff costs +€147,112
up €147,112 (+9.6%), from €1.5m to €1.7m
- Financial income +€105,093
up €105,093 (+274%), from €38,308 to €143,401
- Provisions -€82,754
new in 2025: -€82,754
- Taxes +€55,571
up €55,571 (+50.6%), from €109,752 to €165,323
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 | €2,342,887 | €2,742,830 | +€399,943 | +17.1% |
| Fixed assets | 21/28 | €190,441 | €128,104 | -€62,337 | -32.7% |
| Tangible fixed assets | 22/27 | €165,998 | €127,593 | -€38,405 | -23.1% |
| Land and buildings | 22 | €105,741 | €77,635 | -€28,106 | -26.6% |
| Plant, machinery and equipment | 23 | €50,641 | €44,394 | -€6,247 | -12.3% |
| Furniture and vehicles | 24 | €9,616 | €5,564 | -€4,051 | -42.1% |
| Financial fixed assets | 28 | €24,443 | €510 | -€23,933 | -97.9% |
| Current assets | 29/58 | €2,152,446 | €2,614,727 | +€462,281 | +21.5% |
| Stocks and contracts in progress | 3 | €183,531 | €351,919 | +€168,388 | +91.7% |
| Stocks | 30/36 | €183,531 | €351,919 | +€168,388 | +91.7% |
| Amounts receivable within one year | 40/41 | €1,527,382 | €1,522,715 | -€4,667 | -0.3% |
| Trade receivables | 40 | €1,354,983 | €1,407,654 | +€52,671 | +3.9% |
| Other amounts receivable | 41 | €172,399 | €115,062 | -€57,337 | -33.3% |
| Current investments | 50/53 | €173,534 | €0 | -€173,534 | -100% |
| Cash at bank and in hand | 54/58 | €257,269 | €728,076 | +€470,807 | +183% |
| Deferred charges and accrued income | 490/1 | €10,730 | €12,017 | +€1,287 | +12.0% |
| Total equity and liabilities | 10/49 | €2,342,887 | €2,742,830 | +€399,943 | +17.1% |
| Equity | 10/15 | €1,116,591 | €1,409,044 | +€292,453 | +26.2% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €285,752 | €183,274 | -€102,478 | -35.9% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €102,478 | €0 | -€102,478 | -100% |
| Profit (loss) carried forward | 14 | €682,103 | €1,077,034 | +€394,931 | +57.9% |
| Provisions and deferred taxes | 16 | €82,754 | €0 | -€82,754 | -100% |
| Provisions for liabilities and charges | 160/5 | €82,754 | €0 | -€82,754 | -100% |
| Pensions and similar obligations | 160 | €82,754 | €0 | -€82,754 | -100% |
| Amounts payable | 17/49 | €1,143,543 | €1,333,787 | +€190,244 | +16.6% |
| Amounts payable within one year | 42/48 | €919,927 | €971,801 | +€51,874 | +5.6% |
| Financial debts | 43 | €110,261 | €110,141 | -€120 | -0.1% |
| Credit institutions | 430/8 | €110,261 | €110,141 | -€120 | -0.1% |
| Trade debts | 44 | €563,122 | €684,648 | +€121,526 | +21.6% |
| Suppliers | 440/4 | €563,122 | €684,648 | +€121,526 | +21.6% |
| Taxes, remuneration and social security | 45 | €246,545 | €177,013 | -€69,532 | -28.2% |
| Taxes | 450/3 | €77,536 | - | -€77,536 | |
| Remuneration and social security | 454/9 | €169,009 | €177,013 | +€8,004 | +4.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €223,616 | €361,986 | +€138,370 | +61.9% |
| Remuneration, social security and pensions | 62 | €1,527,903 | €1,675,015 | +€147,112 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,055 | €42,299 | -€9,756 | -18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,711 | €47,412 | +€1,701 | +3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€82,754 | -€82,754 | |
| Other operating charges | 640/8 | €53,197 | €39,865 | -€13,332 | -25.1% |
| Non-recurring operating charges | 66A | €1,348 | €1,481 | +€133 | +9.8% |
| Gross operating margin | 9900 | €2,030,742 | €2,179,563 | +€148,821 | +7.3% |
| Operating profit (loss) | 9901 | €350,528 | €456,244 | +€105,716 | +30.2% |
| Financial income | 75/76B | €38,308 | €143,401 | +€105,093 | +274% |
| Recurring financial income | 75 | €38,308 | €143,401 | +€105,093 | +274% |
| Financial charges | 65/66B | €47,262 | €39,391 | -€7,871 | -16.7% |
| Recurring financial charges | 65 | €47,262 | €39,391 | -€7,871 | -16.7% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €341,574 | €560,254 | +€218,680 | +64.0% |
| Income taxes | 67/77 | €109,752 | €165,323 | +€55,571 | +50.6% |
| Profit (loss) for the period | 9904 | €231,822 | €394,931 | +€163,109 | +70.4% |
| Transfer to tax-exempt reserves | 689 | €50,520 | €0 | -€50,520 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €181,302 | €394,931 | +€213,629 | +118% |
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 14 October 2026 via checked.be.