C-talk: 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.
C-talk
Largest movements
- Stocks and contracts -€427,834
down €427,834 (-100.0%), from €427,834 to €0
of which Contracts in progress: -€427,834
- Receivables within one year +€241,297
up €241,297 (+488.6%), from €49,381 to €290,678
of which Trade receivables: +€234,785
- Cash +€87,381
up €87,381 (+310.5%), from €28,145 to €115,526
mainly Stocks and contracts (+€427,834) and Net result for the year (+€138,656)
- Tangible fixed assets -€18,592
down €18,592 (-31.9%), from €58,244 to €39,653
- Short-term financial debts -€129,209
down €129,209 (-83.1%), from €155,459 to €26,250
- Other debts +€42,754
up €42,754 (+493.5%), from €8,663 to €51,417
- Debts after one year -€17,662
down €17,662 (-35.0%), from €50,450 to €32,788
- Trade debts -€15,972
down €15,972 (-13.8%), from €115,432 to €99,460
- Tax, wage and social debts +€15,929
up €15,929 (+67.0%), from €23,779 to €39,708
- Gross operating margin +€63,383
up €63,383 (+41.8%), from €151,579 to €214,962
- Taxes +€16,399
up €16,399 (+51.1%), from €32,111 to €48,510
- Financial charges -€4,408
down €4,408 (-32.2%), from €13,709 to €9,301
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 | €613,212 | €497,653 | -€115,559 | -18.8% |
| Fixed assets | 21/28 | €58,244 | €39,653 | -€18,592 | -31.9% |
| Tangible fixed assets | 22/27 | €58,244 | €39,653 | -€18,592 | -31.9% |
| Furniture and vehicles | 24 | €58,244 | €39,653 | -€18,592 | -31.9% |
| Current assets | 29/58 | €554,967 | €458,000 | -€96,968 | -17.5% |
| Amounts receivable after more than one year | 29 | €46,823 | €46,823 | = | 0.0% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €46,823 | €46,823 | = | 0.0% |
| Stocks and contracts in progress | 3 | €427,834 | €0 | -€427,834 | -100.0% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €427,834 | €0 | -€427,834 | -100.0% |
| Amounts receivable within one year | 40/41 | €49,381 | €290,678 | +€241,297 | +488.6% |
| Trade receivables | 40 | €25,090 | €259,875 | +€234,785 | +935.8% |
| Other amounts receivable | 41 | €24,291 | €30,803 | +€6,512 | +26.8% |
| Cash at bank and in hand | 54/58 | €28,145 | €115,526 | +€87,381 | +310.5% |
| Deferred charges and accrued income | 490/1 | €2,785 | €4,973 | +€2,188 | +78.6% |
| Total equity and liabilities | 10/49 | €613,212 | €497,653 | -€115,559 | -18.8% |
| Equity | 10/15 | €259,313 | €247,969 | -€11,344 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,201 | €49,201 | = | 0.0% |
| Distributable reserves | 133 | €49,201 | €49,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,511 | €180,167 | -€11,344 | -5.9% |
| Amounts payable | 17/49 | €353,899 | €249,684 | -€104,215 | -29.4% |
| Amounts payable after more than one year | 17 | €50,450 | €32,788 | -€17,662 | -35.0% |
| Financial debts | 170/4 | €50,450 | €32,788 | -€17,662 | -35.0% |
| Amounts payable within one year | 42/48 | €303,334 | €216,836 | -€86,498 | -28.5% |
| Financial debts | 43 | €155,459 | €26,250 | -€129,209 | -83.1% |
| Credit institutions | 430/8 | €155,459 | €26,250 | -€129,209 | -83.1% |
| Trade debts | 44 | €115,432 | €99,460 | -€15,972 | -13.8% |
| Suppliers | 440/4 | €115,432 | €99,460 | -€15,972 | -13.8% |
| Taxes, remuneration and social security | 45 | €23,779 | €39,708 | +€15,929 | +67.0% |
| Taxes | 450/3 | €23,779 | €39,708 | +€15,929 | +67.0% |
| Other amounts payable | 47/48 | €8,663 | €51,417 | +€42,754 | +493.5% |
| Accrued charges and deferred income | 492/3 | €115 | €60 | -€55 | -47.7% |
| Non-recurring operating income | 76A | - | €74,776 | +€74,776 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,592 | €18,592 | = | 0.0% |
| Other operating charges | 640/8 | €2,118 | €2,062 | -€56 | -2.6% |
| Gross operating margin | 9900 | €151,579 | €214,962 | +€63,383 | +41.8% |
| Operating profit (loss) | 9901 | €130,870 | €194,309 | +€63,439 | +48.5% |
| Financial income | 75/76B | €2,557 | €2,158 | -€399 | -15.6% |
| Recurring financial income | 75 | €2,557 | €2,158 | -€399 | -15.6% |
| Financial charges | 65/66B | €13,709 | €9,301 | -€4,408 | -32.2% |
| Recurring financial charges | 65 | €13,709 | €9,301 | -€4,408 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €119,718 | €187,166 | +€67,448 | +56.3% |
| Income taxes | 67/77 | €32,111 | €48,510 | +€16,399 | +51.1% |
| Profit (loss) for the period | 9904 | €87,607 | €138,656 | +€51,049 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,607 | €138,656 | +€51,049 | +58.3% |
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 5 October 2026 via checked.be.