Chapter 12: 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.
Chapter 12
Largest movements
- Stocks and contracts -€23,039
down €23,039 (-12.6%), from €182,889 to €159,850
- Tangible fixed assets +€12,037
up €12,037 (+32.3%), from €37,321 to €49,358
of which Furniture and vehicles: +€19,294
- Cash +€10,034
up €10,034 (+6114.1%), from €164 to €10,198
mainly Net result for the year (+€33,837) and Other debts (+€23,875)
- Deferred charges and accrued income -€4,353
down €4,353 (-79.1%), from €5,504 to €1,151
- Intangible fixed assets -€4,126
down €4,126 (-32.4%), from €12,721 to €8,596
- Profit (loss) carried forward +€33,837
up €33,837, from -€33,561 to €276
- Trade debts -€25,177
down €25,177 (-19.0%), from €132,583 to €107,406
- Other debts +€23,875
up €23,875 (+660.3%), from €3,616 to €27,491
- Current portion of long-term debt -€22,887
down €22,887 (-45.7%), from €50,095 to €27,208
- Short-term financial debts -€15,644
down €15,644 (-96.6%), from €16,198 to €555
- Gross operating margin +€64,412
up €64,412 (+37.1%), from €173,703 to €238,116
- Staff costs +€13,514
up €13,514 (+8.6%), from €156,777 to €170,290
- Taxes +€9,176
up €9,176 (+3472.3%), from €264 to €9,440
- Other operating charges -€7,293
down €7,293 (-77.0%), from €9,469 to €2,176
- Depreciation +€2,499
up €2,499 (+16.7%), from €14,969 to €17,468
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 | €250,379 | €242,286 | -€8,093 | -3.2% |
| Fixed assets | 21/28 | €57,995 | €66,269 | +€8,274 | +14.3% |
| Intangible fixed assets | 21 | €12,721 | €8,596 | -€4,126 | -32.4% |
| Tangible fixed assets | 22/27 | €37,321 | €49,358 | +€12,037 | +32.3% |
| Plant, machinery and equipment | 23 | €35,662 | €28,405 | -€7,257 | -20.4% |
| Furniture and vehicles | 24 | €1,659 | €20,954 | +€19,294 | +1162.7% |
| Financial fixed assets | 28 | €7,952 | €8,315 | +€363 | +4.6% |
| Current assets | 29/58 | €192,385 | €176,018 | -€16,367 | -8.5% |
| Stocks and contracts in progress | 3 | €182,889 | €159,850 | -€23,039 | -12.6% |
| Stocks | 30/36 | €182,889 | €159,850 | -€23,039 | -12.6% |
| Amounts receivable within one year | 40/41 | €3,828 | €4,819 | +€991 | +25.9% |
| Trade receivables | 40 | €3,828 | €4,819 | +€991 | +25.9% |
| Cash at bank and in hand | 54/58 | €164 | €10,198 | +€10,034 | +6114.1% |
| Deferred charges and accrued income | 490/1 | €5,504 | €1,151 | -€4,353 | -79.1% |
| Total equity and liabilities | 10/49 | €250,379 | €242,286 | -€8,093 | -3.2% |
| Equity | 10/15 | -€28,561 | €5,276 | +€33,837 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,561 | €276 | +€33,837 | |
| Amounts payable | 17/49 | €278,940 | €237,010 | -€41,930 | -15.0% |
| Amounts payable after more than one year | 17 | €23,621 | €13,189 | -€10,432 | -44.2% |
| Financial debts | 170/4 | €23,621 | €13,189 | -€10,432 | -44.2% |
| Amounts payable within one year | 42/48 | €255,319 | €223,822 | -€31,498 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €50,095 | €27,208 | -€22,887 | -45.7% |
| Financial debts | 43 | €16,198 | €555 | -€15,644 | -96.6% |
| Credit institutions | 430/8 | €16,198 | €555 | -€15,644 | -96.6% |
| Trade debts | 44 | €132,583 | €107,406 | -€25,177 | -19.0% |
| Suppliers | 440/4 | €132,583 | €107,406 | -€25,177 | -19.0% |
| Taxes, remuneration and social security | 45 | €52,827 | €61,162 | +€8,335 | +15.8% |
| Taxes | 450/3 | €32,947 | €34,768 | +€1,821 | +5.5% |
| Remuneration and social security | 454/9 | €19,880 | €26,394 | +€6,514 | +32.8% |
| Other amounts payable | 47/48 | €3,616 | €27,491 | +€23,875 | +660.3% |
| Remuneration, social security and pensions | 62 | €156,777 | €170,290 | +€13,514 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,969 | €17,468 | +€2,499 | +16.7% |
| Other operating charges | 640/8 | €9,469 | €2,176 | -€7,293 | -77.0% |
| Gross operating margin | 9900 | €173,703 | €238,116 | +€64,412 | +37.1% |
| Operating profit (loss) | 9901 | -€7,511 | €48,182 | +€55,692 | |
| Financial income | 75/76B | €189 | €624 | +€435 | +230.1% |
| Recurring financial income | 75 | €189 | €624 | +€435 | +230.1% |
| Financial charges | 65/66B | €7,258 | €5,529 | -€1,729 | -23.8% |
| Recurring financial charges | 65 | €7,258 | €5,529 | -€1,729 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,580 | €43,277 | +€57,856 | |
| Income taxes | 67/77 | €264 | €9,440 | +€9,176 | +3472.3% |
| Profit (loss) for the period | 9904 | -€14,844 | €33,837 | +€48,680 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,844 | €33,837 | +€48,680 |
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 2 October 2026 via checked.be.