CHECKPOINT X: 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.
CHECKPOINT X
Largest movements
- Tangible fixed assets -€82,495
down €82,495 (-8.1%), from €1.0m to €931,118
of which Land and buildings: -€82,495
- Current investments -€47,645
down €47,645 (-23.0%), from €207,566 to €159,921
- Receivables within one year -€43,346
down €43,346 (-16.6%), from €261,219 to €217,873
of which Trade receivables: -€43,570
- Debts after one year -€63,605
down €63,605 (-37.7%), from €168,638 to €105,033
- Other debts -€51,964
down €51,964 (-12.6%), from €411,780 to €359,816
- Trade debts -€24,038
down €24,038 (-36.7%), from €65,481 to €41,443
- Gross operating margin -€72,438
down €72,438 (-34.4%), from €210,422 to €137,984
- Financial charges -€43,551
down €43,551 (-78.1%), from €55,759 to €12,207
of which Non-recurring financial charges: -€35,781
- Depreciation -€26,119
down €26,119 (-24.0%), from €108,614 to €82,495
- Taxes -€8,667
down €8,667 (-38.3%), from €22,623 to €13,957
- Other operating charges -€6,319
down €6,319 (-85.9%), from €7,357 to €1,037
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 | €1,952,358 | €1,780,594 | -€171,764 | -8.8% |
| Fixed assets | 21/28 | €1,266,385 | €1,183,889 | -€82,496 | -6.5% |
| Tangible fixed assets | 22/27 | €1,013,613 | €931,118 | -€82,495 | -8.1% |
| Land and buildings | 22 | €955,910 | €873,415 | -€82,495 | -8.6% |
| Other tangible fixed assets | 26 | €57,703 | €57,703 | = | 0.0% |
| Financial fixed assets | 28 | €252,772 | €252,771 | -€1 | 0.0% |
| Current assets | 29/58 | €685,973 | €596,705 | -€89,268 | -13.0% |
| Stocks and contracts in progress | 3 | €191,379 | €197,552 | +€6,173 | +3.2% |
| Stocks | 30/36 | €191,379 | €197,552 | +€6,173 | +3.2% |
| Amounts receivable within one year | 40/41 | €261,219 | €217,873 | -€43,346 | -16.6% |
| Trade receivables | 40 | €133,439 | €89,870 | -€43,570 | -32.7% |
| Other amounts receivable | 41 | €127,779 | €128,003 | +€224 | +0.2% |
| Current investments | 50/53 | €207,566 | €159,921 | -€47,645 | -23.0% |
| Cash at bank and in hand | 54/58 | €14,970 | €11,935 | -€3,035 | -20.3% |
| Deferred charges and accrued income | 490/1 | €10,840 | €9,424 | -€1,416 | -13.1% |
| Total equity and liabilities | 10/49 | €1,952,358 | €1,780,594 | -€171,764 | -8.8% |
| Equity | 10/15 | €1,108,261 | €1,084,282 | -€23,978 | -2.2% |
| Contributions | 10/11 | €7,008 | €7,008 | = | 0.0% |
| Reserves | 13 | €1,070,916 | €1,056,828 | -€14,088 | -1.3% |
| Distributable reserves | 133 | €1,070,916 | €1,056,828 | -€14,088 | -1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €30,337 | €20,446 | -€9,891 | -32.6% |
| Amounts payable | 17/49 | €844,097 | €696,311 | -€147,786 | -17.5% |
| Amounts payable after more than one year | 17 | €168,638 | €105,033 | -€63,605 | -37.7% |
| Financial debts | 170/4 | €168,638 | €105,033 | -€63,605 | -37.7% |
| Amounts payable within one year | 42/48 | €675,459 | €591,278 | -€84,181 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €60,989 | €66,970 | +€5,981 | +9.8% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €65,481 | €41,443 | -€24,038 | -36.7% |
| Suppliers | 440/4 | €65,481 | €41,443 | -€24,038 | -36.7% |
| Taxes, remuneration and social security | 45 | €37,210 | €23,050 | -€14,160 | -38.1% |
| Taxes | 450/3 | €37,210 | €23,050 | -€14,160 | -38.1% |
| Other amounts payable | 47/48 | €411,780 | €359,816 | -€51,964 | -12.6% |
| Non-recurring operating income | 76A | €53 | €0 | -€53 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,614 | €82,495 | -€26,119 | -24.0% |
| Other operating charges | 640/8 | €7,357 | €1,037 | -€6,319 | -85.9% |
| Gross operating margin | 9900 | €210,422 | €137,984 | -€72,438 | -34.4% |
| Operating profit (loss) | 9901 | €94,451 | €54,451 | -€40,000 | -42.3% |
| Financial income | 75/76B | €20,104 | €18,458 | -€1,647 | -8.2% |
| Recurring financial income | 75 | €20,104 | €18,458 | -€1,647 | -8.2% |
| Financial charges | 65/66B | €55,759 | €12,207 | -€43,551 | -78.1% |
| Recurring financial charges | 65 | €19,977 | €12,207 | -€7,770 | -38.9% |
| Non-recurring financial charges | 66B | €35,781 | €0 | -€35,781 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €58,797 | €60,702 | +€1,905 | +3.2% |
| Income taxes | 67/77 | €22,623 | €13,957 | -€8,667 | -38.3% |
| Profit (loss) for the period | 9904 | €36,174 | €46,745 | +€10,571 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,174 | €46,745 | +€10,571 | +29.2% |
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.