CHECKPOINTS: 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.
CHECKPOINTS
Largest movements
- Stocks and contracts +€63,965
up €63,965 (+12.7%), from €503,822 to €567,787
- Cash -€32,677
down €32,677 (-87.0%), from €37,579 to €4,902
mainly Stocks and contracts (-€63,965) and Investment in fixed assets (net) (-€31,168)
- Tangible fixed assets +€11,120
up €11,120 (+4.4%), from €250,267 to €261,387
of which Furniture and vehicles: +€23,514
- Other debts +€24,524
up €24,524 (+65.8%), from €37,248 to €61,771
- Debts after one year +€10,789
up €10,789, from €0 to €10,789
- Gross operating margin -€14,466
down €14,466 (-30.5%), from €47,367 to €32,900
- Taxes -€6,195
down €6,195 (-92.8%), from €6,674 to €479
- Depreciation +€4,962
up €4,962 (+32.9%), from €15,087 to €20,048
- Financial charges +€3,402
up €3,402 (+40.6%), from €8,381 to €11,784
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 | €817,056 | €859,879 | +€42,823 | +5.2% |
| Fixed assets | 21/28 | €255,267 | €266,387 | +€11,120 | +4.4% |
| Tangible fixed assets | 22/27 | €250,267 | €261,387 | +€11,120 | +4.4% |
| Land and buildings | 22 | €237,623 | €225,079 | -€12,544 | -5.3% |
| Plant, machinery and equipment | 23 | €4,531 | €4,681 | +€150 | +3.3% |
| Furniture and vehicles | 24 | €104 | €23,618 | +€23,514 | +22657.4% |
| Other tangible fixed assets | 26 | €8,009 | €8,009 | = | 0.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €561,789 | €593,492 | +€31,703 | +5.6% |
| Stocks and contracts in progress | 3 | €503,822 | €567,787 | +€63,965 | +12.7% |
| Stocks | 30/36 | €503,822 | €567,787 | +€63,965 | +12.7% |
| Amounts receivable within one year | 40/41 | €17,305 | €16,187 | -€1,118 | -6.5% |
| Trade receivables | 40 | €4,059 | €5,065 | +€1,006 | +24.8% |
| Other amounts receivable | 41 | €13,246 | €11,122 | -€2,124 | -16.0% |
| Cash at bank and in hand | 54/58 | €37,579 | €4,902 | -€32,677 | -87.0% |
| Deferred charges and accrued income | 490/1 | €3,083 | €4,617 | +€1,534 | +49.7% |
| Total equity and liabilities | 10/49 | €817,056 | €859,879 | +€42,823 | +5.2% |
| Equity | 10/15 | €503,269 | €501,072 | -€2,198 | -0.4% |
| Contributions | 10/11 | €103,600 | €103,600 | = | 0.0% |
| Reserves | 13 | €399,669 | €397,472 | -€2,198 | -0.5% |
| Distributable reserves | 133 | €399,669 | €397,472 | -€2,198 | -0.5% |
| Provisions and deferred taxes | 16 | €44,264 | €44,264 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €44,264 | €44,264 | = | 0.0% |
| Pensions and similar obligations | 160 | €44,264 | €44,264 | = | 0.0% |
| Amounts payable | 17/49 | €269,523 | €314,544 | +€45,021 | +16.7% |
| Amounts payable after more than one year | 17 | €0 | €10,789 | +€10,789 | |
| Financial debts | 170/4 | €0 | €10,789 | +€10,789 | |
| Amounts payable within one year | 42/48 | €258,350 | €292,875 | +€34,525 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €154,888 | +€4,888 | +3.3% |
| Financial debts | 43 | €60,000 | €60,000 | = | 0.0% |
| Other loans | 439 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €11,063 | €10,716 | -€347 | -3.1% |
| Suppliers | 440/4 | €11,063 | €10,716 | -€347 | -3.1% |
| Advances received on contracts in progress | 46 | - | €5,500 | +€5,500 | |
| Taxes, remuneration and social security | 45 | €39 | €0 | -€39 | -100.0% |
| Taxes | 450/3 | €39 | €0 | -€39 | -100.0% |
| Other amounts payable | 47/48 | €37,248 | €61,771 | +€24,524 | +65.8% |
| Accrued charges and deferred income | 492/3 | €11,173 | €10,880 | -€293 | -2.6% |
| Non-recurring operating income | 76A | €1,500 | €1,050 | -€450 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,087 | €20,048 | +€4,962 | +32.9% |
| Other operating charges | 640/8 | €3,109 | €2,973 | -€137 | -4.4% |
| Gross operating margin | 9900 | €47,367 | €32,900 | -€14,466 | -30.5% |
| Operating profit (loss) | 9901 | €29,171 | €9,880 | -€19,291 | -66.1% |
| Financial income | 75/76B | €262 | €185 | -€77 | -29.3% |
| Recurring financial income | 75 | €262 | €185 | -€77 | -29.3% |
| Financial charges | 65/66B | €8,381 | €11,784 | +€3,402 | +40.6% |
| Recurring financial charges | 65 | €8,381 | €11,784 | +€3,402 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €21,051 | -€1,719 | -€22,770 | |
| Income taxes | 67/77 | €6,674 | €479 | -€6,195 | -92.8% |
| Profit (loss) for the period | 9904 | €14,378 | -€2,198 | -€16,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,378 | -€2,198 | -€16,575 |
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 10 October 2026 via checked.be.