CO & MI: 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.
CO & MI
Largest movements
- Tangible fixed assets +€219,116
up €219,116 (+31.5%), from €695,774 to €914,889
of which Land and buildings: +€138,608
- Receivables within one year -€32,188
down €32,188 (-43.0%), from €74,867 to €42,679
of which Other amounts receivable: -€47,295
- Debts after one year +€198,634
up €198,634 (+49.4%), from €401,936 to €600,569
of which Financial debts: +€198,634
- Trade debts -€20,240
down €20,240 (-25.6%), from €79,127 to €58,888
- Accrued charges and deferred income -€16,952
down €16,952 (-75.1%), from €22,587 to €5,634
- Current portion of long-term debt +€13,068
up €13,068 (+18.5%), from €70,781 to €83,849
- Reserves +€11,571
up €11,571 (+6.4%), from €181,800 to €193,371
- Gross operating margin +€46,876
up €46,876 (+18.2%), from €256,876 to €303,752
- Staff costs +€30,340
up €30,340 (+23.1%), from €131,606 to €161,947
- Depreciation +€20,111
up €20,111 (+24.5%), from €82,199 to €102,310
- Other operating charges +€3,207
up €3,207 (+82.9%), from €3,867 to €7,074
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 | €841,668 | €1,036,663 | +€194,996 | +23.2% |
| Fixed assets | 21/28 | €695,774 | €914,889 | +€219,116 | +31.5% |
| Tangible fixed assets | 22/27 | €695,774 | €914,889 | +€219,116 | +31.5% |
| Land and buildings | 22 | €591,577 | €730,185 | +€138,608 | +23.4% |
| Plant, machinery and equipment | 23 | €46,974 | €38,686 | -€8,288 | -17.6% |
| Furniture and vehicles | 24 | €57,223 | €146,018 | +€88,795 | +155.2% |
| Current assets | 29/58 | €145,894 | €121,774 | -€24,120 | -16.5% |
| Amounts receivable within one year | 40/41 | €74,867 | €42,679 | -€32,188 | -43.0% |
| Trade receivables | 40 | €5,552 | €20,660 | +€15,108 | +272.1% |
| Other amounts receivable | 41 | €69,315 | €22,020 | -€47,295 | -68.2% |
| Cash at bank and in hand | 54/58 | €64,213 | €72,252 | +€8,039 | +12.5% |
| Deferred charges and accrued income | 490/1 | €6,814 | €6,843 | +€29 | +0.4% |
| Total equity and liabilities | 10/49 | €841,668 | €1,036,663 | +€194,996 | +23.2% |
| Equity | 10/15 | €208,486 | €220,057 | +€11,571 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,800 | €193,371 | +€11,571 | +6.4% |
| Distributable reserves | 133 | €181,800 | €193,371 | +€11,571 | +6.4% |
| Profit (loss) carried forward | 14 | €8,086 | €8,086 | = | 0.0% |
| Amounts payable | 17/49 | €633,182 | €816,606 | +€183,424 | +29.0% |
| Amounts payable after more than one year | 17 | €401,936 | €600,569 | +€198,634 | +49.4% |
| Financial debts | 170/4 | €401,022 | €599,655 | +€198,634 | +49.5% |
| Other amounts payable | 178/9 | €914 | €914 | = | 0.0% |
| Amounts payable within one year | 42/48 | €208,659 | €210,402 | +€1,743 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €70,781 | €83,849 | +€13,068 | +18.5% |
| Trade debts | 44 | €79,127 | €58,888 | -€20,240 | -25.6% |
| Suppliers | 440/4 | €79,127 | €58,888 | -€20,240 | -25.6% |
| Taxes, remuneration and social security | 45 | €30,230 | €38,798 | +€8,568 | +28.3% |
| Taxes | 450/3 | €17,341 | €18,451 | +€1,111 | +6.4% |
| Remuneration and social security | 454/9 | €12,889 | €20,347 | +€7,458 | +57.9% |
| Other amounts payable | 47/48 | €28,521 | €28,867 | +€346 | +1.2% |
| Accrued charges and deferred income | 492/3 | €22,587 | €5,634 | -€16,952 | -75.1% |
| Remuneration, social security and pensions | 62 | €131,606 | €161,947 | +€30,340 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,199 | €102,310 | +€20,111 | +24.5% |
| Other operating charges | 640/8 | €3,867 | €7,074 | +€3,207 | +82.9% |
| Gross operating margin | 9900 | €256,876 | €303,752 | +€46,876 | +18.2% |
| Operating profit (loss) | 9901 | €39,204 | €32,422 | -€6,782 | -17.3% |
| Financial income | 75/76B | €0 | €1,108 | +€1,108 | |
| Recurring financial income | 75 | €0 | €1,108 | +€1,108 | |
| Financial charges | 65/66B | €19,252 | €20,321 | +€1,069 | +5.6% |
| Recurring financial charges | 65 | €19,252 | €20,321 | +€1,069 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €19,952 | €13,208 | -€6,744 | -33.8% |
| Income taxes | 67/77 | €4,649 | €1,637 | -€3,012 | -64.8% |
| Profit (loss) for the period | 9904 | €15,304 | €11,571 | -€3,732 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,304 | €11,571 | -€3,732 | -24.4% |
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 4 October 2026 via checked.be.