CODE COMPETENCE: 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.
CODE COMPETENCE
Largest movements
- Stocks and contracts -€57,327
no longer reported in 2025 (was €57,327)
- Tangible fixed assets -€13,419
down €13,419 (-2.5%), from €543,182 to €529,762
of which Land and buildings: -€14,395
- Cash -€10,757
down €10,757 (-8.7%), from €124,306 to €113,549
mainly Other debts (-€45,180) and Debts after one year (-€45,088)
- Other debts -€45,180
down €45,180 (-91.9%), from €49,154 to €3,973
- Debts after one year -€45,088
down €45,088 (-12.9%), from €348,898 to €303,811
- Reserves +€12,950
up €12,950 (+5.0%), from €259,087 to €272,037
of which Distributable reserves: +€13,063
- Gross operating margin -€107,631
down €107,631 (-59.5%), from €180,864 to €73,233
- Taxes -€34,653
down €34,653 (-83.3%), from €41,582 to €6,929
- Other operating charges -€7,418
down €7,418 (-56.8%), from €13,062 to €5,644
- Financial charges +€1,852
up €1,852 (+20.7%), from €8,928 to €10,780
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 | €763,179 | €675,801 | -€87,378 | -11.4% |
| Fixed assets | 21/28 | €550,227 | €529,762 | -€20,465 | -3.7% |
| Intangible fixed assets | 21 | €7,045 | - | -€7,045 | |
| Tangible fixed assets | 22/27 | €543,182 | €529,762 | -€13,419 | -2.5% |
| Land and buildings | 22 | €531,399 | €517,005 | -€14,395 | -2.7% |
| Plant, machinery and equipment | 23 | €9,807 | €2,248 | -€7,559 | -77.1% |
| Furniture and vehicles | 24 | €1,975 | €10,510 | +€8,535 | +432.1% |
| Current assets | 29/58 | €212,952 | €146,039 | -€66,914 | -31.4% |
| Stocks and contracts in progress | 3 | €57,327 | - | -€57,327 | |
| Stocks | 30/36 | €57,327 | - | -€57,327 | |
| Amounts receivable within one year | 40/41 | €21,630 | €17,939 | -€3,690 | -17.1% |
| Trade receivables | 40 | €21,630 | €14,820 | -€6,810 | -31.5% |
| Other amounts receivable | 41 | - | €3,119 | +€3,119 | |
| Cash at bank and in hand | 54/58 | €124,306 | €113,549 | -€10,757 | -8.7% |
| Deferred charges and accrued income | 490/1 | €9,689 | €14,550 | +€4,860 | +50.2% |
| Total equity and liabilities | 10/49 | €763,179 | €675,801 | -€87,378 | -11.4% |
| Equity | 10/15 | €265,287 | €278,237 | +€12,950 | +4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €259,087 | €272,037 | +€12,950 | +5.0% |
| Tax-exempt reserves | 132 | €2,476 | €2,363 | -€112 | -4.5% |
| Distributable reserves | 133 | €256,611 | €269,674 | +€13,063 | +5.1% |
| Provisions and deferred taxes | 16 | €825 | €788 | -€37 | -4.5% |
| Deferred taxes | 168 | €825 | €788 | -€37 | -4.5% |
| Amounts payable | 17/49 | €497,067 | €396,776 | -€100,291 | -20.2% |
| Amounts payable after more than one year | 17 | €348,898 | €303,811 | -€45,088 | -12.9% |
| Financial debts | 170/4 | €348,898 | €303,811 | -€45,088 | -12.9% |
| Amounts payable within one year | 42/48 | €145,649 | €90,330 | -€55,319 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €51,995 | €49,973 | -€2,022 | -3.9% |
| Financial debts | 43 | - | €81 | +€81 | |
| Credit institutions | 430/8 | - | €81 | +€81 | |
| Trade debts | 44 | €5,729 | €3,111 | -€2,618 | -45.7% |
| Suppliers | 440/4 | €5,729 | €3,111 | -€2,618 | -45.7% |
| Taxes, remuneration and social security | 45 | €38,771 | €33,192 | -€5,580 | -14.4% |
| Taxes | 450/3 | €35,371 | €29,792 | -€5,580 | -15.8% |
| Remuneration and social security | 454/9 | €3,400 | €3,400 | = | 0.0% |
| Other amounts payable | 47/48 | €49,154 | €3,973 | -€45,180 | -91.9% |
| Accrued charges and deferred income | 492/3 | €2,520 | €2,635 | +€115 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,829 | €19,704 | -€1,125 | -5.4% |
| Other operating charges | 640/8 | €13,062 | €5,644 | -€7,418 | -56.8% |
| Non-recurring operating charges | 66A | - | €15,597 | +€15,597 | |
| Gross operating margin | 9900 | €180,864 | €73,233 | -€107,631 | -59.5% |
| Operating profit (loss) | 9901 | €146,972 | €32,287 | -€114,685 | -78.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €8,928 | €10,780 | +€1,852 | +20.7% |
| Recurring financial charges | 65 | €8,928 | €10,780 | +€1,852 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €138,044 | €21,508 | -€116,537 | -84.4% |
| Transfer from deferred taxes | 780 | €37 | €37 | = | 0.0% |
| Income taxes | 67/77 | €41,582 | €6,929 | -€34,653 | -83.3% |
| Profit (loss) for the period | 9904 | €96,500 | €14,616 | -€81,883 | -84.9% |
| Transfer from tax-exempt reserves | 789 | €112 | €112 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,612 | €14,729 | -€81,883 | -84.8% |
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.