COMPLETEMENT: 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.
COMPLETEMENT
Largest movements
- Receivables within one year -€298,110
down €298,110 (-46.0%), from €647,562 to €349,452
of which Other amounts receivable: -€190,480
- Stocks and contracts +€285,555
up €285,555 (+137.5%), from €207,724 to €493,279
- Tangible fixed assets -€250,719
down €250,719 (-20.5%), from €1.2m to €972,191
of which Furniture and vehicles: -€225,111
- Cash +€107,904
up €107,904 (+280.1%), from €38,525 to €146,429
mainly Receivables within one year (+€298,110) and Depreciation (+€261,399)
- Debts after one year -€87,650
down €87,650 (-14.1%), from €620,253 to €532,603
- Trade debts -€54,121
down €54,121 (-28.7%), from €188,653 to €134,532
- Depreciation +€34,638
up €34,638 (+15.3%), from €226,762 to €261,399
- Financial income +€19,586
up €19,586 (+766.4%), from €2,555 to €22,141
- Gross operating margin -€17,580
down €17,580 (-5.2%), from €339,107 to €321,527
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 | €2,128,491 | €1,994,166 | -€134,325 | -6.3% |
| Fixed assets | 21/28 | €1,233,785 | €983,161 | -€250,624 | -20.3% |
| Intangible fixed assets | 21 | €2,339 | €2,634 | +€295 | +12.6% |
| Tangible fixed assets | 22/27 | €1,222,911 | €972,191 | -€250,719 | -20.5% |
| Land and buildings | 22 | €399,315 | €383,094 | -€16,221 | -4.1% |
| Plant, machinery and equipment | 23 | €29,123 | €19,735 | -€9,388 | -32.2% |
| Furniture and vehicles | 24 | €794,473 | €569,363 | -€225,111 | -28.3% |
| Financial fixed assets | 28 | €8,535 | €8,335 | -€200 | -2.3% |
| Current assets | 29/58 | €894,707 | €1,011,005 | +€116,299 | +13.0% |
| Stocks and contracts in progress | 3 | €207,724 | €493,279 | +€285,555 | +137.5% |
| Stocks | 30/36 | €207,724 | €493,279 | +€285,555 | +137.5% |
| Amounts receivable within one year | 40/41 | €647,562 | €349,452 | -€298,110 | -46.0% |
| Trade receivables | 40 | €348,963 | €241,333 | -€107,630 | -30.8% |
| Other amounts receivable | 41 | €298,599 | €108,119 | -€190,480 | -63.8% |
| Cash at bank and in hand | 54/58 | €38,525 | €146,429 | +€107,904 | +280.1% |
| Deferred charges and accrued income | 490/1 | €896 | €21,845 | +€20,950 | +2338.7% |
| Total equity and liabilities | 10/49 | €2,128,491 | €1,994,166 | -€134,325 | -6.3% |
| Equity | 10/15 | €389,843 | €404,734 | +€14,891 | +3.8% |
| Contributions | 10/11 | €162,500 | €162,500 | = | 0.0% |
| Revaluation surpluses | 12 | €69,682 | €69,682 | = | 0.0% |
| Reserves | 13 | €2,611 | €2,611 | = | 0.0% |
| Distributable reserves | 133 | €2,611 | €2,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,440 | €132,648 | +€16,208 | +13.9% |
| Investment grants | 15 | €38,610 | €37,293 | -€1,317 | -3.4% |
| Amounts payable | 17/49 | €1,738,648 | €1,589,432 | -€149,216 | -8.6% |
| Amounts payable after more than one year | 17 | €620,253 | €532,603 | -€87,650 | -14.1% |
| Financial debts | 170/4 | €620,253 | €532,603 | -€87,650 | -14.1% |
| Amounts payable within one year | 42/48 | €1,102,659 | €1,041,779 | -€60,880 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €101,452 | €87,650 | -€13,802 | -13.6% |
| Trade debts | 44 | €188,653 | €134,532 | -€54,121 | -28.7% |
| Suppliers | 440/4 | €188,653 | €134,532 | -€54,121 | -28.7% |
| Taxes, remuneration and social security | 45 | €5,893 | €124 | -€5,768 | -97.9% |
| Taxes | 450/3 | €5,893 | €124 | -€5,768 | -97.9% |
| Other amounts payable | 47/48 | €806,661 | €819,473 | +€12,811 | +1.6% |
| Accrued charges and deferred income | 492/3 | €15,736 | €15,050 | -€686 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,762 | €261,399 | +€34,638 | +15.3% |
| Other operating charges | 640/8 | €7,059 | €7,561 | +€502 | +7.1% |
| Non-recurring operating charges | 66A | €2,173 | €1,249 | -€924 | -42.5% |
| Gross operating margin | 9900 | €339,107 | €321,527 | -€17,580 | -5.2% |
| Operating profit (loss) | 9901 | €103,114 | €51,318 | -€51,795 | -50.2% |
| Financial income | 75/76B | €2,555 | €22,141 | +€19,586 | +766.4% |
| Recurring financial income | 75 | €2,555 | €22,141 | +€19,586 | +766.4% |
| Financial charges | 65/66B | €50,025 | €50,119 | +€94 | +0.2% |
| Recurring financial charges | 65 | €50,025 | €50,119 | +€94 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €55,644 | €23,341 | -€32,303 | -58.1% |
| Income taxes | 67/77 | €6,315 | €7,133 | +€818 | +12.9% |
| Profit (loss) for the period | 9904 | €49,328 | €16,208 | -€33,121 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,328 | €16,208 | -€33,121 | -67.1% |
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.