COMPLEX: 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.
COMPLEX
Largest movements
- Cash +€29,347
up €29,347 (+16.3%), from €179,694 to €209,041
mainly Depreciation (+€21,624) and Net result for the year (+€19,250)
- Tangible fixed assets -€13,140
down €13,140 (-24.0%), from €54,643 to €41,503
of which Plant, machinery and equipment: -€10,719
- Receivables within one year -€10,884
down €10,884 (-28.3%), from €38,486 to €27,601
of which Trade receivables: -€10,296
- Other debts +€14,626
up €14,626 (+114.6%), from €12,768 to €27,395
- Accrued charges and deferred income -€9,489
down €9,489 (-30.0%), from €31,638 to €22,149
- Reserves -€7,850
down €7,850 (-5.3%), from €148,009 to €140,159
- Tax, wage and social debts +€7,296
up €7,296 (+13.1%), from €55,880 to €63,177
of which Remuneration and social security: +€4,256
- Staff costs +€90,351
up €90,351 (+42.8%), from €211,039 to €301,389
- Gross operating margin +€71,268
up €71,268 (+24.7%), from €288,753 to €360,022
- Taxes -€6,295
down €6,295 (-43.7%), from €14,414 to €8,119
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 | €290,903 | €297,506 | +€6,603 | +2.3% |
| Fixed assets | 21/28 | €67,452 | €54,312 | -€13,140 | -19.5% |
| Tangible fixed assets | 22/27 | €54,643 | €41,503 | -€13,140 | -24.0% |
| Plant, machinery and equipment | 23 | €50,368 | €39,649 | -€10,719 | -21.3% |
| Furniture and vehicles | 24 | €4,275 | €1,854 | -€2,421 | -56.6% |
| Financial fixed assets | 28 | €12,809 | €12,809 | = | 0.0% |
| Current assets | 29/58 | €223,451 | €243,194 | +€19,743 | +8.8% |
| Stocks and contracts in progress | 3 | €3,002 | €3,684 | +€682 | +22.7% |
| Stocks | 30/36 | €3,002 | €3,684 | +€682 | +22.7% |
| Amounts receivable within one year | 40/41 | €38,486 | €27,601 | -€10,884 | -28.3% |
| Trade receivables | 40 | €36,884 | €26,588 | -€10,296 | -27.9% |
| Other amounts receivable | 41 | €1,602 | €1,014 | -€588 | -36.7% |
| Cash at bank and in hand | 54/58 | €179,694 | €209,041 | +€29,347 | +16.3% |
| Deferred charges and accrued income | 490/1 | €2,270 | €2,868 | +€598 | +26.4% |
| Total equity and liabilities | 10/49 | €290,903 | €297,506 | +€6,603 | +2.3% |
| Equity | 10/15 | €166,741 | €158,891 | -€7,850 | -4.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €148,009 | €140,159 | -€7,850 | -5.3% |
| Distributable reserves | 133 | €148,009 | €140,159 | -€7,850 | -5.3% |
| Profit (loss) carried forward | 14 | €140 | €140 | +€0 | 0.0% |
| Amounts payable | 17/49 | €124,162 | €138,615 | +€14,453 | +11.6% |
| Amounts payable within one year | 42/48 | €92,524 | €116,466 | +€23,942 | +25.9% |
| Trade debts | 44 | €23,876 | €25,894 | +€2,019 | +8.5% |
| Suppliers | 440/4 | €23,876 | €25,894 | +€2,019 | +8.5% |
| Taxes, remuneration and social security | 45 | €55,880 | €63,177 | +€7,296 | +13.1% |
| Taxes | 450/3 | €39,765 | €42,805 | +€3,041 | +7.6% |
| Remuneration and social security | 454/9 | €16,115 | €20,371 | +€4,256 | +26.4% |
| Other amounts payable | 47/48 | €12,768 | €27,395 | +€14,626 | +114.6% |
| Accrued charges and deferred income | 492/3 | €31,638 | €22,149 | -€9,489 | -30.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €211,039 | €301,389 | +€90,351 | +42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,013 | €21,624 | -€389 | -1.8% |
| Other operating charges | 640/8 | €578 | €527 | -€51 | -8.8% |
| Gross operating margin | 9900 | €288,753 | €360,022 | +€71,268 | +24.7% |
| Operating profit (loss) | 9901 | €55,124 | €36,481 | -€18,643 | -33.8% |
| Financial income | 75/76B | €759 | €907 | +€148 | +19.6% |
| Recurring financial income | 75 | €759 | €907 | +€148 | +19.6% |
| Financial charges | 65/66B | €7,166 | €10,019 | +€2,853 | +39.8% |
| Recurring financial charges | 65 | €7,166 | €10,019 | +€2,853 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €48,716 | €27,369 | -€21,348 | -43.8% |
| Income taxes | 67/77 | €14,414 | €8,119 | -€6,295 | -43.7% |
| Profit (loss) for the period | 9904 | €34,302 | €19,250 | -€15,052 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,302 | €19,250 | -€15,052 | -43.9% |
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 3 October 2026 via checked.be.