Concept X: 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.
Concept X
Largest movements
- Tangible fixed assets -€56,284
down €56,284 (-7.1%), from €793,055 to €736,771
of which Land and buildings: -€49,142
- Stocks and contracts -€37,847
down €37,847 (-11.3%), from €335,547 to €297,700
of which Stocks: -€30,204
- Trade debts -€36,555
down €36,555 (-40.8%), from €89,496 to €52,941
- Debts after one year -€26,837
down €26,837 (-5.6%), from €481,025 to €454,188
- Other debts -€25,885
down €25,885 (-7.9%), from €328,034 to €302,149
- Gross operating margin -€42,397
down €42,397 (-31.6%), from €134,247 to €91,851
- Other operating charges -€22,059
down €22,059 (-90.2%), from €24,468 to €2,409
- Depreciation -€21,515
down €21,515 (-26.5%), from €81,254 to €59,738
- Financial charges -€10,103
down €10,103 (-24.3%), from €41,635 to €31,532
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 | €1,222,551 | €1,126,403 | -€96,148 | -7.9% |
| Fixed assets | 21/28 | €796,191 | €738,751 | -€57,440 | -7.2% |
| Intangible fixed assets | 21 | €2,986 | €1,830 | -€1,156 | -38.7% |
| Tangible fixed assets | 22/27 | €793,055 | €736,771 | -€56,284 | -7.1% |
| Land and buildings | 22 | €770,564 | €721,423 | -€49,142 | -6.4% |
| Plant, machinery and equipment | 23 | €15,165 | €10,329 | -€4,836 | -31.9% |
| Furniture and vehicles | 24 | €4,469 | €3,821 | -€647 | -14.5% |
| Other tangible fixed assets | 26 | €2,857 | €1,198 | -€1,659 | -58.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €426,360 | €387,652 | -€38,708 | -9.1% |
| Stocks and contracts in progress | 3 | €335,547 | €297,700 | -€37,847 | -11.3% |
| Stocks | 30/36 | €304,689 | €274,485 | -€30,204 | -9.9% |
| Contracts in progress | 37 | €30,858 | €23,215 | -€7,643 | -24.8% |
| Amounts receivable within one year | 40/41 | €87,160 | €87,198 | +€38 | 0.0% |
| Trade receivables | 40 | €34,002 | €34,620 | +€618 | +1.8% |
| Other amounts receivable | 41 | €53,158 | €52,578 | -€580 | -1.1% |
| Cash at bank and in hand | 54/58 | €2,336 | €2,086 | -€250 | -10.7% |
| Deferred charges and accrued income | 490/1 | €1,317 | €668 | -€649 | -49.3% |
| Total equity and liabilities | 10/49 | €1,222,551 | €1,126,403 | -€96,148 | -7.9% |
| Equity | 10/15 | €7,091 | -€2,470 | -€9,562 | |
| Contributions | 10/11 | €44,134 | €44,134 | = | 0.0% |
| Revaluation surpluses | 12 | €99,639 | €99,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,681 | -€146,243 | -€9,562 | -7.0% |
| Amounts payable | 17/49 | €1,215,459 | €1,128,873 | -€86,586 | -7.1% |
| Amounts payable after more than one year | 17 | €481,025 | €454,188 | -€26,837 | -5.6% |
| Financial debts | 170/4 | €481,025 | €454,188 | -€26,837 | -5.6% |
| Amounts payable within one year | 42/48 | €734,435 | €674,685 | -€59,750 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €43,530 | €39,011 | -€4,520 | -10.4% |
| Financial debts | 43 | €239,227 | €236,024 | -€3,203 | -1.3% |
| Credit institutions | 430/8 | €239,227 | €236,024 | -€3,203 | -1.3% |
| Trade debts | 44 | €89,496 | €52,941 | -€36,555 | -40.8% |
| Suppliers | 440/4 | €89,496 | €52,941 | -€36,555 | -40.8% |
| Advances received on contracts in progress | 46 | €22,340 | €23,215 | +€875 | +3.9% |
| Taxes, remuneration and social security | 45 | €11,808 | €21,345 | +€9,537 | +80.8% |
| Taxes | 450/3 | €11,808 | €21,345 | +€9,537 | +80.8% |
| Other amounts payable | 47/48 | €328,034 | €302,149 | -€25,885 | -7.9% |
| Non-recurring operating income | 76A | €3,150 | €0 | -€3,150 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,254 | €59,738 | -€21,515 | -26.5% |
| Other operating charges | 640/8 | €24,468 | €2,409 | -€22,059 | -90.2% |
| Non-recurring operating charges | 66A | €3,150 | €7,783 | +€4,633 | +147.1% |
| Gross operating margin | 9900 | €134,247 | €91,851 | -€42,397 | -31.6% |
| Operating profit (loss) | 9901 | €25,375 | €21,920 | -€3,455 | -13.6% |
| Financial income | 75/76B | €28 | €50 | +€22 | +79.3% |
| Recurring financial income | 75 | €28 | €50 | +€22 | +79.3% |
| Financial charges | 65/66B | €41,635 | €31,532 | -€10,103 | -24.3% |
| Recurring financial charges | 65 | €41,635 | €31,532 | -€10,103 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,232 | -€9,562 | +€6,670 | +41.1% |
| Profit (loss) for the period | 9904 | -€16,232 | -€9,562 | +€6,670 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,232 | -€9,562 | +€6,670 | +41.1% |
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 11 October 2026 via checked.be.