CONTENTS: 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.
CONTENTS
Largest movements
- Cash -€178,678
down €178,678 (-76.0%), from €235,149 to €56,471
mainly Receivables within one year (-€74,773) and Other debts (-€36,007)
- Receivables within one year +€74,773
up €74,773 (+32.7%), from €228,398 to €303,171
of which Other amounts receivable: +€89,778
- Stocks and contracts +€33,029
up €33,029 (+9.8%), from €335,979 to €369,008
- Other debts -€36,007
down €36,007 (-11.4%), from €315,293 to €279,287
- Tax, wage and social debts -€28,907
down €28,907 (-24.1%), from €120,046 to €91,139
of which Taxes: -€21,298
- Reserves +€11,976
up €11,976 (+2.7%), from €438,175 to €450,151
of which Distributable reserves: +€11,976
- Gross operating margin -€136,921
down €136,921 (-50.0%), from €274,021 to €137,100
- Write-downs -€34,614
no longer reported in 2025 (was €34,614)
- Taxes -€13,200
down €13,200 (-92.9%), from €14,207 to €1,006
- Financial income +€7,030
up €7,030 (+145%), from €4,853 to €11,883
- Staff costs -€4,344
down €4,344 (-5.0%), from €87,649 to €83,305
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.
Derived cash bridge
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 | €1,020,458 | €952,054 | -€68,404 | -6.7% |
| Fixed assets | 21/28 | €34,029 | €39,126 | +€5,096 | +15.0% |
| Intangible fixed assets | 21 | €1,505 | - | -€1,505 | |
| Tangible fixed assets | 22/27 | €26,162 | €32,763 | +€6,601 | +25.2% |
| Plant, machinery and equipment | 23 | €16 | - | -€16 | |
| Furniture and vehicles | 24 | €26,146 | €32,763 | +€6,617 | +25.3% |
| Financial fixed assets | 28 | €6,363 | €6,363 | = | 0.0% |
| Current assets | 29/58 | €986,429 | €912,929 | -€73,501 | -7.5% |
| Stocks and contracts in progress | 3 | €335,979 | €369,008 | +€33,029 | +9.8% |
| Stocks | 30/36 | €335,979 | €369,008 | +€33,029 | +9.8% |
| Amounts receivable within one year | 40/41 | €228,398 | €303,171 | +€74,773 | +32.7% |
| Trade receivables | 40 | €116,322 | €101,318 | -€15,004 | -12.9% |
| Other amounts receivable | 41 | €112,076 | €201,853 | +€89,778 | +80.1% |
| Current investments | 50/53 | €180,579 | €180,579 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €235,149 | €56,471 | -€178,678 | -76.0% |
| Deferred charges and accrued income | 490/1 | €6,324 | €3,699 | -€2,625 | -41.5% |
| Total equity and liabilities | 10/49 | €1,020,458 | €952,054 | -€68,404 | -6.7% |
| Equity | 10/15 | €456,775 | €468,751 | +€11,976 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €438,175 | €450,151 | +€11,976 | +2.7% |
| Non-distributable reserves | 130/1 | €51,243 | €51,243 | = | 0.0% |
| Reserves not available under the articles | 1311 | €51,243 | €51,243 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €349,432 | €361,408 | +€11,976 | +3.4% |
| Amounts payable | 17/49 | €563,684 | €483,303 | -€80,380 | -14.3% |
| Amounts payable after more than one year | 17 | €60,646 | €50,929 | -€9,718 | -16.0% |
| Financial debts | 170/4 | €60,646 | €50,929 | -€9,718 | -16.0% |
| Amounts payable within one year | 42/48 | €488,904 | €415,995 | -€72,909 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €19,353 | €9,718 | -€9,636 | -49.8% |
| Financial debts | 43 | - | €968 | +€968 | |
| Credit institutions | 430/8 | - | €968 | +€968 | |
| Trade debts | 44 | €34,211 | €34,884 | +€672 | +2.0% |
| Suppliers | 440/4 | €34,211 | €34,884 | +€672 | +2.0% |
| Taxes, remuneration and social security | 45 | €120,046 | €91,139 | -€28,907 | -24.1% |
| Taxes | 450/3 | €99,527 | €78,229 | -€21,298 | -21.4% |
| Remuneration and social security | 454/9 | €20,519 | €12,910 | -€7,609 | -37.1% |
| Other amounts payable | 47/48 | €315,293 | €279,287 | -€36,007 | -11.4% |
| Accrued charges and deferred income | 492/3 | €14,133 | €16,380 | +€2,247 | +15.9% |
| Remuneration, social security and pensions | 62 | €87,649 | €83,305 | -€4,344 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,216 | €13,388 | -€1,828 | -12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,614 | - | -€34,614 | |
| Other operating charges | 640/8 | €1,029 | €2,269 | +€1,239 | +120% |
| Non-recurring operating charges | 66A | €7,275 | €10,399 | +€3,123 | +42.9% |
| Gross operating margin | 9900 | €274,021 | €137,100 | -€136,921 | -50.0% |
| Operating profit (loss) | 9901 | €128,238 | €27,740 | -€100,498 | -78.4% |
| Financial income | 75/76B | €4,853 | €11,883 | +€7,030 | +145% |
| Recurring financial income | 75 | €4,853 | €11,883 | +€7,030 | +145% |
| Financial charges | 65/66B | €28,267 | €26,641 | -€1,627 | -5.8% |
| Recurring financial charges | 65 | €28,267 | €26,641 | -€1,627 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €104,824 | €12,983 | -€91,841 | -87.6% |
| Income taxes | 67/77 | €14,207 | €1,006 | -€13,200 | -92.9% |
| Profit (loss) for the period | 9904 | €90,617 | €11,976 | -€78,641 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,617 | €11,976 | -€78,641 | -86.8% |
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 13 October 2026 via checked.be.