COPYRIGHT: 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.
COPYRIGHT
Largest movements
- Cash -€70,485
down €70,485 (-36.7%), from €191,990 to €121,506
mainly Contributions, distributions and other (-€60,250) and Trade debts (-€28,127)
- Receivables within one year -€20,214
down €20,214 (-34.1%), from €59,218 to €39,005
of which Other amounts receivable: -€11,826
- Tangible fixed assets -€19,722
down €19,722 (-3.9%), from €505,035 to €485,313
of which Land and buildings: -€12,767
- Stocks and contracts +€9,171
up €9,171 (+11.0%), from €83,192 to €92,363
- Profit (loss) carried forward -€60,000
down €60,000 (-89.5%), from €67,052 to €7,052
- Trade debts -€28,127
down €28,127 (-24.3%), from €115,707 to €87,580
- Other debts -€17,263
down €17,263 (-68.0%), from €25,375 to €8,112
- Tax, wage and social debts -€15,216
down €15,216 (-39.5%), from €38,489 to €23,274
of which Remuneration and social security: -€10,915
- Reserves +€12,740
up €12,740 (+2.1%), from €594,286 to €607,026
- Gross operating margin -€86,392
down €86,392 (-30.0%), from €287,873 to €201,481
- Staff costs -€42,221
down €42,221 (-23.1%), from €182,943 to €140,722
- Taxes -€13,377
down €13,377 (-60.6%), from €22,073 to €8,697
- Financial charges -€12,019
down €12,019 (-42.5%), from €28,308 to €16,289
of which Financial charges: -€7,333
- Financial income -€6,904
down €6,904 (-76.6%), from €9,019 to €2,115
of which Non-recurring financial income: -€6,603
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 | €860,595 | €751,755 | -€108,840 | -12.6% |
| Fixed assets | 21/28 | €506,535 | €486,813 | -€19,722 | -3.9% |
| Tangible fixed assets | 22/27 | €505,035 | €485,313 | -€19,722 | -3.9% |
| Land and buildings | 22 | €372,296 | €359,528 | -€12,767 | -3.4% |
| Plant, machinery and equipment | 23 | €863 | €622 | -€240 | -27.8% |
| Furniture and vehicles | 24 | €131,877 | €125,162 | -€6,715 | -5.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €354,060 | €264,942 | -€89,118 | -25.2% |
| Stocks and contracts in progress | 3 | €83,192 | €92,363 | +€9,171 | +11.0% |
| Stocks | 30/36 | €83,192 | €92,363 | +€9,171 | +11.0% |
| Amounts receivable within one year | 40/41 | €59,218 | €39,005 | -€20,214 | -34.1% |
| Trade receivables | 40 | €34,612 | €26,224 | -€8,388 | -24.2% |
| Other amounts receivable | 41 | €24,607 | €12,781 | -€11,826 | -48.1% |
| Cash at bank and in hand | 54/58 | €191,990 | €121,506 | -€70,485 | -36.7% |
| Deferred charges and accrued income | 490/1 | €19,660 | €12,069 | -€7,591 | -38.6% |
| Total equity and liabilities | 10/49 | €860,595 | €751,755 | -€108,840 | -12.6% |
| Equity | 10/15 | €680,271 | €632,762 | -€47,510 | -7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €594,286 | €607,026 | +€12,740 | +2.1% |
| Distributable reserves | 133 | €594,286 | €607,026 | +€12,740 | +2.1% |
| Profit (loss) carried forward | 14 | €67,052 | €7,052 | -€60,000 | -89.5% |
| Investment grants | 15 | €334 | €84 | -€250 | -75.0% |
| Provisions and deferred taxes | 16 | €111 | €28 | -€83 | -74.9% |
| Deferred taxes | 168 | €111 | €28 | -€83 | -74.9% |
| Amounts payable | 17/49 | €180,213 | €118,966 | -€61,248 | -34.0% |
| Amounts payable within one year | 42/48 | €179,571 | €118,966 | -€60,606 | -33.8% |
| Trade debts | 44 | €115,707 | €87,580 | -€28,127 | -24.3% |
| Suppliers | 440/4 | €115,707 | €87,580 | -€28,127 | -24.3% |
| Taxes, remuneration and social security | 45 | €38,489 | €23,274 | -€15,216 | -39.5% |
| Taxes | 450/3 | €11,125 | €6,825 | -€4,301 | -38.7% |
| Remuneration and social security | 454/9 | €27,364 | €16,449 | -€10,915 | -39.9% |
| Other amounts payable | 47/48 | €25,375 | €8,112 | -€17,263 | -68.0% |
| Accrued charges and deferred income | 492/3 | €642 | - | -€642 | |
| Remuneration, social security and pensions | 62 | €182,943 | €140,722 | -€42,221 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,290 | €21,096 | +€4,805 | +29.5% |
| Other operating charges | 640/8 | €3,403 | €4,052 | +€649 | +19.1% |
| Gross operating margin | 9900 | €287,873 | €201,481 | -€86,392 | -30.0% |
| Operating profit (loss) | 9901 | €85,237 | €35,611 | -€49,626 | -58.2% |
| Financial income | 75/76B | €9,019 | €2,115 | -€6,904 | -76.6% |
| Recurring financial income | 75 | €1,874 | €1,572 | -€302 | -16.1% |
| Non-recurring financial income | 76B | €7,145 | €543 | -€6,603 | -92.4% |
| Financial charges | 65/66B | €28,308 | €16,289 | -€12,019 | -42.5% |
| Recurring financial charges | 65 | €23,622 | €16,289 | -€7,333 | -31.0% |
| Non-recurring financial charges | 66B | €4,687 | - | -€4,687 | |
| Profit (loss) for the period before taxes | 9903 | €65,947 | €21,437 | -€44,510 | -67.5% |
| Income taxes | 67/77 | €22,073 | €8,697 | -€13,377 | -60.6% |
| Profit (loss) for the period | 9904 | €43,874 | €12,740 | -€31,133 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,874 | €12,740 | -€31,133 | -71.0% |
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 8 October 2026 via checked.be.