CORPORATE XPERTISE: 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.
CORPORATE XPERTISE
Largest movements
- Tangible fixed assets -€68,689
down €68,689 (-5.8%), from €1.2m to €1.1m
of which Land and buildings: -€47,095
- Receivables within one year -€17,545
down €17,545 (-16.7%), from €104,932 to €87,387
of which Trade receivables: -€37,823
- Other debts -€86,566
down €86,566 (-30.3%), from €286,158 to €199,592
- Short-term financial debts -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Gross operating margin -€52,120
down €52,120 (-33.8%), from €154,175 to €102,056
- Depreciation -€26,071
down €26,071 (-28.4%), from €91,774 to €65,703
- Taxes -€10,038
down €10,038 (-97.4%), from €10,301 to €264
- Other operating charges -€2,367
down €2,367 (-6.1%), from €38,860 to €36,494
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 | €1,312,875 | €1,214,573 | -€98,302 | -7.5% |
| Fixed assets | 21/28 | €1,191,539 | €1,122,570 | -€68,969 | -5.8% |
| Tangible fixed assets | 22/27 | €1,191,260 | €1,122,570 | -€68,689 | -5.8% |
| Land and buildings | 22 | €1,151,386 | €1,104,291 | -€47,095 | -4.1% |
| Plant, machinery and equipment | 23 | €3,036 | €2,415 | -€620 | -20.4% |
| Furniture and vehicles | 24 | €35,185 | €14,211 | -€20,974 | -59.6% |
| Other tangible fixed assets | 26 | €1,653 | €1,653 | = | 0.0% |
| Financial fixed assets | 28 | €280 | - | -€280 | |
| Current assets | 29/58 | €121,336 | €92,003 | -€29,333 | -24.2% |
| Amounts receivable within one year | 40/41 | €104,932 | €87,387 | -€17,545 | -16.7% |
| Trade receivables | 40 | €84,005 | €46,182 | -€37,823 | -45.0% |
| Other amounts receivable | 41 | €20,927 | €41,206 | +€20,279 | +96.9% |
| Cash at bank and in hand | 54/58 | €15,784 | €3,358 | -€12,427 | -78.7% |
| Deferred charges and accrued income | 490/1 | €619 | €1,258 | +€638 | +103% |
| Total equity and liabilities | 10/49 | €1,312,875 | €1,214,573 | -€98,302 | -7.5% |
| Equity | 10/15 | €939,349 | €936,114 | -€3,234 | -0.3% |
| Contributions | 10/11 | €744,000 | €744,000 | = | 0.0% |
| Reserves | 13 | €196,181 | €196,181 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,234 | €21,234 | = | 0.0% |
| Distributable reserves | 133 | €174,946 | €174,946 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€832 | -€4,066 | -€3,234 | -389% |
| Amounts payable | 17/49 | €373,527 | €278,459 | -€95,068 | -25.5% |
| Amounts payable within one year | 42/48 | €371,626 | €277,520 | -€94,107 | -25.3% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Credit institutions | 430/8 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €3,538 | €13,408 | +€9,871 | +279% |
| Suppliers | 440/4 | €3,538 | €13,408 | +€9,871 | +279% |
| Taxes, remuneration and social security | 45 | €6,931 | €14,520 | +€7,589 | +110% |
| Taxes | 450/3 | €6,931 | €14,520 | +€7,589 | +110% |
| Other amounts payable | 47/48 | €286,158 | €199,592 | -€86,566 | -30.3% |
| Accrued charges and deferred income | 492/3 | €1,900 | €939 | -€961 | -50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,774 | €65,703 | -€26,071 | -28.4% |
| Other operating charges | 640/8 | €38,860 | €36,494 | -€2,367 | -6.1% |
| Gross operating margin | 9900 | €154,175 | €102,056 | -€52,120 | -33.8% |
| Operating profit (loss) | 9901 | €23,541 | -€141 | -€23,683 | |
| Financial income | 75/76B | €554 | €1,013 | +€459 | +82.9% |
| Recurring financial income | 75 | €554 | €1,013 | +€459 | +82.9% |
| Financial charges | 65/66B | €4,928 | €3,842 | -€1,086 | -22.0% |
| Recurring financial charges | 65 | €4,928 | €3,842 | -€1,086 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €19,167 | -€2,971 | -€22,137 | |
| Income taxes | 67/77 | €10,301 | €264 | -€10,038 | -97.4% |
| Profit (loss) for the period | 9904 | €8,865 | -€3,234 | -€12,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,865 | -€3,234 | -€12,100 |
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 30 October 2026 via checked.be.