COVER BELGIUM: 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.
COVER BELGIUM
Largest movements
- Stocks and contracts +€34,500
up €34,500 (+30.8%), from €112,161 to €146,661
- Tangible fixed assets -€30,158
down €30,158 (-3.6%), from €843,339 to €813,182
of which Land and buildings: -€28,435
- Intangible fixed assets +€24,600
new in 2025: €24,600
- Cash +€11,987
up €11,987 (+85.2%), from €14,074 to €26,061
mainly Net result for the year (+€49,416) and Trade debts (+€31,757)
- Profit (loss) carried forward +€62,146
up €62,146 (+47.6%), from €130,606 to €192,753
- Trade debts +€31,757
up €31,757 (+73.0%), from €43,520 to €75,276
- Reserves -€12,730
down €12,730 (-3.6%), from €353,926 to €341,195
of which Tax-exempt reserves: -€12,730
- Other debts -€11,261
down €11,261 (-100%), from €11,261 to €0
- Gross operating margin +€22,032
up €22,032 (+23.6%), from €93,408 to €115,440
- Taxes +€5,104
up €5,104 (+41.5%), from €12,300 to €17,404
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 | €1,000,011 | €1,050,008 | +€49,997 | +5.0% |
| Fixed assets | 21/28 | €843,339 | €837,782 | -€5,557 | -0.7% |
| Intangible fixed assets | 21 | - | €24,600 | +€24,600 | |
| Tangible fixed assets | 22/27 | €843,339 | €813,182 | -€30,158 | -3.6% |
| Land and buildings | 22 | €835,250 | €806,815 | -€28,435 | -3.4% |
| Plant, machinery and equipment | 23 | €5,927 | €4,941 | -€986 | -16.6% |
| Furniture and vehicles | 24 | €2,162 | €1,425 | -€737 | -34.1% |
| Current assets | 29/58 | €156,672 | €212,226 | +€55,554 | +35.5% |
| Stocks and contracts in progress | 3 | €112,161 | €146,661 | +€34,500 | +30.8% |
| Stocks | 30/36 | €112,161 | €146,661 | +€34,500 | +30.8% |
| Amounts receivable within one year | 40/41 | €28,914 | €37,291 | +€8,377 | +29.0% |
| Trade receivables | 40 | €28,914 | €35,310 | +€6,396 | +22.1% |
| Other amounts receivable | 41 | - | €1,981 | +€1,981 | |
| Cash at bank and in hand | 54/58 | €14,074 | €26,061 | +€11,987 | +85.2% |
| Deferred charges and accrued income | 490/1 | €1,523 | €2,214 | +€690 | +45.3% |
| Total equity and liabilities | 10/49 | €1,000,011 | €1,050,008 | +€49,997 | +5.0% |
| Equity | 10/15 | €503,132 | €552,548 | +€49,416 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €353,926 | €341,195 | -€12,730 | -3.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €352,066 | €339,335 | -€12,730 | -3.6% |
| Profit (loss) carried forward | 14 | €130,606 | €192,753 | +€62,146 | +47.6% |
| Provisions and deferred taxes | 16 | €114,664 | €110,421 | -€4,243 | -3.7% |
| Deferred taxes | 168 | €114,664 | €110,421 | -€4,243 | -3.7% |
| Amounts payable | 17/49 | €382,215 | €387,039 | +€4,824 | +1.3% |
| Amounts payable after more than one year | 17 | €253,579 | €245,580 | -€8,000 | -3.2% |
| Financial debts | 170/4 | €253,579 | €245,580 | -€8,000 | -3.2% |
| Amounts payable within one year | 42/48 | €127,251 | €141,198 | +€13,948 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €31,964 | €30,568 | -€1,395 | -4.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €43,520 | €75,276 | +€31,757 | +73.0% |
| Suppliers | 440/4 | €43,520 | €75,276 | +€31,757 | +73.0% |
| Taxes, remuneration and social security | 45 | €40,507 | €35,354 | -€5,153 | -12.7% |
| Taxes | 450/3 | €40,507 | €35,354 | -€5,153 | -12.7% |
| Other amounts payable | 47/48 | €11,261 | €0 | -€11,261 | -100% |
| Accrued charges and deferred income | 492/3 | €1,385 | €261 | -€1,124 | -81.2% |
| Non-recurring operating income | 76A | €16,000 | €0 | -€16,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,278 | €30,167 | -€111 | -0.4% |
| Other operating charges | 640/8 | €5,796 | €5,348 | -€447 | -7.7% |
| Gross operating margin | 9900 | €93,408 | €115,440 | +€22,032 | +23.6% |
| Operating profit (loss) | 9901 | €57,334 | €79,924 | +€22,590 | +39.4% |
| Financial income | 75/76B | €489 | €601 | +€112 | +22.9% |
| Recurring financial income | 75 | €489 | €601 | +€112 | +22.9% |
| Financial charges | 65/66B | €17,715 | €17,948 | +€233 | +1.3% |
| Recurring financial charges | 65 | €17,715 | €17,948 | +€233 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €40,108 | €62,577 | +€22,469 | +56.0% |
| Transfer from deferred taxes | 780 | €4,243 | €4,243 | = | 0.0% |
| Income taxes | 67/77 | €12,300 | €17,404 | +€5,104 | +41.5% |
| Profit (loss) for the period | 9904 | €32,051 | €49,416 | +€17,365 | +54.2% |
| Transfer from tax-exempt reserves | 789 | €12,730 | €12,730 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,781 | €62,146 | +€17,365 | +38.8% |
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 29 October 2026 via checked.be.