CYCLE CONCEPT: 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.
CYCLE CONCEPT
Largest movements
- Receivables within one year -€99,284
down €99,284 (-55.4%), from €179,196 to €79,912
of which Other amounts receivable: -€50,793
- Tangible fixed assets -€84,275
down €84,275 (-4.3%), from €2.0m to €1.9m
of which Land and buildings: -€83,508
- Cash +€27,370
up €27,370 (+157%), from €17,479 to €44,849
mainly Receivables within one year (+€99,284) and Depreciation (+€84,275)
- Debts after one year -€95,697
down €95,697 (-6.1%), from €1.6m to €1.5m
- Reserves -€62,656
down €62,656 (-14.6%), from €428,438 to €365,782
- Gross operating margin +€45,590
up €45,590 (+24.2%), from €188,178 to €233,768
- Taxes +€11,942
up €11,942 (+101%), from €11,823 to €23,765
- Financial charges -€8,953
down €8,953 (-13.6%), from €65,631 to €56,678
- Financial income -€3,116
down €3,116 (-38.0%), from €8,195 to €5,078
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 | €2,185,485 | €2,020,471 | -€165,014 | -7.6% |
| Fixed assets | 21/28 | €1,979,984 | €1,895,709 | -€84,275 | -4.3% |
| Tangible fixed assets | 22/27 | €1,978,216 | €1,893,941 | -€84,275 | -4.3% |
| Land and buildings | 22 | €1,976,324 | €1,892,815 | -€83,508 | -4.2% |
| Plant, machinery and equipment | 23 | €1,892 | €1,126 | -€766 | -40.5% |
| Financial fixed assets | 28 | €1,768 | €1,768 | = | 0.0% |
| Current assets | 29/58 | €205,501 | €124,761 | -€80,739 | -39.3% |
| Amounts receivable within one year | 40/41 | €179,196 | €79,912 | -€99,284 | -55.4% |
| Trade receivables | 40 | €68,695 | €20,203 | -€48,491 | -70.6% |
| Other amounts receivable | 41 | €110,501 | €59,709 | -€50,793 | -46.0% |
| Cash at bank and in hand | 54/58 | €17,479 | €44,849 | +€27,370 | +157% |
| Deferred charges and accrued income | 490/1 | €8,825 | €0 | -€8,825 | -100% |
| Total equity and liabilities | 10/49 | €2,185,485 | €2,020,471 | -€165,014 | -7.6% |
| Equity | 10/15 | €449,257 | €386,601 | -€62,656 | -13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €428,438 | €365,782 | -€62,656 | -14.6% |
| Distributable reserves | 133 | €428,438 | €365,782 | -€62,656 | -14.6% |
| Profit (loss) carried forward | 14 | €2,220 | €2,220 | = | 0.0% |
| Amounts payable | 17/49 | €1,736,227 | €1,633,869 | -€102,358 | -5.9% |
| Amounts payable after more than one year | 17 | €1,561,556 | €1,465,859 | -€95,697 | -6.1% |
| Financial debts | 170/4 | €1,561,556 | €1,465,859 | -€95,697 | -6.1% |
| Amounts payable within one year | 42/48 | €168,232 | €161,571 | -€6,661 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €92,491 | €95,681 | +€3,191 | +3.4% |
| Trade debts | 44 | €12,372 | €3,509 | -€8,863 | -71.6% |
| Suppliers | 440/4 | €12,372 | €3,509 | -€8,863 | -71.6% |
| Taxes, remuneration and social security | 45 | €18,370 | €21,191 | +€2,821 | +15.4% |
| Taxes | 450/3 | €16,150 | €18,971 | +€2,821 | +17.5% |
| Remuneration and social security | 454/9 | €2,220 | €2,220 | = | 0.0% |
| Other amounts payable | 47/48 | €45,000 | €41,190 | -€3,810 | -8.5% |
| Accrued charges and deferred income | 492/3 | €6,439 | €6,439 | = | 0.0% |
| Non-recurring operating income | 76A | - | €19,910 | +€19,910 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,275 | €84,275 | = | 0.0% |
| Other operating charges | 640/8 | €10,486 | €10,046 | -€439 | -4.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €188,178 | €233,768 | +€45,590 | +24.2% |
| Operating profit (loss) | 9901 | €93,417 | €139,447 | +€46,029 | +49.3% |
| Financial income | 75/76B | €8,195 | €5,078 | -€3,116 | -38.0% |
| Recurring financial income | 75 | €8,195 | €5,078 | -€3,116 | -38.0% |
| Financial charges | 65/66B | €65,631 | €56,678 | -€8,953 | -13.6% |
| Recurring financial charges | 65 | €65,631 | €56,678 | -€8,953 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €35,981 | €87,847 | +€51,866 | +144% |
| Income taxes | 67/77 | €11,823 | €23,765 | +€11,942 | +101% |
| Profit (loss) for the period | 9904 | €24,158 | €64,082 | +€39,924 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €24,158 | €64,082 | +€39,924 | +165% |
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 24 October 2026 via checked.be.