D - CASE: 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.
D - CASE
Largest movements
- Cash +€109,434
up €109,434 (+103.0%), from €106,259 to €215,693
mainly Net result for the year (+€375,592) and Depreciation (+€208,149)
- Tangible fixed assets -€51,115
down €51,115 (-6.8%), from €752,663 to €701,548
of which Other tangible fixed assets: -€37,794
- Stocks and contracts +€46,994
up €46,994 (+6.9%), from €679,262 to €726,256
of which Contracts in progress: +€68,426
- Receivables within one year -€35,881
down €35,881 (-8.3%), from €429,969 to €394,089
of which Trade receivables: -€30,888
- Reserves +€375,592
up €375,592 (+45.0%), from €835,244 to €1.2m
of which Distributable reserves: +€207,192
- Trade debts -€243,574
down €243,574 (-73.6%), from €331,032 to €87,458
- Short-term financial debts -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Debts after one year +€122,604
up €122,604 (+29.2%), from €419,605 to €542,209
of which Other amounts payable: +€194,088
- Other debts -€78,638
down €78,638 (-79.0%), from €99,529 to €20,891
- Gross operating margin +€118,695
up €118,695 (+7.2%), from €1.6m to €1.8m
- Depreciation +€38,725
up €38,725 (+22.9%), from €169,424 to €208,149
- Taxes +€25,090
up €25,090 (+19.2%), from €130,570 to €155,660
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,079,169 | €2,138,805 | +€59,636 | +2.9% |
| Fixed assets | 21/28 | €793,496 | €733,573 | -€59,923 | -7.6% |
| Intangible fixed assets | 21 | €27,033 | €18,225 | -€8,808 | -32.6% |
| Tangible fixed assets | 22/27 | €752,663 | €701,548 | -€51,115 | -6.8% |
| Plant, machinery and equipment | 23 | €319,127 | €319,182 | +€56 | 0.0% |
| Furniture and vehicles | 24 | €36,613 | €42,491 | +€5,878 | +16.1% |
| Leasing and similar rights | 25 | €178,764 | €159,509 | -€19,254 | -10.8% |
| Other tangible fixed assets | 26 | €218,160 | €180,365 | -€37,794 | -17.3% |
| Financial fixed assets | 28 | €13,800 | €13,800 | = | 0.0% |
| Current assets | 29/58 | €1,285,673 | €1,405,232 | +€119,559 | +9.3% |
| Stocks and contracts in progress | 3 | €679,262 | €726,256 | +€46,994 | +6.9% |
| Stocks | 30/36 | €617,561 | €596,129 | -€21,432 | -3.5% |
| Contracts in progress | 37 | €61,701 | €130,127 | +€68,426 | +110.9% |
| Amounts receivable within one year | 40/41 | €429,969 | €394,089 | -€35,881 | -8.3% |
| Trade receivables | 40 | €409,827 | €378,938 | -€30,888 | -7.5% |
| Other amounts receivable | 41 | €20,143 | €15,151 | -€4,992 | -24.8% |
| Current investments | 50/53 | €30,118 | €30,343 | +€226 | +0.7% |
| Cash at bank and in hand | 54/58 | €106,259 | €215,693 | +€109,434 | +103.0% |
| Deferred charges and accrued income | 490/1 | €40,065 | €38,851 | -€1,214 | -3.0% |
| Total equity and liabilities | 10/49 | €2,079,169 | €2,138,805 | +€59,636 | +2.9% |
| Equity | 10/15 | €847,644 | €1,223,236 | +€375,592 | +44.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €835,244 | €1,210,836 | +€375,592 | +45.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €168,400 | +€168,400 | |
| Distributable reserves | 133 | €832,744 | €1,039,936 | +€207,192 | +24.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,231,525 | €915,568 | -€315,957 | -25.7% |
| Amounts payable after more than one year | 17 | €419,605 | €542,209 | +€122,604 | +29.2% |
| Financial debts | 170/4 | €419,605 | €348,121 | -€71,484 | -17.0% |
| Other amounts payable | 178/9 | - | €194,088 | +€194,088 | |
| Amounts payable within one year | 42/48 | €811,920 | €373,359 | -€438,561 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €138,666 | €165,626 | +€26,960 | +19.4% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100.0% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100.0% |
| Trade debts | 44 | €331,032 | €87,458 | -€243,574 | -73.6% |
| Suppliers | 440/4 | €331,032 | €87,458 | -€243,574 | -73.6% |
| Advances received on contracts in progress | 46 | €24 | €0 | -€24 | -100.0% |
| Taxes, remuneration and social security | 45 | €92,669 | €99,384 | +€6,714 | +7.2% |
| Taxes | 450/3 | €16,674 | €24,702 | +€8,028 | +48.1% |
| Remuneration and social security | 454/9 | €75,995 | €74,682 | -€1,313 | -1.7% |
| Other amounts payable | 47/48 | €99,529 | €20,891 | -€78,638 | -79.0% |
| Non-recurring operating income | 76A | €2,523 | €7,240 | +€4,717 | +186.9% |
| Remuneration, social security and pensions | 62 | €993,481 | €979,225 | -€14,256 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,424 | €208,149 | +€38,725 | +22.9% |
| Other operating charges | 640/8 | €11,589 | €15,086 | +€3,497 | +30.2% |
| Non-recurring operating charges | 66A | €1,857 | €835 | -€1,023 | -55.1% |
| Gross operating margin | 9900 | €1,647,889 | €1,766,584 | +€118,695 | +7.2% |
| Operating profit (loss) | 9901 | €471,537 | €563,289 | +€91,752 | +19.5% |
| Financial income | 75/76B | €5,279 | €3,823 | -€1,456 | -27.6% |
| Recurring financial income | 75 | €5,279 | €3,823 | -€1,456 | -27.6% |
| Financial charges | 65/66B | €39,879 | €35,860 | -€4,019 | -10.1% |
| Recurring financial charges | 65 | €39,879 | €35,860 | -€4,019 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €436,938 | €531,253 | +€94,315 | +21.6% |
| Income taxes | 67/77 | €130,570 | €155,660 | +€25,090 | +19.2% |
| Profit (loss) for the period | 9904 | €306,368 | €375,592 | +€69,225 | +22.6% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €306,368 | €207,192 | -€99,175 | -32.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.