D&L: 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&L
Largest movements
- Receivables within one year -€63,978
down €63,978 (-57.1%), from €112,065 to €48,087
of which Trade receivables: -€64,139
- Cash +€33,499
up €33,499 (+31.0%), from €107,967 to €141,466
mainly Receivables within one year (+€63,978) and Stocks and contracts (+€22,281)
- Stocks and contracts -€22,281
down €22,281 (-16.7%), from €133,688 to €111,406
- Profit (loss) carried forward -€35,213
down €35,213 (-18.0%), from -€195,422 to -€230,635
- Tax, wage and social debts -€17,375
down €17,375 (-100.0%), from €17,375 to €0
- Gross operating margin +€9,486
up €9,486 (+21.6%), from -€43,883 to -€34,398
- Financial income -€2,495
down €2,495 (-82.7%), from €3,018 to €523
- Other operating charges -€937
down €937 (-44.0%), from €2,129 to €1,192
- Financial charges -€735
down €735 (-83.4%), from €881 to €146
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 | €355,960 | €303,200 | -€52,760 | -14.8% |
| Fixed assets | 21/28 | €2,240 | €2,240 | = | 0.0% |
| Financial fixed assets | 28 | €2,240 | €2,240 | = | 0.0% |
| Current assets | 29/58 | €353,720 | €300,960 | -€52,760 | -14.9% |
| Stocks and contracts in progress | 3 | €133,688 | €111,406 | -€22,281 | -16.7% |
| Stocks | 30/36 | €133,688 | €111,406 | -€22,281 | -16.7% |
| Amounts receivable within one year | 40/41 | €112,065 | €48,087 | -€63,978 | -57.1% |
| Trade receivables | 40 | €111,800 | €47,660 | -€64,139 | -57.4% |
| Other amounts receivable | 41 | €266 | €427 | +€161 | +60.6% |
| Cash at bank and in hand | 54/58 | €107,967 | €141,466 | +€33,499 | +31.0% |
| Total equity and liabilities | 10/49 | €355,960 | €303,200 | -€52,760 | -14.8% |
| Equity | 10/15 | -€174,408 | -€209,621 | -€35,213 | -20.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,814 | €14,814 | = | 0.0% |
| Distributable reserves | 133 | €14,814 | €14,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€195,422 | -€230,635 | -€35,213 | -18.0% |
| Amounts payable | 17/49 | €530,368 | €512,820 | -€17,547 | -3.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €530,368 | €512,820 | -€17,547 | -3.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,979 | €4,881 | -€1,098 | -18.4% |
| Suppliers | 440/4 | €5,979 | €4,881 | -€1,098 | -18.4% |
| Taxes, remuneration and social security | 45 | €17,375 | €0 | -€17,375 | -100.0% |
| Taxes | 450/3 | €17,375 | €0 | -€17,375 | -100.0% |
| Other amounts payable | 47/48 | €507,014 | €507,939 | +€925 | +0.2% |
| Other operating charges | 640/8 | €2,129 | €1,192 | -€937 | -44.0% |
| Gross operating margin | 9900 | -€43,883 | -€34,398 | +€9,486 | +21.6% |
| Operating profit (loss) | 9901 | -€46,013 | -€35,590 | +€10,423 | +22.7% |
| Financial income | 75/76B | €3,018 | €523 | -€2,495 | -82.7% |
| Recurring financial income | 75 | €3,018 | €523 | -€2,495 | -82.7% |
| Financial charges | 65/66B | €881 | €146 | -€735 | -83.4% |
| Recurring financial charges | 65 | €881 | €146 | -€735 | -83.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,875 | -€35,213 | +€8,662 | +19.7% |
| Profit (loss) for the period | 9904 | -€43,875 | -€35,213 | +€8,662 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,875 | -€35,213 | +€8,662 | +19.7% |
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.