D19: 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.
D19
Largest movements
- Receivables within one year +€12,569
up €12,569 (+310.6%), from €4,047 to €16,615
of which Trade receivables: +€6,742
- Reserves +€159,613
up €159,613 (+62.1%), from €257,100 to €416,713
of which Distributable reserves: +€159,613
- Profit (loss) carried forward -€153,715
down €153,715 (-100.0%), from €153,715 to €0
- Other debts +€61,582
up €61,582 (+24.7%), from €249,718 to €311,300
- Current portion of long-term debt -€26,325
down €26,325 (-48.6%), from €54,173 to €27,848
- Debts after one year -€23,518
down €23,518 (-93.1%), from €25,263 to €1,745
- Other operating charges +€6,858
up €6,858 (+85.5%), from €8,018 to €14,875
- Financial charges +€4,426
up €4,426 (+20.1%), from €22,000 to €26,426
- Taxes -€3,963
down €3,963 (-55.5%), from €7,136 to €3,173
- Gross operating margin -€3,395
down €3,395 (-4.4%), from €77,052 to €73,657
- Depreciation +€1,640
up €1,640 (+8.2%), from €19,979 to €21,619
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 | €1,117,325 | €1,129,086 | +€11,761 | +1.1% |
| Fixed assets | 21/28 | €1,104,927 | €1,104,179 | -€749 | -0.1% |
| Tangible fixed assets | 22/27 | €1,104,927 | €1,104,179 | -€749 | -0.1% |
| Land and buildings | 22 | €1,080,241 | €1,069,325 | -€10,915 | -1.0% |
| Plant, machinery and equipment | 23 | €24,686 | €19,853 | -€4,833 | -19.6% |
| Assets under construction and advance payments | 27 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €12,398 | €24,907 | +€12,509 | +100.9% |
| Amounts receivable within one year | 40/41 | €4,047 | €16,615 | +€12,569 | +310.6% |
| Trade receivables | 40 | €2,183 | €8,925 | +€6,742 | +308.8% |
| Other amounts receivable | 41 | €1,864 | €7,690 | +€5,827 | +312.7% |
| Cash at bank and in hand | 54/58 | €6,401 | €5,742 | -€659 | -10.3% |
| Deferred charges and accrued income | 490/1 | €1,950 | €2,550 | +€600 | +30.8% |
| Total equity and liabilities | 10/49 | €1,117,325 | €1,129,086 | +€11,761 | +1.1% |
| Equity | 10/15 | €750,925 | €756,823 | +€5,898 | +0.8% |
| Contributions | 10/11 | €340,110 | €340,110 | = | 0.0% |
| Capital | 10 | €340,110 | €340,110 | = | 0.0% |
| Issued capital | 100 | €340,110 | €340,110 | = | 0.0% |
| Reserves | 13 | €257,100 | €416,713 | +€159,613 | +62.1% |
| Non-distributable reserves | 130/1 | €34,011 | €34,011 | = | 0.0% |
| Legal reserve | 130 | €34,011 | €34,011 | = | 0.0% |
| Distributable reserves | 133 | €223,089 | €382,702 | +€159,613 | +71.5% |
| Profit (loss) carried forward | 14 | €153,715 | €0 | -€153,715 | -100.0% |
| Amounts payable | 17/49 | €366,400 | €372,263 | +€5,863 | +1.6% |
| Amounts payable after more than one year | 17 | €25,263 | €1,745 | -€23,518 | -93.1% |
| Financial debts | 170/4 | €25,263 | €1,745 | -€23,518 | -93.1% |
| Amounts payable within one year | 42/48 | €341,137 | €370,518 | +€29,381 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €54,173 | €27,848 | -€26,325 | -48.6% |
| Trade debts | 44 | €15,594 | €21,385 | +€5,791 | +37.1% |
| Suppliers | 440/4 | €15,594 | €21,385 | +€5,791 | +37.1% |
| Taxes, remuneration and social security | 45 | €21,653 | €9,986 | -€11,667 | -53.9% |
| Taxes | 450/3 | €21,653 | €9,986 | -€11,667 | -53.9% |
| Other amounts payable | 47/48 | €249,718 | €311,300 | +€61,582 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,979 | €21,619 | +€1,640 | +8.2% |
| Other operating charges | 640/8 | €8,018 | €14,875 | +€6,858 | +85.5% |
| Gross operating margin | 9900 | €77,052 | €73,657 | -€3,395 | -4.4% |
| Operating profit (loss) | 9901 | €49,055 | €37,163 | -€11,892 | -24.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €22,000 | €26,426 | +€4,426 | +20.1% |
| Recurring financial charges | 65 | €22,000 | €26,426 | +€4,426 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €27,055 | €10,737 | -€16,318 | -60.3% |
| Income taxes | 67/77 | €7,136 | €3,173 | -€3,963 | -55.5% |
| Profit (loss) for the period | 9904 | €19,919 | €7,564 | -€12,355 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,919 | €7,564 | -€12,355 | -62.0% |
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 2 October 2026 via checked.be.