Da=St: 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.
Da=St
Largest movements
- Tangible fixed assets +€419,554
up €419,554 (+22.4%), from €1.9m to €2.3m
of which Land and buildings: +€417,944
- Cash -€43,426
down €43,426 (-47.0%), from €92,481 to €49,055
mainly Investment in fixed assets (net) (-€468,098) and Trade debts (-€15,529)
- Debts after one year +€284,230
up €284,230 (+16.2%), from €1.8m to €2.0m
of which Financial debts: +€274,714
- Current portion of long-term debt +€41,136
up €41,136 (+78.9%), from €52,143 to €93,279
- Depreciation +€45,709
up €45,709 (+1598.2%), from €2,860 to €48,569
- Financial charges +€21,756
up €21,756 (+44.0%), from €49,486 to €71,243
- Gross operating margin +€14,830
up €14,830 (+11.9%), from €125,023 to €139,854
- Taxes -€6,427
down €6,427 (-76.0%), from €8,453 to €2,026
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 | €2,372,910 | €2,718,504 | +€345,594 | +14.6% |
| Fixed assets | 21/28 | €1,872,789 | €2,292,318 | +€419,529 | +22.4% |
| Tangible fixed assets | 22/27 | €1,872,764 | €2,292,318 | +€419,554 | +22.4% |
| Land and buildings | 22 | €1,870,019 | €2,287,963 | +€417,944 | +22.3% |
| Plant, machinery and equipment | 23 | €60 | €1 | -€59 | -98.1% |
| Furniture and vehicles | 24 | €2,685 | €4,354 | +€1,669 | +62.2% |
| Financial fixed assets | 28 | €25 | - | -€25 | |
| Current assets | 29/58 | €500,121 | €426,186 | -€73,935 | -14.8% |
| Stocks and contracts in progress | 3 | €290,297 | €280,037 | -€10,259 | -3.5% |
| Stocks | 30/36 | €290,297 | €280,037 | -€10,259 | -3.5% |
| Amounts receivable within one year | 40/41 | €116,680 | €93,290 | -€23,390 | -20.0% |
| Trade receivables | 40 | €90,502 | €83,816 | -€6,686 | -7.4% |
| Other amounts receivable | 41 | €26,178 | €9,474 | -€16,704 | -63.8% |
| Cash at bank and in hand | 54/58 | €92,481 | €49,055 | -€43,426 | -47.0% |
| Deferred charges and accrued income | 490/1 | €664 | €3,804 | +€3,140 | +473.2% |
| Total equity and liabilities | 10/49 | €2,372,910 | €2,718,504 | +€345,594 | +14.6% |
| Equity | 10/15 | €522,656 | €541,593 | +€18,937 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €504,056 | €522,993 | +€18,937 | +3.8% |
| Tax-exempt reserves | 132 | €2,935 | €2,935 | = | 0.0% |
| Distributable reserves | 133 | €501,121 | €520,058 | +€18,937 | +3.8% |
| Amounts payable | 17/49 | €1,850,255 | €2,176,911 | +€326,657 | +17.7% |
| Amounts payable after more than one year | 17 | €1,750,305 | €2,034,536 | +€284,230 | +16.2% |
| Financial debts | 170/4 | €1,749,223 | €2,023,937 | +€274,714 | +15.7% |
| Other amounts payable | 178/9 | €1,083 | €10,599 | +€9,517 | +879.1% |
| Amounts payable within one year | 42/48 | €97,192 | €130,649 | +€33,457 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €52,143 | €93,279 | +€41,136 | +78.9% |
| Trade debts | 44 | €35,902 | €20,373 | -€15,529 | -43.3% |
| Suppliers | 440/4 | €35,902 | €20,373 | -€15,529 | -43.3% |
| Taxes, remuneration and social security | 45 | €9,147 | €16,998 | +€7,850 | +85.8% |
| Taxes | 450/3 | €7,215 | €16,998 | +€9,783 | +135.6% |
| Remuneration and social security | 454/9 | €1,932 | - | -€1,932 | |
| Accrued charges and deferred income | 492/3 | €2,757 | €11,727 | +€8,970 | +325.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,860 | €48,569 | +€45,709 | +1598.2% |
| Other operating charges | 640/8 | €777 | €1,379 | +€603 | +77.6% |
| Gross operating margin | 9900 | €125,023 | €139,854 | +€14,830 | +11.9% |
| Operating profit (loss) | 9901 | €121,386 | €89,905 | -€31,481 | -25.9% |
| Financial income | 75/76B | €3,325 | €2,300 | -€1,025 | -30.8% |
| Recurring financial income | 75 | €3,325 | €2,300 | -€1,025 | -30.8% |
| Financial charges | 65/66B | €49,486 | €71,243 | +€21,756 | +44.0% |
| Recurring financial charges | 65 | €49,486 | €71,243 | +€21,756 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €75,225 | €20,963 | -€54,262 | -72.1% |
| Income taxes | 67/77 | €8,453 | €2,026 | -€6,427 | -76.0% |
| Profit (loss) for the period | 9904 | €66,772 | €18,937 | -€47,835 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,772 | €18,937 | -€47,835 | -71.6% |
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 3 October 2026 via checked.be.