DANIEL ANTOINE: 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.
DANIEL ANTOINE
Largest movements
- Tangible fixed assets -€53,358
down €53,358 (-37.3%), from €143,091 to €89,733
of which Leasing and similar rights: -€30,976
- Receivables within one year -€30,149
down €30,149 (-11.0%), from €274,710 to €244,561
of which Other amounts receivable: -€17,665
- Deferred charges and accrued income -€6,167
down €6,167 (-58.8%), from €10,485 to €4,318
- Cash -€4,609
down €4,609 (-30.2%), from €15,251 to €10,642
mainly Net result for the year (-€27,563) and Trade debts (-€24,079)
- Profit (loss) carried forward -€27,563
down €27,563 (-12.4%), from €223,127 to €195,564
- Trade debts -€24,079
down €24,079 (-41.1%), from €58,558 to €34,479
- Debts after one year -€15,118
down €15,118 (-31.4%), from €48,085 to €32,967
- Tax, wage and social debts -€14,429
down €14,429 (-36.0%), from €40,081 to €25,652
- Current portion of long-term debt -€13,094
down €13,094 (-46.4%), from €28,212 to €15,118
- Gross operating margin -€105,604
down €105,604 (-29.5%), from €358,151 to €252,548
- Taxes -€15,029
down €15,029 (-98.0%), from €15,332 to €302
- Financial income +€11,349
up €11,349 (+31,691%), from €36 to €11,384
- Depreciation -€11,112
down €11,112 (-23.4%), from €47,464 to €36,352
- Staff costs -€6,945
down €6,945 (-2.9%), from €237,386 to €230,441
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 | €444,524 | €350,241 | -€94,283 | -21.2% |
| Fixed assets | 21/28 | €143,091 | €89,733 | -€53,358 | -37.3% |
| Tangible fixed assets | 22/27 | €143,091 | €89,733 | -€53,358 | -37.3% |
| Land and buildings | 22 | €22,773 | €20,169 | -€2,604 | -11.4% |
| Plant, machinery and equipment | 23 | €15,978 | €10,795 | -€5,184 | -32.4% |
| Furniture and vehicles | 24 | €33,810 | €19,216 | -€14,594 | -43.2% |
| Leasing and similar rights | 25 | €70,530 | €39,553 | -€30,976 | -43.9% |
| Current assets | 29/58 | €301,434 | €260,508 | -€40,925 | -13.6% |
| Stocks and contracts in progress | 3 | €988 | €988 | = | 0.0% |
| Stocks | 30/36 | €988 | €988 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €274,710 | €244,561 | -€30,149 | -11.0% |
| Trade receivables | 40 | €32,348 | €19,863 | -€12,484 | -38.6% |
| Other amounts receivable | 41 | €242,362 | €224,698 | -€17,665 | -7.3% |
| Cash at bank and in hand | 54/58 | €15,251 | €10,642 | -€4,609 | -30.2% |
| Deferred charges and accrued income | 490/1 | €10,485 | €4,318 | -€6,167 | -58.8% |
| Total equity and liabilities | 10/49 | €444,524 | €350,241 | -€94,283 | -21.2% |
| Equity | 10/15 | €269,589 | €242,026 | -€27,563 | -10.2% |
| Contributions | 10/11 | €44,100 | €44,100 | = | 0.0% |
| Reserves | 13 | €2,362 | €2,362 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,362 | €2,362 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,362 | €2,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,127 | €195,564 | -€27,563 | -12.4% |
| Amounts payable | 17/49 | €174,935 | €108,215 | -€66,720 | -38.1% |
| Amounts payable after more than one year | 17 | €48,085 | €32,967 | -€15,118 | -31.4% |
| Financial debts | 170/4 | €48,085 | €32,967 | -€15,118 | -31.4% |
| Amounts payable within one year | 42/48 | €126,850 | €75,249 | -€51,602 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €28,212 | €15,118 | -€13,094 | -46.4% |
| Trade debts | 44 | €58,558 | €34,479 | -€24,079 | -41.1% |
| Suppliers | 440/4 | €58,558 | €34,479 | -€24,079 | -41.1% |
| Taxes, remuneration and social security | 45 | €40,081 | €25,652 | -€14,429 | -36.0% |
| Taxes | 450/3 | €40,081 | €25,652 | -€14,429 | -36.0% |
| Remuneration, social security and pensions | 62 | €237,386 | €230,441 | -€6,945 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,464 | €36,352 | -€11,112 | -23.4% |
| Other operating charges | 640/8 | €2,195 | €5,131 | +€2,936 | +134% |
| Non-recurring operating charges | 66A | - | €13,801 | +€13,801 | |
| Gross operating margin | 9900 | €358,151 | €252,548 | -€105,604 | -29.5% |
| Operating profit (loss) | 9901 | €71,106 | -€33,178 | -€104,284 | |
| Financial income | 75/76B | €36 | €11,384 | +€11,349 | +31,691% |
| Recurring financial income | 75 | €36 | €11,384 | +€11,349 | +31,691% |
| Financial charges | 65/66B | €7,966 | €5,467 | -€2,499 | -31.4% |
| Recurring financial charges | 65 | €7,966 | €5,467 | -€2,499 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €63,176 | -€27,261 | -€90,436 | |
| Income taxes | 67/77 | €15,332 | €302 | -€15,029 | -98.0% |
| Profit (loss) for the period | 9904 | €47,844 | -€27,563 | -€75,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,844 | -€27,563 | -€75,407 |
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 15 October 2026 via checked.be.