DD: 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.
DD
Largest movements
- Tangible fixed assets -€78,636
down €78,636 (-9.1%), from €860,848 to €782,212
of which Plant, machinery and equipment: -€61,733
- Deferred charges and accrued income -€24,470
no longer reported in 2025 (was €24,470)
- Cash -€23,042
down €23,042 (-95.4%), from €24,153 to €1,111
mainly Tax, wage and social debts (-€100,186) and Debts after one year (-€69,746)
- Receivables within one year +€18,597
up €18,597 (+16.9%), from €109,914 to €128,511
of which Trade receivables: +€15,798
- Other debts +€170,612
up €170,612 (+1194.8%), from €14,280 to €184,892
- Tax, wage and social debts -€100,186
down €100,186 (-88.5%), from €113,222 to €13,036
- Debts after one year -€69,746
down €69,746 (-15.6%), from €445,846 to €376,100
- Reserves -€66,862
down €66,862 (-24.8%), from €270,143 to €203,281
- Advances received -€43,000
down €43,000 (-87.8%), from €49,000 to €6,000
- Depreciation +€59,096
up €59,096 (+268.1%), from €22,040 to €81,136
- Gross operating margin -€56,440
down €56,440 (-53.5%), from €105,594 to €49,154
- Taxes -€17,770
down €17,770 (-99.0%), from €17,953 to €183
- Financial income -€15,951
down €15,951 (-100.0%), from €15,954 to €3
- Other operating charges -€5,844
down €5,844 (-75.4%), from €7,749 to €1,905
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 | €1,034,428 | €924,376 | -€110,052 | -10.6% |
| Fixed assets | 21/28 | €875,890 | €794,754 | -€81,136 | -9.3% |
| Intangible fixed assets | 21 | €13,542 | €11,042 | -€2,500 | -18.5% |
| Tangible fixed assets | 22/27 | €860,848 | €782,212 | -€78,636 | -9.1% |
| Land and buildings | 22 | €537,418 | €523,988 | -€13,430 | -2.5% |
| Plant, machinery and equipment | 23 | €302,384 | €240,651 | -€61,733 | -20.4% |
| Furniture and vehicles | 24 | €619 | €107 | -€512 | -82.7% |
| Other tangible fixed assets | 26 | €20,427 | €17,466 | -€2,961 | -14.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €158,538 | €129,622 | -€28,915 | -18.2% |
| Amounts receivable within one year | 40/41 | €109,914 | €128,511 | +€18,597 | +16.9% |
| Trade receivables | 40 | €93,834 | €109,632 | +€15,798 | +16.8% |
| Other amounts receivable | 41 | €16,080 | €18,879 | +€2,799 | +17.4% |
| Cash at bank and in hand | 54/58 | €24,153 | €1,111 | -€23,042 | -95.4% |
| Deferred charges and accrued income | 490/1 | €24,470 | - | -€24,470 | |
| Total equity and liabilities | 10/49 | €1,034,428 | €924,376 | -€110,052 | -10.6% |
| Equity | 10/15 | €282,543 | €215,681 | -€66,862 | -23.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €270,143 | €203,281 | -€66,862 | -24.8% |
| Distributable reserves | 133 | €270,143 | €203,281 | -€66,862 | -24.8% |
| Amounts payable | 17/49 | €751,885 | €708,695 | -€43,189 | -5.7% |
| Amounts payable after more than one year | 17 | €445,846 | €376,100 | -€69,746 | -15.6% |
| Financial debts | 170/4 | €445,846 | €376,100 | -€69,746 | -15.6% |
| Amounts payable within one year | 42/48 | €302,071 | €332,596 | +€30,524 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €80,876 | €93,045 | +€12,169 | +15.0% |
| Financial debts | 43 | - | €298 | +€298 | |
| Credit institutions | 430/8 | - | €298 | +€298 | |
| Trade debts | 44 | €44,694 | €35,325 | -€9,369 | -21.0% |
| Suppliers | 440/4 | €44,694 | €35,325 | -€9,369 | -21.0% |
| Advances received on contracts in progress | 46 | €49,000 | €6,000 | -€43,000 | -87.8% |
| Taxes, remuneration and social security | 45 | €113,222 | €13,036 | -€100,186 | -88.5% |
| Taxes | 450/3 | €113,222 | €13,036 | -€100,186 | -88.5% |
| Other amounts payable | 47/48 | €14,280 | €184,892 | +€170,612 | +1194.8% |
| Accrued charges and deferred income | 492/3 | €3,967 | - | -€3,967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,040 | €81,136 | +€59,096 | +268.1% |
| Other operating charges | 640/8 | €7,749 | €1,905 | -€5,844 | -75.4% |
| Non-recurring operating charges | 66A | €4,101 | - | -€4,101 | |
| Gross operating margin | 9900 | €105,594 | €49,154 | -€56,440 | -53.5% |
| Operating profit (loss) | 9901 | €71,704 | -€33,888 | -€105,592 | |
| Financial income | 75/76B | €15,954 | €3 | -€15,951 | -100.0% |
| Recurring financial income | 75 | €15,954 | €3 | -€15,951 | -100.0% |
| Financial charges | 65/66B | €13,753 | €18,244 | +€4,491 | +32.7% |
| Recurring financial charges | 65 | €13,753 | €18,244 | +€4,491 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €73,905 | -€52,129 | -€126,034 | |
| Income taxes | 67/77 | €17,953 | €183 | -€17,770 | -99.0% |
| Profit (loss) for the period | 9904 | €55,951 | -€52,312 | -€108,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,951 | -€52,312 | -€108,264 |
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 6 October 2026 via checked.be.