DEAL: 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.
DEAL
Largest movements
- Stocks and contracts +€26,679
up €26,679 (+12.7%), from €209,993 to €236,672
- Tangible fixed assets -€24,945
down €24,945 (-8.7%), from €285,559 to €260,613
of which Other tangible fixed assets: -€27,431
- Cash -€14,348
down €14,348 (-56.1%), from €25,563 to €11,215
mainly Stocks and contracts (-€26,679) and Provisions (-€19,024)
- Receivables within one year -€9,851
down €9,851 (-10.6%), from €92,558 to €82,707
- Debts after one year +€29,803
up €29,803 (+14.1%), from €210,904 to €240,708
- Provisions -€19,024
down €19,024 (-74.1%), from €25,675 to €6,651
- Reserves -€16,836
down €16,836 (-12.7%), from €132,827 to €115,991
of which Tax-exempt reserves: -€57,073
- Other debts -€7,447
down €7,447 (-65.4%), from €11,394 to €3,947
- Tax, wage and social debts -€6,852
down €6,852 (-13.2%), from €51,723 to €44,871
of which Taxes: -€4,101
- Gross operating margin -€123,542
down €123,542 (-40.0%), from €309,202 to €185,659
- Depreciation -€16,349
down €16,349 (-27.2%), from €60,174 to €43,825
- Staff costs -€7,615
down €7,615 (-4.4%), from €174,338 to €166,724
- Other operating charges -€3,911
down €3,911 (-65.4%), from €5,985 to €2,073
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 | €651,972 | €628,719 | -€23,253 | -3.6% |
| Fixed assets | 21/28 | €320,660 | €292,618 | -€28,042 | -8.7% |
| Intangible fixed assets | 21 | €5,004 | €1,907 | -€3,097 | -61.9% |
| Tangible fixed assets | 22/27 | €285,559 | €260,613 | -€24,945 | -8.7% |
| Plant, machinery and equipment | 23 | €1,102 | €542 | -€560 | -50.8% |
| Furniture and vehicles | 24 | €1,192 | €4,239 | +€3,046 | +255.5% |
| Other tangible fixed assets | 26 | €283,265 | €255,833 | -€27,431 | -9.7% |
| Financial fixed assets | 28 | €30,097 | €30,097 | = | 0.0% |
| Current assets | 29/58 | €331,312 | €336,101 | +€4,789 | +1.4% |
| Stocks and contracts in progress | 3 | €209,993 | €236,672 | +€26,679 | +12.7% |
| Stocks | 30/36 | €209,993 | €236,672 | +€26,679 | +12.7% |
| Amounts receivable within one year | 40/41 | €92,558 | €82,707 | -€9,851 | -10.6% |
| Trade receivables | 40 | €92,558 | €82,707 | -€9,851 | -10.6% |
| Cash at bank and in hand | 54/58 | €25,563 | €11,215 | -€14,348 | -56.1% |
| Deferred charges and accrued income | 490/1 | €3,198 | €5,507 | +€2,309 | +72.2% |
| Total equity and liabilities | 10/49 | €651,972 | €628,719 | -€23,253 | -3.6% |
| Equity | 10/15 | €151,419 | €134,583 | -€16,836 | -11.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €132,827 | €115,991 | -€16,836 | -12.7% |
| Tax-exempt reserves | 132 | €105,026 | €47,953 | -€57,073 | -54.3% |
| Distributable reserves | 133 | €27,801 | €68,039 | +€40,237 | +144.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €25,675 | €6,651 | -€19,024 | -74.1% |
| Deferred taxes | 168 | €25,675 | €6,651 | -€19,024 | -74.1% |
| Amounts payable | 17/49 | €474,877 | €487,485 | +€12,607 | +2.7% |
| Amounts payable after more than one year | 17 | €210,904 | €240,708 | +€29,803 | +14.1% |
| Financial debts | 170/4 | €210,904 | €240,708 | +€29,803 | +14.1% |
| Amounts payable within one year | 42/48 | €263,973 | €246,777 | -€17,196 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €19,375 | €20,197 | +€822 | +4.2% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €31,481 | €27,762 | -€3,719 | -11.8% |
| Suppliers | 440/4 | €31,481 | €27,762 | -€3,719 | -11.8% |
| Taxes, remuneration and social security | 45 | €51,723 | €44,871 | -€6,852 | -13.2% |
| Taxes | 450/3 | €31,205 | €27,104 | -€4,101 | -13.1% |
| Remuneration and social security | 454/9 | €20,518 | €17,767 | -€2,751 | -13.4% |
| Other amounts payable | 47/48 | €11,394 | €3,947 | -€7,447 | -65.4% |
| Remuneration, social security and pensions | 62 | €174,338 | €166,724 | -€7,615 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,174 | €43,825 | -€16,349 | -27.2% |
| Other operating charges | 640/8 | €5,985 | €2,073 | -€3,911 | -65.4% |
| Gross operating margin | 9900 | €309,202 | €185,659 | -€123,542 | -40.0% |
| Operating profit (loss) | 9901 | €68,705 | -€26,963 | -€95,668 | |
| Financial income | 75/76B | €5,081 | €3,561 | -€1,520 | -29.9% |
| Recurring financial income | 75 | €5,081 | €3,561 | -€1,520 | -29.9% |
| Financial charges | 65/66B | €15,148 | €12,458 | -€2,690 | -17.8% |
| Recurring financial charges | 65 | €15,148 | €12,458 | -€2,690 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €58,638 | -€35,860 | -€94,498 | |
| Transfer from deferred taxes | 780 | €581 | €19,024 | +€18,443 | +3173.4% |
| Income taxes | 67/77 | €14 | €0 | -€14 | -98.9% |
| Profit (loss) for the period | 9904 | €59,205 | -€16,836 | -€76,041 | |
| Transfer from tax-exempt reserves | 789 | €1,744 | €57,073 | +€55,330 | +3173.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,949 | €40,237 | -€20,711 | -34.0% |
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 9 October 2026 via checked.be.