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
- Receivables within one year +€46,747
up €46,747 (+29.8%), from €156,983 to €203,730
of which Other amounts receivable: +€61,559
- Cash +€4,083
up €4,083 (+364%), from €1,122 to €5,205
mainly Net result for the year (+€22,809) and Trade debts (+€22,368)
- Reserves +€22,809
up €22,809 (+23.0%), from €99,376 to €122,184
- Trade debts +€22,368
up €22,368 (+2,993%), from €747 to €23,115
- Other debts +€4,391
new in 2025: €4,391
- Gross operating margin -€36,822
down €36,822 (-55.4%), from €66,458 to €29,636
- Taxes -€11,376
down €11,376 (-45.7%), from €24,877 to €13,502
- Financial income +€3,054
up €3,054 (+48.9%), from €6,245 to €9,298
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 | €160,015 | €210,685 | +€50,670 | +31.7% |
| Fixed assets | 21/28 | €1,872 | €713 | -€1,158 | -61.9% |
| Tangible fixed assets | 22/27 | €1,872 | €713 | -€1,158 | -61.9% |
| Plant, machinery and equipment | 23 | €610 | €323 | -€287 | -47.0% |
| Furniture and vehicles | 24 | €946 | €390 | -€555 | -58.7% |
| Other tangible fixed assets | 26 | €316 | - | -€316 | |
| Current assets | 29/58 | €158,143 | €209,972 | +€51,829 | +32.8% |
| Amounts receivable within one year | 40/41 | €156,983 | €203,730 | +€46,747 | +29.8% |
| Trade receivables | 40 | €14,812 | - | -€14,812 | |
| Other amounts receivable | 41 | €142,171 | €203,730 | +€61,559 | +43.3% |
| Cash at bank and in hand | 54/58 | €1,122 | €5,205 | +€4,083 | +364% |
| Deferred charges and accrued income | 490/1 | €38 | €1,037 | +€999 | +2,658% |
| Total equity and liabilities | 10/49 | €160,015 | €210,685 | +€50,670 | +31.7% |
| Equity | 10/15 | €117,968 | €140,777 | +€22,809 | +19.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €99,376 | €122,184 | +€22,809 | +23.0% |
| Distributable reserves | 133 | €99,376 | €122,184 | +€22,809 | +23.0% |
| Amounts payable | 17/49 | €42,047 | €69,909 | +€27,862 | +66.3% |
| Amounts payable within one year | 42/48 | €42,047 | €69,909 | +€27,862 | +66.3% |
| Financial debts | 43 | - | €1,184 | +€1,184 | |
| Credit institutions | 430/8 | - | €1,184 | +€1,184 | |
| Trade debts | 44 | €747 | €23,115 | +€22,368 | +2,993% |
| Suppliers | 440/4 | €747 | €23,115 | +€22,368 | +2,993% |
| Taxes, remuneration and social security | 45 | €41,300 | €41,219 | -€81 | -0.2% |
| Taxes | 450/3 | €41,300 | €41,219 | -€81 | -0.2% |
| Other amounts payable | 47/48 | - | €4,391 | +€4,391 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,158 | €1,158 | = | 0.0% |
| Other operating charges | 640/8 | €811 | €736 | -€75 | -9.2% |
| Gross operating margin | 9900 | €66,458 | €29,636 | -€36,822 | -55.4% |
| Operating profit (loss) | 9901 | €64,488 | €27,741 | -€36,747 | -57.0% |
| Financial income | 75/76B | €6,245 | €9,298 | +€3,054 | +48.9% |
| Recurring financial income | 75 | €6,245 | €9,298 | +€3,054 | +48.9% |
| Financial charges | 65/66B | €552 | €729 | +€177 | +32.0% |
| Recurring financial charges | 65 | €552 | €729 | +€177 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €70,181 | €36,310 | -€33,870 | -48.3% |
| Income taxes | 67/77 | €24,877 | €13,502 | -€11,376 | -45.7% |
| Profit (loss) for the period | 9904 | €45,303 | €22,809 | -€22,495 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,303 | €22,809 | -€22,495 | -49.7% |
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 16 October 2026 via checked.be.