DELETE: 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.
DELETE
Largest movements
- Receivables within one year -€496,673
down €496,673 (-60.0%), from €827,977 to €331,304
of which Trade receivables: -€659,787
- Cash -€292,836
down €292,836 (-90.8%), from €322,365 to €29,529
mainly Short-term financial debts (-€567,233) and Tax, wage and social debts (-€285,504)
- Receivables after one year +€251,698
new in 2025: €251,698
- Tangible fixed assets +€123,193
up €123,193 (+20.9%), from €589,443 to €712,635
of which Land and buildings: +€193,382
- Stocks and contracts -€29,149
down €29,149 (-100.0%), from €29,149 to €0
of which Stocks: -€29,149
- Short-term financial debts -€567,233
down €567,233 (-87.5%), from €648,504 to €81,270
- Reserves +€355,702
up €355,702 (+215.9%), from €164,721 to €520,423
- Tax, wage and social debts -€285,504
down €285,504 (-73.1%), from €390,311 to €104,807
of which Remuneration and social security: -€212,755
- Debts after one year +€144,997
up €144,997 (+49.3%), from €294,154 to €439,151
- Trade debts -€100,981
down €100,981 (-62.3%), from €162,145 to €61,165
- Gross operating margin -€1.5m
down €1.5m (-68.6%), from €2.2m to €695,144
- Staff costs -€1.4m
down €1.4m (-93.2%), from €1.6m to €105,954
- Financial charges -€43,762
down €43,762 (-56.6%), from €77,350 to €33,588
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,783,028 | €1,328,756 | -€454,272 | -25.5% |
| Fixed assets | 21/28 | €589,443 | €712,635 | +€123,193 | +20.9% |
| Tangible fixed assets | 22/27 | €589,443 | €712,635 | +€123,193 | +20.9% |
| Land and buildings | 22 | €515,749 | €709,131 | +€193,382 | +37.5% |
| Plant, machinery and equipment | 23 | €12,504 | €0 | -€12,504 | -100.0% |
| Furniture and vehicles | 24 | €24,094 | €3,504 | -€20,590 | -85.5% |
| Leasing and similar rights | 25 | €37,095 | €0 | -€37,095 | -100.0% |
| Current assets | 29/58 | €1,193,585 | €616,121 | -€577,465 | -48.4% |
| Amounts receivable after more than one year | 29 | - | €251,698 | +€251,698 | |
| Other amounts receivable | 291 | - | €251,698 | +€251,698 | |
| Stocks and contracts in progress | 3 | €29,149 | €0 | -€29,149 | -100.0% |
| Stocks | 30/36 | €29,149 | €0 | -€29,149 | -100.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €827,977 | €331,304 | -€496,673 | -60.0% |
| Trade receivables | 40 | €825,992 | €166,205 | -€659,787 | -79.9% |
| Other amounts receivable | 41 | €1,985 | €165,099 | +€163,114 | +8216.1% |
| Cash at bank and in hand | 54/58 | €322,365 | €29,529 | -€292,836 | -90.8% |
| Deferred charges and accrued income | 490/1 | €14,095 | €3,589 | -€10,505 | -74.5% |
| Total equity and liabilities | 10/49 | €1,783,028 | €1,328,756 | -€454,272 | -25.5% |
| Equity | 10/15 | €258,321 | €614,023 | +€355,702 | +137.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €164,721 | €520,423 | +€355,702 | +215.9% |
| Distributable reserves | 133 | €164,721 | €520,423 | +€355,702 | +215.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,524,707 | €714,732 | -€809,974 | -53.1% |
| Amounts payable after more than one year | 17 | €294,154 | €439,151 | +€144,997 | +49.3% |
| Financial debts | 170/4 | €294,154 | €439,151 | +€144,997 | +49.3% |
| Amounts payable within one year | 42/48 | €1,230,553 | €275,358 | -€955,195 | -77.6% |
| Current portion of amounts payable after more than one year | 42 | €26,227 | €28,117 | +€1,889 | +7.2% |
| Financial debts | 43 | €648,504 | €81,270 | -€567,233 | -87.5% |
| Credit institutions | 430/8 | €648,504 | €81,270 | -€567,233 | -87.5% |
| Trade debts | 44 | €162,145 | €61,165 | -€100,981 | -62.3% |
| Suppliers | 440/4 | €162,145 | €61,165 | -€100,981 | -62.3% |
| Taxes, remuneration and social security | 45 | €390,311 | €104,807 | -€285,504 | -73.1% |
| Taxes | 450/3 | €164,210 | €91,461 | -€72,749 | -44.3% |
| Remuneration and social security | 454/9 | €226,101 | €13,346 | -€212,755 | -94.1% |
| Other amounts payable | 47/48 | €3,366 | €0 | -€3,366 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €223 | +€223 | |
| Non-recurring operating income | 76A | €35,289 | €85,505 | +€50,216 | +142.3% |
| Remuneration, social security and pensions | 62 | €1,554,315 | €105,954 | -€1.4m | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,115 | €79,082 | +€16,967 | +27.3% |
| Other operating charges | 640/8 | €14,681 | €4,529 | -€10,152 | -69.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,216,506 | €695,144 | -€1.5m | -68.6% |
| Operating profit (loss) | 9901 | €585,396 | €505,579 | -€79,818 | -13.6% |
| Financial income | 75/76B | €30,892 | €20,246 | -€10,646 | -34.5% |
| Recurring financial income | 75 | €30,892 | €20,246 | -€10,646 | -34.5% |
| Financial charges | 65/66B | €77,350 | €33,588 | -€43,762 | -56.6% |
| Recurring financial charges | 65 | €77,350 | €33,588 | -€43,762 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €538,938 | €492,236 | -€46,702 | -8.7% |
| Income taxes | 67/77 | €125,306 | €136,534 | +€11,228 | +9.0% |
| Profit (loss) for the period | 9904 | €413,632 | €355,702 | -€57,930 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €413,632 | €355,702 | -€57,930 | -14.0% |
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 5 October 2026 via checked.be.