DEMO: 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.
DEMO
Largest movements
- Receivables within one year +€156,545
up €156,545 (+153%), from €102,330 to €258,875
of which Trade receivables: +€148,924
- Cash -€53,095
down €53,095 (-31.2%), from €170,154 to €117,059
mainly Receivables within one year (-€156,545) and Contributions, distributions and other (-€90,000)
- Tangible fixed assets +€6,700
up €6,700 (+8.8%), from €76,292 to €82,992
of which Plant, machinery and equipment: +€11,616
- Trade debts +€72,554
up €72,554 (+463%), from €15,683 to €88,238
- Other debts +€40,000
up €40,000 (+80.0%), from €50,000 to €90,000
- Debts after one year -€19,619
down €19,619 (-43.0%), from €45,632 to €26,013
- Accrued charges and deferred income +€13,931
up €13,931 (+271%), from €5,150 to €19,081
- Current portion of long-term debt -€6,380
down €6,380 (-24.5%), from €25,999 to €19,619
- Gross operating margin +€29,482
up €29,482 (+12.0%), from €245,337 to €274,819
- Staff costs -€18,219
down €18,219 (-10.4%), from €175,179 to €156,960
- Depreciation +€5,101
up €5,101 (+20.3%), from €25,173 to €30,274
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 | €450,685 | €557,527 | +€106,842 | +23.7% |
| Fixed assets | 21/28 | €76,292 | €82,992 | +€6,700 | +8.8% |
| Tangible fixed assets | 22/27 | €76,292 | €82,992 | +€6,700 | +8.8% |
| Plant, machinery and equipment | 23 | €7,180 | €18,795 | +€11,616 | +162% |
| Furniture and vehicles | 24 | €69,112 | €64,197 | -€4,916 | -7.1% |
| Current assets | 29/58 | €374,393 | €474,535 | +€100,142 | +26.7% |
| Stocks and contracts in progress | 3 | €94,272 | €93,625 | -€647 | -0.7% |
| Stocks | 30/36 | €94,272 | €93,625 | -€647 | -0.7% |
| Amounts receivable within one year | 40/41 | €102,330 | €258,875 | +€156,545 | +153% |
| Trade receivables | 40 | €78,529 | €227,453 | +€148,924 | +190% |
| Other amounts receivable | 41 | €23,801 | €31,422 | +€7,621 | +32.0% |
| Cash at bank and in hand | 54/58 | €170,154 | €117,059 | -€53,095 | -31.2% |
| Deferred charges and accrued income | 490/1 | €7,638 | €4,976 | -€2,662 | -34.8% |
| Total equity and liabilities | 10/49 | €450,685 | €557,527 | +€106,842 | +23.7% |
| Equity | 10/15 | €199,051 | €202,006 | +€2,955 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €180,451 | €183,406 | +€2,955 | +1.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,000 | €22,000 | = | 0.0% |
| Distributable reserves | 133 | €156,592 | €159,547 | +€2,955 | +1.9% |
| Amounts payable | 17/49 | €251,634 | €355,521 | +€103,888 | +41.3% |
| Amounts payable after more than one year | 17 | €45,632 | €26,013 | -€19,619 | -43.0% |
| Financial debts | 170/4 | €45,632 | €26,013 | -€19,619 | -43.0% |
| Amounts payable within one year | 42/48 | €200,852 | €310,427 | +€109,575 | +54.6% |
| Current portion of amounts payable after more than one year | 42 | €25,999 | €19,619 | -€6,380 | -24.5% |
| Trade debts | 44 | €15,683 | €88,238 | +€72,554 | +463% |
| Suppliers | 440/4 | €15,683 | €88,238 | +€72,554 | +463% |
| Advances received on contracts in progress | 46 | €94,698 | €97,091 | +€2,393 | +2.5% |
| Taxes, remuneration and social security | 45 | €14,472 | €15,480 | +€1,008 | +7.0% |
| Taxes | 450/3 | - | €498 | +€498 | |
| Remuneration and social security | 454/9 | €14,472 | €14,982 | +€510 | +3.5% |
| Other amounts payable | 47/48 | €50,000 | €90,000 | +€40,000 | +80.0% |
| Accrued charges and deferred income | 492/3 | €5,150 | €19,081 | +€13,931 | +271% |
| Non-recurring operating income | 76A | €24,148 | €175,464 | +€151,316 | +627% |
| Remuneration, social security and pensions | 62 | €175,179 | €156,960 | -€18,219 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,173 | €30,274 | +€5,101 | +20.3% |
| Other operating charges | 640/8 | €3,874 | €3,554 | -€321 | -8.3% |
| Non-recurring operating charges | 66A | €189 | - | -€189 | |
| Gross operating margin | 9900 | €245,337 | €274,819 | +€29,482 | +12.0% |
| Operating profit (loss) | 9901 | €40,922 | €84,031 | +€43,109 | +105% |
| Financial income | 75/76B | €14,072 | €11,754 | -€2,318 | -16.5% |
| Recurring financial income | 75 | €14,072 | €11,754 | -€2,318 | -16.5% |
| Financial charges | 65/66B | €2,839 | €2,170 | -€669 | -23.6% |
| Recurring financial charges | 65 | €2,839 | €2,170 | -€669 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €52,155 | €93,615 | +€41,460 | +79.5% |
| Income taxes | 67/77 | €702 | €660 | -€42 | -5.9% |
| Profit (loss) for the period | 9904 | €51,453 | €92,955 | +€41,502 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,453 | €92,955 | +€41,502 | +80.7% |
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 13 October 2026 via checked.be.