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
- Tangible fixed assets -€40,004
down €40,004 (-5.6%), from €710,951 to €670,948
of which Plant, machinery and equipment: -€25,613
- Debts after one year -€81,215
down €81,215 (-36.0%), from €225,301 to €144,086
- Reserves +€29,419
up €29,419 (+5.5%), from €532,747 to €562,165
of which Distributable reserves: +€29,419
- Trade debts +€29,120
up €29,120 (+58.8%), from €49,556 to €78,676
- Other debts +€27,833
up €27,833 (+396.6%), from €7,018 to €34,851
- Tax, wage and social debts -€22,492
down €22,492 (-14.5%), from €154,614 to €132,123
of which Remuneration and social security: -€13,794
- Staff costs +€41,015
up €41,015 (+4.1%), from €1.0m to €1.0m
- Taxes -€16,655
down €16,655 (-44.0%), from €37,828 to €21,173
- Gross operating margin -€12,770
down €12,770 (-1.1%), from €1.2m to €1.2m
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 | €1,085,976 | €1,053,789 | -€32,187 | -3.0% |
| Fixed assets | 21/28 | €815,916 | €779,166 | -€36,750 | -4.5% |
| Tangible fixed assets | 22/27 | €710,951 | €670,948 | -€40,004 | -5.6% |
| Land and buildings | 22 | €649,445 | €627,402 | -€22,042 | -3.4% |
| Plant, machinery and equipment | 23 | €59,297 | €33,684 | -€25,613 | -43.2% |
| Furniture and vehicles | 24 | €1,875 | €9,862 | +€7,987 | +426.0% |
| Other tangible fixed assets | 26 | €335 | - | -€335 | |
| Financial fixed assets | 28 | €104,964 | €108,218 | +€3,254 | +3.1% |
| Current assets | 29/58 | €270,061 | €274,623 | +€4,562 | +1.7% |
| Stocks and contracts in progress | 3 | €61,701 | €58,875 | -€2,826 | -4.6% |
| Stocks | 30/36 | €61,701 | €58,875 | -€2,826 | -4.6% |
| Amounts receivable within one year | 40/41 | €23,179 | €16,985 | -€6,195 | -26.7% |
| Trade receivables | 40 | €23,179 | €13,157 | -€10,023 | -43.2% |
| Other amounts receivable | 41 | - | €3,828 | +€3,828 | |
| Cash at bank and in hand | 54/58 | €185,180 | €194,700 | +€9,520 | +5.1% |
| Deferred charges and accrued income | 490/1 | - | €4,063 | +€4,063 | |
| Total equity and liabilities | 10/49 | €1,085,976 | €1,053,789 | -€32,187 | -3.0% |
| Equity | 10/15 | €552,747 | €582,165 | +€29,419 | +5.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €532,747 | €562,165 | +€29,419 | +5.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €513,997 | €543,415 | +€29,419 | +5.7% |
| Amounts payable | 17/49 | €533,230 | €471,624 | -€61,606 | -11.6% |
| Amounts payable after more than one year | 17 | €225,301 | €144,086 | -€81,215 | -36.0% |
| Financial debts | 170/4 | €225,301 | €144,086 | -€81,215 | -36.0% |
| Amounts payable within one year | 42/48 | €307,568 | €326,864 | +€19,297 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €96,379 | €81,215 | -€15,164 | -15.7% |
| Trade debts | 44 | €49,556 | €78,676 | +€29,120 | +58.8% |
| Suppliers | 440/4 | €49,556 | €78,676 | +€29,120 | +58.8% |
| Taxes, remuneration and social security | 45 | €154,614 | €132,123 | -€22,492 | -14.5% |
| Taxes | 450/3 | €28,545 | €19,847 | -€8,698 | -30.5% |
| Remuneration and social security | 454/9 | €126,069 | €112,275 | -€13,794 | -10.9% |
| Other amounts payable | 47/48 | €7,018 | €34,851 | +€27,833 | +396.6% |
| Accrued charges and deferred income | 492/3 | €362 | €674 | +€312 | +86.3% |
| Non-recurring operating income | 76A | €5,430 | - | -€5,430 | |
| Remuneration, social security and pensions | 62 | €1,005,814 | €1,046,829 | +€41,015 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,592 | €60,549 | +€2,957 | +5.1% |
| Other operating charges | 640/8 | €4,417 | €5,230 | +€813 | +18.4% |
| Non-recurring operating charges | 66A | €306 | €335 | +€29 | +9.4% |
| Gross operating margin | 9900 | €1,214,407 | €1,201,637 | -€12,770 | -1.1% |
| Operating profit (loss) | 9901 | €146,278 | €88,694 | -€57,584 | -39.4% |
| Financial income | 75/76B | €3,425 | €3,567 | +€142 | +4.1% |
| Recurring financial income | 75 | €3,425 | €3,567 | +€142 | +4.1% |
| Financial charges | 65/66B | €22,025 | €21,669 | -€355 | -1.6% |
| Recurring financial charges | 65 | €22,025 | €21,669 | -€355 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €127,678 | €70,591 | -€57,087 | -44.7% |
| Income taxes | 67/77 | €37,828 | €21,173 | -€16,655 | -44.0% |
| Profit (loss) for the period | 9904 | €89,850 | €49,419 | -€40,432 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,850 | €49,419 | -€40,432 | -45.0% |
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 12 October 2026 via checked.be.