Den Aard: 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.
Den Aard
Largest movements
- Receivables within one year +€18,918
up €18,918 (+1,734%), from €1,091 to €20,009
of which Trade receivables: +€10,466
- Stocks and contracts +€5,484
up €5,484 (+46.0%), from €11,913 to €17,396
- Intangible fixed assets -€5,000
down €5,000 (-10.9%), from €45,920 to €40,920
- Tangible fixed assets -€3,390
down €3,390 (-3.1%), from €109,995 to €106,605
of which Plant, machinery and equipment: -€2,063
- Cash -€2,458
down €2,458 (-74.2%), from €3,311 to €853
mainly Debts after one year (-€25,855) and Receivables within one year (-€18,918)
- Debts after one year -€25,855
down €25,855 (-34.0%), from €75,975 to €50,120
- Other debts +€21,371
up €21,371 (+68.9%), from €31,000 to €52,371
- Accrued charges and deferred income +€9,417
up €9,417 (+354%), from €2,660 to €12,077
- Trade debts +€9,326
up €9,326 (+155%), from €6,017 to €15,344
- Tax, wage and social debts -€2,873
down €2,873 (-16.7%), from €17,204 to €14,331
of which Remuneration and social security: -€2,466
- Staff costs +€50,122
up €50,122 (+97.1%), from €51,595 to €101,717
- Gross operating margin +€37,652
up €37,652 (+41.2%), from €91,342 to €128,994
- Depreciation +€4,331
up €4,331 (+32.0%), from €13,548 to €17,879
- Taxes -€2,283
down €2,283 (-80.9%), from €2,822 to €539
- Financial charges -€1,693
down €1,693 (-31.0%), from €5,467 to €3,774
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 | €174,080 | €188,420 | +€14,341 | +8.2% |
| Fixed assets | 21/28 | €155,914 | €147,525 | -€8,390 | -5.4% |
| Intangible fixed assets | 21 | €45,920 | €40,920 | -€5,000 | -10.9% |
| Tangible fixed assets | 22/27 | €109,995 | €106,605 | -€3,390 | -3.1% |
| Plant, machinery and equipment | 23 | €96,633 | €94,569 | -€2,063 | -2.1% |
| Furniture and vehicles | 24 | €728 | €562 | -€166 | -22.8% |
| Other tangible fixed assets | 26 | €12,634 | €11,474 | -€1,160 | -9.2% |
| Current assets | 29/58 | €18,166 | €40,896 | +€22,730 | +125% |
| Stocks and contracts in progress | 3 | €11,913 | €17,396 | +€5,484 | +46.0% |
| Stocks | 30/36 | €11,913 | €17,396 | +€5,484 | +46.0% |
| Amounts receivable within one year | 40/41 | €1,091 | €20,009 | +€18,918 | +1,734% |
| Trade receivables | 40 | €1,091 | €11,557 | +€10,466 | +959% |
| Other amounts receivable | 41 | - | €8,452 | +€8,452 | |
| Cash at bank and in hand | 54/58 | €3,311 | €853 | -€2,458 | -74.2% |
| Deferred charges and accrued income | 490/1 | €1,851 | €2,637 | +€786 | +42.5% |
| Total equity and liabilities | 10/49 | €174,080 | €188,420 | +€14,341 | +8.2% |
| Equity | 10/15 | €15,636 | €18,324 | +€2,688 | +17.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,636 | €15,324 | +€2,688 | +21.3% |
| Amounts payable | 17/49 | €158,444 | €170,097 | +€11,653 | +7.4% |
| Amounts payable after more than one year | 17 | €75,975 | €50,120 | -€25,855 | -34.0% |
| Financial debts | 170/4 | €75,975 | €50,120 | -€25,855 | -34.0% |
| Amounts payable within one year | 42/48 | €79,809 | €107,899 | +€28,090 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €25,588 | €25,855 | +€266 | +1.0% |
| Trade debts | 44 | €6,017 | €15,344 | +€9,326 | +155% |
| Suppliers | 440/4 | €6,017 | €15,344 | +€9,326 | +155% |
| Taxes, remuneration and social security | 45 | €17,204 | €14,331 | -€2,873 | -16.7% |
| Taxes | 450/3 | €9,704 | €9,297 | -€407 | -4.2% |
| Remuneration and social security | 454/9 | €7,499 | €5,033 | -€2,466 | -32.9% |
| Other amounts payable | 47/48 | €31,000 | €52,371 | +€21,371 | +68.9% |
| Accrued charges and deferred income | 492/3 | €2,660 | €12,077 | +€9,417 | +354% |
| Remuneration, social security and pensions | 62 | €51,595 | €101,717 | +€50,122 | +97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,548 | €17,879 | +€4,331 | +32.0% |
| Other operating charges | 640/8 | €2,718 | €2,551 | -€167 | -6.1% |
| Non-recurring operating charges | 66A | €2,647 | €0 | -€2,647 | -100% |
| Gross operating margin | 9900 | €91,342 | €128,994 | +€37,652 | +41.2% |
| Operating profit (loss) | 9901 | €20,835 | €6,847 | -€13,988 | -67.1% |
| Financial income | 75/76B | €91 | €154 | +€63 | +69.8% |
| Recurring financial income | 75 | €91 | €154 | +€63 | +69.8% |
| Financial charges | 65/66B | €5,467 | €3,774 | -€1,693 | -31.0% |
| Recurring financial charges | 65 | €5,467 | €3,774 | -€1,693 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €15,458 | €3,227 | -€12,231 | -79.1% |
| Income taxes | 67/77 | €2,822 | €539 | -€2,283 | -80.9% |
| Profit (loss) for the period | 9904 | €12,636 | €2,688 | -€9,948 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,636 | €2,688 | -€9,948 | -78.7% |
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 17 October 2026 via checked.be.