DEVELOPMENT and BUSINESS OPERATIONS: 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.
DEVELOPMENT and BUSINESS OPERATIONS
Largest movements
- Receivables within one year +€81,194
up €81,194 (+13.5%), from €602,942 to €684,136
of which Other amounts receivable: +€59,298
- Cash +€58,107
up €58,107 (+1,307%), from €4,445 to €62,552
mainly Trade debts (+€92,837) and Net result for the year (+€53,937)
- Tangible fixed assets -€36,320
down €36,320 (-56.8%), from €63,995 to €27,675
of which Furniture and vehicles: -€19,154
- Trade debts +€92,837
up €92,837 (+89.1%), from €104,149 to €196,987
- Profit (loss) carried forward +€53,937
up €53,937 (+32.9%), from €163,893 to €217,830
- Advances received -€48,749
down €48,749 (-49.4%), from €98,749 to €50,000
- Debts after one year -€22,420
down €22,420 (-36.3%), from €61,790 to €39,370
- Short-term financial debts +€20,500
up €20,500 (+7.3%), from €279,500 to €300,000
- Gross operating margin -€40,752
down €40,752 (-13.6%), from €300,289 to €259,537
- Depreciation -€15,137
down €15,137 (-27.7%), from €54,742 to €39,605
- Financial charges -€5,589
down €5,589 (-17.7%), from €31,536 to €25,947
- Staff costs -€4,214
down €4,214 (-3.8%), from €112,327 to €108,113
- Other operating charges +€4,055
up €4,055 (+192%), from €2,110 to €6,165
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 | €844,762 | €952,693 | +€107,931 | +12.8% |
| Fixed assets | 21/28 | €78,773 | €39,168 | -€39,605 | -50.3% |
| Intangible fixed assets | 21 | €10,860 | €7,575 | -€3,285 | -30.2% |
| Tangible fixed assets | 22/27 | €63,995 | €27,675 | -€36,320 | -56.8% |
| Land and buildings | 22 | €5,264 | €4,425 | -€839 | -15.9% |
| Plant, machinery and equipment | 23 | €23,131 | €9,894 | -€13,237 | -57.2% |
| Furniture and vehicles | 24 | €32,510 | €13,356 | -€19,154 | -58.9% |
| Other tangible fixed assets | 26 | €3,090 | €0 | -€3,090 | -100% |
| Financial fixed assets | 28 | €3,918 | €3,918 | = | 0.0% |
| Current assets | 29/58 | €765,988 | €913,525 | +€147,536 | +19.3% |
| Stocks and contracts in progress | 3 | €155,553 | €163,723 | +€8,170 | +5.3% |
| Stocks | 30/36 | €155,553 | €163,723 | +€8,170 | +5.3% |
| Amounts receivable within one year | 40/41 | €602,942 | €684,136 | +€81,194 | +13.5% |
| Trade receivables | 40 | €407,467 | €429,363 | +€21,896 | +5.4% |
| Other amounts receivable | 41 | €195,475 | €254,773 | +€59,298 | +30.3% |
| Cash at bank and in hand | 54/58 | €4,445 | €62,552 | +€58,107 | +1,307% |
| Deferred charges and accrued income | 490/1 | €3,048 | €3,113 | +€65 | +2.1% |
| Total equity and liabilities | 10/49 | €844,762 | €952,693 | +€107,931 | +12.8% |
| Equity | 10/15 | €232,064 | €286,000 | +€53,937 | +23.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,893 | €217,830 | +€53,937 | +32.9% |
| Amounts payable | 17/49 | €612,698 | €666,692 | +€53,995 | +8.8% |
| Amounts payable after more than one year | 17 | €61,790 | €39,370 | -€22,420 | -36.3% |
| Financial debts | 170/4 | €61,790 | €39,370 | -€22,420 | -36.3% |
| Amounts payable within one year | 42/48 | €550,908 | €627,322 | +€76,414 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €39,515 | €56,402 | +€16,887 | +42.7% |
| Financial debts | 43 | €279,500 | €300,000 | +€20,500 | +7.3% |
| Credit institutions | 430/8 | €279,500 | €300,000 | +€20,500 | +7.3% |
| Trade debts | 44 | €104,149 | €196,987 | +€92,837 | +89.1% |
| Suppliers | 440/4 | €104,149 | €196,987 | +€92,837 | +89.1% |
| Advances received on contracts in progress | 46 | €98,749 | €50,000 | -€48,749 | -49.4% |
| Taxes, remuneration and social security | 45 | €28,994 | €23,933 | -€5,061 | -17.5% |
| Taxes | 450/3 | €24,685 | €22,743 | -€1,942 | -7.9% |
| Remuneration and social security | 454/9 | €4,309 | €1,190 | -€3,119 | -72.4% |
| Non-recurring operating income | 76A | - | €1,333 | +€1,333 | |
| Remuneration, social security and pensions | 62 | €112,327 | €108,113 | -€4,214 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,742 | €39,605 | -€15,137 | -27.7% |
| Other operating charges | 640/8 | €2,110 | €6,165 | +€4,055 | +192% |
| Non-recurring operating charges | 66A | €7,730 | €0 | -€7,730 | -100% |
| Gross operating margin | 9900 | €300,289 | €259,537 | -€40,752 | -13.6% |
| Operating profit (loss) | 9901 | €123,381 | €105,655 | -€17,726 | -14.4% |
| Financial income | 75/76B | €1,950 | €59 | -€1,891 | -97.0% |
| Recurring financial income | 75 | €1,950 | €59 | -€1,891 | -97.0% |
| Financial charges | 65/66B | €31,536 | €25,947 | -€5,589 | -17.7% |
| Recurring financial charges | 65 | €31,536 | €25,947 | -€5,589 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €93,794 | €79,766 | -€14,028 | -15.0% |
| Income taxes | 67/77 | €28,774 | €25,830 | -€2,944 | -10.2% |
| Profit (loss) for the period | 9904 | €65,020 | €53,937 | -€11,083 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,020 | €53,937 | -€11,083 | -17.0% |
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 25 October 2026 via checked.be.