Development And "variable -sustainable" Operations: 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.
Development And "variable -sustainable" Operations
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+900.6%), from €116,056 to €1.2m
of which Trade receivables: +€1.1m
- Stocks and contracts +€348,757
up €348,757 (+83.0%), from €420,090 to €768,847
- Tangible fixed assets -€64,231
down €64,231 (-4.7%), from €1.4m to €1.3m
of which Furniture and vehicles: -€39,509
- Cash +€53,785
up €53,785 (+31.2%), from €172,637 to €226,422
mainly Other debts (+€1.5m) and Depreciation (+€97,249)
- Other debts +€1.5m
up €1.5m (+630.9%), from €240,470 to €1.8m
- Profit (loss) carried forward -€130,463
down €130,463 (-318.1%), from -€41,014 to -€171,477
- Gross operating margin +€192,831
up €192,831, from -€14,746 to €178,085
- Staff costs +€191,861
up €191,861 (+9876.8%), from €1,943 to €193,804
- Depreciation +€77,090
up €77,090 (+382.4%), from €20,158 to €97,249
- Financial charges +€8,697
up €8,697 (+2256.1%), from €385 to €9,082
- Other operating charges +€4,452
up €4,452 (+120.1%), from €3,707 to €8,159
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 | €2,080,535 | €3,457,968 | +€1.4m | +66.2% |
| Fixed assets | 21/28 | €1,360,542 | €1,293,281 | -€67,261 | -4.9% |
| Tangible fixed assets | 22/27 | €1,357,512 | €1,293,281 | -€64,231 | -4.7% |
| Land and buildings | 22 | €1,204,564 | €1,176,574 | -€27,990 | -2.3% |
| Plant, machinery and equipment | 23 | €73,643 | €76,911 | +€3,268 | +4.4% |
| Furniture and vehicles | 24 | €79,305 | €39,796 | -€39,509 | -49.8% |
| Financial fixed assets | 28 | €3,030 | - | -€3,030 | |
| Current assets | 29/58 | €719,992 | €2,164,687 | +€1.4m | +200.7% |
| Stocks and contracts in progress | 3 | €420,090 | €768,847 | +€348,757 | +83.0% |
| Stocks | 30/36 | €420,090 | €768,847 | +€348,757 | +83.0% |
| Amounts receivable within one year | 40/41 | €116,056 | €1,161,250 | +€1.0m | +900.6% |
| Trade receivables | 40 | €4,072 | €1,125,864 | +€1.1m | +27545.7% |
| Other amounts receivable | 41 | €111,984 | €35,386 | -€76,597 | -68.4% |
| Cash at bank and in hand | 54/58 | €172,637 | €226,422 | +€53,785 | +31.2% |
| Deferred charges and accrued income | 490/1 | €11,208 | €8,168 | -€3,040 | -27.1% |
| Total equity and liabilities | 10/49 | €2,080,535 | €3,457,968 | +€1.4m | +66.2% |
| Equity | 10/15 | -€36,014 | -€166,477 | -€130,463 | -362.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,014 | -€171,477 | -€130,463 | -318.1% |
| Amounts payable | 17/49 | €2,116,548 | €3,624,445 | +€1.5m | +71.2% |
| Amounts payable after more than one year | 17 | €1,829,346 | €1,802,863 | -€26,483 | -1.4% |
| Financial debts | 170/4 | €204,346 | €177,863 | -€26,483 | -13.0% |
| Other amounts payable | 178/9 | €1,625,000 | €1,625,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €287,202 | €1,821,582 | +€1.5m | +534.3% |
| Current portion of amounts payable after more than one year | 42 | €25,654 | €26,483 | +€829 | +3.2% |
| Financial debts | 43 | €2,018 | - | -€2,018 | |
| Credit institutions | 430/8 | €2,018 | - | -€2,018 | |
| Trade debts | 44 | €13,828 | €21,147 | +€7,319 | +52.9% |
| Suppliers | 440/4 | €13,828 | €21,147 | +€7,319 | +52.9% |
| Taxes, remuneration and social security | 45 | €5,232 | €16,465 | +€11,232 | +214.7% |
| Taxes | 450/3 | €312 | €1,947 | +€1,635 | +524.7% |
| Remuneration and social security | 454/9 | €4,921 | €14,518 | +€9,597 | +195.0% |
| Other amounts payable | 47/48 | €240,470 | €1,757,488 | +€1.5m | +630.9% |
| Non-recurring operating income | 76A | - | €4,298 | +€4,298 | |
| Remuneration, social security and pensions | 62 | €1,943 | €193,804 | +€191,861 | +9876.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,158 | €97,249 | +€77,090 | +382.4% |
| Other operating charges | 640/8 | €3,707 | €8,159 | +€4,452 | +120.1% |
| Gross operating margin | 9900 | -€14,746 | €178,085 | +€192,831 | |
| Operating profit (loss) | 9901 | -€40,554 | -€121,126 | -€80,573 | -198.7% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €385 | €9,082 | +€8,697 | +2256.1% |
| Recurring financial charges | 65 | €385 | €9,082 | +€8,697 | +2256.1% |
| Profit (loss) for the period before taxes | 9903 | -€40,939 | -€130,187 | -€89,247 | -218.0% |
| Income taxes | 67/77 | €74 | €277 | +€202 | +272.0% |
| Profit (loss) for the period | 9904 | -€41,014 | -€130,463 | -€89,450 | -218.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,014 | -€130,463 | -€89,450 | -218.1% |
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 4 October 2026 via checked.be.