DIRECT TAILORING: 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.
DIRECT TAILORING
Largest movements
- Stocks and contracts +€249,949
up €249,949 (+22.5%), from €1.1m to €1.4m
- Cash -€163,835
down €163,835 (-55.6%), from €294,705 to €130,870
mainly Stocks and contracts (-€249,949) and Debts after one year (-€66,336)
- Receivables within one year -€85,419
down €85,419 (-48.1%), from €177,565 to €92,147
- Tangible fixed assets -€60,393
down €60,393 (-13.2%), from €456,362 to €395,969
of which Plant, machinery and equipment: -€43,852
- Debts after one year -€66,336
down €66,336 (-4.8%), from €1.4m to €1.3m
- Tax, wage and social debts +€43,755
up €43,755 (+52.7%), from €83,077 to €126,832
of which Taxes: +€24,730
- Profit (loss) carried forward -€27,979
down €27,979 (-13.1%), from -€213,027 to -€241,006
- Gross operating margin +€102,718
up €102,718 (+37.6%), from €273,161 to €375,879
- Staff costs +€69,338
up €69,338 (+34.4%), from €201,425 to €270,763
- Depreciation +€24,979
up €24,979 (+66.9%), from €37,352 to €62,331
- Financial charges -€3,968
down €3,968 (-7.2%), from €54,948 to €50,979
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 | €2,056,672 | €1,993,318 | -€63,353 | -3.1% |
| Fixed assets | 21/28 | €464,239 | €403,846 | -€60,393 | -13.0% |
| Tangible fixed assets | 22/27 | €456,362 | €395,969 | -€60,393 | -13.2% |
| Plant, machinery and equipment | 23 | €408,127 | €364,274 | -€43,852 | -10.7% |
| Furniture and vehicles | 24 | €48,236 | €31,694 | -€16,541 | -34.3% |
| Financial fixed assets | 28 | €7,877 | €7,877 | = | 0.0% |
| Current assets | 29/58 | €1,592,432 | €1,589,472 | -€2,960 | -0.2% |
| Stocks and contracts in progress | 3 | €1,111,436 | €1,361,385 | +€249,949 | +22.5% |
| Stocks | 30/36 | €1,111,436 | €1,361,385 | +€249,949 | +22.5% |
| Amounts receivable within one year | 40/41 | €177,565 | €92,147 | -€85,419 | -48.1% |
| Trade receivables | 40 | €177,565 | €92,147 | -€85,419 | -48.1% |
| Cash at bank and in hand | 54/58 | €294,705 | €130,870 | -€163,835 | -55.6% |
| Deferred charges and accrued income | 490/1 | €8,726 | €5,070 | -€3,656 | -41.9% |
| Total equity and liabilities | 10/49 | €2,056,672 | €1,993,318 | -€63,353 | -3.1% |
| Equity | 10/15 | -€148,607 | -€176,586 | -€27,979 | -18.8% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €14,841 | €14,841 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,082 | €5,082 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,082 | €5,082 | = | 0.0% |
| Distributable reserves | 133 | €9,759 | €9,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€213,027 | -€241,006 | -€27,979 | -13.1% |
| Amounts payable | 17/49 | €2,205,279 | €2,169,904 | -€35,375 | -1.6% |
| Amounts payable after more than one year | 17 | €1,393,450 | €1,327,115 | -€66,336 | -4.8% |
| Financial debts | 170/4 | €1,393,450 | €1,327,115 | -€66,336 | -4.8% |
| Amounts payable within one year | 42/48 | €811,829 | €842,789 | +€30,961 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €66,121 | €66,336 | +€215 | +0.3% |
| Trade debts | 44 | €662,631 | €649,311 | -€13,320 | -2.0% |
| Suppliers | 440/4 | €662,631 | €649,311 | -€13,320 | -2.0% |
| Taxes, remuneration and social security | 45 | €83,077 | €126,832 | +€43,755 | +52.7% |
| Taxes | 450/3 | €48,989 | €73,720 | +€24,730 | +50.5% |
| Remuneration and social security | 454/9 | €34,087 | €53,112 | +€19,025 | +55.8% |
| Other amounts payable | 47/48 | - | €311 | +€311 | |
| Remuneration, social security and pensions | 62 | €201,425 | €270,763 | +€69,338 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,352 | €62,331 | +€24,979 | +66.9% |
| Other operating charges | 640/8 | €17,312 | €19,747 | +€2,436 | +14.1% |
| Gross operating margin | 9900 | €273,161 | €375,879 | +€102,718 | +37.6% |
| Operating profit (loss) | 9901 | €17,072 | €23,037 | +€5,965 | +34.9% |
| Financial income | 75/76B | €12 | €62 | +€50 | +407.3% |
| Recurring financial income | 75 | €12 | €62 | +€50 | +407.3% |
| Financial charges | 65/66B | €54,948 | €50,979 | -€3,968 | -7.2% |
| Recurring financial charges | 65 | €54,948 | €50,979 | -€3,968 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€37,863 | -€27,880 | +€9,983 | +26.4% |
| Income taxes | 67/77 | €300 | €99 | -€201 | -67.0% |
| Profit (loss) for the period | 9904 | -€38,163 | -€27,979 | +€10,184 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,163 | -€27,979 | +€10,184 | +26.7% |
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 7 October 2026 via checked.be.