Discover Belgium: what changed
Discover Belgium
Largest movements
- Receivables within one year -€20,625
down €20,625 (-44.4%), from €46,491 to €25,866
of which Trade receivables: -€25,482
- Tangible fixed assets -€12,736
down €12,736 (-23.7%), from €53,786 to €41,050
of which Furniture and vehicles: -€10,114
- Cash -€10,660
down €10,660 (-26.7%), from €39,958 to €29,298
mainly Net result for the year (-€26,825) and Other debts (-€6,922)
- Stocks and contracts +€4,150
up €4,150 (+33.0%), from €12,573 to €16,723
- Profit (loss) carried forward -€26,825
down €26,825 (-83.9%), from €31,964 to €5,139
- Other debts -€6,922
down €6,922 (-41.4%), from €16,739 to €9,817
- Accrued charges and deferred income -€3,348
down €3,348 (-90.0%), from €3,720 to €372
- Advances received -€2,500
down €2,500 (-71.4%), from €3,500 to €1,000
- Staff costs +€53,492
up €53,492 (+22.4%), from €239,310 to €292,802
- Gross operating margin +€18,031
up €18,031 (+6.6%), from €271,439 to €289,470
- Financial income -€9,938
down €9,938 (-94.0%), from €10,577 to €639
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,604 | €119,542 | -€40,063 | -25.1% |
| Fixed assets | 21/28 | €60,583 | €47,655 | -€12,928 | -21.3% |
| Intangible fixed assets | 21 | €192 | €0 | -€192 | -100% |
| Tangible fixed assets | 22/27 | €53,786 | €41,050 | -€12,736 | -23.7% |
| Plant, machinery and equipment | 23 | €20,151 | €17,528 | -€2,622 | -13.0% |
| Furniture and vehicles | 24 | €33,635 | €23,522 | -€10,114 | -30.1% |
| Financial fixed assets | 28 | €6,605 | €6,605 | = | 0.0% |
| Current assets | 29/58 | €99,022 | €71,887 | -€27,135 | -27.4% |
| Stocks and contracts in progress | 3 | €12,573 | €16,723 | +€4,150 | +33.0% |
| Stocks | 30/36 | €12,573 | €16,723 | +€4,150 | +33.0% |
| Amounts receivable within one year | 40/41 | €46,491 | €25,866 | -€20,625 | -44.4% |
| Trade receivables | 40 | €43,633 | €18,151 | -€25,482 | -58.4% |
| Other amounts receivable | 41 | €2,858 | €7,715 | +€4,857 | +170% |
| Cash at bank and in hand | 54/58 | €39,958 | €29,298 | -€10,660 | -26.7% |
| Total equity and liabilities | 10/49 | €159,604 | €119,542 | -€40,063 | -25.1% |
| Equity | 10/15 | €50,564 | €23,739 | -€26,825 | -53.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,964 | €5,139 | -€26,825 | -83.9% |
| Amounts payable | 17/49 | €109,041 | €95,803 | -€13,238 | -12.1% |
| Amounts payable after more than one year | 17 | €18,600 | €18,600 | = | 0.0% |
| Financial debts | 170/4 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,721 | €76,831 | -€9,890 | -11.4% |
| Trade debts | 44 | €33,830 | €33,983 | +€153 | +0.5% |
| Suppliers | 440/4 | €33,830 | €33,983 | +€153 | +0.5% |
| Advances received on contracts in progress | 46 | €3,500 | €1,000 | -€2,500 | -71.4% |
| Taxes, remuneration and social security | 45 | €32,652 | €32,030 | -€621 | -1.9% |
| Taxes | 450/3 | €15,548 | €11,129 | -€4,420 | -28.4% |
| Remuneration and social security | 454/9 | €17,103 | €20,902 | +€3,799 | +22.2% |
| Other amounts payable | 47/48 | €16,739 | €9,817 | -€6,922 | -41.4% |
| Accrued charges and deferred income | 492/3 | €3,720 | €372 | -€3,348 | -90.0% |
| Remuneration, social security and pensions | 62 | €239,310 | €292,802 | +€53,492 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,109 | €15,888 | -€2,221 | -12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,430 | +€1,430 | |
| Other operating charges | 640/8 | €849 | €1,621 | +€772 | +91.0% |
| Gross operating margin | 9900 | €271,439 | €289,470 | +€18,031 | +6.6% |
| Operating profit (loss) | 9901 | €13,171 | -€22,271 | -€35,442 | |
| Financial income | 75/76B | €10,577 | €639 | -€9,938 | -94.0% |
| Recurring financial income | 75 | €10,577 | €639 | -€9,938 | -94.0% |
| Financial charges | 65/66B | €5,913 | €5,055 | -€858 | -14.5% |
| Recurring financial charges | 65 | €5,913 | €5,055 | -€858 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €17,835 | -€26,687 | -€44,522 | |
| Income taxes | 67/77 | €108 | €138 | +€30 | +28.1% |
| Profit (loss) for the period | 9904 | €17,728 | -€26,825 | -€44,552 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,728 | -€26,825 | -€44,552 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.