DISCOVERY: 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.
DISCOVERY
Largest movements
- Receivables within one year +€60,830
up €60,830 (+58.9%), from €103,257 to €164,087
of which Other amounts receivable: +€60,423
- Cash -€31,520
down €31,520 (-17.8%), from €176,897 to €145,377
mainly Receivables within one year (-€60,830) and Contributions, distributions and other (-€28,500)
- Tangible fixed assets +€5,042
up €5,042 (+17.1%), from €29,546 to €34,588
of which Plant, machinery and equipment: +€5,566
- Reserves +€21,767
up €21,767 (+11.2%), from €194,390 to €216,157
- Tax, wage and social debts +€19,963
up €19,963 (+27.0%), from €73,928 to €93,891
of which Remuneration and social security: +€19,512
- Other debts -€13,914
down €13,914 (-100.0%), from €13,914 to €0
- Staff costs +€45,135
up €45,135 (+12.8%), from €353,692 to €398,827
- Taxes -€10,817
down €10,817 (-39.5%), from €27,387 to €16,571
- Financial charges -€7,702
down €7,702 (-41.2%), from €18,677 to €10,975
- Gross operating margin -€6,561
down €6,561 (-1.3%), from €497,257 to €490,695
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 | €334,989 | €365,873 | +€30,884 | +9.2% |
| Fixed assets | 21/28 | €42,946 | €45,488 | +€2,542 | +5.9% |
| Intangible fixed assets | 21 | €7,500 | €5,000 | -€2,500 | -33.3% |
| Tangible fixed assets | 22/27 | €29,546 | €34,588 | +€5,042 | +17.1% |
| Plant, machinery and equipment | 23 | €16,829 | €22,395 | +€5,566 | +33.1% |
| Furniture and vehicles | 24 | €2,771 | €1,428 | -€1,343 | -48.5% |
| Other tangible fixed assets | 26 | €9,946 | €10,765 | +€819 | +8.2% |
| Financial fixed assets | 28 | €5,900 | €5,900 | = | 0.0% |
| Current assets | 29/58 | €292,043 | €320,385 | +€28,342 | +9.7% |
| Stocks and contracts in progress | 3 | €9,376 | €8,461 | -€915 | -9.8% |
| Stocks | 30/36 | €9,376 | €8,461 | -€915 | -9.8% |
| Amounts receivable within one year | 40/41 | €103,257 | €164,087 | +€60,830 | +58.9% |
| Trade receivables | 40 | €1,578 | €1,986 | +€408 | +25.8% |
| Other amounts receivable | 41 | €101,678 | €162,101 | +€60,423 | +59.4% |
| Current investments | 50/53 | €68 | €0 | -€68 | -100.0% |
| Cash at bank and in hand | 54/58 | €176,897 | €145,377 | -€31,520 | -17.8% |
| Deferred charges and accrued income | 490/1 | €2,446 | €2,461 | +€15 | +0.6% |
| Total equity and liabilities | 10/49 | €334,989 | €365,873 | +€30,884 | +9.2% |
| Equity | 10/15 | €212,940 | €234,707 | +€21,767 | +10.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €194,390 | €216,157 | +€21,767 | +11.2% |
| Distributable reserves | 133 | €194,390 | €216,157 | +€21,767 | +11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €122,049 | €131,166 | +€9,117 | +7.5% |
| Amounts payable within one year | 42/48 | €122,049 | €131,166 | +€9,117 | +7.5% |
| Financial debts | 43 | €3,333 | €3,368 | +€34 | +1.0% |
| Credit institutions | 430/8 | €3,333 | €3,368 | +€34 | +1.0% |
| Trade debts | 44 | €30,874 | €33,908 | +€3,034 | +9.8% |
| Suppliers | 440/4 | €30,874 | €33,908 | +€3,034 | +9.8% |
| Taxes, remuneration and social security | 45 | €73,928 | €93,891 | +€19,963 | +27.0% |
| Taxes | 450/3 | €22,624 | €23,076 | +€452 | +2.0% |
| Remuneration and social security | 454/9 | €51,303 | €70,815 | +€19,512 | +38.0% |
| Other amounts payable | 47/48 | €13,914 | €0 | -€13,914 | -100.0% |
| Remuneration, social security and pensions | 62 | €353,692 | €398,827 | +€45,135 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,061 | €12,980 | -€3,081 | -19.2% |
| Other operating charges | 640/8 | €3,766 | €2,679 | -€1,088 | -28.9% |
| Gross operating margin | 9900 | €497,257 | €490,695 | -€6,561 | -1.3% |
| Operating profit (loss) | 9901 | €123,738 | €76,210 | -€47,528 | -38.4% |
| Financial income | 75/76B | €1,001 | €1,603 | +€602 | +60.2% |
| Recurring financial income | 75 | €1,001 | €1,603 | +€602 | +60.2% |
| Financial charges | 65/66B | €18,677 | €10,975 | -€7,702 | -41.2% |
| Recurring financial charges | 65 | €18,677 | €10,975 | -€7,702 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €106,061 | €66,838 | -€39,223 | -37.0% |
| Income taxes | 67/77 | €27,387 | €16,571 | -€10,817 | -39.5% |
| Profit (loss) for the period | 9904 | €78,674 | €50,267 | -€28,406 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,674 | €50,267 | -€28,406 | -36.1% |
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 12 October 2026 via checked.be.