DOUBLE V: 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.
DOUBLE V
Largest movements
- Receivables within one year +€99,747
up €99,747 (+172.1%), from €57,954 to €157,700
of which Trade receivables: +€61,109
- Tangible fixed assets +€10,153
up €10,153 (+2.8%), from €364,977 to €375,130
of which Plant, machinery and equipment: +€27,373
- Trade debts +€100,853
up €100,853 (+295.0%), from €34,183 to €135,037
- Other debts +€73,245
up €73,245 (+335.3%), from €21,844 to €95,090
- Debts after one year -€42,328
down €42,328 (-8.9%), from €474,614 to €432,286
- Reserves -€22,071
down €22,071 (-42.7%), from €51,686 to €29,615
- Gross operating margin -€36,633
down €36,633 (-49.7%), from €73,727 to €37,094
- Other operating charges -€21,852
down €21,852 (-83.8%), from €26,085 to €4,234
- Depreciation +€12,519
up €12,519 (+46.5%), from €26,903 to €39,422
- Taxes -€2,654
down €2,654 (-92.7%), from €2,862 to €208
- Financial charges -€1,811
down €1,811 (-10.2%), from €17,696 to €15,886
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 | €769,598 | €880,768 | +€111,170 | +14.4% |
| Fixed assets | 21/28 | €706,017 | €716,170 | +€10,153 | +1.4% |
| Tangible fixed assets | 22/27 | €364,977 | €375,130 | +€10,153 | +2.8% |
| Plant, machinery and equipment | 23 | €42,886 | €70,259 | +€27,373 | +63.8% |
| Furniture and vehicles | 24 | €27,894 | €30,621 | +€2,727 | +9.8% |
| Other tangible fixed assets | 26 | €294,197 | €274,249 | -€19,947 | -6.8% |
| Financial fixed assets | 28 | €341,040 | €341,040 | = | 0.0% |
| Current assets | 29/58 | €63,581 | €164,598 | +€101,017 | +158.9% |
| Amounts receivable within one year | 40/41 | €57,954 | €157,700 | +€99,747 | +172.1% |
| Trade receivables | 40 | €37,091 | €98,200 | +€61,109 | +164.8% |
| Other amounts receivable | 41 | €20,862 | €59,500 | +€38,638 | +185.2% |
| Cash at bank and in hand | 54/58 | €392 | €2,799 | +€2,407 | +614.7% |
| Deferred charges and accrued income | 490/1 | €5,236 | €4,099 | -€1,137 | -21.7% |
| Total equity and liabilities | 10/49 | €769,598 | €880,768 | +€111,170 | +14.4% |
| Equity | 10/15 | €180,286 | €158,215 | -€22,071 | -12.2% |
| Contributions | 10/11 | €128,600 | €128,600 | = | 0.0% |
| Reserves | 13 | €51,686 | €29,615 | -€22,071 | -42.7% |
| Distributable reserves | 133 | €51,686 | €29,615 | -€22,071 | -42.7% |
| Amounts payable | 17/49 | €589,311 | €722,553 | +€133,242 | +22.6% |
| Amounts payable after more than one year | 17 | €474,614 | €432,286 | -€42,328 | -8.9% |
| Financial debts | 170/4 | €474,614 | €432,286 | -€42,328 | -8.9% |
| Amounts payable within one year | 42/48 | €114,698 | €290,267 | +€175,570 | +153.1% |
| Current portion of amounts payable after more than one year | 42 | €55,554 | €59,680 | +€4,125 | +7.4% |
| Trade debts | 44 | €34,183 | €135,037 | +€100,853 | +295.0% |
| Suppliers | 440/4 | €34,183 | €135,037 | +€100,853 | +295.0% |
| Taxes, remuneration and social security | 45 | €3,116 | €461 | -€2,654 | -85.2% |
| Taxes | 450/3 | €3,116 | €461 | -€2,654 | -85.2% |
| Other amounts payable | 47/48 | €21,844 | €95,090 | +€73,245 | +335.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,903 | €39,422 | +€12,519 | +46.5% |
| Other operating charges | 640/8 | €26,085 | €4,234 | -€21,852 | -83.8% |
| Gross operating margin | 9900 | €73,727 | €37,094 | -€36,633 | -49.7% |
| Operating profit (loss) | 9901 | €20,739 | -€6,562 | -€27,301 | |
| Financial income | 75/76B | €1,020 | €584 | -€436 | -42.8% |
| Recurring financial income | 75 | €1,020 | €584 | -€436 | -42.8% |
| Financial charges | 65/66B | €17,696 | €15,886 | -€1,811 | -10.2% |
| Recurring financial charges | 65 | €17,696 | €15,886 | -€1,811 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €4,063 | -€21,864 | -€25,927 | |
| Income taxes | 67/77 | €2,862 | €208 | -€2,654 | -92.7% |
| Profit (loss) for the period | 9904 | €1,201 | -€22,071 | -€23,272 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,201 | -€22,071 | -€23,272 |
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 10 October 2026 via checked.be.