DR BERNARD AUGUSTIN: 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.
DR BERNARD AUGUSTIN
Largest movements
- Tangible fixed assets +€58,353
up €58,353 (+16.6%), from €351,911 to €410,264
of which Plant, machinery and equipment: +€43,113
- Cash -€55,855
down €55,855 (-64.1%), from €87,075 to €31,220
mainly Investment in fixed assets (net) (-€81,790) and Contributions, distributions and other (-€43,887)
- Receivables within one year -€18,419
no longer reported in 2025 (was €18,419)
- Stocks and contracts +€13,652
new in 2025: €13,652
- Deferred charges and accrued income -€13,528
down €13,528 (-18.6%), from €72,693 to €59,165
- Reserves -€27,189
down €27,189 (-19.4%), from €139,970 to €112,781
- Current portion of long-term debt +€10,357
up €10,357 (+105%), from €9,891 to €20,248
- Gross operating margin -€35,708
down €35,708 (-29.5%), from €120,919 to €85,211
- Depreciation +€33,017
up €33,017 (+913%), from €3,617 to €36,634
- Financial charges +€13,149
up €13,149 (+365%), from €3,599 to €16,748
- Taxes -€9,783
down €9,783 (-53.6%), from €18,235 to €8,453
- Other operating charges +€4,715
up €4,715 (+279%), from €1,691 to €6,406
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.
Derived cash bridge
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 | €543,295 | €514,301 | -€28,994 | -5.3% |
| Fixed assets | 21/28 | €365,108 | €410,264 | +€45,156 | +12.4% |
| Intangible fixed assets | 21 | €13,197 | - | -€13,197 | |
| Tangible fixed assets | 22/27 | €351,911 | €410,264 | +€58,353 | +16.6% |
| Land and buildings | 22 | €322,836 | €307,572 | -€15,264 | -4.7% |
| Plant, machinery and equipment | 23 | €29,075 | €72,188 | +€43,113 | +148% |
| Furniture and vehicles | 24 | - | €30,503 | +€30,503 | |
| Current assets | 29/58 | €178,187 | €104,037 | -€74,150 | -41.6% |
| Stocks and contracts in progress | 3 | - | €13,652 | +€13,652 | |
| Stocks | 30/36 | - | €13,652 | +€13,652 | |
| Amounts receivable within one year | 40/41 | €18,419 | - | -€18,419 | |
| Other amounts receivable | 41 | €18,419 | - | -€18,419 | |
| Cash at bank and in hand | 54/58 | €87,075 | €31,220 | -€55,855 | -64.1% |
| Deferred charges and accrued income | 490/1 | €72,693 | €59,165 | -€13,528 | -18.6% |
| Total equity and liabilities | 10/49 | €543,295 | €514,301 | -€28,994 | -5.3% |
| Equity | 10/15 | €145,970 | €118,781 | -€27,189 | -18.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €139,970 | €112,781 | -€27,189 | -19.4% |
| Distributable reserves | 133 | €139,970 | €112,781 | -€27,189 | -19.4% |
| Amounts payable | 17/49 | €397,325 | €395,520 | -€1,805 | -0.5% |
| Amounts payable after more than one year | 17 | €344,474 | €341,521 | -€2,953 | -0.9% |
| Financial debts | 170/4 | €344,474 | €341,521 | -€2,953 | -0.9% |
| Amounts payable within one year | 42/48 | €52,851 | €53,999 | +€1,148 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €9,891 | €20,248 | +€10,357 | +105% |
| Trade debts | 44 | €10,992 | €6,955 | -€4,037 | -36.7% |
| Suppliers | 440/4 | €10,992 | €6,955 | -€4,037 | -36.7% |
| Taxes, remuneration and social security | 45 | €27,292 | €26,795 | -€497 | -1.8% |
| Taxes | 450/3 | €27,292 | €26,795 | -€497 | -1.8% |
| Other amounts payable | 47/48 | €4,676 | - | -€4,676 | |
| Remuneration, social security and pensions | 62 | €128 | €273 | +€145 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,617 | €36,634 | +€33,017 | +913% |
| Other operating charges | 640/8 | €1,691 | €6,406 | +€4,715 | +279% |
| Gross operating margin | 9900 | €120,919 | €85,211 | -€35,708 | -29.5% |
| Operating profit (loss) | 9901 | €115,483 | €41,899 | -€73,584 | -63.7% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €3,599 | €16,748 | +€13,149 | +365% |
| Recurring financial charges | 65 | €3,599 | €16,748 | +€13,149 | +365% |
| Profit (loss) for the period before taxes | 9903 | €111,888 | €25,151 | -€86,737 | -77.5% |
| Income taxes | 67/77 | €18,235 | €8,453 | -€9,783 | -53.6% |
| Profit (loss) for the period | 9904 | €93,653 | €16,698 | -€76,955 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,653 | €16,698 | -€76,955 | -82.2% |
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 31 October 2026 via checked.be.