E & R: 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.
E & R
Largest movements
- Tangible fixed assets -€34,521
down €34,521 (-23.1%), from €149,657 to €115,135
of which Furniture and vehicles: -€21,478
- Stocks and contracts -€33,656
down €33,656 (-6.8%), from €498,151 to €464,495
- Cash +€18,058
up €18,058 (+11.7%), from €154,546 to €172,604
mainly Depreciation (+€36,724) and Net result for the year (+€34,484)
- Debts after one year -€73,346
no longer reported in 2025 (was €73,346)
- Current portion of long-term debt -€41,654
down €41,654 (-87.0%), from €47,903 to €6,249
- Reserves +€34,484
up €34,484 (+7.4%), from €463,401 to €497,885
of which Distributable reserves: +€34,484
- Tax, wage and social debts +€26,122
up €26,122 (+63.7%), from €41,022 to €67,143
of which Taxes: +€27,750
- Trade debts +€9,429
up €9,429 (+64.4%), from €14,642 to €24,071
- Gross operating margin +€33,802
up €33,802 (+14.6%), from €231,343 to €265,145
- Depreciation -€19,582
down €19,582 (-34.8%), from €56,306 to €36,724
- Taxes +€19,554
up €19,554 (+649.0%), from €3,013 to €22,566
- Financial income -€5,201
down €5,201 (-61.7%), from €8,425 to €3,224
- Staff costs -€3,996
down €3,996 (-2.3%), from €170,840 to €166,844
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 | €823,761 | €775,928 | -€47,833 | -5.8% |
| Fixed assets | 21/28 | €149,657 | €122,350 | -€27,307 | -18.2% |
| Intangible fixed assets | 21 | - | €7,215 | +€7,215 | |
| Tangible fixed assets | 22/27 | €149,657 | €115,135 | -€34,521 | -23.1% |
| Land and buildings | 22 | €31,339 | €17,466 | -€13,873 | -44.3% |
| Plant, machinery and equipment | 23 | - | €829 | +€829 | |
| Furniture and vehicles | 24 | €118,318 | €96,839 | -€21,478 | -18.2% |
| Current assets | 29/58 | €674,105 | €653,579 | -€20,526 | -3.0% |
| Amounts receivable after more than one year | 29 | €8,673 | €628 | -€8,044 | -92.8% |
| Other amounts receivable | 291 | €8,673 | €628 | -€8,044 | -92.8% |
| Stocks and contracts in progress | 3 | €498,151 | €464,495 | -€33,656 | -6.8% |
| Stocks | 30/36 | €498,151 | €464,495 | -€33,656 | -6.8% |
| Amounts receivable within one year | 40/41 | €11,997 | €11,717 | -€280 | -2.3% |
| Trade receivables | 40 | €335 | €826 | +€491 | +146.7% |
| Other amounts receivable | 41 | €11,662 | €10,890 | -€772 | -6.6% |
| Cash at bank and in hand | 54/58 | €154,546 | €172,604 | +€18,058 | +11.7% |
| Deferred charges and accrued income | 490/1 | €738 | €4,135 | +€3,397 | +460.0% |
| Total equity and liabilities | 10/49 | €823,761 | €775,928 | -€47,833 | -5.8% |
| Equity | 10/15 | €623,577 | €658,061 | +€34,484 | +5.5% |
| Contributions | 10/11 | €160,176 | €160,176 | = | 0.0% |
| Reserves | 13 | €463,401 | €497,885 | +€34,484 | +7.4% |
| Non-distributable reserves | 130/1 | €16,018 | €16,018 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,018 | - | -€16,018 | |
| Other | 1319 | - | €16,018 | +€16,018 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €428,633 | €463,118 | +€34,484 | +8.0% |
| Amounts payable | 17/49 | €200,184 | €117,867 | -€82,317 | -41.1% |
| Amounts payable after more than one year | 17 | €73,346 | - | -€73,346 | |
| Financial debts | 170/4 | €73,346 | - | -€73,346 | |
| Amounts payable within one year | 42/48 | €124,653 | €117,867 | -€6,786 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €47,903 | €6,249 | -€41,654 | -87.0% |
| Trade debts | 44 | €14,642 | €24,071 | +€9,429 | +64.4% |
| Suppliers | 440/4 | €14,642 | €24,071 | +€9,429 | +64.4% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €41,022 | €67,143 | +€26,122 | +63.7% |
| Taxes | 450/3 | €13,088 | €40,838 | +€27,750 | +212.0% |
| Remuneration and social security | 454/9 | €27,934 | €26,305 | -€1,628 | -5.8% |
| Other amounts payable | 47/48 | €21,086 | €19,404 | -€1,682 | -8.0% |
| Accrued charges and deferred income | 492/3 | €2,185 | - | -€2,185 | |
| Remuneration, social security and pensions | 62 | €170,840 | €166,844 | -€3,996 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,306 | €36,724 | -€19,582 | -34.8% |
| Other operating charges | 640/8 | €1,607 | €960 | -€647 | -40.3% |
| Gross operating margin | 9900 | €231,343 | €265,145 | +€33,802 | +14.6% |
| Operating profit (loss) | 9901 | €2,589 | €60,616 | +€58,027 | +2241.4% |
| Financial income | 75/76B | €8,425 | €3,224 | -€5,201 | -61.7% |
| Recurring financial income | 75 | €8,425 | €3,224 | -€5,201 | -61.7% |
| Financial charges | 65/66B | €5,050 | €6,789 | +€1,739 | +34.4% |
| Recurring financial charges | 65 | €5,050 | €6,789 | +€1,739 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €5,964 | €57,051 | +€51,087 | +856.6% |
| Income taxes | 67/77 | €3,013 | €22,566 | +€19,554 | +649.0% |
| Profit (loss) for the period | 9904 | €2,951 | €34,484 | +€31,533 | +1068.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,951 | €34,484 | +€31,533 | +1068.5% |
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 6 October 2026 via checked.be.