ED CONSULT: 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.
ED CONSULT
Largest movements
- Receivables within one year +€117,566
up €117,566 (+18.1%), from €649,429 to €766,995
of which Trade receivables: +€117,566
- Cash -€36,368
down €36,368 (-13.9%), from €262,400 to €226,032
mainly Receivables within one year (-€117,566) and Tax, wage and social debts (-€59,720)
- Deferred charges and accrued income -€18,657
down €18,657 (-82.7%), from €22,564 to €3,907
- Short-term financial debts +€83,000
new in 2025: €83,000
- Tax, wage and social debts -€59,720
down €59,720 (-18.7%), from €318,783 to €259,063
of which Taxes: -€60,363
- Other debts +€36,002
up €36,002 (+257.6%), from €13,977 to €49,979
- Gross operating margin +€38,252
up €38,252 (+4.3%), from €890,562 to €928,814
- Staff costs +€18,634
up €18,634 (+2.3%), from €804,288 to €822,921
- Financial charges +€14,521
up €14,521 (+100.5%), from €14,453 to €28,974
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 | €951,139 | €1,008,056 | +€56,917 | +6.0% |
| Fixed assets | 21/28 | €16,746 | €11,122 | -€5,624 | -33.6% |
| Tangible fixed assets | 22/27 | €16,294 | €10,670 | -€5,624 | -34.5% |
| Plant, machinery and equipment | 23 | €5,626 | €3,585 | -€2,041 | -36.3% |
| Furniture and vehicles | 24 | €9,700 | €6,376 | -€3,323 | -34.3% |
| Other tangible fixed assets | 26 | €968 | €709 | -€259 | -26.8% |
| Financial fixed assets | 28 | €452 | €452 | = | 0.0% |
| Current assets | 29/58 | €934,393 | €996,934 | +€62,541 | +6.7% |
| Amounts receivable within one year | 40/41 | €649,429 | €766,995 | +€117,566 | +18.1% |
| Trade receivables | 40 | €646,097 | €763,663 | +€117,566 | +18.2% |
| Other amounts receivable | 41 | €3,332 | €3,332 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €262,400 | €226,032 | -€36,368 | -13.9% |
| Deferred charges and accrued income | 490/1 | €22,564 | €3,907 | -€18,657 | -82.7% |
| Total equity and liabilities | 10/49 | €951,139 | €1,008,056 | +€56,917 | +6.0% |
| Equity | 10/15 | €342,537 | €346,971 | +€4,434 | +1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,111 | €162,383 | -€2,727 | -1.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,251 | €160,523 | -€2,727 | -1.7% |
| Profit (loss) carried forward | 14 | €171,226 | €178,387 | +€7,161 | +4.2% |
| Amounts payable | 17/49 | €608,602 | €661,085 | +€52,483 | +8.6% |
| Amounts payable after more than one year | 17 | €79,872 | €77,872 | -€2,000 | -2.5% |
| Financial debts | 170/4 | €79,872 | €77,872 | -€2,000 | -2.5% |
| Amounts payable within one year | 42/48 | €508,831 | €561,950 | +€53,119 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €28,398 | €30,482 | +€2,084 | +7.3% |
| Financial debts | 43 | - | €83,000 | +€83,000 | |
| Credit institutions | 430/8 | - | €83,000 | +€83,000 | |
| Trade debts | 44 | €147,672 | €139,426 | -€8,247 | -5.6% |
| Suppliers | 440/4 | €147,672 | €139,426 | -€8,247 | -5.6% |
| Taxes, remuneration and social security | 45 | €318,783 | €259,063 | -€59,720 | -18.7% |
| Taxes | 450/3 | €153,324 | €92,961 | -€60,363 | -39.4% |
| Remuneration and social security | 454/9 | €165,459 | €166,103 | +€643 | +0.4% |
| Other amounts payable | 47/48 | €13,977 | €49,979 | +€36,002 | +257.6% |
| Accrued charges and deferred income | 492/3 | €19,899 | €21,264 | +€1,364 | +6.9% |
| Remuneration, social security and pensions | 62 | €804,288 | €822,921 | +€18,634 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,042 | €6,893 | -€1,149 | -14.3% |
| Other operating charges | 640/8 | €2,750 | €2,659 | -€91 | -3.3% |
| Gross operating margin | 9900 | €890,562 | €928,814 | +€38,252 | +4.3% |
| Operating profit (loss) | 9901 | €75,482 | €96,341 | +€20,859 | +27.6% |
| Financial income | 75/76B | €79 | €2,275 | +€2,196 | +2778.7% |
| Recurring financial income | 75 | €79 | €2,275 | +€2,196 | +2778.7% |
| Financial charges | 65/66B | €14,453 | €28,974 | +€14,521 | +100.5% |
| Recurring financial charges | 65 | €14,453 | €28,974 | +€14,521 | +100.5% |
| Profit (loss) for the period before taxes | 9903 | €61,109 | €69,642 | +€8,533 | +14.0% |
| Income taxes | 67/77 | €23,733 | €28,845 | +€5,112 | +21.5% |
| Profit (loss) for the period | 9904 | €37,376 | €40,797 | +€3,421 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,376 | €40,797 | +€3,421 | +9.2% |
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 8 October 2026 via checked.be.