Efficiency track: 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.
Efficiency track
Largest movements
- Tangible fixed assets -€107,441
down €107,441 (-11.3%), from €952,836 to €845,395
of which Land and buildings: -€69,798
- Cash -€107,301
down €107,301 (-76.0%), from €141,225 to €33,924
mainly Other debts (-€105,503) and Net result for the year (-€85,859)
- Receivables within one year +€68,896
up €68,896 (+112.0%), from €61,537 to €130,433
of which Other amounts receivable: +€47,726
- Current investments -€33,834
down €33,834 (-10.1%), from €335,663 to €301,829
- Other debts -€105,503
down €105,503 (-36.0%), from €292,908 to €187,405
- Profit (loss) carried forward -€85,859
down €85,859 (-3178.4%), from -€2,701 to -€88,560
- Debts after one year -€58,487
down €58,487 (-17.8%), from €327,699 to €269,212
- Trade debts +€49,051
up €49,051 (+839.1%), from €5,846 to €54,897
- Tax, wage and social debts +€20,779
up €20,779 (+303.6%), from €6,844 to €27,623
- Gross operating margin +€76,068
up €76,068, from -€49,754 to €26,314
- Financial charges +€63,007
up €63,007, from -€50,978 to €12,029
- Financial income -€60,596
down €60,596 (-77.3%), from €78,435 to €17,839
- Depreciation +€6,770
up €6,770 (+6.3%), from €106,756 to €113,527
- Other operating charges -€2,158
down €2,158 (-33.3%), from €6,479 to €4,321
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 | €1,493,056 | €1,313,556 | -€179,500 | -12.0% |
| Fixed assets | 21/28 | €953,086 | €845,645 | -€107,441 | -11.3% |
| Tangible fixed assets | 22/27 | €952,836 | €845,395 | -€107,441 | -11.3% |
| Land and buildings | 22 | €844,741 | €774,942 | -€69,798 | -8.3% |
| Plant, machinery and equipment | 23 | €21,588 | €12,907 | -€8,681 | -40.2% |
| Furniture and vehicles | 24 | €54,868 | €40,328 | -€14,540 | -26.5% |
| Other tangible fixed assets | 26 | €31,640 | €17,217 | -€14,422 | -45.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €539,970 | €467,911 | -€72,059 | -13.3% |
| Amounts receivable within one year | 40/41 | €61,537 | €130,433 | +€68,896 | +112.0% |
| Trade receivables | 40 | €46,733 | €67,904 | +€21,170 | +45.3% |
| Other amounts receivable | 41 | €14,804 | €62,529 | +€47,726 | +322.4% |
| Current investments | 50/53 | €335,663 | €301,829 | -€33,834 | -10.1% |
| Cash at bank and in hand | 54/58 | €141,225 | €33,924 | -€107,301 | -76.0% |
| Deferred charges and accrued income | 490/1 | €1,545 | €1,725 | +€181 | +11.7% |
| Total equity and liabilities | 10/49 | €1,493,056 | €1,313,556 | -€179,500 | -12.0% |
| Equity | 10/15 | €799,026 | €713,167 | -€85,859 | -10.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €789,328 | €789,328 | = | 0.0% |
| Distributable reserves | 133 | €789,328 | €789,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,701 | -€88,560 | -€85,859 | -3178.4% |
| Amounts payable | 17/49 | €694,029 | €600,389 | -€93,641 | -13.5% |
| Amounts payable after more than one year | 17 | €327,699 | €269,212 | -€58,487 | -17.8% |
| Financial debts | 170/4 | €327,699 | €269,212 | -€58,487 | -17.8% |
| Amounts payable within one year | 42/48 | €363,607 | €328,510 | -€35,097 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €58,009 | €58,487 | +€478 | +0.8% |
| Trade debts | 44 | €5,846 | €54,897 | +€49,051 | +839.1% |
| Suppliers | 440/4 | €5,846 | €54,897 | +€49,051 | +839.1% |
| Advances received on contracts in progress | 46 | - | €98 | +€98 | |
| Taxes, remuneration and social security | 45 | €6,844 | €27,623 | +€20,779 | +303.6% |
| Taxes | 450/3 | €6,844 | €27,623 | +€20,779 | +303.6% |
| Other amounts payable | 47/48 | €292,908 | €187,405 | -€105,503 | -36.0% |
| Accrued charges and deferred income | 492/3 | €2,724 | €2,668 | -€56 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,756 | €113,527 | +€6,770 | +6.3% |
| Other operating charges | 640/8 | €6,479 | €4,321 | -€2,158 | -33.3% |
| Gross operating margin | 9900 | -€49,754 | €26,314 | +€76,068 | |
| Operating profit (loss) | 9901 | -€162,990 | -€91,534 | +€71,455 | +43.8% |
| Financial income | 75/76B | €78,435 | €17,839 | -€60,596 | -77.3% |
| Recurring financial income | 75 | €78,435 | €17,839 | -€60,596 | -77.3% |
| Financial charges | 65/66B | -€50,978 | €12,029 | +€63,007 | |
| Recurring financial charges | 65 | -€50,978 | €12,029 | +€63,007 | |
| Profit (loss) for the period before taxes | 9903 | -€33,577 | -€85,725 | -€52,148 | -155.3% |
| Income taxes | 67/77 | €73 | €134 | +€62 | +85.1% |
| Profit (loss) for the period | 9904 | -€33,649 | -€85,859 | -€52,210 | -155.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,649 | -€85,859 | -€52,210 | -155.2% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.