ELEMENT: 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.
ELEMENT
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-39.4%), from €3.6m to €2.2m
of which Trade receivables: -€1.3m
- Stocks and contracts +€257,020
up €257,020 (+17.8%), from €1.4m to €1.7m
- Cash +€100,007
up €100,007 (+96.6%), from €103,519 to €203,526
mainly Receivables within one year (+€1.4m) and Depreciation (+€95,786)
- Tangible fixed assets -€76,714
down €76,714 (-27.3%), from €280,617 to €203,903
of which Furniture and vehicles: -€74,914
- Other debts -€684,332
down €684,332 (-21.5%), from €3.2m to €2.5m
- Trade debts -€434,288
down €434,288 (-44.9%), from €967,183 to €532,895
- Taxes -€322,051
down €322,051 (-98.2%), from €328,106 to €6,055
- Gross operating margin -€174,193
down €174,193 (-37.2%), from €468,167 to €293,973
- Financial charges +€22,399
up €22,399 (+35.5%), from €63,070 to €85,469
- Other operating charges +€19,264
up €19,264 (+21.8%), from €88,272 to €107,536
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 | €5,598,602 | €4,471,630 | -€1.1m | -20.1% |
| Fixed assets | 21/28 | €476,933 | €390,083 | -€86,850 | -18.2% |
| Intangible fixed assets | 21 | €31,676 | €22,594 | -€9,083 | -28.7% |
| Tangible fixed assets | 22/27 | €280,617 | €203,903 | -€76,714 | -27.3% |
| Plant, machinery and equipment | 23 | €2,550 | €750 | -€1,800 | -70.6% |
| Furniture and vehicles | 24 | €278,067 | €203,153 | -€74,914 | -26.9% |
| Financial fixed assets | 28 | €164,641 | €163,587 | -€1,054 | -0.6% |
| Current assets | 29/58 | €5,121,668 | €4,081,546 | -€1.0m | -20.3% |
| Stocks and contracts in progress | 3 | €1,447,106 | €1,704,126 | +€257,020 | +17.8% |
| Stocks | 30/36 | €1,447,106 | €1,704,126 | +€257,020 | +17.8% |
| Amounts receivable within one year | 40/41 | €3,560,640 | €2,158,817 | -€1.4m | -39.4% |
| Trade receivables | 40 | €3,359,413 | €2,011,460 | -€1.3m | -40.1% |
| Other amounts receivable | 41 | €201,227 | €147,357 | -€53,870 | -26.8% |
| Cash at bank and in hand | 54/58 | €103,519 | €203,526 | +€100,007 | +96.6% |
| Deferred charges and accrued income | 490/1 | €10,404 | €15,077 | +€4,674 | +44.9% |
| Total equity and liabilities | 10/49 | €5,598,602 | €4,471,630 | -€1.1m | -20.1% |
| Equity | 10/15 | €20,199 | €20,985 | +€786 | +3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,599 | €2,385 | +€786 | +49.2% |
| Tax-exempt reserves | 132 | €40 | €40 | = | 0.0% |
| Distributable reserves | 133 | €1,559 | €2,346 | +€786 | +50.4% |
| Amounts payable | 17/49 | €5,578,403 | €4,450,644 | -€1.1m | -20.2% |
| Amounts payable after more than one year | 17 | €1,309,978 | €1,309,978 | = | 0.0% |
| Financial debts | 170/4 | €1,309,978 | €1,309,978 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,248,995 | €3,123,137 | -€1.1m | -26.5% |
| Trade debts | 44 | €967,183 | €532,895 | -€434,288 | -44.9% |
| Suppliers | 440/4 | €967,183 | €532,895 | -€434,288 | -44.9% |
| Taxes, remuneration and social security | 45 | €91,966 | €84,728 | -€7,238 | -7.9% |
| Taxes | 450/3 | €91,966 | €84,728 | -€7,238 | -7.9% |
| Other amounts payable | 47/48 | €3,189,845 | €2,505,514 | -€684,332 | -21.5% |
| Accrued charges and deferred income | 492/3 | €19,431 | €17,529 | -€1,901 | -9.8% |
| Non-recurring operating income | 76A | €31,035 | €0 | -€31,035 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,602 | €95,786 | +€4,184 | +4.6% |
| Other operating charges | 640/8 | €88,272 | €107,536 | +€19,264 | +21.8% |
| Gross operating margin | 9900 | €468,167 | €293,973 | -€174,193 | -37.2% |
| Operating profit (loss) | 9901 | €288,293 | €90,651 | -€197,641 | -68.6% |
| Financial income | 75/76B | €1,055 | €1,660 | +€605 | +57.4% |
| Recurring financial income | 75 | €1,055 | €1,660 | +€605 | +57.4% |
| Financial charges | 65/66B | €63,070 | €85,469 | +€22,399 | +35.5% |
| Recurring financial charges | 65 | €63,070 | €85,469 | +€22,399 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €226,277 | €6,841 | -€219,436 | -97.0% |
| Income taxes | 67/77 | €328,106 | €6,055 | -€322,051 | -98.2% |
| Profit (loss) for the period | 9904 | -€101,829 | €786 | +€102,616 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,829 | €786 | +€102,616 |
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 14 October 2026 via checked.be.