ELEMENTS: 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.
ELEMENTS
Largest movements
- Stocks and contracts +€67,722
up €67,722 (+6.0%), from €1.1m to €1.2m
- Receivables within one year -€61,649
down €61,649 (-12.9%), from €477,853 to €416,205
of which Trade receivables: -€58,417
- Cash +€52,496
up €52,496 (+34.5%), from €152,187 to €204,683
mainly Net result for the year (+€102,406) and Short-term financial debts (+€100,000)
- Short-term financial debts +€100,000
up €100,000 (+16.7%), from €600,000 to €700,000
- Trade debts -€79,115
down €79,115 (-18.5%), from €427,495 to €348,380
- Debts after one year +€66,111
up €66,111 (+14.8%), from €446,789 to €512,899
- Current portion of long-term debt -€42,316
down €42,316 (-20.0%), from €211,640 to €169,325
- Reserves -€40,000
down €40,000 (-10.6%), from €377,000 to €337,000
- Write-downs -€40,810
down €40,810 (-90.6%), from €45,024 to €4,215
- Gross operating margin +€21,354
up €21,354 (+1.6%), from €1.4m to €1.4m
- Financial charges +€20,129
up €20,129 (+13.9%), from €144,493 to €164,622
- Staff costs +€18,879
up €18,879 (+2.0%), from €930,271 to €949,150
- Other operating charges +€17,325
up €17,325 (+46.0%), from €37,633 to €54,958
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 | €2,524,344 | €2,581,563 | +€57,219 | +2.3% |
| Fixed assets | 21/28 | €719,342 | €717,452 | -€1,890 | -0.3% |
| Intangible fixed assets | 21 | €3,488 | €2,434 | -€1,054 | -30.2% |
| Tangible fixed assets | 22/27 | €715,554 | €714,718 | -€837 | -0.1% |
| Land and buildings | 22 | €583,942 | €573,534 | -€10,407 | -1.8% |
| Plant, machinery and equipment | 23 | €26,376 | €29,088 | +€2,712 | +10.3% |
| Furniture and vehicles | 24 | €70,564 | €80,667 | +€10,103 | +14.3% |
| Other tangible fixed assets | 26 | €34,672 | €31,429 | -€3,244 | -9.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €1,805,001 | €1,864,111 | +€59,109 | +3.3% |
| Stocks and contracts in progress | 3 | €1,137,620 | €1,205,342 | +€67,722 | +6.0% |
| Stocks | 30/36 | €1,137,620 | €1,205,342 | +€67,722 | +6.0% |
| Amounts receivable within one year | 40/41 | €477,853 | €416,205 | -€61,649 | -12.9% |
| Trade receivables | 40 | €465,348 | €406,930 | -€58,417 | -12.6% |
| Other amounts receivable | 41 | €12,506 | €9,274 | -€3,231 | -25.8% |
| Cash at bank and in hand | 54/58 | €152,187 | €204,683 | +€52,496 | +34.5% |
| Deferred charges and accrued income | 490/1 | €37,342 | €37,881 | +€539 | +1.4% |
| Total equity and liabilities | 10/49 | €2,524,344 | €2,581,563 | +€57,219 | +2.3% |
| Equity | 10/15 | €592,576 | €574,983 | -€17,594 | -3.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €377,000 | €337,000 | -€40,000 | -10.6% |
| Distributable reserves | 133 | €377,000 | €337,000 | -€40,000 | -10.6% |
| Profit (loss) carried forward | 14 | €195,576 | €217,983 | +€22,406 | +11.5% |
| Amounts payable | 17/49 | €1,931,767 | €2,006,580 | +€74,813 | +3.9% |
| Amounts payable after more than one year | 17 | €446,789 | €512,899 | +€66,111 | +14.8% |
| Financial debts | 170/4 | €446,789 | €512,899 | +€66,111 | +14.8% |
| Amounts payable within one year | 42/48 | €1,477,585 | €1,486,287 | +€8,702 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €211,640 | €169,325 | -€42,316 | -20.0% |
| Financial debts | 43 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Credit institutions | 430/8 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Trade debts | 44 | €427,495 | €348,380 | -€79,115 | -18.5% |
| Suppliers | 440/4 | €427,495 | €348,380 | -€79,115 | -18.5% |
| Taxes, remuneration and social security | 45 | €114,949 | €137,183 | +€22,233 | +19.3% |
| Taxes | 450/3 | €24,547 | €37,445 | +€12,899 | +52.5% |
| Remuneration and social security | 454/9 | €90,403 | €99,737 | +€9,335 | +10.3% |
| Other amounts payable | 47/48 | €123,500 | €131,400 | +€7,900 | +6.4% |
| Accrued charges and deferred income | 492/3 | €7,394 | €7,394 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €930,271 | €949,150 | +€18,879 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,296 | €82,418 | +€123 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,024 | €4,215 | -€40,810 | -90.6% |
| Other operating charges | 640/8 | €37,633 | €54,958 | +€17,325 | +46.0% |
| Gross operating margin | 9900 | €1,365,771 | €1,387,124 | +€21,354 | +1.6% |
| Operating profit (loss) | 9901 | €270,546 | €296,382 | +€25,836 | +9.5% |
| Financial income | 75/76B | €11,282 | €21,811 | +€10,529 | +93.3% |
| Recurring financial income | 75 | €11,282 | €21,811 | +€10,529 | +93.3% |
| Financial charges | 65/66B | €144,493 | €164,622 | +€20,129 | +13.9% |
| Recurring financial charges | 65 | €144,493 | €164,622 | +€20,129 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €137,335 | €153,572 | +€16,237 | +11.8% |
| Income taxes | 67/77 | €48,010 | €51,166 | +€3,155 | +6.6% |
| Profit (loss) for the period | 9904 | €89,325 | €102,406 | +€13,081 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,325 | €102,406 | +€13,081 | +14.6% |
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 9 October 2026 via checked.be.