ELEMENTS DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Stocks and contracts -€531,359
down €531,359 (-18.4%), from €2.9m to €2.3m
- Receivables within one year -€164,539
down €164,539 (-54.9%), from €299,742 to €135,203
of which Other amounts receivable: -€106,400
- Cash +€154,167
up €154,167 (+130.7%), from €117,982 to €272,149
mainly Stocks and contracts (+€531,359) and Receivables within one year (+€164,539)
- Debts after one year -€706,075
down €706,075 (-37.0%), from €1.9m to €1.2m
- Tax, wage and social debts +€89,944
up €89,944 (+315.2%), from €28,535 to €118,479
- Profit (loss) carried forward +€78,989
up €78,989 (+26.1%), from €302,892 to €381,881
- Gross operating margin +€136,366
up €136,366 (+64.4%), from €211,698 to €348,065
- Financial charges +€121,710
up €121,710 (+167.1%), from €72,853 to €194,563
- Taxes +€33,579
up €33,579 (+117.7%), from €28,535 to €62,114
- Other operating charges +€4,393
up €4,393 (+382.4%), from €1,149 to €5,542
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 | €3,445,590 | €2,898,631 | -€546,959 | -15.9% |
| Fixed assets | 21/28 | €144,891 | €137,619 | -€7,272 | -5.0% |
| Tangible fixed assets | 22/27 | €31,240 | €23,968 | -€7,272 | -23.3% |
| Land and buildings | 22 | €3,322 | €2,760 | -€562 | -16.9% |
| Furniture and vehicles | 24 | €27,917 | €21,207 | -€6,710 | -24.0% |
| Financial fixed assets | 28 | €113,651 | €113,651 | = | 0.0% |
| Current assets | 29/58 | €3,300,699 | €2,761,013 | -€539,686 | -16.4% |
| Stocks and contracts in progress | 3 | €2,881,284 | €2,349,925 | -€531,359 | -18.4% |
| Contracts in progress | 37 | €2,881,284 | €2,349,925 | -€531,359 | -18.4% |
| Amounts receivable within one year | 40/41 | €299,742 | €135,203 | -€164,539 | -54.9% |
| Trade receivables | 40 | €193,342 | €135,203 | -€58,139 | -30.1% |
| Other amounts receivable | 41 | €106,400 | €0 | -€106,400 | -100.0% |
| Cash at bank and in hand | 54/58 | €117,982 | €272,149 | +€154,167 | +130.7% |
| Deferred charges and accrued income | 490/1 | €1,691 | €3,736 | +€2,045 | +120.9% |
| Total equity and liabilities | 10/49 | €3,445,590 | €2,898,631 | -€546,959 | -15.9% |
| Equity | 10/15 | €794,473 | €873,462 | +€78,989 | +9.9% |
| Contributions | 10/11 | €445,576 | €445,576 | = | 0.0% |
| Capital | 10 | €445,576 | €445,576 | = | 0.0% |
| Issued capital | 100 | €445,576 | €445,576 | = | 0.0% |
| Reserves | 13 | €46,005 | €46,005 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,927 | €45,927 | = | 0.0% |
| Legal reserve | 130 | €45,927 | €45,927 | = | 0.0% |
| Distributable reserves | 133 | €77 | €77 | = | 0.0% |
| Profit (loss) carried forward | 14 | €302,892 | €381,881 | +€78,989 | +26.1% |
| Amounts payable | 17/49 | €2,651,117 | €2,025,170 | -€625,947 | -23.6% |
| Amounts payable after more than one year | 17 | €1,910,332 | €1,204,257 | -€706,075 | -37.0% |
| Financial debts | 170/4 | €1,910,332 | €1,204,257 | -€706,075 | -37.0% |
| Amounts payable within one year | 42/48 | €738,039 | €815,419 | +€77,380 | +10.5% |
| Trade debts | 44 | €226,726 | €218,092 | -€8,634 | -3.8% |
| Suppliers | 440/4 | €226,726 | €218,092 | -€8,634 | -3.8% |
| Taxes, remuneration and social security | 45 | €28,535 | €118,479 | +€89,944 | +315.2% |
| Taxes | 450/3 | €28,535 | €118,479 | +€89,944 | +315.2% |
| Other amounts payable | 47/48 | €482,778 | €478,848 | -€3,930 | -0.8% |
| Accrued charges and deferred income | 492/3 | €2,747 | €5,494 | +€2,747 | +100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,272 | €7,272 | = | 0.0% |
| Other operating charges | 640/8 | €1,149 | €5,542 | +€4,393 | +382.4% |
| Gross operating margin | 9900 | €211,698 | €348,065 | +€136,366 | +64.4% |
| Operating profit (loss) | 9901 | €203,278 | €335,250 | +€131,973 | +64.9% |
| Financial income | 75/76B | €84 | €415 | +€331 | +396.9% |
| Recurring financial income | 75 | €84 | €415 | +€331 | +396.9% |
| Financial charges | 65/66B | €72,853 | €194,563 | +€121,710 | +167.1% |
| Recurring financial charges | 65 | €72,853 | €194,563 | +€121,710 | +167.1% |
| Profit (loss) for the period before taxes | 9903 | €130,508 | €141,103 | +€10,595 | +8.1% |
| Income taxes | 67/77 | €28,535 | €62,114 | +€33,579 | +117.7% |
| Profit (loss) for the period | 9904 | €101,973 | €78,989 | -€22,984 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,973 | €78,989 | -€22,984 | -22.5% |
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.