Eleven Ways: 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.
Eleven Ways
Largest movements
- Receivables within one year +€109,748
up €109,748 (+86.8%), from €126,498 to €236,246
of which Trade receivables: +€116,092
- Stocks and contracts -€15,521
no longer reported in 2025 (was €15,521)
- Cash +€13,564
up €13,564 (+7.9%), from €172,055 to €185,619
mainly Net result for the year (+€89,961) and Stocks and contracts (+€15,521)
- Tangible fixed assets +€4,736
up €4,736 (+27.3%), from €17,333 to €22,069
- Reserves +€89,961
up €89,961 (+42.2%), from €213,010 to €302,971
of which Distributable reserves: +€89,961
- Trade debts +€12,562
up €12,562 (+72.2%), from €17,398 to €29,959
- Tax, wage and social debts +€9,143
up €9,143 (+9.1%), from €100,664 to €109,807
of which Remuneration and social security: +€11,750
- Gross operating margin +€152,644
up €152,644 (+43.7%), from €349,640 to €502,284
- Staff costs +€81,689
up €81,689 (+29.4%), from €277,553 to €359,241
- Taxes +€22,976
up €22,976 (+127.8%), from €17,973 to €40,949
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 | €332,419 | €444,422 | +€112,003 | +33.7% |
| Fixed assets | 21/28 | €17,333 | €22,069 | +€4,736 | +27.3% |
| Tangible fixed assets | 22/27 | €17,333 | €22,069 | +€4,736 | +27.3% |
| Furniture and vehicles | 24 | €17,333 | €22,069 | +€4,736 | +27.3% |
| Current assets | 29/58 | €315,086 | €422,353 | +€107,267 | +34.0% |
| Amounts receivable after more than one year | 29 | €102 | - | -€102 | |
| Other amounts receivable | 291 | €102 | - | -€102 | |
| Stocks and contracts in progress | 3 | €15,521 | - | -€15,521 | |
| Contracts in progress | 37 | €15,521 | - | -€15,521 | |
| Amounts receivable within one year | 40/41 | €126,498 | €236,246 | +€109,748 | +86.8% |
| Trade receivables | 40 | €118,748 | €234,841 | +€116,092 | +97.8% |
| Other amounts receivable | 41 | €7,749 | €1,405 | -€6,344 | -81.9% |
| Cash at bank and in hand | 54/58 | €172,055 | €185,619 | +€13,564 | +7.9% |
| Deferred charges and accrued income | 490/1 | €911 | €488 | -€423 | -46.4% |
| Total equity and liabilities | 10/49 | €332,419 | €444,422 | +€112,003 | +33.7% |
| Equity | 10/15 | €214,010 | €303,971 | +€89,961 | +42.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €213,010 | €302,971 | +€89,961 | +42.2% |
| Tax-exempt reserves | 132 | €9,061 | €9,061 | = | 0.0% |
| Distributable reserves | 133 | €203,949 | €293,910 | +€89,961 | +44.1% |
| Amounts payable | 17/49 | €118,409 | €140,451 | +€22,042 | +18.6% |
| Amounts payable within one year | 42/48 | €118,062 | €140,052 | +€21,990 | +18.6% |
| Trade debts | 44 | €17,398 | €29,959 | +€12,562 | +72.2% |
| Suppliers | 440/4 | €17,398 | €29,959 | +€12,562 | +72.2% |
| Taxes, remuneration and social security | 45 | €100,664 | €109,807 | +€9,143 | +9.1% |
| Taxes | 450/3 | €59,409 | €56,802 | -€2,607 | -4.4% |
| Remuneration and social security | 454/9 | €41,254 | €53,005 | +€11,750 | +28.5% |
| Other amounts payable | 47/48 | - | €285 | +€285 | |
| Accrued charges and deferred income | 492/3 | €348 | €400 | +€52 | +15.0% |
| Remuneration, social security and pensions | 62 | €277,553 | €359,241 | +€81,689 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,032 | €10,644 | +€1,612 | +17.9% |
| Other operating charges | 640/8 | €628 | €369 | -€259 | -41.2% |
| Gross operating margin | 9900 | €349,640 | €502,284 | +€152,644 | +43.7% |
| Operating profit (loss) | 9901 | €62,428 | €132,029 | +€69,601 | +111.5% |
| Financial income | 75/76B | €1,008 | €83 | -€925 | -91.8% |
| Recurring financial income | 75 | €1,008 | €83 | -€925 | -91.8% |
| Financial charges | 65/66B | €2,594 | €1,202 | -€1,393 | -53.7% |
| Recurring financial charges | 65 | €2,594 | €1,202 | -€1,393 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €60,841 | €130,910 | +€70,069 | +115.2% |
| Income taxes | 67/77 | €17,973 | €40,949 | +€22,976 | +127.8% |
| Profit (loss) for the period | 9904 | €42,868 | €89,961 | +€47,093 | +109.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,868 | €89,961 | +€47,093 | +109.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.