Engels Filip: 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.
Engels Filip
Largest movements
- Stocks and contracts -€314,132
down €314,132 (-26.9%), from €1.2m to €854,153
- Receivables within one year +€55,210
up €55,210 (+571%), from €9,664 to €64,874
of which Trade receivables: +€53,156
- Tangible fixed assets -€17,182
down €17,182 (-13.9%), from €123,794 to €106,613
of which Leasing and similar rights: -€12,522
- Trade debts -€153,645
down €153,645 (-35.1%), from €437,597 to €283,952
- Tax, wage and social debts -€64,347
down €64,347 (-75.2%), from €85,538 to €21,191
of which Taxes: -€64,347
- Reserves +€34,665
up €34,665 (+31.2%), from €111,116 to €145,781
- Debts after one year -€30,513
down €30,513 (-34.8%), from €87,654 to €57,141
- Other debts -€22,086
down €22,086 (-36.9%), from €59,801 to €37,715
- Gross operating margin +€96,765
up €96,765 (+398%), from €24,299 to €121,064
- Depreciation +€12,709
up €12,709 (+84.8%), from €14,981 to €27,691
- Taxes +€3,893
up €3,893 (+1,470%), from €265 to €4,158
- Financial income +€2,268
up €2,268 (+7,514%), from €30 to €2,299
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 | €1,346,525 | €1,089,257 | -€257,268 | -19.1% |
| Fixed assets | 21/28 | €123,794 | €106,613 | -€17,182 | -13.9% |
| Tangible fixed assets | 22/27 | €123,794 | €106,613 | -€17,182 | -13.9% |
| Plant, machinery and equipment | 23 | €19,051 | €14,537 | -€4,514 | -23.7% |
| Furniture and vehicles | 24 | €16,984 | €21,483 | +€4,499 | +26.5% |
| Leasing and similar rights | 25 | €49,300 | €36,778 | -€12,522 | -25.4% |
| Other tangible fixed assets | 26 | €38,460 | €33,815 | -€4,645 | -12.1% |
| Current assets | 29/58 | €1,222,730 | €982,644 | -€240,086 | -19.6% |
| Stocks and contracts in progress | 3 | €1,168,285 | €854,153 | -€314,132 | -26.9% |
| Stocks | 30/36 | €1,168,285 | €854,153 | -€314,132 | -26.9% |
| Amounts receivable within one year | 40/41 | €9,664 | €64,874 | +€55,210 | +571% |
| Trade receivables | 40 | €7,547 | €60,704 | +€53,156 | +704% |
| Other amounts receivable | 41 | €2,117 | €4,170 | +€2,054 | +97.0% |
| Cash at bank and in hand | 54/58 | €34,830 | €46,882 | +€12,052 | +34.6% |
| Deferred charges and accrued income | 490/1 | €9,951 | €16,735 | +€6,784 | +68.2% |
| Total equity and liabilities | 10/49 | €1,346,525 | €1,089,257 | -€257,268 | -19.1% |
| Equity | 10/15 | €173,326 | €207,991 | +€34,665 | +20.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,116 | €145,781 | +€34,665 | +31.2% |
| Distributable reserves | 133 | €111,116 | €145,781 | +€34,665 | +31.2% |
| Profit (loss) carried forward | 14 | €43,610 | €43,610 | = | 0.0% |
| Amounts payable | 17/49 | €1,173,198 | €881,266 | -€291,933 | -24.9% |
| Amounts payable after more than one year | 17 | €87,654 | €57,141 | -€30,513 | -34.8% |
| Financial debts | 170/4 | €87,654 | €57,141 | -€30,513 | -34.8% |
| Amounts payable within one year | 42/48 | €1,082,916 | €821,605 | -€261,311 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €32,023 | €30,513 | -€1,510 | -4.7% |
| Financial debts | 43 | €399,654 | €395,291 | -€4,363 | -1.1% |
| Credit institutions | 430/8 | €399,654 | €395,291 | -€4,363 | -1.1% |
| Trade debts | 44 | €437,597 | €283,952 | -€153,645 | -35.1% |
| Suppliers | 440/4 | €437,597 | €283,952 | -€153,645 | -35.1% |
| Advances received on contracts in progress | 46 | €68,303 | €52,943 | -€15,360 | -22.5% |
| Taxes, remuneration and social security | 45 | €85,538 | €21,191 | -€64,347 | -75.2% |
| Taxes | 450/3 | €85,538 | €21,191 | -€64,347 | -75.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €59,801 | €37,715 | -€22,086 | -36.9% |
| Accrued charges and deferred income | 492/3 | €2,629 | €2,520 | -€109 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,981 | €27,691 | +€12,709 | +84.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€616 | -€616 | |
| Other operating charges | 640/8 | €7,124 | €7,218 | +€95 | +1.3% |
| Gross operating margin | 9900 | €24,299 | €121,064 | +€96,765 | +398% |
| Operating profit (loss) | 9901 | €2,194 | €86,771 | +€84,577 | +3,855% |
| Financial income | 75/76B | €30 | €2,299 | +€2,268 | +7,514% |
| Recurring financial income | 75 | €30 | €2,299 | +€2,268 | +7,514% |
| Financial charges | 65/66B | €49,927 | €50,246 | +€320 | +0.6% |
| Recurring financial charges | 65 | €49,927 | €50,246 | +€320 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€47,702 | €38,823 | +€86,525 | |
| Income taxes | 67/77 | €265 | €4,158 | +€3,893 | +1,470% |
| Profit (loss) for the period | 9904 | -€47,967 | €34,665 | +€82,632 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,967 | €34,665 | +€82,632 |
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 24 October 2026 via checked.be.