Ensemble: 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.
Ensemble
Largest movements
- Cash -€545,824
down €545,824 (-47.0%), from €1.2m to €615,348
mainly Investment in fixed assets (net) (-€781,992) and Receivables within one year (-€112,545)
- Tangible fixed assets +€534,623
up €534,623 (+55.3%), from €967,375 to €1.5m
of which Land and buildings: +€546,392
- Receivables within one year +€112,545
up €112,545 (+64.0%), from €175,716 to €288,261
- Reserves -€184,479
down €184,479 (-12.6%), from €1.5m to €1.3m
- Debts after one year +€115,478
new in 2025: €115,478
- Profit (loss) carried forward +€112,866
up €112,866 (+23.1%), from €487,885 to €600,751
- Debts within one year +€34,674
up €34,674 (+7.5%), from €459,975 to €494,648
of which Current portion of long-term debt: +€30,861
- Gross operating margin +€146,329
up €146,329 (+8.5%), from €1.7m to €1.9m
- Staff costs +€98,099
up €98,099 (+6.5%), from €1.5m to €1.6m
- Depreciation +€68,897
up €68,897 (+38.0%), from €181,285 to €250,182
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 | €2,424,301 | €2,502,839 | +€78,539 | +3.2% |
| Fixed assets | 21/28 | €990,713 | €1,522,524 | +€531,811 | +53.7% |
| Intangible fixed assets | 21 | €6,018 | €3,205 | -€2,812 | -46.7% |
| Tangible fixed assets | 22/27 | €967,375 | €1,501,998 | +€534,623 | +55.3% |
| Land and buildings | 22 | €777,653 | €1,324,045 | +€546,392 | +70.3% |
| Plant, machinery and equipment | 23 | €130,712 | €103,398 | -€27,314 | -20.9% |
| Furniture and vehicles | 24 | €59,010 | €74,555 | +€15,546 | +26.3% |
| Financial fixed assets | 28 | €17,320 | €17,320 | = | 0.0% |
| Current assets | 29/58 | €1,433,588 | €980,316 | -€453,272 | -31.6% |
| Amounts receivable within one year | 40/41 | €175,716 | €288,261 | +€112,545 | +64.0% |
| Trade receivables | 40 | €175,716 | €288,261 | +€112,545 | +64.0% |
| Current investments | 50/53 | €46,493 | €47,841 | +€1,349 | +2.9% |
| Cash at bank and in hand | 54/58 | €1,161,172 | €615,348 | -€545,824 | -47.0% |
| Deferred charges and accrued income | 490/1 | €50,207 | €28,865 | -€21,341 | -42.5% |
| Total equity and liabilities | 10/49 | €2,424,301 | €2,502,839 | +€78,539 | +3.2% |
| Equity | 10/15 | €1,954,326 | €1,882,713 | -€71,613 | -3.7% |
| Reserves | 13 | €1,466,442 | €1,281,963 | -€184,479 | -12.6% |
| Profit (loss) carried forward | 14 | €487,885 | €600,751 | +€112,866 | +23.1% |
| Amounts payable | 17/49 | €469,975 | €620,126 | +€150,152 | +31.9% |
| Amounts payable after more than one year | 17 | - | €115,478 | +€115,478 | |
| Financial debts | 170/4 | - | €115,478 | +€115,478 | |
| Amounts payable within one year | 42/48 | €459,975 | €494,648 | +€34,674 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €30,861 | +€30,861 | |
| Trade debts | 44 | €95,036 | €93,566 | -€1,470 | -1.5% |
| Suppliers | 440/4 | €95,036 | €93,566 | -€1,470 | -1.5% |
| Taxes, remuneration and social security | 45 | €364,939 | €369,257 | +€4,318 | +1.2% |
| Taxes | 450/3 | €37,841 | €35,917 | -€1,925 | -5.1% |
| Remuneration and social security | 454/9 | €327,097 | €333,340 | +€6,243 | +1.9% |
| Accrued charges and deferred income | 492/3 | €10,000 | €10,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €16,500 | +€16,500 | |
| Remuneration, social security and pensions | 62 | €1,514,461 | €1,612,561 | +€98,099 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,285 | €250,182 | +€68,897 | +38.0% |
| Other operating charges | 640/8 | €52,309 | €70,112 | +€17,803 | +34.0% |
| Non-recurring operating charges | 66A | - | €1,580 | +€1,580 | |
| Gross operating margin | 9900 | €1,723,095 | €1,869,424 | +€146,329 | +8.5% |
| Operating profit (loss) | 9901 | -€24,960 | -€65,010 | -€40,050 | -160.5% |
| Financial income | 75/76B | €7,449 | €1,413 | -€6,036 | -81.0% |
| Recurring financial income | 75 | €7,449 | €1,413 | -€6,036 | -81.0% |
| Financial charges | 65/66B | €5,517 | €6,235 | +€718 | +13.0% |
| Recurring financial charges | 65 | €5,517 | €6,235 | +€718 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,028 | -€69,832 | -€46,804 | -203.2% |
| Income taxes | 67/77 | €4,335 | €1,781 | -€2,554 | -58.9% |
| Profit (loss) for the period | 9904 | -€27,363 | -€71,613 | -€44,250 | -161.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,363 | -€71,613 | -€44,250 | -161.7% |
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.