EPS: what changed
Two fiscal 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.
EPS
Largest movements
- Tangible fixed assets +€214,549
up €214,549 (+22.0%), from €977,054 to €1.2m
of which Land and buildings: +€209,164
- Stocks and contracts -€80,517
down €80,517 (-10.8%), from €743,515 to €662,998
- Cash +€56,631
up €56,631 (+415.2%), from €13,638 to €70,269
mainly Other debts (+€257,495) and Net result for the year (+€110,128)
- Receivables within one year -€38,271
down €38,271 (-13.9%), from €274,998 to €236,727
of which Other amounts receivable: -€31,853
- Other debts +€257,495
up €257,495 (+5356.7%), from €4,807 to €262,302
- Profit (loss) carried forward -€150,758
no longer reported in 2025 (was €150,758)
- Trade debts +€35,291
up €35,291 (+53.7%), from €65,674 to €100,965
- Current portion of long-term debt +€32,363
up €32,363 (+34.4%), from €94,050 to €126,413
- Gross operating margin -€123,460
down €123,460 (-15.5%), from €794,840 to €671,380
- Taxes -€61,777
down €61,777 (-70.2%), from €87,946 to €26,169
- Staff costs +€14,331
up €14,331 (+3.5%), from €411,641 to €425,972
- Depreciation +€14,174
up €14,174 (+23.2%), from €60,999 to €75,173
- Financial charges +€11,187
up €11,187 (+33.1%), from €33,811 to €44,998
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 | €2,031,812 | €2,177,046 | +€145,234 | +7.1% |
| Fixed assets | 21/28 | €978,461 | €1,191,810 | +€213,349 | +21.8% |
| Intangible fixed assets | 21 | €1,407 | €207 | -€1,200 | -85.3% |
| Tangible fixed assets | 22/27 | €977,054 | €1,191,603 | +€214,549 | +22.0% |
| Land and buildings | 22 | €877,683 | €1,086,847 | +€209,164 | +23.8% |
| Plant, machinery and equipment | 23 | €7,252 | €12,710 | +€5,458 | +75.3% |
| Furniture and vehicles | 24 | €89,864 | €91,108 | +€1,244 | +1.4% |
| Other tangible fixed assets | 26 | €2,255 | €938 | -€1,317 | -58.4% |
| Current assets | 29/58 | €1,053,351 | €985,236 | -€68,115 | -6.5% |
| Stocks and contracts in progress | 3 | €743,515 | €662,998 | -€80,517 | -10.8% |
| Stocks | 30/36 | €743,515 | €662,998 | -€80,517 | -10.8% |
| Amounts receivable within one year | 40/41 | €274,998 | €236,727 | -€38,271 | -13.9% |
| Trade receivables | 40 | €236,319 | €229,901 | -€6,418 | -2.7% |
| Other amounts receivable | 41 | €38,679 | €6,826 | -€31,853 | -82.4% |
| Cash at bank and in hand | 54/58 | €13,638 | €70,269 | +€56,631 | +415.2% |
| Deferred charges and accrued income | 490/1 | €21,200 | €15,242 | -€5,958 | -28.1% |
| Total equity and liabilities | 10/49 | €2,031,812 | €2,177,046 | +€145,234 | +7.1% |
| Equity | 10/15 | €722,556 | €566,261 | -€156,295 | -21.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €484,000 | €484,000 | = | 0.0% |
| Distributable reserves | 133 | €484,000 | €484,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,758 | - | -€150,758 | |
| Investment grants | 15 | €27,798 | €22,261 | -€5,537 | -19.9% |
| Amounts payable | 17/49 | €1,309,256 | €1,610,785 | +€301,529 | +23.0% |
| Amounts payable after more than one year | 17 | €926,416 | €935,186 | +€8,770 | +0.9% |
| Financial debts | 170/4 | €906,239 | €915,009 | +€8,770 | +1.0% |
| Other amounts payable | 178/9 | €20,177 | €20,177 | = | 0.0% |
| Amounts payable within one year | 42/48 | €380,405 | €675,193 | +€294,788 | +77.5% |
| Current portion of amounts payable after more than one year | 42 | €94,050 | €126,413 | +€32,363 | +34.4% |
| Financial debts | 43 | €22,428 | €1,961 | -€20,467 | -91.3% |
| Credit institutions | 430/8 | €22,428 | €1,961 | -€20,467 | -91.3% |
| Trade debts | 44 | €65,674 | €100,965 | +€35,291 | +53.7% |
| Suppliers | 440/4 | €65,674 | €100,965 | +€35,291 | +53.7% |
| Taxes, remuneration and social security | 45 | €193,446 | €183,552 | -€9,894 | -5.1% |
| Taxes | 450/3 | €128,514 | €107,716 | -€20,798 | -16.2% |
| Remuneration and social security | 454/9 | €64,932 | €75,836 | +€10,904 | +16.8% |
| Other amounts payable | 47/48 | €4,807 | €262,302 | +€257,495 | +5356.7% |
| Accrued charges and deferred income | 492/3 | €2,435 | €406 | -€2,029 | -83.3% |
| Remuneration, social security and pensions | 62 | €411,641 | €425,972 | +€14,331 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,999 | €75,173 | +€14,174 | +23.2% |
| Other operating charges | 640/8 | €8,023 | €6,974 | -€1,049 | -13.1% |
| Gross operating margin | 9900 | €794,840 | €671,380 | -€123,460 | -15.5% |
| Operating profit (loss) | 9901 | €314,177 | €163,261 | -€150,916 | -48.0% |
| Financial income | 75/76B | €25,186 | €18,034 | -€7,152 | -28.4% |
| Recurring financial income | 75 | €25,186 | €18,034 | -€7,152 | -28.4% |
| Financial charges | 65/66B | €33,811 | €44,998 | +€11,187 | +33.1% |
| Recurring financial charges | 65 | €33,811 | €44,998 | +€11,187 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €305,552 | €136,297 | -€169,255 | -55.4% |
| Income taxes | 67/77 | €87,946 | €26,169 | -€61,777 | -70.2% |
| Profit (loss) for the period | 9904 | €217,606 | €110,128 | -€107,478 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €217,606 | €110,128 | -€107,478 | -49.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.