EXECUTIVE DRIVERS: 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.
EXECUTIVE DRIVERS
Largest movements
- Cash +€171,071
up €171,071 (+147%), from €116,036 to €287,107
mainly Net result for the year (+€95,489) and Other debts (+€65,885)
- Receivables within one year -€46,893
down €46,893 (-29.5%), from €158,816 to €111,923
of which Trade receivables: -€45,976
- Stocks and contracts +€26,753
new in 2025: €26,753
- Tangible fixed assets -€26,212
down €26,212 (-35.1%), from €74,772 to €48,560
- Other debts +€65,885
up €65,885 (+220%), from €30,000 to €95,885
- Tax, wage and social debts +€49,610
up €49,610 (+236%), from €21,028 to €70,638
of which Taxes: +€46,187
- Reserves +€32,989
up €32,989 (+12.9%), from €255,420 to €288,409
of which Distributable reserves: +€32,989
- Trade debts -€23,764
down €23,764 (-80.1%), from €29,676 to €5,912
- Gross operating margin +€112,333
up €112,333 (+39.8%), from €282,314 to €394,647
- Staff costs +€38,718
up €38,718 (+22.5%), from €172,016 to €210,734
- Taxes +€21,350
up €21,350 (+84.0%), from €25,422 to €46,772
- Other operating charges +€11,287
up €11,287 (+390%), from €2,891 to €14,178
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 | €349,624 | €474,343 | +€124,719 | +35.7% |
| Fixed assets | 21/28 | €74,772 | €48,560 | -€26,212 | -35.1% |
| Tangible fixed assets | 22/27 | €74,772 | €48,560 | -€26,212 | -35.1% |
| Furniture and vehicles | 24 | €74,772 | €48,560 | -€26,212 | -35.1% |
| Current assets | 29/58 | €274,852 | €425,783 | +€150,932 | +54.9% |
| Stocks and contracts in progress | 3 | - | €26,753 | +€26,753 | |
| Stocks | 30/36 | - | €26,753 | +€26,753 | |
| Amounts receivable within one year | 40/41 | €158,816 | €111,923 | -€46,893 | -29.5% |
| Trade receivables | 40 | €111,066 | €65,090 | -€45,976 | -41.4% |
| Other amounts receivable | 41 | €47,750 | €46,833 | -€917 | -1.9% |
| Cash at bank and in hand | 54/58 | €116,036 | €287,107 | +€171,071 | +147% |
| Total equity and liabilities | 10/49 | €349,624 | €474,343 | +€124,719 | +35.7% |
| Equity | 10/15 | €268,920 | €301,909 | +€32,989 | +12.3% |
| Contributions | 10/11 | €13,500 | €13,500 | = | 0.0% |
| Reserves | 13 | €255,420 | €288,409 | +€32,989 | +12.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €216,060 | €249,049 | +€32,989 | +15.3% |
| Amounts payable | 17/49 | €80,704 | €172,434 | +€91,731 | +114% |
| Amounts payable within one year | 42/48 | €80,704 | €172,434 | +€91,731 | +114% |
| Trade debts | 44 | €29,676 | €5,912 | -€23,764 | -80.1% |
| Suppliers | 440/4 | €29,676 | €5,912 | -€23,764 | -80.1% |
| Taxes, remuneration and social security | 45 | €21,028 | €70,638 | +€49,610 | +236% |
| Taxes | 450/3 | €10,422 | €56,608 | +€46,187 | +443% |
| Remuneration and social security | 454/9 | €10,606 | €14,029 | +€3,423 | +32.3% |
| Other amounts payable | 47/48 | €30,000 | €95,885 | +€65,885 | +220% |
| Non-recurring operating income | 76A | €3,244 | €3,311 | +€67 | +2.1% |
| Remuneration, social security and pensions | 62 | €172,016 | €210,734 | +€38,718 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,841 | €26,212 | +€1,371 | +5.5% |
| Other operating charges | 640/8 | €2,891 | €14,178 | +€11,287 | +390% |
| Gross operating margin | 9900 | €282,314 | €394,647 | +€112,333 | +39.8% |
| Operating profit (loss) | 9901 | €82,566 | €143,523 | +€60,957 | +73.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +4,050% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4,050% |
| Financial charges | 65/66B | €1,006 | €1,263 | +€257 | +25.6% |
| Recurring financial charges | 65 | €1,006 | €1,263 | +€257 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €81,560 | €142,261 | +€60,701 | +74.4% |
| Income taxes | 67/77 | €25,422 | €46,772 | +€21,350 | +84.0% |
| Profit (loss) for the period | 9904 | €56,138 | €95,489 | +€39,350 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,138 | €95,489 | +€39,350 | +70.1% |
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 13 October 2026 via checked.be.