EXPLAIN: 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.
EXPLAIN
Largest movements
- Receivables within one year +€107,714
up €107,714 (+41.8%), from €257,929 to €365,643
of which Other amounts receivable: +€99,474
- Cash +€42,531
up €42,531 (+46.9%), from €90,603 to €133,133
mainly Net result for the year (+€152,345) and Depreciation (+€26,372)
- Tangible fixed assets -€17,764
down €17,764 (-5.0%), from €354,554 to €336,789
- Reserves +€152,345
up €152,345 (+68.3%), from €223,123 to €375,468
of which Distributable reserves: +€152,345
- Tax, wage and social debts -€37,723
down €37,723 (-32.4%), from €116,362 to €78,639
- Current portion of long-term debt +€17,205
up €17,205 (+58.3%), from €29,489 to €46,694
- Gross operating margin +€85,659
up €85,659 (+42.2%), from €203,196 to €288,855
- Taxes +€41,409
up €41,409 (+71.5%), from €57,888 to €99,296
- Depreciation +€7,621
up €7,621 (+40.6%), from €18,752 to €26,372
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 | €720,675 | €850,582 | +€129,907 | +18.0% |
| Fixed assets | 21/28 | €354,554 | €336,789 | -€17,764 | -5.0% |
| Tangible fixed assets | 22/27 | €354,554 | €336,789 | -€17,764 | -5.0% |
| Land and buildings | 22 | €294,234 | €287,138 | -€7,096 | -2.4% |
| Plant, machinery and equipment | 23 | €30,909 | €26,996 | -€3,913 | -12.7% |
| Furniture and vehicles | 24 | €29,411 | €22,655 | -€6,756 | -23.0% |
| Current assets | 29/58 | €366,121 | €513,793 | +€147,671 | +40.3% |
| Amounts receivable within one year | 40/41 | €257,929 | €365,643 | +€107,714 | +41.8% |
| Trade receivables | 40 | €16,933 | €25,173 | +€8,240 | +48.7% |
| Other amounts receivable | 41 | €240,996 | €340,470 | +€99,474 | +41.3% |
| Cash at bank and in hand | 54/58 | €90,603 | €133,133 | +€42,531 | +46.9% |
| Deferred charges and accrued income | 490/1 | €17,590 | €15,017 | -€2,573 | -14.6% |
| Total equity and liabilities | 10/49 | €720,675 | €850,582 | +€129,907 | +18.0% |
| Equity | 10/15 | €398,606 | €550,951 | +€152,345 | +38.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,123 | €375,468 | +€152,345 | +68.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,263 | €373,608 | +€152,345 | +68.9% |
| Profit (loss) carried forward | 14 | €169,283 | €169,283 | = | 0.0% |
| Amounts payable | 17/49 | €322,069 | €299,631 | -€22,438 | -7.0% |
| Amounts payable after more than one year | 17 | €160,661 | €161,247 | +€586 | +0.4% |
| Financial debts | 170/4 | €160,661 | €161,247 | +€586 | +0.4% |
| Amounts payable within one year | 42/48 | €161,408 | €138,385 | -€23,024 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €29,489 | €46,694 | +€17,205 | +58.3% |
| Trade debts | 44 | €15,557 | €13,052 | -€2,505 | -16.1% |
| Suppliers | 440/4 | €15,557 | €13,052 | -€2,505 | -16.1% |
| Taxes, remuneration and social security | 45 | €116,362 | €78,639 | -€37,723 | -32.4% |
| Taxes | 450/3 | €116,362 | €78,639 | -€37,723 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,752 | €26,372 | +€7,621 | +40.6% |
| Other operating charges | 640/8 | €5,241 | €4,887 | -€355 | -6.8% |
| Gross operating margin | 9900 | €203,196 | €288,855 | +€85,659 | +42.2% |
| Operating profit (loss) | 9901 | €179,203 | €257,596 | +€78,393 | +43.7% |
| Financial income | 75/76B | €6 | €8 | +€2 | +40.5% |
| Recurring financial income | 75 | €6 | €8 | +€2 | +40.5% |
| Financial charges | 65/66B | €5,412 | €5,963 | +€550 | +10.2% |
| Recurring financial charges | 65 | €5,412 | €5,963 | +€550 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €173,796 | €251,641 | +€77,845 | +44.8% |
| Income taxes | 67/77 | €57,888 | €99,296 | +€41,409 | +71.5% |
| Profit (loss) for the period | 9904 | €115,909 | €152,345 | +€36,436 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €115,909 | €152,345 | +€36,436 | +31.4% |
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 20 October 2026 via checked.be.