Expliciet: 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.
Expliciet
Largest movements
- Receivables within one year +€391,841
up €391,841 (+46.4%), from €844,098 to €1.2m
of which Trade receivables: +€394,886
- Cash +€189,868
up €189,868 (+52.3%), from €362,999 to €552,868
mainly Net result for the year (+€816,128) and Other debts (+€361,175)
- Tangible fixed assets -€120,629
down €120,629 (-35.1%), from €343,533 to €222,904
of which Land and buildings: -€192,790
- Deferred charges and accrued income +€35,401
up €35,401 (+133.4%), from €26,532 to €61,933
- Other debts +€361,175
up €361,175 (+79.4%), from €454,953 to €816,128
- Tax, wage and social debts +€105,373
up €105,373 (+36.5%), from €288,587 to €393,960
of which Taxes: +€115,732
- Trade debts +€73,964
up €73,964 (+46.2%), from €159,990 to €233,954
- Debts after one year -€32,020
down €32,020 (-22.0%), from €145,489 to €113,469
- Gross operating margin +€541,367
up €541,367 (+20.3%), from €2.7m to €3.2m
- Taxes +€113,026
up €113,026 (+59.3%), from €190,577 to €303,603
- Financial income +€49,242
up €49,242 (+941.6%), from €5,230 to €54,472
- Depreciation -€47,889
down €47,889 (-57.3%), from €83,627 to €35,738
- Staff costs +€40,313
up €40,313 (+2.1%), from €1.9m to €1.9m
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 | €2,109,103 | €2,625,414 | +€516,311 | +24.5% |
| Fixed assets | 21/28 | €353,144 | €252,345 | -€100,799 | -28.5% |
| Tangible fixed assets | 22/27 | €343,533 | €222,904 | -€120,629 | -35.1% |
| Land and buildings | 22 | €192,790 | - | -€192,790 | |
| Plant, machinery and equipment | 23 | €7,427 | €4,656 | -€2,771 | -37.3% |
| Furniture and vehicles | 24 | €69,421 | €70,101 | +€680 | +1.0% |
| Other tangible fixed assets | 26 | €73,896 | €148,147 | +€74,252 | +100.5% |
| Financial fixed assets | 28 | €9,611 | €29,441 | +€19,830 | +206.3% |
| Current assets | 29/58 | €1,755,959 | €2,373,069 | +€617,110 | +35.1% |
| Amounts receivable after more than one year | 29 | €392,617 | €392,617 | = | 0.0% |
| Trade receivables | 290 | €392,617 | €392,617 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,884 | €2,884 | = | 0.0% |
| Stocks | 30/36 | €2,884 | €2,884 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €844,098 | €1,235,939 | +€391,841 | +46.4% |
| Trade receivables | 40 | €575,900 | €970,786 | +€394,886 | +68.6% |
| Other amounts receivable | 41 | €268,198 | €265,153 | -€3,044 | -1.1% |
| Current investments | 50/53 | €126,829 | €126,829 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €362,999 | €552,868 | +€189,868 | +52.3% |
| Deferred charges and accrued income | 490/1 | €26,532 | €61,933 | +€35,401 | +133.4% |
| Total equity and liabilities | 10/49 | €2,109,103 | €2,625,414 | +€516,311 | +24.5% |
| Equity | 10/15 | €977,586 | €977,586 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €958,986 | €958,986 | = | 0.0% |
| Distributable reserves | 133 | €958,986 | €958,986 | = | 0.0% |
| Amounts payable | 17/49 | €1,131,517 | €1,647,829 | +€516,311 | +45.6% |
| Amounts payable after more than one year | 17 | €145,489 | €113,469 | -€32,020 | -22.0% |
| Financial debts | 170/4 | €145,489 | €113,469 | -€32,020 | -22.0% |
| Amounts payable within one year | 42/48 | €983,513 | €1,531,628 | +€548,114 | +55.7% |
| Current portion of amounts payable after more than one year | 42 | €36,502 | €32,020 | -€4,482 | -12.3% |
| Financial debts | 43 | €43,481 | €55,565 | +€12,084 | +27.8% |
| Credit institutions | 430/8 | €43,481 | €55,565 | +€12,084 | +27.8% |
| Trade debts | 44 | €159,990 | €233,954 | +€73,964 | +46.2% |
| Suppliers | 440/4 | €159,990 | €233,954 | +€73,964 | +46.2% |
| Taxes, remuneration and social security | 45 | €288,587 | €393,960 | +€105,373 | +36.5% |
| Taxes | 450/3 | €109,433 | €225,165 | +€115,732 | +105.8% |
| Remuneration and social security | 454/9 | €179,154 | €168,795 | -€10,359 | -5.8% |
| Other amounts payable | 47/48 | €454,953 | €816,128 | +€361,175 | +79.4% |
| Accrued charges and deferred income | 492/3 | €2,515 | €2,732 | +€217 | +8.6% |
| Non-recurring operating income | 76A | - | €252,957 | +€252,957 | |
| Remuneration, social security and pensions | 62 | €1,881,238 | €1,921,551 | +€40,313 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,627 | €35,738 | -€47,889 | -57.3% |
| Other operating charges | 640/8 | €6,137 | €28,561 | +€22,424 | +365.4% |
| Non-recurring operating charges | 66A | - | €102,549 | +€102,549 | |
| Gross operating margin | 9900 | €2,661,723 | €3,203,090 | +€541,367 | +20.3% |
| Operating profit (loss) | 9901 | €690,720 | €1,114,690 | +€423,970 | +61.4% |
| Financial income | 75/76B | €5,230 | €54,472 | +€49,242 | +941.6% |
| Recurring financial income | 75 | €5,230 | €54,472 | +€49,242 | +941.6% |
| Financial charges | 65/66B | €50,449 | €49,432 | -€1,017 | -2.0% |
| Recurring financial charges | 65 | €50,449 | €49,432 | -€1,017 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €645,501 | €1,119,731 | +€474,230 | +73.5% |
| Income taxes | 67/77 | €190,577 | €303,603 | +€113,026 | +59.3% |
| Profit (loss) for the period | 9904 | €454,924 | €816,128 | +€361,204 | +79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €454,924 | €816,128 | +€361,204 | +79.4% |
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 2 October 2026 via checked.be.