EXPLOSION: 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.
EXPLOSION
Largest movements
- Cash +€154,396
up €154,396 (+48.6%), from €317,640 to €472,036
mainly Depreciation (+€95,207) and Tax, wage and social debts (+€88,121)
- Tangible fixed assets -€86,084
down €86,084 (-9.0%), from €961,319 to €875,235
of which Plant, machinery and equipment: -€64,015
- Receivables within one year -€62,219
down €62,219 (-60.2%), from €103,289 to €41,070
of which Trade receivables: -€61,604
- Tax, wage and social debts +€88,121
up €88,121 (+148%), from €59,565 to €147,686
- Other debts -€55,492
down €55,492 (-32.9%), from €168,447 to €112,955
- Debts after one year -€41,308
no longer reported in 2025 (was €41,308)
- Reserves +€21,169
up €21,169 (+3.6%), from €595,398 to €616,567
of which Distributable reserves: +€35,142
- Gross operating margin -€119,893
down €119,893 (-35.8%), from €335,310 to €215,417
- Other operating charges +€52,045
up €52,045 (+796%), from €6,537 to €58,582
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 | €1,382,248 | €1,388,341 | +€6,093 | +0.4% |
| Fixed assets | 21/28 | €961,319 | €875,235 | -€86,084 | -9.0% |
| Tangible fixed assets | 22/27 | €961,319 | €875,235 | -€86,084 | -9.0% |
| Land and buildings | 22 | €505,912 | €492,778 | -€13,134 | -2.6% |
| Plant, machinery and equipment | 23 | €423,208 | €359,193 | -€64,015 | -15.1% |
| Furniture and vehicles | 24 | €32,199 | €23,264 | -€8,935 | -27.7% |
| Current assets | 29/58 | €420,929 | €513,106 | +€92,177 | +21.9% |
| Amounts receivable within one year | 40/41 | €103,289 | €41,070 | -€62,219 | -60.2% |
| Trade receivables | 40 | €102,391 | €40,787 | -€61,604 | -60.2% |
| Other amounts receivable | 41 | €898 | €283 | -€615 | -68.5% |
| Cash at bank and in hand | 54/58 | €317,640 | €472,036 | +€154,396 | +48.6% |
| Total equity and liabilities | 10/49 | €1,382,248 | €1,388,341 | +€6,093 | +0.4% |
| Equity | 10/15 | €878,315 | €899,484 | +€21,169 | +2.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €595,398 | €616,567 | +€21,169 | +3.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €491,586 | €477,613 | -€13,973 | -2.8% |
| Distributable reserves | 133 | €101,952 | €137,094 | +€35,142 | +34.5% |
| Profit (loss) carried forward | 14 | €276,717 | €276,717 | = | 0.0% |
| Provisions and deferred taxes | 16 | €163,862 | €159,204 | -€4,658 | -2.8% |
| Deferred taxes | 168 | €163,862 | €159,204 | -€4,658 | -2.8% |
| Amounts payable | 17/49 | €340,071 | €329,653 | -€10,418 | -3.1% |
| Amounts payable after more than one year | 17 | €41,308 | - | -€41,308 | |
| Financial debts | 170/4 | €41,308 | - | -€41,308 | |
| Amounts payable within one year | 42/48 | €278,508 | €302,368 | +€23,860 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €49,569 | €41,727 | -€7,842 | -15.8% |
| Trade debts | 44 | €927 | - | -€927 | |
| Suppliers | 440/4 | €927 | - | -€927 | |
| Taxes, remuneration and social security | 45 | €59,565 | €147,686 | +€88,121 | +148% |
| Taxes | 450/3 | €59,565 | €147,686 | +€88,121 | +148% |
| Other amounts payable | 47/48 | €168,447 | €112,955 | -€55,492 | -32.9% |
| Accrued charges and deferred income | 492/3 | €20,255 | €27,285 | +€7,030 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,205 | €95,207 | -€1,998 | -2.1% |
| Other operating charges | 640/8 | €6,537 | €58,582 | +€52,045 | +796% |
| Non-recurring operating charges | 66A | - | €298 | +€298 | |
| Gross operating margin | 9900 | €335,310 | €215,417 | -€119,893 | -35.8% |
| Operating profit (loss) | 9901 | €231,568 | €61,330 | -€170,238 | -73.5% |
| Financial income | 75/76B | €698 | - | -€698 | |
| Recurring financial income | 75 | €698 | - | -€698 | |
| Financial charges | 65/66B | €6,075 | €7,982 | +€1,907 | +31.4% |
| Recurring financial charges | 65 | €6,022 | €7,982 | +€1,960 | +32.5% |
| Non-recurring financial charges | 66B | €53 | - | -€53 | |
| Profit (loss) for the period before taxes | 9903 | €226,191 | €53,348 | -€172,843 | -76.4% |
| Transfer from deferred taxes | 780 | €18,631 | €18,631 | = | 0.0% |
| Transfer to deferred taxes | 680 | €34,261 | - | -€34,261 | |
| Income taxes | 67/77 | €35,065 | €36,837 | +€1,772 | +5.1% |
| Profit (loss) for the period | 9904 | €175,496 | €35,142 | -€140,354 | -80.0% |
| Transfer to tax-exempt reserves | 689 | €102,784 | - | -€102,784 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,712 | €35,142 | -€37,570 | -51.7% |
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 13 October 2026 via checked.be.