EXPRESSION: 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.
EXPRESSION
Largest movements
- Tangible fixed assets -€12,126
down €12,126 (-5.8%), from €207,950 to €195,824
of which Land and buildings: -€10,773
- Cash -€4,962
down €4,962 (-21.0%), from €23,673 to €18,711
mainly Contributions, distributions and other (-€47,042) and Debts after one year (-€15,461)
- Debts after one year -€15,461
down €15,461 (-22.3%), from €69,421 to €53,960
of which Financial debts: -€14,146
- Other debts -€10,677
down €10,677 (-17.9%), from €59,642 to €48,965
- Trade debts +€10,261
up €10,261 (+1241.5%), from €827 to €11,088
- Depreciation -€18,681
down €18,681 (-42.5%), from €43,943 to €25,262
- Other operating charges +€9,709
up €9,709 (+134.5%), from €7,219 to €16,928
- Gross operating margin -€3,246
down €3,246 (-3.0%), from €108,761 to €105,516
- Taxes +€1,276
up €1,276 (+8.8%), from €14,432 to €15,708
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 | €233,465 | €216,423 | -€17,043 | -7.3% |
| Fixed assets | 21/28 | €207,950 | €195,824 | -€12,126 | -5.8% |
| Tangible fixed assets | 22/27 | €207,950 | €195,824 | -€12,126 | -5.8% |
| Land and buildings | 22 | €120,865 | €110,092 | -€10,773 | -8.9% |
| Plant, machinery and equipment | 23 | €87,085 | €85,732 | -€1,353 | -1.6% |
| Current assets | 29/58 | €25,515 | €20,599 | -€4,916 | -19.3% |
| Cash at bank and in hand | 54/58 | €23,673 | €18,711 | -€4,962 | -21.0% |
| Deferred charges and accrued income | 490/1 | €1,842 | €1,888 | +€46 | +2.5% |
| Total equity and liabilities | 10/49 | €233,465 | €216,423 | -€17,043 | -7.3% |
| Equity | 10/15 | €78,400 | €78,400 | = | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €16,900 | €16,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,400 | €11,400 | = | 0.0% |
| Legal reserve | 130 | €11,400 | €11,400 | = | 0.0% |
| Distributable reserves | 133 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,065 | €138,023 | -€17,043 | -11.0% |
| Amounts payable after more than one year | 17 | €69,421 | €53,960 | -€15,461 | -22.3% |
| Financial debts | 170/4 | €45,328 | €31,182 | -€14,146 | -31.2% |
| Other amounts payable | 178/9 | €24,093 | €22,778 | -€1,315 | -5.5% |
| Amounts payable within one year | 42/48 | €82,692 | €80,334 | -€2,358 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €13,992 | €14,146 | +€153 | +1.1% |
| Trade debts | 44 | €827 | €11,088 | +€10,261 | +1241.5% |
| Suppliers | 440/4 | €827 | €11,088 | +€10,261 | +1241.5% |
| Taxes, remuneration and social security | 45 | €8,232 | €6,136 | -€2,096 | -25.5% |
| Taxes | 450/3 | €8,232 | €6,136 | -€2,096 | -25.5% |
| Other amounts payable | 47/48 | €59,642 | €48,965 | -€10,677 | -17.9% |
| Accrued charges and deferred income | 492/3 | €2,952 | €3,728 | +€776 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,943 | €25,262 | -€18,681 | -42.5% |
| Other operating charges | 640/8 | €7,219 | €16,928 | +€9,709 | +134.5% |
| Gross operating margin | 9900 | €108,761 | €105,516 | -€3,246 | -3.0% |
| Operating profit (loss) | 9901 | €57,600 | €63,326 | +€5,726 | +9.9% |
| Financial income | 75/76B | €0 | €111 | +€111 | +138662.5% |
| Recurring financial income | 75 | €0 | €111 | +€111 | +138662.5% |
| Financial charges | 65/66B | €870 | €687 | -€183 | -21.1% |
| Recurring financial charges | 65 | €870 | €687 | -€183 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €56,729 | €62,750 | +€6,021 | +10.6% |
| Income taxes | 67/77 | €14,432 | €15,708 | +€1,276 | +8.8% |
| Profit (loss) for the period | 9904 | €42,297 | €47,042 | +€4,745 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,297 | €47,042 | +€4,745 | +11.2% |
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 9 October 2026 via checked.be.