EXTERNAL VIEW: 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.
EXTERNAL VIEW
Largest movements
- Receivables within one year +€31,933
up €31,933 (+39.7%), from €80,522 to €112,455
of which Other amounts receivable: +€20,106
- Cash -€8,434
down €8,434 (-100.0%), from €8,436 to €2
mainly Receivables within one year (-€31,933) and Trade debts (-€3,623)
- Intangible fixed assets -€5,085
down €5,085 (-29.9%), from €16,980 to €11,896
- Tangible fixed assets -€2,446
down €2,446 (-22.0%), from €11,137 to €8,690
- Deferred charges and accrued income +€1,371
up €1,371 (+93.8%), from €1,461 to €2,832
- Profit (loss) carried forward +€9,658
up €9,658 (+21.2%), from €45,456 to €55,114
- Tax, wage and social debts +€9,295
up €9,295 (+32.3%), from €28,816 to €38,111
- Trade debts -€3,623
down €3,623 (-73.9%), from €4,904 to €1,280
- Provisions -€30,636
down €30,636 (-96.1%), from €31,890 to €1,254
- Financial charges +€26,894
up €26,894 (+643.1%), from €4,182 to €31,075
- Gross operating margin -€6,893
down €6,893 (-9.3%), from €74,457 to €67,564
- Other operating charges -€5,073
down €5,073 (-72.7%), from €6,982 to €1,909
- Financial income +€2,620
up €2,620 (+113419.5%), from €2 to €2,622
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €119,126 | €136,465 | +€17,339 | +14.6% |
| Fixed assets | 21/28 | €28,707 | €21,176 | -€7,531 | -26.2% |
| Intangible fixed assets | 21 | €16,980 | €11,896 | -€5,085 | -29.9% |
| Tangible fixed assets | 22/27 | €11,137 | €8,690 | -€2,446 | -22.0% |
| Land and buildings | 22 | €8,636 | €7,436 | -€1,200 | -13.9% |
| Plant, machinery and equipment | 23 | €922 | €363 | -€559 | -60.7% |
| Furniture and vehicles | 24 | €1,578 | €891 | -€687 | -43.5% |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €90,419 | €115,289 | +€24,870 | +27.5% |
| Amounts receivable within one year | 40/41 | €80,522 | €112,455 | +€31,933 | +39.7% |
| Trade receivables | 40 | €22,083 | €33,910 | +€11,827 | +53.6% |
| Other amounts receivable | 41 | €58,439 | €78,545 | +€20,106 | +34.4% |
| Cash at bank and in hand | 54/58 | €8,436 | €2 | -€8,434 | -100.0% |
| Deferred charges and accrued income | 490/1 | €1,461 | €2,832 | +€1,371 | +93.8% |
| Total equity and liabilities | 10/49 | €119,126 | €136,465 | +€17,339 | +14.6% |
| Equity | 10/15 | €53,516 | €63,174 | +€9,658 | +18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,456 | €55,114 | +€9,658 | +21.2% |
| Provisions and deferred taxes | 16 | €31,890 | €33,143 | +€1,254 | +3.9% |
| Provisions for liabilities and charges | 160/5 | €31,890 | €33,143 | +€1,254 | +3.9% |
| Other liabilities and charges | 164/5 | €31,890 | €33,143 | +€1,254 | +3.9% |
| Amounts payable | 17/49 | €33,720 | €40,148 | +€6,428 | +19.1% |
| Amounts payable within one year | 42/48 | €33,720 | €40,148 | +€6,428 | +19.1% |
| Financial debts | 43 | - | €756 | +€756 | |
| Credit institutions | 430/8 | - | €756 | +€756 | |
| Trade debts | 44 | €4,904 | €1,280 | -€3,623 | -73.9% |
| Suppliers | 440/4 | €4,904 | €1,280 | -€3,623 | -73.9% |
| Taxes, remuneration and social security | 45 | €28,816 | €38,111 | +€9,295 | +32.3% |
| Taxes | 450/3 | €28,816 | €38,111 | +€9,295 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,287 | €7,531 | -€1,756 | -18.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €31,890 | €1,254 | -€30,636 | -96.1% |
| Other operating charges | 640/8 | €6,982 | €1,909 | -€5,073 | -72.7% |
| Gross operating margin | 9900 | €74,457 | €67,564 | -€6,893 | -9.3% |
| Operating profit (loss) | 9901 | €26,298 | €56,871 | +€30,573 | +116.3% |
| Financial income | 75/76B | €2 | €2,622 | +€2,620 | +113419.5% |
| Recurring financial income | 75 | €2 | €2,622 | +€2,620 | +113419.5% |
| Financial charges | 65/66B | €4,182 | €31,075 | +€26,894 | +643.1% |
| Recurring financial charges | 65 | €4,182 | €31,075 | +€26,894 | +643.1% |
| Profit (loss) for the period before taxes | 9903 | €22,119 | €28,418 | +€6,299 | +28.5% |
| Income taxes | 67/77 | €17,252 | €18,760 | +€1,508 | +8.7% |
| Profit (loss) for the period | 9904 | €4,867 | €9,658 | +€4,791 | +98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,867 | €9,658 | +€4,791 | +98.4% |
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 3 October 2026 via checked.be.