F47: 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.
F47
Largest movements
- Tangible fixed assets -€191,666
down €191,666 (-11.3%), from €1.7m to €1.5m
- Cash +€102,777
up €102,777 (+18.7%), from €549,105 to €651,882
mainly Depreciation (+€195,740) and Net result for the year (+€154,081)
- Receivables within one year +€43,280
up €43,280 (+2.4%), from €1.8m to €1.9m
of which Trade receivables: +€39,005
- Reserves +€154,081
up €154,081 (+7.0%), from €2.2m to €2.3m
of which Distributable reserves: +€154,081
- Debts after one year -€132,673
down €132,673 (-37.0%), from €358,873 to €226,201
- Gross operating margin -€146,684
down €146,684 (-24.9%), from €588,768 to €442,084
- Taxes -€32,709
down €32,709 (-38.6%), from €84,807 to €52,098
- Depreciation -€11,269
down €11,269 (-5.4%), from €207,009 to €195,740
- Financial charges -€5,950
down €5,950 (-14.8%), from €40,209 to €34,259
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 | €4,086,412 | €4,024,260 | -€62,151 | -1.5% |
| Fixed assets | 21/28 | €1,701,569 | €1,503,604 | -€197,966 | -11.6% |
| Tangible fixed assets | 22/27 | €1,694,219 | €1,502,554 | -€191,666 | -11.3% |
| Land and buildings | 22 | €1,317,436 | €1,233,709 | -€83,727 | -6.4% |
| Plant, machinery and equipment | 23 | €292,889 | €203,326 | -€89,563 | -30.6% |
| Furniture and vehicles | 24 | €20,417 | €19,278 | -€1,139 | -5.6% |
| Leasing and similar rights | 25 | €56,462 | €40,449 | -€16,013 | -28.4% |
| Other tangible fixed assets | 26 | €7,015 | €5,791 | -€1,224 | -17.4% |
| Financial fixed assets | 28 | €7,350 | €1,050 | -€6,300 | -85.7% |
| Current assets | 29/58 | €2,384,842 | €2,520,657 | +€135,815 | +5.7% |
| Amounts receivable within one year | 40/41 | €1,819,072 | €1,862,352 | +€43,280 | +2.4% |
| Trade receivables | 40 | €1,610,471 | €1,649,476 | +€39,005 | +2.4% |
| Other amounts receivable | 41 | €208,601 | €212,876 | +€4,275 | +2.0% |
| Cash at bank and in hand | 54/58 | €549,105 | €651,882 | +€102,777 | +18.7% |
| Deferred charges and accrued income | 490/1 | €16,666 | €6,423 | -€10,243 | -61.5% |
| Total equity and liabilities | 10/49 | €4,086,412 | €4,024,260 | -€62,151 | -1.5% |
| Equity | 10/15 | €2,213,267 | €2,367,348 | +€154,081 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,194,667 | €2,348,748 | +€154,081 | +7.0% |
| Tax-exempt reserves | 132 | €17,018 | €17,018 | = | 0.0% |
| Distributable reserves | 133 | €2,177,648 | €2,331,729 | +€154,081 | +7.1% |
| Amounts payable | 17/49 | €1,873,145 | €1,656,913 | -€216,232 | -11.5% |
| Amounts payable after more than one year | 17 | €358,873 | €226,201 | -€132,673 | -37.0% |
| Financial debts | 170/4 | €358,873 | €226,201 | -€132,673 | -37.0% |
| Amounts payable within one year | 42/48 | €1,500,357 | €1,422,818 | -€77,539 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €97,451 | €70,673 | -€26,778 | -27.5% |
| Financial debts | 43 | €16,959 | €16,837 | -€122 | -0.7% |
| Other loans | 439 | €16,959 | €16,837 | -€122 | -0.7% |
| Trade debts | 44 | €1,304,627 | €1,305,090 | +€463 | 0.0% |
| Suppliers | 440/4 | €1,304,627 | €1,305,090 | +€463 | 0.0% |
| Taxes, remuneration and social security | 45 | €63,068 | €30,218 | -€32,850 | -52.1% |
| Taxes | 450/3 | €63,068 | €30,218 | -€32,850 | -52.1% |
| Other amounts payable | 47/48 | €18,253 | - | -€18,253 | |
| Accrued charges and deferred income | 492/3 | €13,915 | €7,894 | -€6,021 | -43.3% |
| Remuneration, social security and pensions | 62 | €3,777 | €56 | -€3,721 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,009 | €195,740 | -€11,269 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€882 | -€882 | |
| Other operating charges | 640/8 | €12,129 | €12,123 | -€7 | -0.1% |
| Gross operating margin | 9900 | €588,768 | €442,084 | -€146,684 | -24.9% |
| Operating profit (loss) | 9901 | €365,853 | €235,048 | -€130,805 | -35.8% |
| Financial income | 75/76B | €5,791 | €5,390 | -€401 | -6.9% |
| Recurring financial income | 75 | €5,791 | €5,390 | -€401 | -6.9% |
| Financial charges | 65/66B | €40,209 | €34,259 | -€5,950 | -14.8% |
| Recurring financial charges | 65 | €40,209 | €34,259 | -€5,950 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €331,436 | €206,178 | -€125,257 | -37.8% |
| Income taxes | 67/77 | €84,807 | €52,098 | -€32,709 | -38.6% |
| Profit (loss) for the period | 9904 | €246,629 | €154,081 | -€92,548 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €246,629 | €154,081 | -€92,548 | -37.5% |
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 14 October 2026 via checked.be.