face r.a.t.: 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.
face r.a.t.
Largest movements
- Tangible fixed assets -€32,899
down €32,899 (-5.8%), from €569,601 to €536,702
of which Land and buildings: -€23,207
- Cash +€21,113
up €21,113 (+90.7%), from €23,273 to €44,386
mainly Depreciation (+€41,886) and Net result for the year (+€37,600)
- Receivables within one year +€16,933
up €16,933 (+102%), from €16,638 to €33,570
- Reserves +€70,000
up €70,000 (+27.8%), from €251,860 to €321,860
- Debts after one year -€51,244
down €51,244 (-23.8%), from €215,570 to €164,326
of which Financial debts: -€51,244
- Profit (loss) carried forward -€32,400
down €32,400 (-78.8%), from €41,115 to €8,715
- Trade debts +€11,994
up €11,994 (+418%), from €2,869 to €14,863
- Current portion of long-term debt -€9,668
down €9,668 (-15.9%), from €60,913 to €51,244
- Gross operating margin +€14,086
up €14,086 (+15.0%), from €93,981 to €108,067
- Taxes +€7,945
up €7,945 (+70.4%), from €11,284 to €19,229
- Financial charges -€2,614
down €2,614 (-22.3%), from €11,742 to €9,128
- Depreciation +€1,926
up €1,926 (+4.8%), from €39,959 to €41,886
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 | €612,511 | €617,658 | +€5,146 | +0.8% |
| Fixed assets | 21/28 | €572,601 | €539,702 | -€32,899 | -5.7% |
| Tangible fixed assets | 22/27 | €569,601 | €536,702 | -€32,899 | -5.8% |
| Land and buildings | 22 | €479,464 | €456,256 | -€23,207 | -4.8% |
| Plant, machinery and equipment | 23 | €1,963 | €3,074 | +€1,111 | +56.6% |
| Furniture and vehicles | 24 | €466 | €4,736 | +€4,270 | +915% |
| Other tangible fixed assets | 26 | €87,708 | €72,635 | -€15,072 | -17.2% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €39,910 | €77,956 | +€38,046 | +95.3% |
| Amounts receivable within one year | 40/41 | €16,638 | €33,570 | +€16,933 | +102% |
| Trade receivables | 40 | €16,638 | €33,570 | +€16,933 | +102% |
| Cash at bank and in hand | 54/58 | €23,273 | €44,386 | +€21,113 | +90.7% |
| Total equity and liabilities | 10/49 | €612,511 | €617,658 | +€5,146 | +0.8% |
| Equity | 10/15 | €299,175 | €336,775 | +€37,600 | +12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €251,860 | €321,860 | +€70,000 | +27.8% |
| Distributable reserves | 133 | €251,860 | €321,860 | +€70,000 | +27.8% |
| Profit (loss) carried forward | 14 | €41,115 | €8,715 | -€32,400 | -78.8% |
| Amounts payable | 17/49 | €313,336 | €280,883 | -€32,453 | -10.4% |
| Amounts payable after more than one year | 17 | €215,570 | €164,326 | -€51,244 | -23.8% |
| Financial debts | 170/4 | €211,989 | €160,745 | -€51,244 | -24.2% |
| Other amounts payable | 178/9 | €3,581 | €3,581 | = | 0.0% |
| Amounts payable within one year | 42/48 | €97,766 | €116,557 | +€18,791 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €60,913 | €51,244 | -€9,668 | -15.9% |
| Trade debts | 44 | €2,869 | €14,863 | +€11,994 | +418% |
| Suppliers | 440/4 | €2,869 | €14,863 | +€11,994 | +418% |
| Taxes, remuneration and social security | 45 | €9,925 | €17,577 | +€7,651 | +77.1% |
| Taxes | 450/3 | €9,925 | €17,577 | +€7,651 | +77.1% |
| Other amounts payable | 47/48 | €24,059 | €32,873 | +€8,814 | +36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,959 | €41,886 | +€1,926 | +4.8% |
| Other operating charges | 640/8 | €635 | €225 | -€410 | -64.6% |
| Gross operating margin | 9900 | €93,981 | €108,067 | +€14,086 | +15.0% |
| Operating profit (loss) | 9901 | €53,387 | €65,956 | +€12,570 | +23.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,742 | €9,128 | -€2,614 | -22.3% |
| Recurring financial charges | 65 | €11,742 | €9,128 | -€2,614 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €41,644 | €56,829 | +€15,184 | +36.5% |
| Income taxes | 67/77 | €11,284 | €19,229 | +€7,945 | +70.4% |
| Profit (loss) for the period | 9904 | €30,361 | €37,600 | +€7,239 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,361 | €37,600 | +€7,239 | +23.8% |
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 27 October 2026 via checked.be.