FACT _: 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.
FACT _
Largest movements
- Current investments +€75,000
up €75,000 (+50.0%), from €150,000 to €225,000
- Cash -€38,068
down €38,068 (-15.4%), from €246,967 to €208,899
mainly Current investments (-€75,000) and Debts after one year (-€26,822)
- Receivables within one year +€26,813
up €26,813 (+42.1%), from €63,693 to €90,506
of which Trade receivables: +€32,120
- Tangible fixed assets -€19,566
down €19,566 (-8.6%), from €228,752 to €209,186
of which Land and buildings: -€11,561
- Reserves +€65,711
up €65,711 (+15.7%), from €418,914 to €484,625
of which Distributable reserves: +€65,711
- Debts after one year -€26,822
down €26,822 (-22.8%), from €117,527 to €90,705
- Trade debts +€9,246
up €9,246 (+323.9%), from €2,855 to €12,100
- Other debts -€8,994
down €8,994 (-7.6%), from €118,170 to €109,176
- Current portion of long-term debt +€8,017
up €8,017 (+73.2%), from €10,949 to €18,967
- Depreciation -€17,787
down €17,787 (-45.0%), from €39,553 to €21,766
- Gross operating margin -€13,434
down €13,434 (-12.2%), from €110,134 to €96,700
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 | €698,400 | €748,039 | +€49,639 | +7.1% |
| Fixed assets | 21/28 | €228,752 | €209,186 | -€19,566 | -8.6% |
| Tangible fixed assets | 22/27 | €228,752 | €209,186 | -€19,566 | -8.6% |
| Land and buildings | 22 | €200,868 | €189,306 | -€11,561 | -5.8% |
| Plant, machinery and equipment | 23 | €2,979 | €1,009 | -€1,970 | -66.1% |
| Furniture and vehicles | 24 | €22,740 | €18,611 | -€4,129 | -18.2% |
| Other tangible fixed assets | 26 | €2,165 | €260 | -€1,905 | -88.0% |
| Current assets | 29/58 | €469,648 | €538,853 | +€69,205 | +14.7% |
| Stocks and contracts in progress | 3 | €2,202 | €6,858 | +€4,656 | +211.4% |
| Stocks | 30/36 | €2,202 | €6,858 | +€4,656 | +211.4% |
| Amounts receivable within one year | 40/41 | €63,693 | €90,506 | +€26,813 | +42.1% |
| Trade receivables | 40 | €57,210 | €89,330 | +€32,120 | +56.1% |
| Other amounts receivable | 41 | €6,484 | €1,177 | -€5,307 | -81.8% |
| Current investments | 50/53 | €150,000 | €225,000 | +€75,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €246,967 | €208,899 | -€38,068 | -15.4% |
| Deferred charges and accrued income | 490/1 | €6,786 | €7,590 | +€804 | +11.8% |
| Total equity and liabilities | 10/49 | €698,400 | €748,039 | +€49,639 | +7.1% |
| Equity | 10/15 | €437,514 | €503,225 | +€65,711 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €418,914 | €484,625 | +€65,711 | +15.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €417,054 | €482,765 | +€65,711 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €260,886 | €244,814 | -€16,072 | -6.2% |
| Amounts payable after more than one year | 17 | €117,527 | €90,705 | -€26,822 | -22.8% |
| Financial debts | 170/4 | €117,527 | €90,705 | -€26,822 | -22.8% |
| Amounts payable within one year | 42/48 | €143,359 | €154,109 | +€10,750 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €10,949 | €18,967 | +€8,017 | +73.2% |
| Trade debts | 44 | €2,855 | €12,100 | +€9,246 | +323.9% |
| Suppliers | 440/4 | €2,855 | €12,100 | +€9,246 | +323.9% |
| Taxes, remuneration and social security | 45 | €11,385 | €13,866 | +€2,480 | +21.8% |
| Taxes | 450/3 | €11,385 | €13,866 | +€2,480 | +21.8% |
| Other amounts payable | 47/48 | €118,170 | €109,176 | -€8,994 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,553 | €21,766 | -€17,787 | -45.0% |
| Other operating charges | 640/8 | €1,275 | €1,345 | +€70 | +5.5% |
| Gross operating margin | 9900 | €110,134 | €96,700 | -€13,434 | -12.2% |
| Operating profit (loss) | 9901 | €69,307 | €73,589 | +€4,282 | +6.2% |
| Financial income | 75/76B | €573 | €1,125 | +€552 | +96.4% |
| Recurring financial income | 75 | €573 | €1,125 | +€552 | +96.4% |
| Financial charges | 65/66B | €1,288 | €2,221 | +€933 | +72.4% |
| Recurring financial charges | 65 | €1,288 | €2,221 | +€933 | +72.4% |
| Profit (loss) for the period before taxes | 9903 | €68,591 | €72,493 | +€3,901 | +5.7% |
| Income taxes | 67/77 | €6,448 | €6,782 | +€334 | +5.2% |
| Profit (loss) for the period | 9904 | €62,144 | €65,711 | +€3,567 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €62,144 | €65,711 | +€3,567 | +5.7% |
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 6 October 2026 via checked.be.