FINANCE WATCH: 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.
FINANCE WATCH
Largest movements
- Receivables after one year -€1.1m
down €1.1m (-59.3%), from €1.8m to €726,730
- Receivables within one year +€263,544
up €263,544 (+20.6%), from €1.3m to €1.5m
of which Trade receivables: +€266,059
- Current investments +€209,267
new in 2025: €209,267
- Cash -€83,239
down €83,239 (-17.7%), from €471,057 to €387,818
mainly Accrued charges and deferred income (-€681,421) and Receivables within one year (-€263,544)
- Accrued charges and deferred income -€681,421
down €681,421 (-21.0%), from €3.2m to €2.6m
- Debts within one year -€44,475
down €44,475 (-11.5%), from €388,001 to €343,526
of which Tax, wage and social debts: -€79,215
- Profit (loss) carried forward +€40,275
up €40,275 (+49.8%), from €80,905 to €121,180
- Gross operating margin +€180,838
up €180,838 (+9.7%), from €1.9m to €2.0m
- Staff costs +€104,499
up €104,499 (+6.1%), from €1.7m to €1.8m
- Financial charges +€23,289
up €23,289 (+279.3%), from €8,339 to €31,628
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 | €3,707,067 | €3,021,446 | -€685,621 | -18.5% |
| Fixed assets | 21/28 | €116,563 | €94,156 | -€22,407 | -19.2% |
| Intangible fixed assets | 21 | €18,259 | €4,804 | -€13,455 | -73.7% |
| Tangible fixed assets | 22/27 | €46,883 | €37,931 | -€8,952 | -19.1% |
| Furniture and vehicles | 24 | €29,260 | €23,523 | -€5,736 | -19.6% |
| Other tangible fixed assets | 26 | €17,623 | €14,408 | -€3,215 | -18.2% |
| Financial fixed assets | 28 | €51,422 | €51,422 | +€0 | 0.0% |
| Current assets | 29/58 | €3,590,504 | €2,927,290 | -€663,214 | -18.5% |
| Amounts receivable after more than one year | 29 | €1,786,794 | €726,730 | -€1.1m | -59.3% |
| Other amounts receivable | 291 | €1,786,794 | €726,730 | -€1.1m | -59.3% |
| Amounts receivable within one year | 40/41 | €1,277,585 | €1,541,129 | +€263,544 | +20.6% |
| Trade receivables | 40 | €1,243,703 | €1,509,762 | +€266,059 | +21.4% |
| Other amounts receivable | 41 | €33,882 | €31,366 | -€2,516 | -7.4% |
| Current investments | 50/53 | - | €209,267 | +€209,267 | |
| Cash at bank and in hand | 54/58 | €471,057 | €387,818 | -€83,239 | -17.7% |
| Deferred charges and accrued income | 490/1 | €55,068 | €62,346 | +€7,278 | +13.2% |
| Total equity and liabilities | 10/49 | €3,707,067 | €3,021,446 | -€685,621 | -18.5% |
| Equity | 10/15 | €80,905 | €121,180 | +€40,275 | +49.8% |
| Profit (loss) carried forward | 14 | €80,905 | €121,180 | +€40,275 | +49.8% |
| Amounts payable | 17/49 | €3,626,162 | €2,900,266 | -€725,896 | -20.0% |
| Amounts payable within one year | 42/48 | €388,001 | €343,526 | -€44,475 | -11.5% |
| Trade debts | 44 | €122,707 | €54,929 | -€67,777 | -55.2% |
| Suppliers | 440/4 | €122,707 | €54,929 | -€67,777 | -55.2% |
| Taxes, remuneration and social security | 45 | €265,294 | €186,080 | -€79,215 | -29.9% |
| Taxes | 450/3 | €73,158 | €15,709 | -€57,449 | -78.5% |
| Remuneration and social security | 454/9 | €192,136 | €170,371 | -€21,765 | -11.3% |
| Accrued charges and deferred income | 492/3 | €3,238,161 | €2,556,740 | -€681,421 | -21.0% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €1,712,120 | €1,816,620 | +€104,499 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,869 | €28,960 | +€3,091 | +11.9% |
| Other operating charges | 640/8 | €17,161 | €32,492 | +€15,332 | +89.3% |
| Non-recurring operating charges | 66A | €53,509 | €103,134 | +€49,625 | +92.7% |
| Gross operating margin | 9900 | €1,864,433 | €2,045,271 | +€180,838 | +9.7% |
| Operating profit (loss) | 9901 | €55,774 | €64,065 | +€8,291 | +14.9% |
| Financial income | 75/76B | €1,641 | €8,772 | +€7,131 | +434.5% |
| Recurring financial income | 75 | €1,641 | €8,772 | +€7,131 | +434.5% |
| Financial charges | 65/66B | €8,339 | €31,628 | +€23,289 | +279.3% |
| Recurring financial charges | 65 | €8,339 | €31,628 | +€23,289 | +279.3% |
| Profit (loss) for the period before taxes | 9903 | €49,076 | €41,209 | -€7,867 | -16.0% |
| Income taxes | 67/77 | €2,415 | €934 | -€1,480 | -61.3% |
| Profit (loss) for the period | 9904 | €46,662 | €40,275 | -€6,387 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,662 | €40,275 | -€6,387 | -13.7% |
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.