FINANCE XPLAINED: 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 XPLAINED
Largest movements
- Tangible fixed assets -€29,387
down €29,387 (-5.7%), from €516,767 to €487,380
of which Land and buildings: -€34,404
- Cash +€14,711
up €14,711 (+35.1%), from €41,878 to €56,589
mainly Depreciation (+€36,556) and Net result for the year (+€33,323)
- Receivables within one year +€12,767
up €12,767 (+61.2%), from €20,870 to €33,637
- Reserves +€20,545
up €20,545 (+16.8%), from €122,311 to €142,856
- Debts after one year -€17,576
down €17,576 (-14.7%), from €119,566 to €101,990
- Current portion of long-term debt -€15,737
no longer reported in 2025 (was €15,737)
- Short-term financial debts +€14,684
up €14,684 (+507.6%), from €2,893 to €17,576
- Trade debts -€14,475
down €14,475 (-74.6%), from €19,412 to €4,938
- Purchases and services -€15,095
down €15,095 (-13.1%), from €115,340 to €100,244
- Gross operating margin +€10,531
up €10,531 (+16.7%), from €62,984 to €73,515
- Taxes -€6,914
down €6,914 (-99.3%), from €6,962 to €47
- Depreciation +€5,410
up €5,410 (+17.4%), from €31,146 to €36,556
- Other operating charges -€856
down €856 (-40.4%), from €2,117 to €1,261
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 | €580,627 | €578,718 | -€1,909 | -0.3% |
| Fixed assets | 21/28 | €517,879 | €488,492 | -€29,387 | -5.7% |
| Tangible fixed assets | 22/27 | €516,767 | €487,380 | -€29,387 | -5.7% |
| Land and buildings | 22 | €516,767 | €482,363 | -€34,404 | -6.7% |
| Furniture and vehicles | 24 | - | €5,017 | +€5,017 | |
| Financial fixed assets | 28 | €1,112 | €1,112 | = | 0.0% |
| Current assets | 29/58 | €62,748 | €90,226 | +€27,478 | +43.8% |
| Amounts receivable within one year | 40/41 | €20,870 | €33,637 | +€12,767 | +61.2% |
| Trade receivables | 40 | €20,870 | €33,637 | +€12,767 | +61.2% |
| Cash at bank and in hand | 54/58 | €41,878 | €56,589 | +€14,711 | +35.1% |
| Total equity and liabilities | 10/49 | €580,627 | €578,718 | -€1,909 | -0.3% |
| Equity | 10/15 | €161,456 | €194,779 | +€33,323 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,311 | €142,856 | +€20,545 | +16.8% |
| Distributable reserves | 133 | €122,311 | €142,856 | +€20,545 | +16.8% |
| Profit (loss) carried forward | 14 | €20,545 | €33,323 | +€12,778 | +62.2% |
| Amounts payable | 17/49 | €419,172 | €383,940 | -€35,232 | -8.4% |
| Amounts payable after more than one year | 17 | €119,566 | €101,990 | -€17,576 | -14.7% |
| Financial debts | 170/4 | €119,566 | €101,990 | -€17,576 | -14.7% |
| Amounts payable within one year | 42/48 | €299,606 | €281,950 | -€17,656 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €15,737 | - | -€15,737 | |
| Financial debts | 43 | €2,893 | €17,576 | +€14,684 | +507.6% |
| Credit institutions | 430/8 | €2,893 | €17,576 | +€14,684 | +507.6% |
| Trade debts | 44 | €19,412 | €4,938 | -€14,475 | -74.6% |
| Suppliers | 440/4 | €19,412 | €4,938 | -€14,475 | -74.6% |
| Taxes, remuneration and social security | 45 | €9,363 | €11,803 | +€2,440 | +26.1% |
| Taxes | 450/3 | €9,363 | €11,803 | +€2,440 | +26.1% |
| Other amounts payable | 47/48 | €252,200 | €247,633 | -€4,567 | -1.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €115,340 | €100,244 | -€15,095 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,146 | €36,556 | +€5,410 | +17.4% |
| Other operating charges | 640/8 | €2,117 | €1,261 | -€856 | -40.4% |
| Gross operating margin | 9900 | €62,984 | €73,515 | +€10,531 | +16.7% |
| Operating profit (loss) | 9901 | €29,721 | €35,699 | +€5,977 | +20.1% |
| Financial income | 75/76B | €1,315 | €559 | -€756 | -57.5% |
| Recurring financial income | 75 | €1,315 | €559 | -€756 | -57.5% |
| Financial charges | 65/66B | €3,530 | €2,888 | -€642 | -18.2% |
| Recurring financial charges | 65 | €3,530 | €2,888 | -€642 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €27,507 | €33,370 | +€5,864 | +21.3% |
| Income taxes | 67/77 | €6,962 | €47 | -€6,914 | -99.3% |
| Profit (loss) for the period | 9904 | €20,545 | €33,323 | +€12,778 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,545 | €33,323 | +€12,778 | +62.2% |
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.