FINANCIAL WAY: 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.
FINANCIAL WAY
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Tangible fixed assets -€126,818
down €126,818 (-23.3%), from €545,361 to €418,543
of which Furniture and vehicles: -€89,106
- Receivables within one year +€125,532
up €125,532 (+18.1%), from €692,322 to €817,854
of which Trade receivables: +€140,840
- Cash +€47,513
up €47,513 (+37.0%), from €128,460 to €175,973
mainly Net result for the year (+€227,150) and Current investments (+€200,000)
- Intangible fixed assets +€32,807
up €32,807 (+549%), from €5,978 to €38,786
- Debts after one year -€131,743
down €131,743 (-28.1%), from €469,135 to €337,391
of which Financial debts: -€131,743
- Trade debts +€50,321
up €50,321 (+30.8%), from €163,530 to €213,851
- Other debts -€25,854
down €25,854 (-9.7%), from €265,854 to €240,000
- Tax, wage and social debts +€20,165
up €20,165 (+14.2%), from €142,194 to €162,359
of which Taxes: +€18,712
- Gross operating margin -€85,646
down €85,646 (-5.2%), from €1.7m to €1.6m
- Staff costs -€59,392
down €59,392 (-5.4%), from €1.1m to €1.0m
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 | €1,633,509 | €1,527,050 | -€106,459 | -6.5% |
| Fixed assets | 21/28 | €551,740 | €457,729 | -€94,011 | -17.0% |
| Intangible fixed assets | 21 | €5,978 | €38,786 | +€32,807 | +549% |
| Tangible fixed assets | 22/27 | €545,361 | €418,543 | -€126,818 | -23.3% |
| Furniture and vehicles | 24 | €357,439 | €268,333 | -€89,106 | -24.9% |
| Other tangible fixed assets | 26 | €187,922 | €150,211 | -€37,712 | -20.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €1,081,770 | €1,069,321 | -€12,449 | -1.2% |
| Amounts receivable after more than one year | 29 | €2,531 | €1,702 | -€829 | -32.8% |
| Trade receivables | 290 | €1,972 | €1,602 | -€370 | -18.8% |
| Other amounts receivable | 291 | €559 | €100 | -€459 | -82.1% |
| Stocks and contracts in progress | 3 | €33,775 | €30,607 | -€3,169 | -9.4% |
| Contracts in progress | 37 | €33,775 | €30,607 | -€3,169 | -9.4% |
| Amounts receivable within one year | 40/41 | €692,322 | €817,854 | +€125,532 | +18.1% |
| Trade receivables | 40 | €668,329 | €809,169 | +€140,840 | +21.1% |
| Other amounts receivable | 41 | €23,993 | €8,685 | -€15,308 | -63.8% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €128,460 | €175,973 | +€47,513 | +37.0% |
| Deferred charges and accrued income | 490/1 | €24,682 | €43,186 | +€18,504 | +75.0% |
| Total equity and liabilities | 10/49 | €1,633,509 | €1,527,050 | -€106,459 | -6.5% |
| Equity | 10/15 | €414,220 | €401,370 | -€12,850 | -3.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €393,760 | €380,910 | -€12,850 | -3.3% |
| Tax-exempt reserves | 132 | €113,670 | €63,150 | -€50,520 | -44.4% |
| Distributable reserves | 133 | €280,090 | €317,760 | +€37,670 | +13.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,219,289 | €1,125,680 | -€93,609 | -7.7% |
| Amounts payable after more than one year | 17 | €469,135 | €337,391 | -€131,743 | -28.1% |
| Financial debts | 170/4 | €467,635 | €335,891 | -€131,743 | -28.2% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €741,916 | €781,604 | +€39,689 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €170,338 | €165,394 | -€4,944 | -2.9% |
| Trade debts | 44 | €163,530 | €213,851 | +€50,321 | +30.8% |
| Suppliers | 440/4 | €163,530 | €213,851 | +€50,321 | +30.8% |
| Taxes, remuneration and social security | 45 | €142,194 | €162,359 | +€20,165 | +14.2% |
| Taxes | 450/3 | €39,580 | €58,292 | +€18,712 | +47.3% |
| Remuneration and social security | 454/9 | €102,615 | €104,067 | +€1,453 | +1.4% |
| Other amounts payable | 47/48 | €265,854 | €240,000 | -€25,854 | -9.7% |
| Accrued charges and deferred income | 492/3 | €8,239 | €6,684 | -€1,555 | -18.9% |
| Remuneration, social security and pensions | 62 | €1,105,685 | €1,046,293 | -€59,392 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,924 | €148,767 | +€11,843 | +8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,315 | -€19,711 | -€1,396 | -7.6% |
| Other operating charges | 640/8 | €36,597 | €38,813 | +€2,216 | +6.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,654,730 | €1,569,084 | -€85,646 | -5.2% |
| Operating profit (loss) | 9901 | €393,839 | €354,922 | -€38,916 | -9.9% |
| Financial income | 75/76B | €4,536 | €4,765 | +€229 | +5.0% |
| Recurring financial income | 75 | €4,536 | €4,765 | +€229 | +5.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €30,500 | €31,305 | +€805 | +2.6% |
| Recurring financial charges | 65 | €30,500 | €31,305 | +€805 | +2.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €367,875 | €328,382 | -€39,493 | -10.7% |
| Income taxes | 67/77 | €107,926 | €101,233 | -€6,693 | -6.2% |
| Profit (loss) for the period | 9904 | €259,949 | €227,150 | -€32,800 | -12.6% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €50,520 | -€12,630 | -20.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €259,949 | €277,670 | +€17,720 | +6.8% |
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 31 October 2026 via checked.be.