FIND YOUR PLACE: what changed
FIND YOUR PLACE
Largest movements
- Intangible fixed assets +€70,702
up €70,702 (+148%), from €47,897 to €118,600
- Cash +€16,487
up €16,487 (+35.2%), from €46,808 to €63,294
mainly Net result for the year (+€84,738) and Depreciation (+€27,283)
- Receivables within one year -€8,797
down €8,797 (-56.6%), from €15,538 to €6,741
of which Trade receivables: -€5,849
- Tangible fixed assets +€4,522
up €4,522 (+21.5%), from €21,014 to €25,536
of which Assets under construction and advance payments: +€11,464
- Deferred charges and accrued income +€2,286
up €2,286 (+37.4%), from €6,121 to €8,407
- Reserves +€28,000
up €28,000 (+87.5%), from €32,000 to €60,000
- Debts after one year +€25,572
up €25,572 (+139%), from €18,383 to €43,955
- Other debts +€23,894
up €23,894 (+68.3%), from €35,000 to €58,894
- Current portion of long-term debt +€10,462
up €10,462 (+198%), from €5,277 to €15,740
- Gross operating margin +€56,379
up €56,379 (+42.6%), from €132,480 to €188,859
- Depreciation +€16,124
up €16,124 (+145%), from €11,159 to €27,283
- Taxes +€6,322
up €6,322 (+41.0%), from €15,400 to €21,722
- Write-downs +€3,260
up €3,260, from -€120 to €3,140
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,377 | €222,578 | +€85,201 | +62.0% |
| Fixed assets | 21/28 | €68,911 | €144,136 | +€75,225 | +109% |
| Intangible fixed assets | 21 | €47,897 | €118,600 | +€70,702 | +148% |
| Tangible fixed assets | 22/27 | €21,014 | €25,536 | +€4,522 | +21.5% |
| Furniture and vehicles | 24 | €21,014 | €14,072 | -€6,942 | -33.0% |
| Assets under construction and advance payments | 27 | - | €11,464 | +€11,464 | |
| Current assets | 29/58 | €68,466 | €78,442 | +€9,976 | +14.6% |
| Amounts receivable within one year | 40/41 | €15,538 | €6,741 | -€8,797 | -56.6% |
| Trade receivables | 40 | €12,590 | €6,741 | -€5,849 | -46.5% |
| Other amounts receivable | 41 | €2,948 | - | -€2,948 | |
| Cash at bank and in hand | 54/58 | €46,808 | €63,294 | +€16,487 | +35.2% |
| Deferred charges and accrued income | 490/1 | €6,121 | €8,407 | +€2,286 | +37.4% |
| Total equity and liabilities | 10/49 | €137,377 | €222,578 | +€85,201 | +62.0% |
| Equity | 10/15 | €50,963 | €79,201 | +€28,238 | +55.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,000 | €60,000 | +€28,000 | +87.5% |
| Distributable reserves | 133 | €32,000 | €60,000 | +€28,000 | +87.5% |
| Profit (loss) carried forward | 14 | €363 | €601 | +€238 | +65.6% |
| Amounts payable | 17/49 | €86,414 | €143,377 | +€56,963 | +65.9% |
| Amounts payable after more than one year | 17 | €18,383 | €43,955 | +€25,572 | +139% |
| Financial debts | 170/4 | €18,383 | €43,955 | +€25,572 | +139% |
| Amounts payable within one year | 42/48 | €67,745 | €99,354 | +€31,610 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | €5,277 | €15,740 | +€10,462 | +198% |
| Financial debts | 43 | €1,283 | - | -€1,283 | |
| Credit institutions | 430/8 | €1,283 | - | -€1,283 | |
| Trade debts | 44 | €7,593 | €7,161 | -€432 | -5.7% |
| Suppliers | 440/4 | €7,593 | €7,161 | -€432 | -5.7% |
| Taxes, remuneration and social security | 45 | €18,592 | €17,560 | -€1,032 | -5.6% |
| Taxes | 450/3 | €11,443 | €10,168 | -€1,274 | -11.1% |
| Remuneration and social security | 454/9 | €7,149 | €7,391 | +€242 | +3.4% |
| Other amounts payable | 47/48 | €35,000 | €58,894 | +€23,894 | +68.3% |
| Accrued charges and deferred income | 492/3 | €286 | €67 | -€219 | -76.5% |
| Remuneration, social security and pensions | 62 | €48,152 | €47,035 | -€1,117 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,159 | €27,283 | +€16,124 | +145% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€120 | €3,140 | +€3,260 | |
| Other operating charges | 640/8 | €2,790 | €3,409 | +€619 | +22.2% |
| Gross operating margin | 9900 | €132,480 | €188,859 | +€56,379 | +42.6% |
| Operating profit (loss) | 9901 | €70,499 | €107,992 | +€37,493 | +53.2% |
| Financial income | 75/76B | €29 | €122 | +€93 | +322% |
| Recurring financial income | 75 | €29 | €122 | +€93 | +322% |
| Financial charges | 65/66B | €876 | €1,654 | +€777 | +88.7% |
| Recurring financial charges | 65 | €876 | €1,654 | +€777 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | €69,652 | €106,460 | +€36,809 | +52.8% |
| Income taxes | 67/77 | €15,400 | €21,722 | +€6,322 | +41.0% |
| Profit (loss) for the period | 9904 | €54,251 | €84,738 | +€30,487 | +56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,251 | €84,738 | +€30,487 | +56.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.