FIRST BOLTING: 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.
FIRST BOLTING
Largest movements
- Receivables within one year -€225,425
down €225,425 (-30.7%), from €733,426 to €508,001
of which Trade receivables: -€226,139
- Receivables after one year -€55,321
down €55,321 (-48.0%), from €115,133 to €59,812
- Cash +€38,793
up €38,793 (+51.1%), from €75,906 to €114,699
mainly Receivables within one year (+€225,425) and Short-term financial debts (+€91,858)
- Stocks and contracts +€27,833
up €27,833 (+17.0%), from €163,617 to €191,450
- Trade debts -€118,572
down €118,572 (-41.5%), from €285,627 to €167,055
- Current portion of long-term debt -€91,968
down €91,968 (-50.2%), from €183,328 to €91,360
- Short-term financial debts +€91,858
up €91,858 (+22.9%), from €400,769 to €492,628
- Debts after one year -€70,859
down €70,859 (-91.6%), from €77,338 to €6,478
- Reserves +€59,417
up €59,417 (+296%), from €20,043 to €79,459
of which Distributable reserves: +€59,417
- Gross operating margin +€77,169
up €77,169 (+10.9%), from €706,956 to €784,125
- Staff costs +€19,544
up €19,544 (+3.9%), from €507,275 to €526,819
- Taxes +€14,113
up €14,113 (+44.2%), from €31,938 to €46,051
- Write-downs +€11,203
new in 2025: €11,203
- Other operating charges +€8,485
up €8,485 (+102%), from €8,298 to €16,783
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 | €1,324,296 | €1,113,431 | -€210,865 | -15.9% |
| Fixed assets | 21/28 | €192,661 | €194,770 | +€2,109 | +1.1% |
| Intangible fixed assets | 21 | - | €7,129 | +€7,129 | |
| Tangible fixed assets | 22/27 | €191,761 | €186,742 | -€5,019 | -2.6% |
| Plant, machinery and equipment | 23 | €167,337 | €158,955 | -€8,382 | -5.0% |
| Furniture and vehicles | 24 | €18,954 | €20,303 | +€1,349 | +7.1% |
| Leasing and similar rights | 25 | €2,202 | €1,119 | -€1,083 | -49.2% |
| Other tangible fixed assets | 26 | €3,269 | €6,366 | +€3,097 | +94.7% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €1,131,635 | €918,661 | -€212,975 | -18.8% |
| Amounts receivable after more than one year | 29 | €115,133 | €59,812 | -€55,321 | -48.0% |
| Other amounts receivable | 291 | €115,133 | €59,812 | -€55,321 | -48.0% |
| Stocks and contracts in progress | 3 | €163,617 | €191,450 | +€27,833 | +17.0% |
| Stocks | 30/36 | €163,617 | €191,450 | +€27,833 | +17.0% |
| Amounts receivable within one year | 40/41 | €733,426 | €508,001 | -€225,425 | -30.7% |
| Trade receivables | 40 | €730,827 | €504,687 | -€226,139 | -30.9% |
| Other amounts receivable | 41 | €2,600 | €3,314 | +€714 | +27.5% |
| Cash at bank and in hand | 54/58 | €75,906 | €114,699 | +€38,793 | +51.1% |
| Deferred charges and accrued income | 490/1 | €43,553 | €44,698 | +€1,146 | +2.6% |
| Total equity and liabilities | 10/49 | €1,324,296 | €1,113,431 | -€210,865 | -15.9% |
| Equity | 10/15 | €122,543 | €181,959 | +€59,417 | +48.5% |
| Contributions | 10/11 | €102,500 | €102,500 | = | 0.0% |
| Reserves | 13 | €20,043 | €79,459 | +€59,417 | +296% |
| Non-distributable reserves | 130/1 | €882 | €882 | = | 0.0% |
| Reserves not available under the articles | 1311 | €882 | €882 | = | 0.0% |
| Distributable reserves | 133 | €19,161 | €78,577 | +€59,417 | +310% |
| Amounts payable | 17/49 | €1,201,753 | €931,471 | -€270,282 | -22.5% |
| Amounts payable after more than one year | 17 | €77,338 | €6,478 | -€70,859 | -91.6% |
| Financial debts | 170/4 | €77,338 | €6,478 | -€70,859 | -91.6% |
| Amounts payable within one year | 42/48 | €1,124,415 | €924,993 | -€199,422 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €183,328 | €91,360 | -€91,968 | -50.2% |
| Financial debts | 43 | €400,769 | €492,628 | +€91,858 | +22.9% |
| Credit institutions | 430/8 | €400,769 | €492,628 | +€91,858 | +22.9% |
| Trade debts | 44 | €285,627 | €167,055 | -€118,572 | -41.5% |
| Suppliers | 440/4 | €285,627 | €167,055 | -€118,572 | -41.5% |
| Taxes, remuneration and social security | 45 | €204,691 | €160,450 | -€44,241 | -21.6% |
| Taxes | 450/3 | €159,133 | €109,793 | -€49,340 | -31.0% |
| Remuneration and social security | 454/9 | €45,559 | €50,658 | +€5,099 | +11.2% |
| Other amounts payable | 47/48 | €50,000 | €13,500 | -€36,500 | -73.0% |
| Remuneration, social security and pensions | 62 | €507,275 | €526,819 | +€19,544 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,793 | €51,831 | +€3,037 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,203 | +€11,203 | |
| Other operating charges | 640/8 | €8,298 | €16,783 | +€8,485 | +102% |
| Gross operating margin | 9900 | €706,956 | €784,125 | +€77,169 | +10.9% |
| Operating profit (loss) | 9901 | €142,589 | €177,489 | +€34,900 | +24.5% |
| Financial income | 75/76B | €1 | €6 | +€5 | +859% |
| Recurring financial income | 75 | €1 | €6 | +€5 | +859% |
| Financial charges | 65/66B | €56,248 | €58,527 | +€2,279 | +4.1% |
| Recurring financial charges | 65 | €56,248 | €58,527 | +€2,279 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €86,342 | €118,967 | +€32,626 | +37.8% |
| Income taxes | 67/77 | €31,938 | €46,051 | +€14,113 | +44.2% |
| Profit (loss) for the period | 9904 | €54,403 | €72,917 | +€18,513 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,403 | €72,917 | +€18,513 | +34.0% |
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 14 October 2026 via checked.be.