FISHEYE: 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.
FISHEYE
Largest movements
- Stocks and contracts +€882,636
up €882,636 (+131%), from €672,878 to €1.6m
of which Contracts in progress: +€832,794
- Cash +€276,715
up €276,715 (+105%), from €263,190 to €539,906
mainly Advances received (+€889,945) and Net result for the year (+€372,719)
- Receivables within one year -€118,075
down €118,075 (-18.1%), from €653,797 to €535,722
of which Trade receivables: -€179,593
- Tangible fixed assets -€109,169
down €109,169 (-8.7%), from €1.3m to €1.1m
of which Leasing and similar rights: -€78,885
- Advances received +€889,945
up €889,945 (+148%), from €600,000 to €1.5m
- Debts after one year -€688,387
down €688,387 (-52.8%), from €1.3m to €616,451
- Profit (loss) carried forward +€372,719
up €372,719 (+65.4%), from -€569,581 to -€196,862
- Contributions +€350,000
up €350,000 (+1,882%), from €18,600 to €368,600
- Tax, wage and social debts +€103,007
up €103,007 (+48.2%), from €213,920 to €316,927
of which Taxes: +€56,817
- Gross operating margin +€163,034
up €163,034 (+5.6%), from €2.9m to €3.1m
- Financial charges -€87,762
down €87,762 (-51.3%), from €170,914 to €83,152
- Financial income -€37,807
down €37,807 (-94.6%), from €39,971 to €2,164
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 | €2,895,286 | €3,852,750 | +€957,464 | +33.1% |
| Fixed assets | 21/28 | €1,276,166 | €1,164,844 | -€111,322 | -8.7% |
| Intangible fixed assets | 21 | €21,057 | €17,703 | -€3,353 | -15.9% |
| Tangible fixed assets | 22/27 | €1,253,410 | €1,144,241 | -€109,169 | -8.7% |
| Land and buildings | 22 | €175,097 | €154,484 | -€20,613 | -11.8% |
| Plant, machinery and equipment | 23 | €719,990 | €725,425 | +€5,434 | +0.8% |
| Furniture and vehicles | 24 | €47,415 | €33,884 | -€13,531 | -28.5% |
| Leasing and similar rights | 25 | €298,177 | €219,292 | -€78,885 | -26.5% |
| Other tangible fixed assets | 26 | €12,730 | €11,157 | -€1,573 | -12.4% |
| Financial fixed assets | 28 | €1,700 | €2,900 | +€1,200 | +70.6% |
| Current assets | 29/58 | €1,619,120 | €2,687,905 | +€1.1m | +66.0% |
| Stocks and contracts in progress | 3 | €672,878 | €1,555,513 | +€882,636 | +131% |
| Stocks | 30/36 | €216,505 | €266,347 | +€49,842 | +23.0% |
| Contracts in progress | 37 | €456,373 | €1,289,166 | +€832,794 | +182% |
| Amounts receivable within one year | 40/41 | €653,797 | €535,722 | -€118,075 | -18.1% |
| Trade receivables | 40 | €496,259 | €316,666 | -€179,593 | -36.2% |
| Other amounts receivable | 41 | €157,538 | €219,056 | +€61,519 | +39.1% |
| Cash at bank and in hand | 54/58 | €263,190 | €539,906 | +€276,715 | +105% |
| Deferred charges and accrued income | 490/1 | €29,255 | €56,764 | +€27,510 | +94.0% |
| Total equity and liabilities | 10/49 | €2,895,286 | €3,852,750 | +€957,464 | +33.1% |
| Equity | 10/15 | -€549,121 | €173,598 | +€722,719 | |
| Contributions | 10/11 | €18,600 | €368,600 | +€350,000 | +1,882% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€569,581 | -€196,862 | +€372,719 | +65.4% |
| Amounts payable | 17/49 | €3,444,407 | €3,679,152 | +€234,745 | +6.8% |
| Amounts payable after more than one year | 17 | €1,304,838 | €616,451 | -€688,387 | -52.8% |
| Financial debts | 170/4 | €1,304,838 | €616,451 | -€688,387 | -52.8% |
| Amounts payable within one year | 42/48 | €2,115,568 | €3,059,281 | +€943,712 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €351,085 | €369,717 | +€18,631 | +5.3% |
| Financial debts | 43 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Credit institutions | 430/8 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Trade debts | 44 | €549,958 | €580,742 | +€30,784 | +5.6% |
| Suppliers | 440/4 | €549,958 | €580,742 | +€30,784 | +5.6% |
| Advances received on contracts in progress | 46 | €600,000 | €1,489,945 | +€889,945 | +148% |
| Taxes, remuneration and social security | 45 | €213,920 | €316,927 | +€103,007 | +48.2% |
| Taxes | 450/3 | €2,985 | €59,803 | +€56,817 | +1,903% |
| Remuneration and social security | 454/9 | €210,934 | €257,124 | +€46,190 | +21.9% |
| Other amounts payable | 47/48 | €605 | €1,950 | +€1,345 | +222% |
| Accrued charges and deferred income | 492/3 | €24,000 | €3,420 | -€20,580 | -85.8% |
| Non-recurring operating income | 76A | €0 | €29,193 | +€29,193 | |
| Remuneration, social security and pensions | 62 | €2,407,638 | €2,391,395 | -€16,243 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,912 | €211,825 | +€13,913 | +7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,115 | €0 | -€15,115 | -100% |
| Other operating charges | 640/8 | €31,071 | €30,967 | -€104 | -0.3% |
| Non-recurring operating charges | 66A | €107,618 | €3,246 | -€104,372 | -97.0% |
| Gross operating margin | 9900 | €2,929,411 | €3,092,445 | +€163,034 | +5.6% |
| Operating profit (loss) | 9901 | €170,057 | €455,011 | +€284,954 | +168% |
| Financial income | 75/76B | €39,971 | €2,164 | -€37,807 | -94.6% |
| Recurring financial income | 75 | €39,971 | €2,164 | -€37,807 | -94.6% |
| Financial charges | 65/66B | €170,914 | €83,152 | -€87,762 | -51.3% |
| Recurring financial charges | 65 | €170,914 | €83,152 | -€87,762 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €39,114 | €374,023 | +€334,909 | +856% |
| Income taxes | 67/77 | €1,227 | €1,304 | +€77 | +6.3% |
| Profit (loss) for the period | 9904 | €37,887 | €372,719 | +€334,832 | +884% |
| Profit (loss) for the period to be appropriated | 9905 | €37,887 | €372,719 | +€334,832 | +884% |
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 17 October 2026 via checked.be.