Fivé: what changed
Two fiscal 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.
Fivé
Largest movements
- Cash +€206,452
up €206,452 (+101.3%), from €203,788 to €410,240
mainly Short-term financial debts (+€150,000) and Trade debts (+€83,115)
- Tangible fixed assets -€71,624
down €71,624 (-36.4%), from €196,599 to €124,975
of which Furniture and vehicles: -€68,829
- Receivables within one year +€58,158
up €58,158 (+5.2%), from €1.1m to €1.2m
of which Trade receivables: +€107,573
- Short-term financial debts +€150,000
up €150,000 (+22.2%), from €675,000 to €825,000
- Trade debts +€83,115
up €83,115 (+3.7%), from €2.3m to €2.3m
- Financial charges -€47,821
down €47,821 (-29.8%), from €160,672 to €112,852
of which Financial charges: -€35,498
- Financial income -€38,343
down €38,343 (-91.0%), from €42,121 to €3,778
of which Non-recurring financial income: -€38,399
- Staff costs -€14,305
down €14,305 (-3.3%), from €434,843 to €420,538
- Other operating charges -€9,298
down €9,298 (-62.1%), from €14,970 to €5,672
- Taxes +€6,867
up €6,867 (+56.2%), from €12,218 to €19,085
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 | €4,902,310 | €5,148,560 | +€246,250 | +5.0% |
| Fixed assets | 21/28 | €196,599 | €124,975 | -€71,624 | -36.4% |
| Tangible fixed assets | 22/27 | €196,599 | €124,975 | -€71,624 | -36.4% |
| Plant, machinery and equipment | 23 | €10,837 | €8,042 | -€2,795 | -25.8% |
| Furniture and vehicles | 24 | €185,763 | €116,933 | -€68,829 | -37.1% |
| Current assets | 29/58 | €4,705,711 | €5,023,585 | +€317,875 | +6.8% |
| Amounts receivable after more than one year | 29 | €586,258 | €586,258 | = | 0.0% |
| Other amounts receivable | 291 | €586,258 | €586,258 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,769,787 | €2,820,493 | +€50,707 | +1.8% |
| Stocks | 30/36 | €2,769,787 | €2,820,493 | +€50,707 | +1.8% |
| Amounts receivable within one year | 40/41 | €1,108,956 | €1,167,114 | +€58,158 | +5.2% |
| Trade receivables | 40 | €1,014,302 | €1,121,875 | +€107,573 | +10.6% |
| Other amounts receivable | 41 | €94,654 | €45,239 | -€49,415 | -52.2% |
| Cash at bank and in hand | 54/58 | €203,788 | €410,240 | +€206,452 | +101.3% |
| Deferred charges and accrued income | 490/1 | €36,922 | €39,480 | +€2,557 | +6.9% |
| Total equity and liabilities | 10/49 | €4,902,310 | €5,148,560 | +€246,250 | +5.0% |
| Equity | 10/15 | €1,665,280 | €1,686,213 | +€20,933 | +1.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Outside capital | 11 | €123,947 | €123,947 | = | 0.0% |
| Other | 1109/19 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €241,184 | €241,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,366 | €15,366 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,139 | €15,139 | = | 0.0% |
| Other | 1319 | €227 | €227 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,110 | €1,110 | = | 0.0% |
| Distributable reserves | 133 | €224,708 | €224,708 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,300,150 | €1,321,083 | +€20,933 | +1.6% |
| Amounts payable | 17/49 | €3,237,029 | €3,462,347 | +€225,317 | +7.0% |
| Amounts payable after more than one year | 17 | €80,359 | €44,897 | -€35,463 | -44.1% |
| Financial debts | 170/4 | €80,359 | €44,897 | -€35,463 | -44.1% |
| Amounts payable within one year | 42/48 | €3,156,333 | €3,417,247 | +€260,914 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €57,831 | €35,463 | -€22,369 | -38.7% |
| Financial debts | 43 | €675,000 | €825,000 | +€150,000 | +22.2% |
| Credit institutions | 430/8 | €675,000 | €825,000 | +€150,000 | +22.2% |
| Trade debts | 44 | €2,260,880 | €2,343,995 | +€83,115 | +3.7% |
| Suppliers | 440/4 | €2,260,880 | €2,343,995 | +€83,115 | +3.7% |
| Taxes, remuneration and social security | 45 | €112,971 | €163,139 | +€50,168 | +44.4% |
| Taxes | 450/3 | €74,229 | €99,214 | +€24,985 | +33.7% |
| Remuneration and social security | 454/9 | €38,742 | €63,925 | +€25,183 | +65.0% |
| Other amounts payable | 47/48 | €49,651 | €49,651 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €337 | €203 | -€134 | -39.8% |
| Remuneration, social security and pensions | 62 | €434,843 | €420,538 | -€14,305 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,210 | €75,410 | +€4,200 | +5.9% |
| Other operating charges | 640/8 | €14,970 | €5,672 | -€9,298 | -62.1% |
| Gross operating margin | 9900 | €652,761 | €650,712 | -€2,049 | -0.3% |
| Operating profit (loss) | 9901 | €131,738 | €149,091 | +€17,354 | +13.2% |
| Financial income | 75/76B | €42,121 | €3,778 | -€38,343 | -91.0% |
| Recurring financial income | 75 | €102 | €158 | +€56 | +55.2% |
| Non-recurring financial income | 76B | €42,019 | €3,620 | -€38,399 | -91.4% |
| Financial charges | 65/66B | €160,672 | €112,852 | -€47,821 | -29.8% |
| Recurring financial charges | 65 | €145,821 | €110,322 | -€35,498 | -24.3% |
| Non-recurring financial charges | 66B | €14,852 | €2,529 | -€12,322 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | €13,186 | €40,017 | +€26,831 | +203.5% |
| Income taxes | 67/77 | €12,218 | €19,085 | +€6,867 | +56.2% |
| Profit (loss) for the period | 9904 | €968 | €20,933 | +€19,965 | +2062.4% |
| Profit (loss) for the period to be appropriated | 9905 | €968 | €20,933 | +€19,965 | +2062.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.