FL: 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.
FL
Largest movements
- Receivables within one year +€436,380
up €436,380 (+1299.1%), from €33,592 to €469,972
of which Trade receivables: +€443,728
- Tangible fixed assets +€186,671
up €186,671 (+23.2%), from €803,645 to €990,316
of which Leasing and similar rights: +€326,465
- Trade debts +€419,245
up €419,245 (+348.1%), from €120,452 to €539,697
- Debts after one year +€192,433
up €192,433 (+70.7%), from €272,032 to €464,466
- Other debts -€71,419
down €71,419 (-43.3%), from €165,000 to €93,581
- Profit (loss) carried forward +€63,292
up €63,292 (+63.8%), from €99,271 to €162,563
- Current portion of long-term debt +€25,792
up €25,792 (+14.3%), from €180,229 to €206,020
- Gross operating margin +€208,767
up €208,767 (+159.1%), from €131,223 to €339,990
- Depreciation +€126,853
up €126,853 (+119.4%), from €106,252 to €233,105
- Financial charges +€19,483
up €19,483 (+249.4%), from €7,813 to €27,295
- Taxes +€7,475
up €7,475 (+229.4%), from €3,258 to €10,734
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 | €857,599 | €1,478,311 | +€620,712 | +72.4% |
| Fixed assets | 21/28 | €803,645 | €990,316 | +€186,671 | +23.2% |
| Tangible fixed assets | 22/27 | €803,645 | €990,316 | +€186,671 | +23.2% |
| Plant, machinery and equipment | 23 | €148,498 | €129,048 | -€19,450 | -13.1% |
| Furniture and vehicles | 24 | €581,120 | €460,776 | -€120,344 | -20.7% |
| Leasing and similar rights | 25 | €74,027 | €400,492 | +€326,465 | +441.0% |
| Current assets | 29/58 | €53,954 | €487,995 | +€434,041 | +804.5% |
| Amounts receivable within one year | 40/41 | €33,592 | €469,972 | +€436,380 | +1299.1% |
| Trade receivables | 40 | €5,000 | €448,728 | +€443,728 | +8874.6% |
| Other amounts receivable | 41 | €28,592 | €21,243 | -€7,349 | -25.7% |
| Cash at bank and in hand | 54/58 | €19,958 | €17,711 | -€2,247 | -11.3% |
| Deferred charges and accrued income | 490/1 | €403 | €312 | -€92 | -22.7% |
| Total equity and liabilities | 10/49 | €857,599 | €1,478,311 | +€620,712 | +72.4% |
| Equity | 10/15 | €109,271 | €172,563 | +€63,292 | +57.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,271 | €162,563 | +€63,292 | +63.8% |
| Amounts payable | 17/49 | €748,328 | €1,305,747 | +€557,419 | +74.5% |
| Amounts payable after more than one year | 17 | €272,032 | €464,466 | +€192,433 | +70.7% |
| Financial debts | 170/4 | €272,032 | €464,466 | +€192,433 | +70.7% |
| Amounts payable within one year | 42/48 | €476,296 | €841,282 | +€364,986 | +76.6% |
| Current portion of amounts payable after more than one year | 42 | €180,229 | €206,020 | +€25,792 | +14.3% |
| Trade debts | 44 | €120,452 | €539,697 | +€419,245 | +348.1% |
| Suppliers | 440/4 | €120,452 | €539,697 | +€419,245 | +348.1% |
| Taxes, remuneration and social security | 45 | €10,615 | €1,984 | -€8,632 | -81.3% |
| Taxes | 450/3 | €10,615 | €1,984 | -€8,632 | -81.3% |
| Other amounts payable | 47/48 | €165,000 | €93,581 | -€71,419 | -43.3% |
| Non-recurring operating income | 76A | - | €3,754 | +€3,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,252 | €233,105 | +€126,853 | +119.4% |
| Other operating charges | 640/8 | €4,929 | €5,564 | +€634 | +12.9% |
| Non-recurring operating charges | 66A | €92 | - | -€92 | |
| Gross operating margin | 9900 | €131,223 | €339,990 | +€208,767 | +159.1% |
| Operating profit (loss) | 9901 | €19,949 | €101,321 | +€81,372 | +407.9% |
| Financial income | 75/76B | €772 | - | -€772 | |
| Recurring financial income | 75 | €772 | - | -€772 | |
| Financial charges | 65/66B | €7,813 | €27,295 | +€19,483 | +249.4% |
| Recurring financial charges | 65 | €7,813 | €27,295 | +€19,483 | +249.4% |
| Profit (loss) for the period before taxes | 9903 | €12,908 | €74,026 | +€61,118 | +473.5% |
| Income taxes | 67/77 | €3,258 | €10,734 | +€7,475 | +229.4% |
| Profit (loss) for the period | 9904 | €9,650 | €63,292 | +€53,642 | +555.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,650 | €63,292 | +€53,642 | +555.9% |
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 5 October 2026 via checked.be.