FLOW START: 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.
FLOW START
Largest movements
- Stocks and contracts +€494,322
up €494,322 (+106.2%), from €465,256 to €959,578
- Cash -€310,010
down €310,010 (-91.8%), from €337,637 to €27,627
mainly Stocks and contracts (-€494,322) and Other debts (-€204,664)
- Receivables within one year -€13,776
down €13,776 (-15.8%), from €87,214 to €73,438
of which Other amounts receivable: -€15,963
- Debts after one year +€347,113
up €347,113 (+89.8%), from €386,693 to €733,806
- Other debts -€204,664
down €204,664 (-48.8%), from €419,619 to €214,955
- Trade debts +€52,620
up €52,620 (+131.1%), from €40,128 to €92,748
of which Bills of exchange payable: +€28,155
- Profit (loss) carried forward -€18,067
down €18,067 (-14.8%), from €122,180 to €104,113
- Tax, wage and social debts -€17,816
no longer reported in 2025 (was €17,816)
- Gross operating margin -€66,521
down €66,521 (-74.1%), from €89,829 to €23,308
- Financial charges -€12,584
down €12,584 (-38.8%), from €32,431 to €19,846
- Taxes -€10,326
down €10,326 (-99.8%), from €10,343 to €17
- Depreciation +€4,866
up €4,866 (+68.7%), from €7,081 to €11,947
- Other operating charges +€1,714
up €1,714 (+21.8%), from €7,851 to €9,565
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 | €1,001,674 | €1,160,860 | +€159,186 | +15.9% |
| Fixed assets | 21/28 | €111,285 | €99,338 | -€11,947 | -10.7% |
| Intangible fixed assets | 21 | €20,629 | €15,159 | -€5,470 | -26.5% |
| Tangible fixed assets | 22/27 | €90,656 | €84,179 | -€6,477 | -7.1% |
| Land and buildings | 22 | €75,000 | €73,863 | -€1,137 | -1.5% |
| Plant, machinery and equipment | 23 | €3,994 | - | -€3,994 | |
| Other tangible fixed assets | 26 | €11,662 | €10,316 | -€1,346 | -11.5% |
| Current assets | 29/58 | €890,389 | €1,061,522 | +€171,133 | +19.2% |
| Stocks and contracts in progress | 3 | €465,256 | €959,578 | +€494,322 | +106.2% |
| Stocks | 30/36 | €465,256 | €959,578 | +€494,322 | +106.2% |
| Amounts receivable within one year | 40/41 | €87,214 | €73,438 | -€13,776 | -15.8% |
| Trade receivables | 40 | €46,329 | €48,516 | +€2,187 | +4.7% |
| Other amounts receivable | 41 | €40,885 | €24,922 | -€15,963 | -39.0% |
| Cash at bank and in hand | 54/58 | €337,637 | €27,627 | -€310,010 | -91.8% |
| Deferred charges and accrued income | 490/1 | €282 | €879 | +€596 | +211.4% |
| Total equity and liabilities | 10/49 | €1,001,674 | €1,160,860 | +€159,186 | +15.9% |
| Equity | 10/15 | €132,180 | €114,113 | -€18,067 | -13.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,180 | €104,113 | -€18,067 | -14.8% |
| Amounts payable | 17/49 | €869,493 | €1,046,747 | +€177,254 | +20.4% |
| Amounts payable after more than one year | 17 | €386,693 | €733,806 | +€347,113 | +89.8% |
| Financial debts | 170/4 | €386,693 | €733,806 | +€347,113 | +89.8% |
| Amounts payable within one year | 42/48 | €481,228 | €311,369 | -€169,860 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €3,665 | €3,665 | = | 0.0% |
| Trade debts | 44 | €40,128 | €92,748 | +€52,620 | +131.1% |
| Suppliers | 440/4 | €36,315 | €60,780 | +€24,465 | +67.4% |
| Bills of exchange payable | 441 | €3,813 | €31,968 | +€28,155 | +738.4% |
| Taxes, remuneration and social security | 45 | €17,816 | - | -€17,816 | |
| Taxes | 450/3 | €17,816 | - | -€17,816 | |
| Other amounts payable | 47/48 | €419,619 | €214,955 | -€204,664 | -48.8% |
| Accrued charges and deferred income | 492/3 | €1,572 | €1,572 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,081 | €11,947 | +€4,866 | +68.7% |
| Other operating charges | 640/8 | €7,851 | €9,565 | +€1,714 | +21.8% |
| Non-recurring operating charges | 66A | €2,360 | - | -€2,360 | |
| Gross operating margin | 9900 | €89,829 | €23,308 | -€66,521 | -74.1% |
| Operating profit (loss) | 9901 | €72,537 | €1,796 | -€70,742 | -97.5% |
| Financial income | 75/76B | €24 | €1 | -€23 | -97.2% |
| Recurring financial income | 75 | €24 | €1 | -€23 | -97.2% |
| Financial charges | 65/66B | €32,431 | €19,846 | -€12,584 | -38.8% |
| Recurring financial charges | 65 | €32,431 | €19,846 | -€12,584 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €40,131 | -€18,050 | -€58,181 | |
| Income taxes | 67/77 | €10,343 | €17 | -€10,326 | -99.8% |
| Profit (loss) for the period | 9904 | €29,788 | -€18,067 | -€47,855 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,788 | -€18,067 | -€47,855 |
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 28 September 2026 via checked.be.