FOCAL POINT: 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.
FOCAL POINT
Largest movements
- Receivables within one year +€266,719
up €266,719 (+286%), from €93,272 to €359,991
of which Trade receivables: +€224,405
- Cash -€168,377
down €168,377 (-39.3%), from €428,029 to €259,652
mainly Receivables within one year (-€266,719) and Advances received (-€162,854)
- Tangible fixed assets -€20,390
down €20,390 (-2.4%), from €832,945 to €812,555
of which Land and buildings: -€17,776
- Profit (loss) carried forward +€295,972
up €295,972 (+69.5%), from €425,963 to €721,935
- Advances received -€162,854
down €162,854 (-71.4%), from €228,029 to €65,175
- Debts after one year -€31,026
down €31,026 (-6.2%), from €497,974 to €466,948
- Other debts -€28,500
down €28,500 (-100%), from €28,500 to €0
- Short-term financial debts +€24,899
up €24,899 (+1,851%), from €1,345 to €26,245
- Gross operating margin -€100,727
down €100,727 (-18.7%), from €538,585 to €437,857
- Other operating charges -€30,967
down €30,967 (-88.3%), from €35,076 to €4,109
- Depreciation -€30,419
down €30,419 (-56.4%), from €53,979 to €23,560
- Taxes -€28,483
down €28,483 (-23.3%), from €122,367 to €93,884
- Financial charges +€13,520
up €13,520 (+142%), from €9,489 to €23,009
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 | €1,411,081 | €1,506,290 | +€95,209 | +6.7% |
| Fixed assets | 21/28 | €833,065 | €814,227 | -€18,838 | -2.3% |
| Intangible fixed assets | 21 | €120 | €0 | -€120 | -100% |
| Tangible fixed assets | 22/27 | €832,945 | €812,555 | -€20,390 | -2.4% |
| Land and buildings | 22 | €826,380 | €808,603 | -€17,776 | -2.2% |
| Plant, machinery and equipment | 23 | €6,565 | €3,951 | -€2,613 | -39.8% |
| Financial fixed assets | 28 | €0 | €1,672 | +€1,672 | |
| Current assets | 29/58 | €578,016 | €692,063 | +€114,047 | +19.7% |
| Amounts receivable after more than one year | 29 | €31,160 | €46,084 | +€14,924 | +47.9% |
| Trade receivables | 290 | €31,160 | €46,084 | +€14,924 | +47.9% |
| Amounts receivable within one year | 40/41 | €93,272 | €359,991 | +€266,719 | +286% |
| Trade receivables | 40 | €61,577 | €285,982 | +€224,405 | +364% |
| Other amounts receivable | 41 | €31,695 | €74,008 | +€42,314 | +134% |
| Current investments | 50/53 | €22,247 | €22,247 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €428,029 | €259,652 | -€168,377 | -39.3% |
| Deferred charges and accrued income | 490/1 | €3,308 | €4,090 | +€782 | +23.6% |
| Total equity and liabilities | 10/49 | €1,411,081 | €1,506,290 | +€95,209 | +6.7% |
| Equity | 10/15 | €446,423 | €742,395 | +€295,972 | +66.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €425,963 | €721,935 | +€295,972 | +69.5% |
| Amounts payable | 17/49 | €964,659 | €763,895 | -€200,763 | -20.8% |
| Amounts payable after more than one year | 17 | €497,974 | €466,948 | -€31,026 | -6.2% |
| Financial debts | 170/4 | €497,974 | €466,948 | -€31,026 | -6.2% |
| Amounts payable within one year | 42/48 | €432,190 | €285,317 | -€146,873 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €22,026 | €31,026 | +€9,001 | +40.9% |
| Financial debts | 43 | €1,345 | €26,245 | +€24,899 | +1,851% |
| Credit institutions | 430/8 | €1,345 | €26,245 | +€24,899 | +1,851% |
| Trade debts | 44 | €27,751 | €28,120 | +€370 | +1.3% |
| Suppliers | 440/4 | €27,751 | €28,120 | +€370 | +1.3% |
| Advances received on contracts in progress | 46 | €228,029 | €65,175 | -€162,854 | -71.4% |
| Taxes, remuneration and social security | 45 | €124,539 | €134,751 | +€10,211 | +8.2% |
| Taxes | 450/3 | €123,039 | €134,751 | +€11,711 | +9.5% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €28,500 | €0 | -€28,500 | -100% |
| Accrued charges and deferred income | 492/3 | €34,494 | €11,630 | -€22,864 | -66.3% |
| Non-recurring operating income | 76A | - | €17,000 | +€17,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,979 | €23,560 | -€30,419 | -56.4% |
| Other operating charges | 640/8 | €35,076 | €4,109 | -€30,967 | -88.3% |
| Gross operating margin | 9900 | €538,585 | €437,857 | -€100,727 | -18.7% |
| Operating profit (loss) | 9901 | €449,530 | €410,189 | -€39,342 | -8.8% |
| Financial income | 75/76B | €440 | €2,677 | +€2,236 | +508% |
| Recurring financial income | 75 | €440 | €2,677 | +€2,236 | +508% |
| Financial charges | 65/66B | €9,489 | €23,009 | +€13,520 | +142% |
| Recurring financial charges | 65 | €9,489 | €23,009 | +€13,520 | +142% |
| Profit (loss) for the period before taxes | 9903 | €440,482 | €389,857 | -€50,625 | -11.5% |
| Income taxes | 67/77 | €122,367 | €93,884 | -€28,483 | -23.3% |
| Profit (loss) for the period | 9904 | €318,114 | €295,972 | -€22,142 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €318,114 | €295,972 | -€22,142 | -7.0% |
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 30 October 2026 via checked.be.