FOCUS: 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.
FOCUS
Largest movements
- Stocks and contracts +€2.5m
up €2.5m (+62.5%), from €4.0m to €6.5m
- Debts after one year +€2.5m
up €2.5m (+66.5%), from €3.8m to €6.3m
- Gross operating margin +€8,047
up €8,047 (+45.3%), from €17,753 to €25,800
- Other operating charges +€6,558
up €6,558 (+199.8%), from €3,283 to €9,841
- Taxes +€1,407
up €1,407 (+52.4%), from €2,687 to €4,094
- Financial income +€1,074
up €1,074 (+233391.3%), from €0 to €1,074
- Financial charges +€461
up €461 (+132.9%), from €347 to €808
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 | €4,023,640 | €6,596,096 | +€2.6m | +63.9% |
| Current assets | 29/58 | €4,023,640 | €6,596,096 | +€2.6m | +63.9% |
| Stocks and contracts in progress | 3 | €4,017,070 | €6,527,210 | +€2.5m | +62.5% |
| Stocks | 30/36 | €4,017,070 | €6,527,210 | +€2.5m | +62.5% |
| Amounts receivable within one year | 40/41 | €2,386 | €51,832 | +€49,446 | +2072.2% |
| Trade receivables | 40 | - | €46,000 | +€46,000 | |
| Other amounts receivable | 41 | €2,386 | €5,832 | +€3,446 | +144.4% |
| Cash at bank and in hand | 54/58 | €74 | €7,147 | +€7,073 | +9603.9% |
| Deferred charges and accrued income | 490/1 | €4,110 | €9,907 | +€5,797 | +141.1% |
| Total equity and liabilities | 10/49 | €4,023,640 | €6,596,096 | +€2.6m | +63.9% |
| Equity | 10/15 | €8,361 | €20,492 | +€12,131 | +145.1% |
| Contributions | 10/11 | €300 | €300 | = | 0.0% |
| Reserves | 13 | €8,061 | €20,192 | +€12,131 | +150.5% |
| Distributable reserves | 133 | €8,061 | €20,192 | +€12,131 | +150.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €4,015,279 | €6,575,603 | +€2.6m | +63.8% |
| Amounts payable after more than one year | 17 | €3,766,035 | €6,270,295 | +€2.5m | +66.5% |
| Financial debts | 170/4 | €3,766,035 | €6,270,295 | +€2.5m | +66.5% |
| Amounts payable within one year | 42/48 | €249,244 | €305,308 | +€56,064 | +22.5% |
| Trade debts | 44 | €246,557 | €298,578 | +€52,020 | +21.1% |
| Suppliers | 440/4 | €246,557 | €298,578 | +€52,020 | +21.1% |
| Taxes, remuneration and social security | 45 | €2,687 | €6,731 | +€4,044 | +150.5% |
| Taxes | 450/3 | €2,687 | €6,731 | +€4,044 | +150.5% |
| Other operating charges | 640/8 | €3,283 | €9,841 | +€6,558 | +199.8% |
| Gross operating margin | 9900 | €17,753 | €25,800 | +€8,047 | +45.3% |
| Operating profit (loss) | 9901 | €14,471 | €15,960 | +€1,489 | +10.3% |
| Financial income | 75/76B | €0 | €1,074 | +€1,074 | +233391.3% |
| Recurring financial income | 75 | €0 | €1,074 | +€1,074 | +233391.3% |
| Financial charges | 65/66B | €347 | €808 | +€461 | +132.9% |
| Recurring financial charges | 65 | €347 | €808 | +€461 | +132.9% |
| Profit (loss) for the period before taxes | 9903 | €14,124 | €16,225 | +€2,101 | +14.9% |
| Income taxes | 67/77 | €2,687 | €4,094 | +€1,407 | +52.4% |
| Profit (loss) for the period | 9904 | €11,437 | €12,131 | +€694 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,437 | €12,131 | +€694 | +6.1% |
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.