FOCUS 50: 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.
FOCUS 50
Largest movements
- Cash +€48,690
up €48,690 (+122%), from €39,987 to €88,677
mainly Net result for the year (+€135,014) and Depreciation (+€29,996)
- Receivables within one year +€25,320
up €25,320 (+50.0%), from €50,650 to €75,970
of which Trade receivables: +€25,205
- Tangible fixed assets -€24,424
down €24,424 (-3.5%), from €689,153 to €664,729
of which Land and buildings: -€25,498
- Profit (loss) carried forward +€135,014
up €135,014 (+123%), from €110,181 to €245,195
- Debts after one year -€110,731
down €110,731 (-20.9%), from €528,910 to €418,179
of which Financial debts: -€75,246
- Tax, wage and social debts +€20,772
up €20,772 (+40.9%), from €50,755 to €71,527
of which Taxes: +€21,718
- Gross operating margin +€73,776
up €73,776 (+40.3%), from €183,206 to €256,982
- Taxes +€19,919
up €19,919 (+70.9%), from €28,081 to €48,000
- Financial charges -€8,524
down €8,524 (-36.3%), from €23,510 to €14,986
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 | €781,768 | €832,346 | +€50,578 | +6.5% |
| Fixed assets | 21/28 | €689,203 | €664,779 | -€24,424 | -3.5% |
| Tangible fixed assets | 22/27 | €689,153 | €664,729 | -€24,424 | -3.5% |
| Land and buildings | 22 | €687,272 | €661,775 | -€25,498 | -3.7% |
| Furniture and vehicles | 24 | €1,881 | €2,955 | +€1,074 | +57.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €92,565 | €167,567 | +€75,001 | +81.0% |
| Amounts receivable within one year | 40/41 | €50,650 | €75,970 | +€25,320 | +50.0% |
| Trade receivables | 40 | €50,439 | €75,644 | +€25,205 | +50.0% |
| Other amounts receivable | 41 | €211 | €326 | +€115 | +54.3% |
| Current investments | 50/53 | - | €506 | +€506 | |
| Cash at bank and in hand | 54/58 | €39,987 | €88,677 | +€48,690 | +122% |
| Deferred charges and accrued income | 490/1 | €1,928 | €2,414 | +€486 | +25.2% |
| Total equity and liabilities | 10/49 | €781,768 | €832,346 | +€50,578 | +6.5% |
| Equity | 10/15 | €122,581 | €257,595 | +€135,014 | +110% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,181 | €245,195 | +€135,014 | +123% |
| Amounts payable | 17/49 | €659,188 | €574,751 | -€84,436 | -12.8% |
| Amounts payable after more than one year | 17 | €528,910 | €418,179 | -€110,731 | -20.9% |
| Financial debts | 170/4 | €410,549 | €335,303 | -€75,246 | -18.3% |
| Other amounts payable | 178/9 | €118,361 | €82,876 | -€35,485 | -30.0% |
| Amounts payable within one year | 42/48 | €130,278 | €156,572 | +€26,294 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €74,907 | €79,985 | +€5,078 | +6.8% |
| Financial debts | 43 | - | €543 | +€543 | |
| Credit institutions | 430/8 | - | €543 | +€543 | |
| Trade debts | 44 | €4,615 | €4,516 | -€99 | -2.1% |
| Suppliers | 440/4 | €4,615 | €4,516 | -€99 | -2.1% |
| Taxes, remuneration and social security | 45 | €50,755 | €71,527 | +€20,772 | +40.9% |
| Taxes | 450/3 | €48,221 | €69,939 | +€21,718 | +45.0% |
| Remuneration and social security | 454/9 | €2,534 | €1,588 | -€946 | -37.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €19,917 | €21,639 | +€1,722 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,831 | €29,996 | +€164 | +0.6% |
| Other operating charges | 640/8 | €7,130 | €7,355 | +€224 | +3.1% |
| Gross operating margin | 9900 | €183,206 | €256,982 | +€73,776 | +40.3% |
| Operating profit (loss) | 9901 | €126,327 | €197,992 | +€71,665 | +56.7% |
| Financial income | 75/76B | €5 | €8 | +€2 | +41.8% |
| Recurring financial income | 75 | €5 | €8 | +€2 | +41.8% |
| Financial charges | 65/66B | €23,510 | €14,986 | -€8,524 | -36.3% |
| Recurring financial charges | 65 | €23,510 | €14,986 | -€8,524 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €102,822 | €183,014 | +€80,192 | +78.0% |
| Income taxes | 67/77 | €28,081 | €48,000 | +€19,919 | +70.9% |
| Profit (loss) for the period | 9904 | €74,741 | €135,014 | +€60,273 | +80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,741 | €135,014 | +€60,273 | +80.6% |
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 15 October 2026 via checked.be.