FOCUS II: 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 II
Largest movements
- Receivables after one year -€181,395
down €181,395 (-23.0%), from €788,050 to €606,655
- Current investments +€111,027
up €111,027 (+22.7%), from €489,716 to €600,744
- Reserves -€590,012
down €590,012 (-17.1%), from €3.5m to €2.9m
- Other debts +€421,539
up €421,539 (+132.9%), from €317,149 to €738,688
- Tax, wage and social debts +€52,749
up €52,749 (+89.2%), from €59,128 to €111,877
- Financial income -€36,126
down €36,126 (-17.3%), from €208,468 to €172,342
- Gross operating margin +€26,796
up €26,796 (+24.4%), from €109,653 to €136,449
- Taxes +€6,473
up €6,473 (+13.6%), from €47,701 to €54,174
- Depreciation +€2,245
up €2,245 (+7.1%), from €31,705 to €33,950
- Other operating charges -€2,101
down €2,101 (-36.4%), from €5,773 to €3,672
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 | €3,871,074 | €3,741,095 | -€129,979 | -3.4% |
| Fixed assets | 21/28 | €2,178,185 | €2,144,235 | -€33,950 | -1.6% |
| Tangible fixed assets | 22/27 | €143,185 | €109,235 | -€33,950 | -23.7% |
| Plant, machinery and equipment | 23 | €98,877 | €87,524 | -€11,353 | -11.5% |
| Furniture and vehicles | 24 | €44,308 | €21,711 | -€22,597 | -51.0% |
| Financial fixed assets | 28 | €2,035,000 | €2,035,000 | = | 0.0% |
| Current assets | 29/58 | €1,692,890 | €1,596,860 | -€96,029 | -5.7% |
| Amounts receivable after more than one year | 29 | €788,050 | €606,655 | -€181,395 | -23.0% |
| Other amounts receivable | 291 | €788,050 | €606,655 | -€181,395 | -23.0% |
| Amounts receivable within one year | 40/41 | €4,798 | €3,242 | -€1,556 | -32.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,798 | €3,242 | -€1,556 | -32.4% |
| Current investments | 50/53 | €489,716 | €600,744 | +€111,027 | +22.7% |
| Cash at bank and in hand | 54/58 | €410,111 | €382,445 | -€27,666 | -6.7% |
| Deferred charges and accrued income | 490/1 | €214 | €3,775 | +€3,560 | +1661.8% |
| Total equity and liabilities | 10/49 | €3,871,074 | €3,741,095 | -€129,979 | -3.4% |
| Equity | 10/15 | €3,471,078 | €2,881,066 | -€590,012 | -17.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €3,452,528 | €2,862,516 | -€590,012 | -17.1% |
| Distributable reserves | 133 | €3,452,528 | €2,862,516 | -€590,012 | -17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €399,996 | €860,029 | +€460,033 | +115.0% |
| Amounts payable after more than one year | 17 | €4,093 | €0 | -€4,093 | -100.0% |
| Financial debts | 170/4 | €4,093 | €0 | -€4,093 | -100.0% |
| Amounts payable within one year | 42/48 | €395,902 | €860,029 | +€464,127 | +117.2% |
| Current portion of amounts payable after more than one year | 42 | €16,273 | €4,093 | -€12,180 | -74.8% |
| Trade debts | 44 | €3,353 | €5,371 | +€2,019 | +60.2% |
| Suppliers | 440/4 | €3,353 | €5,371 | +€2,019 | +60.2% |
| Taxes, remuneration and social security | 45 | €59,128 | €111,877 | +€52,749 | +89.2% |
| Taxes | 450/3 | €59,128 | €111,877 | +€52,749 | +89.2% |
| Other amounts payable | 47/48 | €317,149 | €738,688 | +€421,539 | +132.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,705 | €33,950 | +€2,245 | +7.1% |
| Other operating charges | 640/8 | €5,773 | €3,672 | -€2,101 | -36.4% |
| Gross operating margin | 9900 | €109,653 | €136,449 | +€26,796 | +24.4% |
| Operating profit (loss) | 9901 | €72,176 | €98,827 | +€26,652 | +36.9% |
| Financial income | 75/76B | €208,468 | €172,342 | -€36,126 | -17.3% |
| Recurring financial income | 75 | €208,468 | €172,342 | -€36,126 | -17.3% |
| Financial charges | 65/66B | €413 | €288 | -€125 | -30.3% |
| Recurring financial charges | 65 | €413 | €288 | -€125 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €280,231 | €270,882 | -€9,349 | -3.3% |
| Income taxes | 67/77 | €47,701 | €54,174 | +€6,473 | +13.6% |
| Profit (loss) for the period | 9904 | €232,530 | €216,708 | -€15,822 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €232,530 | €216,708 | -€15,822 | -6.8% |
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 4 October 2026 via checked.be.