Follow and Optimize: 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.
Follow and Optimize
Largest movements
- Receivables within one year -€111,013
down €111,013 (-21.9%), from €506,411 to €395,398
of which Trade receivables: -€104,241
- Cash +€100,828
up €100,828 (+61.7%), from €163,372 to €264,200
mainly Receivables within one year (+€111,013) and Net result for the year (+€109,502)
- Stocks and contracts +€30,987
up €30,987 (+65.1%), from €47,585 to €78,572
- Deferred charges and accrued income +€14,316
up €14,316 (+458%), from €3,125 to €17,441
- Intangible fixed assets -€11,698
down €11,698 (-12.6%), from €92,555 to €80,857
- Trade debts -€110,734
down €110,734 (-46.1%), from €240,317 to €129,584
- Profit (loss) carried forward +€109,502
up €109,502 (+174%), from €62,758 to €172,260
- Debts after one year -€69,555
down €69,555 (-30.2%), from €230,482 to €160,927
of which Financial debts: -€69,555
- Short-term financial debts +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Tax, wage and social debts +€28,126
up €28,126 (+50.0%), from €56,258 to €84,383
of which Taxes: +€31,794
- Gross operating margin +€204,512
up €204,512 (+74.9%), from €273,100 to €477,612
- Staff costs +€92,790
up €92,790 (+47.4%), from €195,930 to €288,720
- Taxes +€29,531
up €29,531 (+231%), from €12,791 to €42,322
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 | €814,806 | €840,788 | +€25,982 | +3.2% |
| Fixed assets | 21/28 | €94,313 | €85,176 | -€9,136 | -9.7% |
| Intangible fixed assets | 21 | €92,555 | €80,857 | -€11,698 | -12.6% |
| Tangible fixed assets | 22/27 | €1,758 | €4,319 | +€2,561 | +146% |
| Plant, machinery and equipment | 23 | €933 | €731 | -€201 | -21.6% |
| Furniture and vehicles | 24 | €825 | €3,588 | +€2,763 | +335% |
| Current assets | 29/58 | €720,493 | €755,611 | +€35,118 | +4.9% |
| Stocks and contracts in progress | 3 | €47,585 | €78,572 | +€30,987 | +65.1% |
| Stocks | 30/36 | €47,585 | €78,572 | +€30,987 | +65.1% |
| Amounts receivable within one year | 40/41 | €506,411 | €395,398 | -€111,013 | -21.9% |
| Trade receivables | 40 | €498,984 | €394,743 | -€104,241 | -20.9% |
| Other amounts receivable | 41 | €7,427 | €655 | -€6,772 | -91.2% |
| Cash at bank and in hand | 54/58 | €163,372 | €264,200 | +€100,828 | +61.7% |
| Deferred charges and accrued income | 490/1 | €3,125 | €17,441 | +€14,316 | +458% |
| Total equity and liabilities | 10/49 | €814,806 | €840,788 | +€25,982 | +3.2% |
| Equity | 10/15 | €82,764 | €192,266 | +€109,502 | +132% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,406 | €1,406 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,406 | €1,406 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,406 | €1,406 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,758 | €172,260 | +€109,502 | +174% |
| Amounts payable | 17/49 | €732,042 | €648,521 | -€83,520 | -11.4% |
| Amounts payable after more than one year | 17 | €230,482 | €160,927 | -€69,555 | -30.2% |
| Financial debts | 170/4 | €230,482 | €160,927 | -€69,555 | -30.2% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €499,833 | €487,594 | -€12,239 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €53,258 | €73,628 | +€20,369 | +38.2% |
| Financial debts | 43 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Credit institutions | 430/8 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Trade debts | 44 | €240,317 | €129,584 | -€110,734 | -46.1% |
| Suppliers | 440/4 | €240,317 | €129,584 | -€110,734 | -46.1% |
| Taxes, remuneration and social security | 45 | €56,258 | €84,383 | +€28,126 | +50.0% |
| Taxes | 450/3 | €40,847 | €72,641 | +€31,794 | +77.8% |
| Remuneration and social security | 454/9 | €15,411 | €11,743 | -€3,668 | -23.8% |
| Accrued charges and deferred income | 492/3 | €1,727 | €0 | -€1,727 | -100% |
| Remuneration, social security and pensions | 62 | €195,930 | €288,720 | +€92,790 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,951 | €12,860 | -€90 | -0.7% |
| Other operating charges | 640/8 | €1,106 | €837 | -€269 | -24.3% |
| Non-recurring operating charges | 66A | €1,705 | €0 | -€1,705 | -100% |
| Gross operating margin | 9900 | €273,100 | €477,612 | +€204,512 | +74.9% |
| Operating profit (loss) | 9901 | €61,407 | €175,194 | +€113,786 | +185% |
| Financial income | 75/76B | €13 | €4 | -€9 | -68.8% |
| Recurring financial income | 75 | €13 | €4 | -€9 | -68.8% |
| Financial charges | 65/66B | €19,590 | €23,373 | +€3,783 | +19.3% |
| Recurring financial charges | 65 | €19,590 | €23,373 | +€3,783 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €41,830 | €151,824 | +€109,994 | +263% |
| Income taxes | 67/77 | €12,791 | €42,322 | +€29,531 | +231% |
| Profit (loss) for the period | 9904 | €29,039 | €109,502 | +€80,463 | +277% |
| Profit (loss) for the period to be appropriated | 9905 | €29,039 | €109,502 | +€80,463 | +277% |
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 27 October 2026 via checked.be.