FORTY EIGHT: 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.
FORTY EIGHT
Largest movements
- Cash +€261,115
up €261,115 (+117%), from €223,175 to €484,291
mainly Net result for the year (+€193,124) and Other debts (+€71,397)
- Receivables within one year +€60,124
up €60,124 (+23.1%), from €260,440 to €320,563
of which Trade receivables: +€58,506
- Tangible fixed assets +€12,919
up €12,919 (+68.2%), from €18,942 to €31,861
of which Plant, machinery and equipment: +€16,056
- Reserves +€193,124
up €193,124 (+48.9%), from €394,587 to €587,711
of which Distributable reserves: +€101,488
- Other debts +€71,397
up €71,397 (+786%), from €9,086 to €80,484
- Tax, wage and social debts +€46,517
up €46,517 (+179%), from €25,979 to €72,495
- Trade debts +€22,127
up €22,127 (+141%), from €15,702 to €37,829
- Gross operating margin +€119,444
up €119,444 (+38.0%), from €314,601 to €434,045
- Financial charges +€53,518
up €53,518 (+53.2%), from €100,543 to €154,061
- Taxes +€23,634
up €23,634 (+42.0%), from €56,324 to €79,958
- Other operating charges -€5,893
down €5,893 (-74.1%), from €7,955 to €2,062
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 | €525,448 | €859,219 | +€333,771 | +63.5% |
| Fixed assets | 21/28 | €21,442 | €34,361 | +€12,919 | +60.3% |
| Tangible fixed assets | 22/27 | €18,942 | €31,861 | +€12,919 | +68.2% |
| Plant, machinery and equipment | 23 | €3,792 | €19,848 | +€16,056 | +423% |
| Furniture and vehicles | 24 | €15,150 | €12,013 | -€3,137 | -20.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €504,006 | €824,858 | +€320,852 | +63.7% |
| Amounts receivable within one year | 40/41 | €260,440 | €320,563 | +€60,124 | +23.1% |
| Trade receivables | 40 | €260,427 | €318,933 | +€58,506 | +22.5% |
| Other amounts receivable | 41 | €13 | €1,631 | +€1,618 | +12,590% |
| Cash at bank and in hand | 54/58 | €223,175 | €484,291 | +€261,115 | +117% |
| Deferred charges and accrued income | 490/1 | €20,391 | €20,004 | -€387 | -1.9% |
| Total equity and liabilities | 10/49 | €525,448 | €859,219 | +€333,771 | +63.5% |
| Equity | 10/15 | €474,681 | €667,805 | +€193,124 | +40.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €394,587 | €587,711 | +€193,124 | +48.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €181,806 | €273,442 | +€91,637 | +50.4% |
| Distributable reserves | 133 | €210,921 | €312,409 | +€101,488 | +48.1% |
| Profit (loss) carried forward | 14 | €61,494 | €61,494 | = | 0.0% |
| Amounts payable | 17/49 | €50,767 | €191,414 | +€140,647 | +277% |
| Amounts payable within one year | 42/48 | €50,767 | €190,808 | +€140,041 | +276% |
| Trade debts | 44 | €15,702 | €37,829 | +€22,127 | +141% |
| Suppliers | 440/4 | €15,702 | €37,829 | +€22,127 | +141% |
| Taxes, remuneration and social security | 45 | €25,979 | €72,495 | +€46,517 | +179% |
| Taxes | 450/3 | €25,979 | €72,495 | +€46,517 | +179% |
| Other amounts payable | 47/48 | €9,086 | €80,484 | +€71,397 | +786% |
| Accrued charges and deferred income | 492/3 | - | €606 | +€606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,904 | €7,301 | +€1,397 | +23.7% |
| Other operating charges | 640/8 | €7,955 | €2,062 | -€5,893 | -74.1% |
| Gross operating margin | 9900 | €314,601 | €434,045 | +€119,444 | +38.0% |
| Operating profit (loss) | 9901 | €300,742 | €424,683 | +€123,941 | +41.2% |
| Financial income | 75/76B | €3,800 | €2,461 | -€1,339 | -35.2% |
| Recurring financial income | 75 | €3,800 | €2,461 | -€1,339 | -35.2% |
| Financial charges | 65/66B | €100,543 | €154,061 | +€53,518 | +53.2% |
| Recurring financial charges | 65 | €100,543 | €154,061 | +€53,518 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | €203,999 | €273,082 | +€69,083 | +33.9% |
| Income taxes | 67/77 | €56,324 | €79,958 | +€23,634 | +42.0% |
| Profit (loss) for the period | 9904 | €147,676 | €193,124 | +€45,449 | +30.8% |
| Transfer to tax-exempt reserves | 689 | €79,990 | €91,637 | +€11,647 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,686 | €101,488 | +€33,802 | +49.9% |
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 24 October 2026 via checked.be.