FORUM: 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.
FORUM
Largest movements
- Receivables within one year +€87,215
up €87,215 (+42.7%), from €204,185 to €291,399
of which Other amounts receivable: +€208,584
- Cash -€73,197
down €73,197 (-8.3%), from €886,920 to €813,723
mainly Receivables within one year (-€87,215) and Debts after one year (-€30,400)
- Provisions +€49,037
up €49,037 (+102.8%), from €47,694 to €96,732
- Debts after one year -€30,400
down €30,400 (-5.7%), from €535,300 to €504,900
- Tax, wage and social debts -€16,034
down €16,034 (-39.6%), from €40,537 to €24,503
- Gross operating margin -€248,649
down €248,649 (-66.8%), from €372,088 to €123,439
- Taxes -€83,368
down €83,368 (-80.7%), from €103,356 to €19,988
- Financial income +€4,494
up €4,494 (+166.5%), from €2,699 to €7,193
- Other operating charges -€3,816
down €3,816 (-79.3%), from €4,815 to €998
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 | €1,116,320 | €1,127,617 | +€11,297 | +1.0% |
| Fixed assets | 21/28 | €24,691 | €19,994 | -€4,697 | -19.0% |
| Tangible fixed assets | 22/27 | €24,441 | €19,744 | -€4,697 | -19.2% |
| Plant, machinery and equipment | 23 | €6,051 | €3,911 | -€2,140 | -35.4% |
| Furniture and vehicles | 24 | €18,389 | €15,833 | -€2,557 | -13.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,091,629 | €1,107,623 | +€15,994 | +1.5% |
| Amounts receivable within one year | 40/41 | €204,185 | €291,399 | +€87,215 | +42.7% |
| Trade receivables | 40 | €203,490 | €82,120 | -€121,370 | -59.6% |
| Other amounts receivable | 41 | €695 | €209,279 | +€208,584 | +30014.7% |
| Cash at bank and in hand | 54/58 | €886,920 | €813,723 | -€73,197 | -8.3% |
| Deferred charges and accrued income | 490/1 | €524 | €2,500 | +€1,976 | +377.0% |
| Total equity and liabilities | 10/49 | €1,116,320 | €1,127,617 | +€11,297 | +1.0% |
| Equity | 10/15 | €438,262 | €448,904 | +€10,642 | +2.4% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €284,209 | €294,851 | +€10,642 | +3.7% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €964 | €964 | = | 0.0% |
| Distributable reserves | 133 | €270,851 | €281,492 | +€10,642 | +3.9% |
| Profit (loss) carried forward | 14 | €30,106 | €30,106 | = | 0.0% |
| Provisions and deferred taxes | 16 | €47,694 | €96,732 | +€49,037 | +102.8% |
| Provisions for liabilities and charges | 160/5 | €47,694 | €96,732 | +€49,037 | +102.8% |
| Other liabilities and charges | 164/5 | €47,694 | €96,732 | +€49,037 | +102.8% |
| Amounts payable | 17/49 | €630,364 | €581,981 | -€48,383 | -7.7% |
| Amounts payable after more than one year | 17 | €535,300 | €504,900 | -€30,400 | -5.7% |
| Financial debts | 170/4 | €535,300 | €504,900 | -€30,400 | -5.7% |
| Amounts payable within one year | 42/48 | €81,661 | €69,669 | -€11,992 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €30,400 | €30,400 | = | 0.0% |
| Trade debts | 44 | €2,934 | €3,644 | +€710 | +24.2% |
| Suppliers | 440/4 | €2,934 | €3,644 | +€710 | +24.2% |
| Taxes, remuneration and social security | 45 | €40,537 | €24,503 | -€16,034 | -39.6% |
| Taxes | 450/3 | €40,537 | €24,503 | -€16,034 | -39.6% |
| Other amounts payable | 47/48 | €7,790 | €11,122 | +€3,332 | +42.8% |
| Accrued charges and deferred income | 492/3 | €13,402 | €7,412 | -€5,991 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,505 | €19,397 | -€108 | -0.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €47,694 | €49,037 | +€1,343 | +2.8% |
| Other operating charges | 640/8 | €4,815 | €998 | -€3,816 | -79.3% |
| Gross operating margin | 9900 | €372,088 | €123,439 | -€248,649 | -66.8% |
| Operating profit (loss) | 9901 | €300,073 | €54,006 | -€246,067 | -82.0% |
| Financial income | 75/76B | €2,699 | €7,193 | +€4,494 | +166.5% |
| Recurring financial income | 75 | €2,699 | €7,193 | +€4,494 | +166.5% |
| Financial charges | 65/66B | €30,780 | €30,569 | -€211 | -0.7% |
| Recurring financial charges | 65 | €30,780 | €30,569 | -€211 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €271,993 | €30,630 | -€241,363 | -88.7% |
| Income taxes | 67/77 | €103,356 | €19,988 | -€83,368 | -80.7% |
| Profit (loss) for the period | 9904 | €168,637 | €10,642 | -€157,995 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €168,637 | €10,642 | -€157,995 | -93.7% |
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 3 October 2026 via checked.be.