Foto Robert: 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.
Foto Robert
Largest movements
- Cash +€25,152
up €25,152 (+155%), from €16,217 to €41,370
mainly Net result for the year (+€83,325) and Stocks and contracts (+€9,435)
- Stocks and contracts -€9,435
down €9,435 (-2.4%), from €393,835 to €384,400
- Receivables within one year -€7,426
down €7,426 (-95.2%), from €7,797 to €371
of which Trade receivables: -€7,442
- Receivables after one year +€5,200
up €5,200 (+48.7%), from €10,683 to €15,883
of which Other amounts receivable: +€15,883
- Reserves +€83,325
up €83,325 (+41.2%), from €202,354 to €285,679
- Other debts -€36,841
down €36,841 (-35.8%), from €102,961 to €66,121
- Trade debts -€28,438
down €28,438 (-50.6%), from €56,250 to €27,812
- Accrued charges and deferred income -€5,102
down €5,102 (-55.1%), from €9,264 to €4,162
- Staff costs -€21,209
down €21,209 (-41.2%), from €51,504 to €30,294
- Gross operating margin -€18,037
down €18,037 (-11.9%), from €151,424 to €133,386
- Financial charges -€5,767
down €5,767 (-45.3%), from €12,725 to €6,958
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 | €435,878 | €445,728 | +€9,851 | +2.3% |
| Fixed assets | 21/28 | €6,094 | €3,017 | -€3,077 | -50.5% |
| Tangible fixed assets | 22/27 | €6,094 | €3,017 | -€3,077 | -50.5% |
| Plant, machinery and equipment | 23 | €4,703 | €2,351 | -€2,351 | -50.0% |
| Furniture and vehicles | 24 | €1,391 | €665 | -€726 | -52.2% |
| Current assets | 29/58 | €429,784 | €442,711 | +€12,928 | +3.0% |
| Amounts receivable after more than one year | 29 | €10,683 | €15,883 | +€5,200 | +48.7% |
| Trade receivables | 290 | €10,683 | €0 | -€10,683 | -100% |
| Other amounts receivable | 291 | - | €15,883 | +€15,883 | |
| Stocks and contracts in progress | 3 | €393,835 | €384,400 | -€9,435 | -2.4% |
| Stocks | 30/36 | €393,835 | €384,400 | -€9,435 | -2.4% |
| Amounts receivable within one year | 40/41 | €7,797 | €371 | -€7,426 | -95.2% |
| Trade receivables | 40 | €7,780 | €338 | -€7,442 | -95.7% |
| Other amounts receivable | 41 | €17 | €34 | +€17 | +100% |
| Cash at bank and in hand | 54/58 | €16,217 | €41,370 | +€25,152 | +155% |
| Deferred charges and accrued income | 490/1 | €1,252 | €688 | -€564 | -45.1% |
| Total equity and liabilities | 10/49 | €435,878 | €445,728 | +€9,851 | +2.3% |
| Equity | 10/15 | €222,354 | €305,679 | +€83,325 | +37.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €202,354 | €285,679 | +€83,325 | +41.2% |
| Distributable reserves | 133 | €202,354 | €285,679 | +€83,325 | +41.2% |
| Amounts payable | 17/49 | €213,524 | €140,049 | -€73,474 | -34.4% |
| Amounts payable within one year | 42/48 | €204,260 | €135,888 | -€68,372 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €56,250 | €27,812 | -€28,438 | -50.6% |
| Suppliers | 440/4 | €56,250 | €27,812 | -€28,438 | -50.6% |
| Advances received on contracts in progress | 46 | €2,983 | €4,225 | +€1,242 | +41.6% |
| Taxes, remuneration and social security | 45 | €42,066 | €37,730 | -€4,336 | -10.3% |
| Taxes | 450/3 | €31,435 | €37,730 | +€6,294 | +20.0% |
| Remuneration and social security | 454/9 | €10,630 | €0 | -€10,630 | -100% |
| Other amounts payable | 47/48 | €102,961 | €66,121 | -€36,841 | -35.8% |
| Accrued charges and deferred income | 492/3 | €9,264 | €4,162 | -€5,102 | -55.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €51,504 | €30,294 | -€21,209 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,564 | €3,077 | -€487 | -13.7% |
| Other operating charges | 640/8 | €1,035 | €1,892 | +€857 | +82.8% |
| Non-recurring operating charges | 66A | €1,402 | €0 | -€1,402 | -100% |
| Gross operating margin | 9900 | €151,424 | €133,386 | -€18,037 | -11.9% |
| Operating profit (loss) | 9901 | €93,919 | €98,122 | +€4,203 | +4.5% |
| Financial income | 75/76B | €382 | €493 | +€111 | +28.9% |
| Recurring financial income | 75 | €382 | €493 | +€111 | +28.9% |
| Financial charges | 65/66B | €12,725 | €6,958 | -€5,767 | -45.3% |
| Recurring financial charges | 65 | €12,725 | €6,958 | -€5,767 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €81,577 | €91,658 | +€10,081 | +12.4% |
| Income taxes | 67/77 | €7,416 | €8,333 | +€916 | +12.4% |
| Profit (loss) for the period | 9904 | €74,160 | €83,325 | +€9,165 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,160 | €83,325 | +€9,165 | +12.4% |
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 25 October 2026 via checked.be.