FP2: 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.
FP2
Largest movements
- Cash +€68,066
up €68,066 (+66.1%), from €103,036 to €171,102
mainly Net result for the year (+€86,357) and Depreciation (+€71,597)
- Tangible fixed assets -€61,382
down €61,382 (-7.2%), from €853,891 to €792,509
of which Land and buildings: -€46,367
- Reserves +€86,357
up €86,357 (+10.9%), from €791,214 to €877,571
- Debts after one year -€59,463
down €59,463 (-8.7%), from €686,397 to €626,934
- Trade debts +€55,764
up €55,764 (+21.6%), from €258,506 to €314,271
- Short-term financial debts -€39,498
down €39,498 (-15.8%), from €249,318 to €209,821
of which Other loans: -€39,498
- Gross operating margin +€99,780
up €99,780 (+18.3%), from €545,786 to €645,566
- Taxes +€18,115
up €18,115 (+77.8%), from €23,278 to €41,392
- Staff costs +€14,376
up €14,376 (+3.9%), from €366,094 to €380,470
- Financial income +€7,667
up €7,667 (+131%), from €5,874 to €13,541
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 | €2,453,846 | €2,492,904 | +€39,058 | +1.6% |
| Fixed assets | 21/28 | €853,891 | €792,509 | -€61,382 | -7.2% |
| Tangible fixed assets | 22/27 | €853,891 | €792,509 | -€61,382 | -7.2% |
| Land and buildings | 22 | €724,247 | €677,880 | -€46,367 | -6.4% |
| Plant, machinery and equipment | 23 | €93,355 | €83,758 | -€9,597 | -10.3% |
| Furniture and vehicles | 24 | €7,599 | €6,993 | -€606 | -8.0% |
| Leasing and similar rights | 25 | €15,968 | €12,200 | -€3,768 | -23.6% |
| Other tangible fixed assets | 26 | €12,723 | €11,678 | -€1,045 | -8.2% |
| Current assets | 29/58 | €1,599,955 | €1,700,395 | +€100,440 | +6.3% |
| Stocks and contracts in progress | 3 | €951,232 | €968,891 | +€17,659 | +1.9% |
| Stocks | 30/36 | €951,232 | €968,891 | +€17,659 | +1.9% |
| Amounts receivable within one year | 40/41 | €527,171 | €548,254 | +€21,083 | +4.0% |
| Trade receivables | 40 | €283,735 | €340,507 | +€56,772 | +20.0% |
| Other amounts receivable | 41 | €243,437 | €207,747 | -€35,689 | -14.7% |
| Cash at bank and in hand | 54/58 | €103,036 | €171,102 | +€68,066 | +66.1% |
| Deferred charges and accrued income | 490/1 | €18,516 | €12,148 | -€6,368 | -34.4% |
| Total equity and liabilities | 10/49 | €2,453,846 | €2,492,904 | +€39,058 | +1.6% |
| Equity | 10/15 | €797,414 | €883,771 | +€86,357 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €791,214 | €877,571 | +€86,357 | +10.9% |
| Distributable reserves | 133 | €791,214 | €877,571 | +€86,357 | +10.9% |
| Amounts payable | 17/49 | €1,656,432 | €1,609,133 | -€47,300 | -2.9% |
| Amounts payable after more than one year | 17 | €686,397 | €626,934 | -€59,463 | -8.7% |
| Financial debts | 170/4 | €686,397 | €626,934 | -€59,463 | -8.7% |
| Amounts payable within one year | 42/48 | €958,438 | €962,421 | +€3,983 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €83,124 | €91,594 | +€8,469 | +10.2% |
| Financial debts | 43 | €249,318 | €209,821 | -€39,498 | -15.8% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Other loans | 439 | €49,318 | €9,821 | -€39,498 | -80.1% |
| Trade debts | 44 | €258,506 | €314,271 | +€55,764 | +21.6% |
| Suppliers | 440/4 | €258,506 | €314,271 | +€55,764 | +21.6% |
| Advances received on contracts in progress | 46 | €279,008 | €259,008 | -€20,000 | -7.2% |
| Taxes, remuneration and social security | 45 | €88,481 | €87,729 | -€753 | -0.9% |
| Taxes | 450/3 | €26,921 | €41,555 | +€14,635 | +54.4% |
| Remuneration and social security | 454/9 | €61,561 | €46,173 | -€15,387 | -25.0% |
| Accrued charges and deferred income | 492/3 | €11,597 | €19,777 | +€8,180 | +70.5% |
| Remuneration, social security and pensions | 62 | €366,094 | €380,470 | +€14,376 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,959 | €71,597 | +€638 | +0.9% |
| Other operating charges | 640/8 | €8,629 | €7,702 | -€927 | -10.7% |
| Non-recurring operating charges | 66A | €158 | €40,457 | +€40,299 | +25,480% |
| Gross operating margin | 9900 | €545,786 | €645,566 | +€99,780 | +18.3% |
| Operating profit (loss) | 9901 | €99,945 | €145,339 | +€45,394 | +45.4% |
| Financial income | 75/76B | €5,874 | €13,541 | +€7,667 | +131% |
| Recurring financial income | 75 | €5,874 | €13,541 | +€7,667 | +131% |
| Financial charges | 65/66B | €36,836 | €31,130 | -€5,706 | -15.5% |
| Recurring financial charges | 65 | €36,836 | €31,130 | -€5,706 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €68,983 | €127,750 | +€58,767 | +85.2% |
| Income taxes | 67/77 | €23,278 | €41,392 | +€18,115 | +77.8% |
| Profit (loss) for the period | 9904 | €45,705 | €86,357 | +€40,652 | +88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,705 | €86,357 | +€40,652 | +88.9% |
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 13 October 2026 via checked.be.