FRAME & FOCUS: 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.
FRAME & FOCUS
Largest movements
- Tangible fixed assets +€40,781
up €40,781 (+7.0%), from €582,780 to €623,560
of which Land and buildings: +€63,617
- Other debts +€217,398
up €217,398 (+62.0%), from €350,769 to €568,168
- Reserves -€85,335
down €85,335 (-66.4%), from €128,424 to €43,090
of which Distributable reserves: -€85,335
- Profit (loss) carried forward -€76,537
down €76,537, from €212 to -€76,325
- Debts after one year -€17,401
down €17,401 (-27.5%), from €63,371 to €45,970
- Tax, wage and social debts +€16,120
up €16,120 (+211%), from €7,646 to €23,765
- Gross operating margin -€142,408
down €142,408, from €116,734 to -€25,674
- Taxes -€22,326
down €22,326 (-87.1%), from €25,646 to €3,319
- Depreciation -€1,393
down €1,393 (-3.1%), from €44,714 to €43,321
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 | €608,259 | €648,044 | +€39,784 | +6.5% |
| Fixed assets | 21/28 | €582,780 | €623,560 | +€40,781 | +7.0% |
| Tangible fixed assets | 22/27 | €582,780 | €623,560 | +€40,781 | +7.0% |
| Land and buildings | 22 | €440,033 | €503,650 | +€63,617 | +14.5% |
| Plant, machinery and equipment | 23 | €120,189 | €99,125 | -€21,064 | -17.5% |
| Furniture and vehicles | 24 | €22,558 | €20,786 | -€1,772 | -7.9% |
| Current assets | 29/58 | €25,480 | €24,483 | -€996 | -3.9% |
| Stocks and contracts in progress | 3 | €11,047 | €11,047 | = | 0.0% |
| Stocks | 30/36 | €11,047 | €11,047 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,784 | €3,003 | -€781 | -20.6% |
| Trade receivables | 40 | €432 | €704 | +€273 | +63.2% |
| Other amounts receivable | 41 | €3,353 | €2,299 | -€1,053 | -31.4% |
| Cash at bank and in hand | 54/58 | €8,041 | €7,849 | -€192 | -2.4% |
| Deferred charges and accrued income | 490/1 | €2,607 | €2,583 | -€24 | -0.9% |
| Total equity and liabilities | 10/49 | €608,259 | €648,044 | +€39,784 | +6.5% |
| Equity | 10/15 | €147,236 | -€14,636 | -€161,872 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,424 | €43,090 | -€85,335 | -66.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €128,424 | €43,090 | -€85,335 | -66.4% |
| Profit (loss) carried forward | 14 | €212 | -€76,325 | -€76,537 | |
| Amounts payable | 17/49 | €461,023 | €662,679 | +€201,656 | +43.7% |
| Amounts payable after more than one year | 17 | €63,371 | €45,970 | -€17,401 | -27.5% |
| Financial debts | 170/4 | €63,371 | €45,970 | -€17,401 | -27.5% |
| Amounts payable within one year | 42/48 | €397,652 | €616,710 | +€219,057 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €17,186 | €17,401 | +€216 | +1.3% |
| Trade debts | 44 | €22,052 | €7,375 | -€14,676 | -66.6% |
| Suppliers | 440/4 | €22,052 | €7,375 | -€14,676 | -66.6% |
| Taxes, remuneration and social security | 45 | €7,646 | €23,765 | +€16,120 | +211% |
| Taxes | 450/3 | €7,646 | €23,765 | +€16,120 | +211% |
| Other amounts payable | 47/48 | €350,769 | €568,168 | +€217,398 | +62.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,714 | €43,321 | -€1,393 | -3.1% |
| Other operating charges | 640/8 | €3,134 | €3,056 | -€78 | -2.5% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €116,734 | -€25,674 | -€142,408 | |
| Operating profit (loss) | 9901 | €68,885 | -€72,127 | -€141,012 | |
| Financial income | 75/76B | €1,133 | €0 | -€1,133 | -100% |
| Recurring financial income | 75 | €1,133 | €0 | -€1,133 | -100% |
| Financial charges | 65/66B | €1,283 | €1,091 | -€192 | -15.0% |
| Recurring financial charges | 65 | €1,283 | €1,091 | -€192 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €68,735 | -€73,218 | -€141,953 | |
| Income taxes | 67/77 | €25,646 | €3,319 | -€22,326 | -87.1% |
| Profit (loss) for the period | 9904 | €43,090 | -€76,537 | -€119,627 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,090 | -€76,537 | -€119,627 |
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 16 October 2026 via checked.be.