FRAMEWORKS: 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.
FRAMEWORKS
Largest movements
- Tangible fixed assets +€66,227
up €66,227 (+56.4%), from €117,461 to €183,688
of which Plant, machinery and equipment: +€63,428
- Stocks and contracts +€7,728
up €7,728 (+50.8%), from €15,222 to €22,950
- Cash +€4,043
up €4,043 (+4.0%), from €101,602 to €105,645
mainly Net result for the year (+€41,934) and Depreciation (+€41,904)
- Debts after one year +€28,816
new in 2025: €28,816
- Reserves +€16,821
up €16,821 (+7.6%), from €220,516 to €237,337
of which Distributable reserves: +€16,821
- Other debts +€10,289
up €10,289 (+46.3%), from €22,215 to €32,504
- Current portion of long-term debt +€10,266
up €10,266 (+1,667%), from €616 to €10,882
- Tax, wage and social debts +€8,946
up €8,946 (+174%), from €5,127 to €14,074
of which Taxes: +€6,557
- Gross operating margin +€30,931
up €30,931 (+26.7%), from €115,697 to €146,628
- Staff costs +€15,680
up €15,680 (+56.5%), from €27,734 to €43,414
- Depreciation +€10,481
up €10,481 (+33.4%), from €31,423 to €41,904
- Taxes +€7,525
up €7,525 (+164%), from €4,588 to €12,113
- Financial charges +€3,202
up €3,202 (+670%), from €478 to €3,680
of which Non-recurring financial charges: +€2,242
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 | €269,529 | €343,570 | +€74,041 | +27.5% |
| Fixed assets | 21/28 | €119,961 | €183,688 | +€63,727 | +53.1% |
| Tangible fixed assets | 22/27 | €117,461 | €183,688 | +€66,227 | +56.4% |
| Land and buildings | 22 | €51 | - | -€51 | |
| Plant, machinery and equipment | 23 | €48,999 | €112,427 | +€63,428 | +129% |
| Furniture and vehicles | 24 | €31,871 | €33,962 | +€2,091 | +6.6% |
| Other tangible fixed assets | 26 | €36,539 | €37,298 | +€760 | +2.1% |
| Financial fixed assets | 28 | €2,500 | - | -€2,500 | |
| Current assets | 29/58 | €149,569 | €159,883 | +€10,314 | +6.9% |
| Stocks and contracts in progress | 3 | €15,222 | €22,950 | +€7,728 | +50.8% |
| Stocks | 30/36 | €15,222 | €22,950 | +€7,728 | +50.8% |
| Amounts receivable within one year | 40/41 | €29,455 | €26,762 | -€2,693 | -9.1% |
| Trade receivables | 40 | €20,440 | €21,089 | +€649 | +3.2% |
| Other amounts receivable | 41 | €9,015 | €5,673 | -€3,342 | -37.1% |
| Cash at bank and in hand | 54/58 | €101,602 | €105,645 | +€4,043 | +4.0% |
| Deferred charges and accrued income | 490/1 | €3,290 | €4,526 | +€1,236 | +37.6% |
| Total equity and liabilities | 10/49 | €269,529 | €343,570 | +€74,041 | +27.5% |
| Equity | 10/15 | €232,921 | €249,742 | +€16,821 | +7.2% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €220,516 | €237,337 | +€16,821 | +7.6% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €183,016 | €199,837 | +€16,821 | +9.2% |
| Amounts payable | 17/49 | €36,608 | €93,828 | +€57,220 | +156% |
| Amounts payable after more than one year | 17 | - | €28,816 | +€28,816 | |
| Financial debts | 170/4 | - | €28,816 | +€28,816 | |
| Amounts payable within one year | 42/48 | €34,485 | €64,641 | +€30,155 | +87.4% |
| Current portion of amounts payable after more than one year | 42 | €616 | €10,882 | +€10,266 | +1,667% |
| Financial debts | 43 | €170 | - | -€170 | |
| Credit institutions | 430/8 | €170 | - | -€170 | |
| Trade debts | 44 | €6,356 | €7,181 | +€825 | +13.0% |
| Suppliers | 440/4 | €6,356 | €7,181 | +€825 | +13.0% |
| Taxes, remuneration and social security | 45 | €5,127 | €14,074 | +€8,946 | +174% |
| Taxes | 450/3 | €960 | €7,518 | +€6,557 | +683% |
| Remuneration and social security | 454/9 | €4,167 | €6,556 | +€2,389 | +57.3% |
| Other amounts payable | 47/48 | €22,215 | €32,504 | +€10,289 | +46.3% |
| Accrued charges and deferred income | 492/3 | €2,123 | €371 | -€1,751 | -82.5% |
| Non-recurring operating income | 76A | €2,621 | €7,636 | +€5,015 | +191% |
| Remuneration, social security and pensions | 62 | €27,734 | €43,414 | +€15,680 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,423 | €41,904 | +€10,481 | +33.4% |
| Other operating charges | 640/8 | €4,759 | €3,584 | -€1,176 | -24.7% |
| Gross operating margin | 9900 | €115,697 | €146,628 | +€30,931 | +26.7% |
| Operating profit (loss) | 9901 | €51,782 | €57,726 | +€5,945 | +11.5% |
| Financial income | 75/76B | €1 | €0 | -€0 | -33.9% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -33.9% |
| Financial charges | 65/66B | €478 | €3,680 | +€3,202 | +670% |
| Recurring financial charges | 65 | €478 | €1,438 | +€960 | +201% |
| Non-recurring financial charges | 66B | - | €2,242 | +€2,242 | |
| Profit (loss) for the period before taxes | 9903 | €51,304 | €54,047 | +€2,742 | +5.3% |
| Income taxes | 67/77 | €4,588 | €12,113 | +€7,525 | +164% |
| Profit (loss) for the period | 9904 | €46,716 | €41,934 | -€4,782 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,716 | €41,934 | -€4,782 | -10.2% |
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.