FROM CONCEPT TO SCREEN: 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.
FROM CONCEPT TO SCREEN
Largest movements
- Cash +€54,756
up €54,756 (+14.9%), from €366,714 to €421,470
mainly Net result for the year (+€115,489) and Debts after one year (+€77,397)
- Tangible fixed assets +€51,917
up €51,917 (+21.4%), from €242,069 to €293,986
of which Land and buildings: +€201,205
- Receivables within one year -€23,847
down €23,847 (-6.0%), from €397,906 to €374,059
of which Trade receivables: -€26,443
- Trade debts -€138,397
down €138,397 (-77.8%), from €177,938 to €39,541
- Debts after one year +€77,397
up €77,397 (+50.7%), from €152,763 to €230,160
- Reserves +€68,404
up €68,404 (+12.6%), from €540,985 to €609,389
of which Distributable reserves: +€68,404
- Other debts +€58,375
up €58,375 (+192%), from €30,338 to €88,712
- Tax, wage and social debts +€14,392
up €14,392 (+27.0%), from €53,325 to €67,716
of which Remuneration and social security: +€9,120
- Taxes +€17,475
up €17,475 (+27.7%), from €63,136 to €80,611
- Gross operating margin +€16,279
up €16,279 (+4.8%), from €340,133 to €356,412
- Other operating charges -€10,351
down €10,351 (-22.0%), from €47,084 to €36,733
- Staff costs -€7,952
down €7,952 (-11.2%), from €71,124 to €63,172
- Financial charges +€7,711
up €7,711 (+146%), from €5,280 to €12,991
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 | €1,010,133 | €1,091,430 | +€81,297 | +8.0% |
| Fixed assets | 21/28 | €242,069 | €293,986 | +€51,917 | +21.4% |
| Tangible fixed assets | 22/27 | €242,069 | €293,986 | +€51,917 | +21.4% |
| Land and buildings | 22 | €45,675 | €246,880 | +€201,205 | +441% |
| Plant, machinery and equipment | 23 | €3,963 | €27,542 | +€23,580 | +595% |
| Furniture and vehicles | 24 | €66,454 | €19,564 | -€46,890 | -70.6% |
| Assets under construction and advance payments | 27 | €125,978 | - | -€125,978 | |
| Current assets | 29/58 | €768,064 | €797,443 | +€29,380 | +3.8% |
| Amounts receivable within one year | 40/41 | €397,906 | €374,059 | -€23,847 | -6.0% |
| Trade receivables | 40 | €397,906 | €371,463 | -€26,443 | -6.6% |
| Other amounts receivable | 41 | - | €2,596 | +€2,596 | |
| Cash at bank and in hand | 54/58 | €366,714 | €421,470 | +€54,756 | +14.9% |
| Deferred charges and accrued income | 490/1 | €3,444 | €1,914 | -€1,530 | -44.4% |
| Total equity and liabilities | 10/49 | €1,010,133 | €1,091,430 | +€81,297 | +8.0% |
| Equity | 10/15 | €590,450 | €658,854 | +€68,404 | +11.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €540,985 | €609,389 | +€68,404 | +12.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €522,235 | €590,639 | +€68,404 | +13.1% |
| Profit (loss) carried forward | 14 | €37,064 | €37,064 | = | 0.0% |
| Amounts payable | 17/49 | €419,683 | €432,576 | +€12,893 | +3.1% |
| Amounts payable after more than one year | 17 | €152,763 | €230,160 | +€77,397 | +50.7% |
| Financial debts | 170/4 | €152,763 | €230,160 | +€77,397 | +50.7% |
| Amounts payable within one year | 42/48 | €266,920 | €198,263 | -€68,657 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €5,320 | €2,293 | -€3,027 | -56.9% |
| Trade debts | 44 | €177,938 | €39,541 | -€138,397 | -77.8% |
| Suppliers | 440/4 | €177,938 | €39,541 | -€138,397 | -77.8% |
| Taxes, remuneration and social security | 45 | €53,325 | €67,716 | +€14,392 | +27.0% |
| Taxes | 450/3 | €43,210 | €48,482 | +€5,272 | +12.2% |
| Remuneration and social security | 454/9 | €10,114 | €19,234 | +€9,120 | +90.2% |
| Other amounts payable | 47/48 | €30,338 | €88,712 | +€58,375 | +192% |
| Accrued charges and deferred income | 492/3 | - | €4,154 | +€4,154 | |
| Non-recurring operating income | 76A | - | €5,964 | +€5,964 | |
| Remuneration, social security and pensions | 62 | €71,124 | €63,172 | -€7,952 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,884 | €46,004 | +€5,120 | +12.5% |
| Other operating charges | 640/8 | €47,084 | €36,733 | -€10,351 | -22.0% |
| Non-recurring operating charges | 66A | - | €2,544 | +€2,544 | |
| Gross operating margin | 9900 | €340,133 | €356,412 | +€16,279 | +4.8% |
| Operating profit (loss) | 9901 | €181,042 | €207,960 | +€26,918 | +14.9% |
| Financial income | 75/76B | €220 | €1,132 | +€912 | +414% |
| Recurring financial income | 75 | €220 | €1,132 | +€912 | +414% |
| Financial charges | 65/66B | €5,280 | €12,991 | +€7,711 | +146% |
| Recurring financial charges | 65 | €5,280 | €12,991 | +€7,711 | +146% |
| Profit (loss) for the period before taxes | 9903 | €175,982 | €196,100 | +€20,118 | +11.4% |
| Income taxes | 67/77 | €63,136 | €80,611 | +€17,475 | +27.7% |
| Profit (loss) for the period | 9904 | €112,846 | €115,489 | +€2,643 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €112,846 | €115,489 | +€2,643 | +2.3% |
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 17 October 2026 via checked.be.