FrontLetter: 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.
FrontLetter
Largest movements
- Receivables within one year +€81,102
up €81,102 (+50.9%), from €159,249 to €240,350
of which Trade receivables: +€65,188
- Intangible fixed assets +€52,195
up €52,195 (+101%), from €51,837 to €104,032
- Cash +€29,278
up €29,278 (+152%), from €19,267 to €48,545
mainly Net result for the year (+€115,404) and Current portion of long-term debt (+€37,830)
- Tangible fixed assets -€5,183
down €5,183 (-42.9%), from €12,070 to €6,887
of which Furniture and vehicles: -€4,243
- Reserves +€168,337
up €168,337 (+2,562%), from €6,572 to €174,909
of which Distributable reserves: +€168,337
- Profit (loss) carried forward -€52,934
down €52,934 (-100%), from €52,934 to €0
- Current portion of long-term debt +€37,830
up €37,830 (+110%), from €34,368 to €72,197
- Debts after one year +€30,218
up €30,218 (+246%), from €12,291 to €42,509
- Tax, wage and social debts -€22,682
down €22,682 (-21.1%), from €107,563 to €84,881
of which Taxes: -€19,322
- Staff costs -€64,746
down €64,746 (-26.4%), from €245,164 to €180,418
- Taxes -€18,130
down €18,130, from €17,703 to -€427
- Write-downs +€16,062
up €16,062 (+16,224%), from €99 to €16,161
- Depreciation +€10,071
up €10,071 (+184%), from €5,479 to €15,550
- Gross operating margin -€9,155
down €9,155 (-2.5%), from €359,564 to €350,409
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 | €262,590 | €422,295 | +€159,705 | +60.8% |
| Fixed assets | 21/28 | €82,964 | €129,976 | +€47,012 | +56.7% |
| Intangible fixed assets | 21 | €51,837 | €104,032 | +€52,195 | +101% |
| Tangible fixed assets | 22/27 | €12,070 | €6,887 | -€5,183 | -42.9% |
| Land and buildings | 22 | €4,878 | €3,938 | -€940 | -19.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,192 | €2,949 | -€4,243 | -59.0% |
| Financial fixed assets | 28 | €19,057 | €19,057 | = | 0.0% |
| Current assets | 29/58 | €179,626 | €292,320 | +€112,693 | +62.7% |
| Amounts receivable within one year | 40/41 | €159,249 | €240,350 | +€81,102 | +50.9% |
| Trade receivables | 40 | €132,032 | €197,220 | +€65,188 | +49.4% |
| Other amounts receivable | 41 | €27,217 | €43,130 | +€15,914 | +58.5% |
| Cash at bank and in hand | 54/58 | €19,267 | €48,545 | +€29,278 | +152% |
| Deferred charges and accrued income | 490/1 | €1,110 | €3,424 | +€2,314 | +208% |
| Total equity and liabilities | 10/49 | €262,590 | €422,295 | +€159,705 | +60.8% |
| Equity | 10/15 | €62,005 | €177,409 | +€115,404 | +186% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €6,572 | €174,909 | +€168,337 | +2,562% |
| Non-distributable reserves | 130/1 | €754 | €754 | = | 0.0% |
| Reserves not available under the articles | 1311 | €754 | €754 | = | 0.0% |
| Distributable reserves | 133 | €5,818 | €174,155 | +€168,337 | +2,894% |
| Profit (loss) carried forward | 14 | €52,934 | €0 | -€52,934 | -100% |
| Amounts payable | 17/49 | €200,585 | €244,886 | +€44,301 | +22.1% |
| Amounts payable after more than one year | 17 | €12,291 | €42,509 | +€30,218 | +246% |
| Financial debts | 170/4 | €12,291 | €42,509 | +€30,218 | +246% |
| Amounts payable within one year | 42/48 | €188,294 | €202,378 | +€14,083 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €34,368 | €72,197 | +€37,830 | +110% |
| Financial debts | 43 | €9,761 | €118 | -€9,642 | -98.8% |
| Credit institutions | 430/8 | €9,761 | €118 | -€9,642 | -98.8% |
| Trade debts | 44 | €36,444 | €45,181 | +€8,738 | +24.0% |
| Suppliers | 440/4 | €36,444 | €45,181 | +€8,738 | +24.0% |
| Advances received on contracts in progress | 46 | €160 | €0 | -€160 | -100% |
| Taxes, remuneration and social security | 45 | €107,563 | €84,881 | -€22,682 | -21.1% |
| Taxes | 450/3 | €68,067 | €48,744 | -€19,322 | -28.4% |
| Remuneration and social security | 454/9 | €39,496 | €36,136 | -€3,360 | -8.5% |
| Non-recurring operating income | 76A | - | €7,651 | +€7,651 | |
| Remuneration, social security and pensions | 62 | €245,164 | €180,418 | -€64,746 | -26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,479 | €15,550 | +€10,071 | +184% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €99 | €16,161 | +€16,062 | +16,224% |
| Other operating charges | 640/8 | €691 | €2,245 | +€1,555 | +225% |
| Non-recurring operating charges | 66A | €131 | €2,979 | +€2,847 | +2,171% |
| Gross operating margin | 9900 | €359,564 | €350,409 | -€9,155 | -2.5% |
| Operating profit (loss) | 9901 | €108,000 | €133,057 | +€25,057 | +23.2% |
| Financial income | 75/76B | €856 | €1,317 | +€461 | +53.8% |
| Recurring financial income | 75 | €856 | €1,317 | +€461 | +53.8% |
| Financial charges | 65/66B | €19,611 | €19,397 | -€214 | -1.1% |
| Recurring financial charges | 65 | €19,611 | €19,397 | -€214 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €89,246 | €114,977 | +€25,731 | +28.8% |
| Income taxes | 67/77 | €17,703 | -€427 | -€18,130 | |
| Profit (loss) for the period | 9904 | €71,543 | €115,404 | +€43,861 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,543 | €115,404 | +€43,861 | +61.3% |
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.