FULL STOP: what changed
Two fiscal 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.
FULL STOP
Largest movements
- Tangible fixed assets -€63,012
down €63,012 (-63.0%), from €99,941 to €36,929
of which Plant, machinery and equipment: -€63,682
- Cash +€56,524
up €56,524 (+123.9%), from €45,609 to €102,133
mainly Investment in fixed assets (net) (+€54,638) and Net result for the year (+€34,721)
- Receivables within one year +€8,987
up €8,987 (+53.3%), from €16,860 to €25,847
- Tax, wage and social debts +€20,965
up €20,965 (+162.5%), from €12,901 to €33,866
- Reserves -€14,101
down €14,101 (-14.0%), from €101,040 to €86,939
of which Tax-exempt reserves: -€15,306
- Current portion of long-term debt -€10,009
down €10,009 (-57.2%), from €17,509 to €7,500
- Other debts +€7,256
up €7,256 (+33.2%), from €21,842 to €29,098
- Profit (loss) carried forward +€4,540
no longer reported in 2025 (was -€4,540)
- Depreciation -€36,682
down €36,682 (-81.4%), from €45,056 to €8,374
- Taxes +€22,914
up €22,914 (+14684.4%), from €156 to €23,070
- Gross operating margin +€16,732
up €16,732 (+31.4%), from €53,231 to €69,963
- Financial charges -€788
down €788 (-31.9%), from €2,468 to €1,679
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.
Cash bridge derived
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 | €163,217 | €166,861 | +€3,643 | +2.2% |
| Fixed assets | 21/28 | €99,941 | €36,929 | -€63,012 | -63.0% |
| Tangible fixed assets | 22/27 | €99,941 | €36,929 | -€63,012 | -63.0% |
| Plant, machinery and equipment | 23 | €76,755 | €13,073 | -€63,682 | -83.0% |
| Furniture and vehicles | 24 | €12,924 | €12,207 | -€717 | -5.5% |
| Other tangible fixed assets | 26 | €10,263 | €11,649 | +€1,386 | +13.5% |
| Current assets | 29/58 | €63,276 | €129,932 | +€66,656 | +105.3% |
| Amounts receivable within one year | 40/41 | €16,860 | €25,847 | +€8,987 | +53.3% |
| Trade receivables | 40 | €16,860 | €25,847 | +€8,987 | +53.3% |
| Cash at bank and in hand | 54/58 | €45,609 | €102,133 | +€56,524 | +123.9% |
| Deferred charges and accrued income | 490/1 | €807 | €1,952 | +€1,145 | +141.8% |
| Total equity and liabilities | 10/49 | €163,217 | €166,861 | +€3,643 | +2.2% |
| Equity | 10/15 | €96,500 | €86,939 | -€9,561 | -9.9% |
| Reserves | 13 | €101,040 | €86,939 | -€14,101 | -14.0% |
| Tax-exempt reserves | 132 | €30,612 | €15,306 | -€15,306 | -50.0% |
| Distributable reserves | 133 | €70,428 | €71,633 | +€1,205 | +1.7% |
| Profit (loss) carried forward | 14 | -€4,540 | - | +€4,540 | |
| Provisions and deferred taxes | 16 | €7,653 | €3,827 | -€3,827 | -50.0% |
| Deferred taxes | 168 | €7,653 | €3,827 | -€3,827 | -50.0% |
| Amounts payable | 17/49 | €59,064 | €76,095 | +€17,031 | +28.8% |
| Amounts payable after more than one year | 17 | €3,219 | - | -€3,219 | |
| Financial debts | 170/4 | €3,219 | - | -€3,219 | |
| Amounts payable within one year | 42/48 | €55,592 | €75,636 | +€20,043 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €17,509 | €7,500 | -€10,009 | -57.2% |
| Trade debts | 44 | €3,341 | €5,172 | +€1,831 | +54.8% |
| Suppliers | 440/4 | €3,341 | €5,172 | +€1,831 | +54.8% |
| Taxes, remuneration and social security | 45 | €12,901 | €33,866 | +€20,965 | +162.5% |
| Taxes | 450/3 | €12,901 | €33,866 | +€20,965 | +162.5% |
| Other amounts payable | 47/48 | €21,842 | €29,098 | +€7,256 | +33.2% |
| Accrued charges and deferred income | 492/3 | €252 | €459 | +€207 | +82.0% |
| Non-recurring operating income | 76A | €13,181 | €76,548 | +€63,367 | +480.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,056 | €8,374 | -€36,682 | -81.4% |
| Other operating charges | 640/8 | €1,070 | €993 | -€77 | -7.2% |
| Non-recurring operating charges | 66A | €28,158 | €5,000 | -€23,158 | -82.2% |
| Gross operating margin | 9900 | €53,231 | €69,963 | +€16,732 | +31.4% |
| Operating profit (loss) | 9901 | -€21,054 | €55,596 | +€76,649 | |
| Financial income | 75/76B | €5 | €48 | +€43 | +926.6% |
| Recurring financial income | 75 | €5 | €48 | +€43 | +926.6% |
| Financial charges | 65/66B | €2,468 | €1,679 | -€788 | -31.9% |
| Recurring financial charges | 65 | €2,468 | €1,679 | -€788 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,517 | €53,964 | +€77,481 | |
| Transfer from deferred taxes | 780 | €3,827 | €3,827 | = | 0.0% |
| Income taxes | 67/77 | €156 | €23,070 | +€22,914 | +14684.4% |
| Profit (loss) for the period | 9904 | -€19,846 | €34,721 | +€54,567 | |
| Transfer from tax-exempt reserves | 789 | €15,306 | €15,306 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,540 | €50,028 | +€54,567 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.