G. ACTION: 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.
G. ACTION
Largest movements
- Current investments -€356,000
down €356,000 (-99.7%), from €357,000 to €1,000
- Cash +€271,003
up €271,003 (+196.6%), from €137,847 to €408,850
mainly Current investments (+€356,000) and Other debts (+€114,426)
- Receivables within one year +€89,125
up €89,125 (+220.9%), from €40,341 to €129,465
of which Trade receivables: +€52,377
- Tangible fixed assets +€78,391
up €78,391 (+17.5%), from €447,198 to €525,590
of which Plant, machinery and equipment: +€98,083
- Other debts +€114,426
up €114,426 (+317.5%), from €36,041 to €150,467
- Trade debts +€38,707
up €38,707 (+141.0%), from €27,446 to €66,154
- Accrued charges and deferred income -€24,863
down €24,863 (-4.7%), from €529,574 to €504,710
- Tax, wage and social debts -€24,567
down €24,567 (-36.3%), from €67,673 to €43,107
of which Remuneration and social security: -€14,896
- Profit (loss) carried forward -€11,563
down €11,563 (-1.0%), from -€1.1m to -€1.1m
- Gross operating margin +€59,610
up €59,610 (+10.1%), from €589,468 to €649,078
- Provisions +€33,027
no longer reported in 2025 (was -€33,027)
- Other operating charges -€25,921
down €25,921 (-30.8%), from €84,165 to €58,244
- Financial charges -€12,705
down €12,705, from €8,039 to -€4,666
of which Financial charges: -€12,758
- Staff costs -€8,194
down €8,194 (-1.5%), from €551,086 to €542,891
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 | €1,054,148 | €1,146,289 | +€92,140 | +8.7% |
| Fixed assets | 21/28 | €509,902 | €587,575 | +€77,674 | +15.2% |
| Intangible fixed assets | 21 | €60,129 | €59,411 | -€718 | -1.2% |
| Tangible fixed assets | 22/27 | €447,198 | €525,590 | +€78,391 | +17.5% |
| Land and buildings | 22 | €263,550 | €262,327 | -€1,223 | -0.5% |
| Plant, machinery and equipment | 23 | €142,735 | €240,818 | +€98,083 | +68.7% |
| Furniture and vehicles | 24 | €38,637 | €21,998 | -€16,638 | -43.1% |
| Leasing and similar rights | 25 | €2,276 | €446 | -€1,830 | -80.4% |
| Financial fixed assets | 28 | €2,575 | €2,575 | = | 0.0% |
| Current assets | 29/58 | €544,247 | €558,713 | +€14,467 | +2.7% |
| Stocks and contracts in progress | 3 | €1,951 | €1,951 | = | 0.0% |
| Stocks | 30/36 | €1,951 | €1,951 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,341 | €129,465 | +€89,125 | +220.9% |
| Trade receivables | 40 | €33,478 | €85,855 | +€52,377 | +156.5% |
| Other amounts receivable | 41 | €6,863 | €43,610 | +€36,747 | +535.4% |
| Current investments | 50/53 | €357,000 | €1,000 | -€356,000 | -99.7% |
| Cash at bank and in hand | 54/58 | €137,847 | €408,850 | +€271,003 | +196.6% |
| Deferred charges and accrued income | 490/1 | €7,108 | €17,447 | +€10,339 | +145.5% |
| Total equity and liabilities | 10/49 | €1,054,148 | €1,146,289 | +€92,140 | +8.7% |
| Equity | 10/15 | -€1,026,134 | -€1,037,698 | -€11,563 | -1.1% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,106,700 | -€1,118,263 | -€11,563 | -1.0% |
| Provisions and deferred taxes | 16 | €45,348 | €45,348 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €45,348 | €45,348 | = | 0.0% |
| Other liabilities and charges | 164/5 | €45,348 | €45,348 | = | 0.0% |
| Amounts payable | 17/49 | €2,034,935 | €2,138,639 | +€103,704 | +5.1% |
| Amounts payable after more than one year | 17 | €1,372,000 | €1,372,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,372,000 | €1,372,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,361 | €261,928 | +€128,567 | +96.4% |
| Trade debts | 44 | €27,446 | €66,154 | +€38,707 | +141.0% |
| Suppliers | 440/4 | €27,446 | €66,154 | +€38,707 | +141.0% |
| Advances received on contracts in progress | 46 | €2,200 | €2,200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €67,673 | €43,107 | -€24,567 | -36.3% |
| Taxes | 450/3 | €13,649 | €3,979 | -€9,671 | -70.9% |
| Remuneration and social security | 454/9 | €54,024 | €39,128 | -€14,896 | -27.6% |
| Other amounts payable | 47/48 | €36,041 | €150,467 | +€114,426 | +317.5% |
| Accrued charges and deferred income | 492/3 | €529,574 | €504,710 | -€24,863 | -4.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €551,086 | €542,891 | -€8,194 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,530 | €63,367 | +€1,837 | +3.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€33,027 | - | +€33,027 | |
| Other operating charges | 640/8 | €84,165 | €58,244 | -€25,921 | -30.8% |
| Non-recurring operating charges | 66A | -€1,795 | - | +€1,795 | |
| Gross operating margin | 9900 | €589,468 | €649,078 | +€59,610 | +10.1% |
| Operating profit (loss) | 9901 | -€72,491 | -€15,425 | +€57,067 | +78.7% |
| Financial income | 75/76B | €145 | €137 | -€9 | -5.9% |
| Recurring financial income | 75 | €145 | €137 | -€9 | -5.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,039 | -€4,666 | -€12,705 | |
| Recurring financial charges | 65 | €8,039 | -€4,718 | -€12,758 | |
| Non-recurring financial charges | 66B | - | €53 | +€53 | |
| Profit (loss) for the period before taxes | 9903 | -€80,385 | -€10,622 | +€69,763 | +86.8% |
| Income taxes | 67/77 | - | €941 | +€941 | |
| Profit (loss) for the period | 9904 | -€80,385 | -€11,563 | +€68,822 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,385 | -€11,563 | +€68,822 | +85.6% |
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.