G. J.: 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. J.
Largest movements
- Current investments +€36,106
up €36,106 (+84.9%), from €42,523 to €78,629
- Tangible fixed assets -€33,519
down €33,519 (-42.3%), from €79,312 to €45,793
of which Plant, machinery and equipment: -€31,750
- Stocks and contracts -€22,733
down €22,733 (-10.9%), from €208,418 to €185,685
- Deferred charges and accrued income -€11,672
down €11,672 (-87.9%), from €13,281 to €1,609
- Other debts -€67,750
down €67,750 (-77.9%), from €87,000 to €19,250
- Reserves +€32,900
up €32,900 (+27.6%), from €119,052 to €151,952
of which Distributable reserves: +€32,900
- Debts after one year -€26,454
down €26,454 (-38.2%), from €69,241 to €42,788
- Trade debts +€13,723
up €13,723 (+209.0%), from €6,567 to €20,290
- Tax, wage and social debts +€11,396
up €11,396 (+80.9%), from €14,087 to €25,482
- Financial income -€57,421
down €57,421 (-92.8%), from €61,863 to €4,442
of which Non-recurring financial income: -€55,820
- Gross operating margin +€55,321
up €55,321 (+76.2%), from €72,579 to €127,900
- Taxes +€12,499
up €12,499 (+189.8%), from €6,587 to €19,085
- Financial charges -€6,613
down €6,613 (-25.6%), from €25,838 to €19,226
of which Financial charges: -€4,318
- Write-downs +€4,465
up €4,465, from -€1,400 to €3,065
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €484,370 | €448,652 | -€35,717 | -7.4% |
| Fixed assets | 21/28 | €107,395 | €71,931 | -€35,464 | -33.0% |
| Intangible fixed assets | 21 | €6,668 | €4,723 | -€1,945 | -29.2% |
| Tangible fixed assets | 22/27 | €79,312 | €45,793 | -€33,519 | -42.3% |
| Plant, machinery and equipment | 23 | €69,982 | €38,232 | -€31,750 | -45.4% |
| Furniture and vehicles | 24 | €9,330 | €7,561 | -€1,769 | -19.0% |
| Financial fixed assets | 28 | €21,415 | €21,415 | = | 0.0% |
| Current assets | 29/58 | €376,975 | €376,721 | -€254 | -0.1% |
| Stocks and contracts in progress | 3 | €208,418 | €185,685 | -€22,733 | -10.9% |
| Stocks | 30/36 | €208,418 | €185,685 | -€22,733 | -10.9% |
| Amounts receivable within one year | 40/41 | €112,753 | €110,798 | -€1,955 | -1.7% |
| Trade receivables | 40 | €82,507 | €94,370 | +€11,863 | +14.4% |
| Other amounts receivable | 41 | €30,246 | €16,428 | -€13,818 | -45.7% |
| Current investments | 50/53 | €42,523 | €78,629 | +€36,106 | +84.9% |
| Deferred charges and accrued income | 490/1 | €13,281 | €1,609 | -€11,672 | -87.9% |
| Total equity and liabilities | 10/49 | €484,370 | €448,652 | -€35,717 | -7.4% |
| Equity | 10/15 | €131,453 | €164,388 | +€32,935 | +25.1% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €119,052 | €151,952 | +€32,900 | +27.6% |
| Tax-exempt reserves | 132 | €1,500 | €1,500 | = | 0.0% |
| Distributable reserves | 133 | €117,552 | €150,452 | +€32,900 | +28.0% |
| Profit (loss) carried forward | 14 | €7 | €42 | +€35 | +524.6% |
| Amounts payable | 17/49 | €352,917 | €284,264 | -€68,653 | -19.5% |
| Amounts payable after more than one year | 17 | €69,241 | €42,788 | -€26,454 | -38.2% |
| Financial debts | 170/4 | €69,241 | €42,788 | -€26,454 | -38.2% |
| Amounts payable within one year | 42/48 | €283,675 | €241,476 | -€42,199 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €176,021 | €176,454 | +€433 | +0.2% |
| Trade debts | 44 | €6,567 | €20,290 | +€13,723 | +209.0% |
| Suppliers | 440/4 | €6,567 | €20,290 | +€13,723 | +209.0% |
| Taxes, remuneration and social security | 45 | €14,087 | €25,482 | +€11,396 | +80.9% |
| Taxes | 450/3 | €14,087 | €25,482 | +€11,396 | +80.9% |
| Other amounts payable | 47/48 | €87,000 | €19,250 | -€67,750 | -77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,860 | €37,208 | +€348 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,400 | €3,065 | +€4,465 | |
| Other operating charges | 640/8 | €3,749 | €1,573 | -€2,176 | -58.0% |
| Gross operating margin | 9900 | €72,579 | €127,900 | +€55,321 | +76.2% |
| Operating profit (loss) | 9901 | €33,369 | €86,054 | +€52,685 | +157.9% |
| Financial income | 75/76B | €61,863 | €4,442 | -€57,421 | -92.8% |
| Recurring financial income | 75 | €4,915 | €3,314 | -€1,601 | -32.6% |
| Non-recurring financial income | 76B | €56,947 | €1,128 | -€55,820 | -98.0% |
| Financial charges | 65/66B | €25,838 | €19,226 | -€6,613 | -25.6% |
| Recurring financial charges | 65 | €22,965 | €18,647 | -€4,318 | -18.8% |
| Non-recurring financial charges | 66B | €2,874 | €578 | -€2,295 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €69,393 | €71,271 | +€1,877 | +2.7% |
| Income taxes | 67/77 | €6,587 | €19,085 | +€12,499 | +189.8% |
| Profit (loss) for the period | 9904 | €62,807 | €52,185 | -€10,621 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,807 | €52,185 | -€10,621 | -16.9% |
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 5 October 2026 via checked.be.