G & V: what changed
G & V
Largest movements
- Current investments +€35,376
up €35,376 (+137%), from €25,895 to €61,271
- Cash +€27,539
up €27,539 (+46.8%), from €58,787 to €86,326
mainly Net result for the year (+€229,932) and Tax, wage and social debts (+€97,067)
- Deferred charges and accrued income +€26,711
up €26,711 (+196%), from €13,599 to €40,310
- Receivables within one year -€13,199
down €13,199 (-2.5%), from €525,259 to €512,061
of which Other amounts receivable: -€51,042
- Tangible fixed assets -€8,303
down €8,303 (-9.1%), from €90,927 to €82,624
- Current portion of long-term debt -€137,418
down €137,418 (-100%), from €137,418 to €0
- Tax, wage and social debts +€97,067
up €97,067 (+64.8%), from €149,731 to €246,798
of which Taxes: +€86,240
- Short-term financial debts +€86,428
up €86,428 (+173%), from €50,000 to €136,428
of which Credit institutions: +€136,428
- Trade debts +€52,159
up €52,159 (+47.0%), from €110,901 to €163,060
- Other debts -€22,289
down €22,289 (-9.0%), from €247,548 to €225,259
- Gross operating margin +€110,359
up €110,359 (+11.7%), from €946,979 to €1.1m
- Staff costs +€61,445
up €61,445 (+10.7%), from €576,406 to €637,851
- Taxes +€12,654
up €12,654 (+14.9%), from €84,701 to €97,354
- Depreciation +€12,147
up €12,147 (+76.1%), from €15,972 to €28,119
- Other operating charges +€11,335
up €11,335 (+376%), from €3,018 to €14,353
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €726,025 | €797,459 | +€71,433 | +9.8% |
| Fixed assets | 21/28 | €102,485 | €97,490 | -€4,995 | -4.9% |
| Intangible fixed assets | 21 | - | €3,308 | +€3,308 | |
| Tangible fixed assets | 22/27 | €90,927 | €82,624 | -€8,303 | -9.1% |
| Furniture and vehicles | 24 | €90,927 | €82,624 | -€8,303 | -9.1% |
| Financial fixed assets | 28 | €11,558 | €11,558 | = | 0.0% |
| Current assets | 29/58 | €623,541 | €699,969 | +€76,428 | +12.3% |
| Amounts receivable within one year | 40/41 | €525,259 | €512,061 | -€13,199 | -2.5% |
| Trade receivables | 40 | €384,185 | €422,027 | +€37,843 | +9.9% |
| Other amounts receivable | 41 | €141,075 | €90,033 | -€51,042 | -36.2% |
| Current investments | 50/53 | €25,895 | €61,271 | +€35,376 | +137% |
| Cash at bank and in hand | 54/58 | €58,787 | €86,326 | +€27,539 | +46.8% |
| Deferred charges and accrued income | 490/1 | €13,599 | €40,310 | +€26,711 | +196% |
| Total equity and liabilities | 10/49 | €726,025 | €797,459 | +€71,433 | +9.8% |
| Equity | 10/15 | €19,607 | €24,539 | +€4,932 | +25.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,057 | €5,989 | +€4,932 | +466% |
| Amounts payable | 17/49 | €706,418 | €772,919 | +€66,501 | +9.4% |
| Amounts payable after more than one year | 17 | €7,987 | €0 | -€7,987 | -100% |
| Financial debts | 170/4 | €7,987 | €0 | -€7,987 | -100% |
| Amounts payable within one year | 42/48 | €696,221 | €771,545 | +€75,324 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €137,418 | €0 | -€137,418 | -100% |
| Financial debts | 43 | €50,000 | €136,428 | +€86,428 | +173% |
| Credit institutions | 430/8 | - | €136,428 | +€136,428 | |
| Other loans | 439 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €110,901 | €163,060 | +€52,159 | +47.0% |
| Suppliers | 440/4 | €110,901 | €163,060 | +€52,159 | +47.0% |
| Advances received on contracts in progress | 46 | €623 | €0 | -€623 | -100% |
| Taxes, remuneration and social security | 45 | €149,731 | €246,798 | +€97,067 | +64.8% |
| Taxes | 450/3 | €69,212 | €155,453 | +€86,240 | +125% |
| Remuneration and social security | 454/9 | €80,519 | €91,346 | +€10,827 | +13.4% |
| Other amounts payable | 47/48 | €247,548 | €225,259 | -€22,289 | -9.0% |
| Accrued charges and deferred income | 492/3 | €2,210 | €1,375 | -€836 | -37.8% |
| Remuneration, social security and pensions | 62 | €576,406 | €637,851 | +€61,445 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,972 | €28,119 | +€12,147 | +76.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €39,879 | €41,994 | +€2,115 | +5.3% |
| Other operating charges | 640/8 | €3,018 | €14,353 | +€11,335 | +376% |
| Gross operating margin | 9900 | €946,979 | €1,057,337 | +€110,359 | +11.7% |
| Operating profit (loss) | 9901 | €311,704 | €335,021 | +€23,318 | +7.5% |
| Financial income | 75/76B | €2,812 | €3,955 | +€1,144 | +40.7% |
| Recurring financial income | 75 | €2,812 | €3,955 | +€1,144 | +40.7% |
| Financial charges | 65/66B | €5,870 | €11,690 | +€5,821 | +99.2% |
| Recurring financial charges | 65 | €5,870 | €11,690 | +€5,821 | +99.2% |
| Profit (loss) for the period before taxes | 9903 | €308,646 | €327,286 | +€18,640 | +6.0% |
| Income taxes | 67/77 | €84,701 | €97,354 | +€12,654 | +14.9% |
| Profit (loss) for the period | 9904 | €223,945 | €229,932 | +€5,987 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €223,945 | €229,932 | +€5,987 | +2.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.