GALERIES DU CYCLE: 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.
GALERIES DU CYCLE
Largest movements
- Stocks and contracts -€56,193
down €56,193 (-9.6%), from €586,577 to €530,384
- Cash +€27,366
up €27,366 (+18.4%), from €149,051 to €176,417
mainly Stocks and contracts (+€56,193) and Tax, wage and social debts (+€20,942)
- Receivables within one year +€24,739
up €24,739 (+48.6%), from €50,903 to €75,642
of which Other amounts receivable: +€28,882
- Other debts -€40,082
down €40,082 (-39.4%), from €101,618 to €61,536
- Tax, wage and social debts +€20,942
up €20,942 (+87.2%), from €24,008 to €44,950
of which Remuneration and social security: +€17,223
- Trade debts +€14,225
new in 2025: €14,225
- Staff costs +€35,506
up €35,506 (+48.4%), from €73,377 to €108,883
- Write-downs -€31,969
down €31,969 (-814.7%), from -€3,924 to -€35,894
- Financial charges -€5,787
down €5,787 (-31.7%), from €18,271 to €12,484
- Taxes +€955
up €955 (+104.2%), from €916 to €1,872
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 | €790,731 | €784,893 | -€5,838 | -0.7% |
| Fixed assets | 21/28 | €1,607 | €694 | -€913 | -56.8% |
| Tangible fixed assets | 22/27 | €1,607 | €694 | -€913 | -56.8% |
| Plant, machinery and equipment | 23 | €1,607 | €694 | -€913 | -56.8% |
| Furniture and vehicles | 24 | - | €0 | +€0 | |
| Current assets | 29/58 | €789,123 | €784,199 | -€4,925 | -0.6% |
| Stocks and contracts in progress | 3 | €586,577 | €530,384 | -€56,193 | -9.6% |
| Stocks | 30/36 | €586,577 | €530,384 | -€56,193 | -9.6% |
| Amounts receivable within one year | 40/41 | €50,903 | €75,642 | +€24,739 | +48.6% |
| Trade receivables | 40 | €26,750 | €22,607 | -€4,143 | -15.5% |
| Other amounts receivable | 41 | €24,153 | €53,035 | +€28,882 | +119.6% |
| Cash at bank and in hand | 54/58 | €149,051 | €176,417 | +€27,366 | +18.4% |
| Deferred charges and accrued income | 490/1 | €2,593 | €1,757 | -€837 | -32.3% |
| Total equity and liabilities | 10/49 | €790,731 | €784,893 | -€5,838 | -0.7% |
| Equity | 10/15 | €664,314 | €663,819 | -€495 | -0.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €101,767 | €101,767 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,829 | €30,829 | = | 0.0% |
| Distributable reserves | 133 | €70,938 | €70,938 | = | 0.0% |
| Profit (loss) carried forward | 14 | €537,547 | €537,052 | -€495 | -0.1% |
| Amounts payable | 17/49 | €126,417 | €121,074 | -€5,342 | -4.2% |
| Amounts payable within one year | 42/48 | €125,626 | €120,710 | -€4,916 | -3.9% |
| Trade debts | 44 | - | €14,225 | +€14,225 | |
| Suppliers | 440/4 | - | €14,225 | +€14,225 | |
| Taxes, remuneration and social security | 45 | €24,008 | €44,950 | +€20,942 | +87.2% |
| Taxes | 450/3 | €11,904 | €15,622 | +€3,718 | +31.2% |
| Remuneration and social security | 454/9 | €12,104 | €29,328 | +€17,223 | +142.3% |
| Other amounts payable | 47/48 | €101,618 | €61,536 | -€40,082 | -39.4% |
| Accrued charges and deferred income | 492/3 | €790 | €364 | -€426 | -53.9% |
| Remuneration, social security and pensions | 62 | €73,377 | €108,883 | +€35,506 | +48.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €913 | €913 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,924 | -€35,894 | -€31,969 | -814.7% |
| Other operating charges | 640/8 | €3,351 | €3,838 | +€487 | +14.5% |
| Non-recurring operating charges | 66A | €2,478 | - | -€2,478 | |
| Gross operating margin | 9900 | €91,821 | €91,541 | -€280 | -0.3% |
| Operating profit (loss) | 9901 | €15,626 | €13,800 | -€1,826 | -11.7% |
| Financial income | 75/76B | €231 | €60 | -€171 | -74.1% |
| Recurring financial income | 75 | €231 | €60 | -€171 | -74.1% |
| Financial charges | 65/66B | €18,271 | €12,484 | -€5,787 | -31.7% |
| Recurring financial charges | 65 | €18,271 | €12,484 | -€5,787 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,414 | €1,376 | +€3,790 | |
| Income taxes | 67/77 | €916 | €1,872 | +€955 | +104.2% |
| Profit (loss) for the period | 9904 | -€3,330 | -€495 | +€2,835 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,330 | -€495 | +€2,835 | +85.1% |
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 10 October 2026 via checked.be.