GENTLEMEN: 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.
GENTLEMEN
Largest movements
- Receivables within one year +€35,065
up €35,065 (+28.3%), from €123,962 to €159,027
of which Other amounts receivable: +€38,075
- Tangible fixed assets -€33,956
down €33,956 (-13.2%), from €256,716 to €222,761
of which Plant, machinery and equipment: -€29,481
- Stocks and contracts -€28,508
down €28,508 (-7.3%), from €388,584 to €360,076
- Cash +€16,575
up €16,575 (+152.0%), from €10,905 to €27,480
mainly Depreciation (+€41,765) and Short-term financial debts (+€34,543)
- Debts after one year -€45,049
down €45,049 (-18.5%), from €243,381 to €198,332
- Short-term financial debts +€34,543
up €34,543 (+15.2%), from €227,706 to €262,250
- Trade debts -€30,742
down €30,742 (-41.2%), from €74,573 to €43,832
- Reserves +€29,778
up €29,778 (+254.0%), from €11,723 to €41,500
of which Distributable reserves: +€29,778
- Gross operating margin +€62,129
up €62,129 (+29.0%), from €214,553 to €276,682
- Write-downs +€27,691
new in 2025: €27,691
- Taxes +€9,175
up €9,175 (+106.9%), from €8,580 to €17,754
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 | €861,460 | €849,306 | -€12,155 | -1.4% |
| Fixed assets | 21/28 | €262,776 | €228,821 | -€33,956 | -12.9% |
| Tangible fixed assets | 22/27 | €256,716 | €222,761 | -€33,956 | -13.2% |
| Land and buildings | 22 | €109,402 | €105,202 | -€4,200 | -3.8% |
| Plant, machinery and equipment | 23 | €146,617 | €117,136 | -€29,481 | -20.1% |
| Furniture and vehicles | 24 | €697 | €422 | -€275 | -39.5% |
| Financial fixed assets | 28 | €6,060 | €6,060 | = | 0.0% |
| Current assets | 29/58 | €598,684 | €620,485 | +€21,801 | +3.6% |
| Amounts receivable after more than one year | 29 | €65,000 | €65,000 | = | 0.0% |
| Other amounts receivable | 291 | €65,000 | €65,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €388,584 | €360,076 | -€28,508 | -7.3% |
| Stocks | 30/36 | €388,584 | €360,076 | -€28,508 | -7.3% |
| Amounts receivable within one year | 40/41 | €123,962 | €159,027 | +€35,065 | +28.3% |
| Trade receivables | 40 | €13,134 | €10,124 | -€3,010 | -22.9% |
| Other amounts receivable | 41 | €110,828 | €148,904 | +€38,075 | +34.4% |
| Cash at bank and in hand | 54/58 | €10,905 | €27,480 | +€16,575 | +152.0% |
| Deferred charges and accrued income | 490/1 | €10,232 | €8,901 | -€1,331 | -13.0% |
| Total equity and liabilities | 10/49 | €861,460 | €849,306 | -€12,155 | -1.4% |
| Equity | 10/15 | €214,638 | €244,416 | +€29,778 | +13.9% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Capital | 10 | €180,000 | €180,000 | = | 0.0% |
| Issued capital | 100 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €11,723 | €41,500 | +€29,778 | +254.0% |
| Non-distributable reserves | 130/1 | €6,483 | €6,483 | = | 0.0% |
| Legal reserve | 130 | €6,483 | €6,483 | = | 0.0% |
| Distributable reserves | 133 | €5,240 | €35,018 | +€29,778 | +568.3% |
| Profit (loss) carried forward | 14 | €22,915 | €22,915 | = | 0.0% |
| Amounts payable | 17/49 | €646,822 | €604,890 | -€41,932 | -6.5% |
| Amounts payable after more than one year | 17 | €243,381 | €198,332 | -€45,049 | -18.5% |
| Financial debts | 170/4 | €243,381 | €198,332 | -€45,049 | -18.5% |
| Amounts payable within one year | 42/48 | €403,441 | €406,217 | +€2,776 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €44,689 | €45,049 | +€360 | +0.8% |
| Financial debts | 43 | €227,706 | €262,250 | +€34,543 | +15.2% |
| Credit institutions | 430/8 | €227,706 | €262,250 | +€34,543 | +15.2% |
| Trade debts | 44 | €74,573 | €43,832 | -€30,742 | -41.2% |
| Suppliers | 440/4 | €74,573 | €43,832 | -€30,742 | -41.2% |
| Taxes, remuneration and social security | 45 | €35,161 | €28,903 | -€6,257 | -17.8% |
| Taxes | 450/3 | €21,415 | €14,845 | -€6,570 | -30.7% |
| Remuneration and social security | 454/9 | €13,746 | €14,059 | +€313 | +2.3% |
| Other amounts payable | 47/48 | €21,311 | €26,183 | +€4,872 | +22.9% |
| Accrued charges and deferred income | 492/3 | - | €341 | +€341 | |
| Non-recurring operating income | 76A | €18,000 | €0 | -€18,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €134,123 | €136,647 | +€2,524 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,844 | €41,765 | -€79 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €27,691 | +€27,691 | |
| Other operating charges | 640/8 | €4,189 | €3,615 | -€574 | -13.7% |
| Gross operating margin | 9900 | €214,553 | €276,682 | +€62,129 | +29.0% |
| Operating profit (loss) | 9901 | €34,396 | €66,964 | +€32,567 | +94.7% |
| Financial income | 75/76B | €3,809 | €3,864 | +€56 | +1.5% |
| Recurring financial income | 75 | €3,809 | €3,864 | +€56 | +1.5% |
| Financial charges | 65/66B | €24,386 | €23,296 | -€1,089 | -4.5% |
| Recurring financial charges | 65 | €24,386 | €23,296 | -€1,089 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €13,820 | €47,532 | +€33,712 | +243.9% |
| Income taxes | 67/77 | €8,580 | €17,754 | +€9,175 | +106.9% |
| Profit (loss) for the period | 9904 | €5,240 | €29,778 | +€24,538 | +468.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,240 | €29,778 | +€24,538 | +468.3% |
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 11 October 2026 via checked.be.