GERAL: 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.
GERAL
Largest movements
- Current investments -€108,819
down €108,819 (-15.4%), from €707,556 to €598,737
- Receivables within one year +€98,482
up €98,482 (+57.5%), from €171,240 to €269,722
of which Trade receivables: +€97,301
- Cash +€43,259
up €43,259 (+11.0%), from €393,509 to €436,768
mainly Other debts (+€134,133) and Current investments (+€108,819)
- Stocks and contracts -€43,172
down €43,172 (-39.2%), from €110,251 to €67,080
of which Contracts in progress: -€37,631
- Reserves -€170,143
down €170,143 (-15.9%), from €1.1m to €900,135
of which Distributable reserves: -€170,143
- Other debts +€134,133
up €134,133 (+104%), from €129,396 to €263,529
- Trade debts -€64,212
down €64,212 (-50.7%), from €126,712 to €62,500
- Advances received +€62,400
up €62,400 (+157%), from €39,700 to €102,100
- Tax, wage and social debts +€20,568
up €20,568 (+56.8%), from €36,233 to €56,802
of which Remuneration and social security: +€16,186
- Gross operating margin +€88,971
up €88,971 (+29.6%), from €300,405 to €389,375
- Financial income -€45,136
down €45,136 (-62.0%), from €72,817 to €27,682
- Taxes +€23,281
up €23,281 (+106%), from €22,025 to €45,306
- Staff costs -€9,730
down €9,730 (-3.8%), from €259,040 to €249,310
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.
Derived cash bridge
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 | €1,464,320 | €1,447,066 | -€17,254 | -1.2% |
| Fixed assets | 21/28 | €69,193 | €60,956 | -€8,237 | -11.9% |
| Tangible fixed assets | 22/27 | €69,193 | €60,956 | -€8,237 | -11.9% |
| Land and buildings | 22 | €56,406 | €54,779 | -€1,627 | -2.9% |
| Plant, machinery and equipment | 23 | €1,093 | €710 | -€383 | -35.0% |
| Furniture and vehicles | 24 | €11,694 | €5,467 | -€6,227 | -53.2% |
| Current assets | 29/58 | €1,395,127 | €1,386,110 | -€9,017 | -0.6% |
| Stocks and contracts in progress | 3 | €110,251 | €67,080 | -€43,172 | -39.2% |
| Stocks | 30/36 | €70,542 | €65,002 | -€5,541 | -7.9% |
| Contracts in progress | 37 | €39,709 | €2,078 | -€37,631 | -94.8% |
| Amounts receivable within one year | 40/41 | €171,240 | €269,722 | +€98,482 | +57.5% |
| Trade receivables | 40 | €128,612 | €225,913 | +€97,301 | +75.7% |
| Other amounts receivable | 41 | €42,628 | €43,809 | +€1,181 | +2.8% |
| Current investments | 50/53 | €707,556 | €598,737 | -€108,819 | -15.4% |
| Cash at bank and in hand | 54/58 | €393,509 | €436,768 | +€43,259 | +11.0% |
| Deferred charges and accrued income | 490/1 | €12,570 | €13,802 | +€1,232 | +9.8% |
| Total equity and liabilities | 10/49 | €1,464,320 | €1,447,066 | -€17,254 | -1.2% |
| Equity | 10/15 | €1,132,278 | €962,135 | -€170,143 | -15.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,070,278 | €900,135 | -€170,143 | -15.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,567 | €43,567 | = | 0.0% |
| Distributable reserves | 133 | €1,020,511 | €850,368 | -€170,143 | -16.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €332,041 | €484,931 | +€152,889 | +46.0% |
| Amounts payable within one year | 42/48 | €332,041 | €484,931 | +€152,889 | +46.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €126,712 | €62,500 | -€64,212 | -50.7% |
| Suppliers | 440/4 | €126,712 | €62,500 | -€64,212 | -50.7% |
| Advances received on contracts in progress | 46 | €39,700 | €102,100 | +€62,400 | +157% |
| Taxes, remuneration and social security | 45 | €36,233 | €56,802 | +€20,568 | +56.8% |
| Taxes | 450/3 | €15,524 | €19,906 | +€4,382 | +28.2% |
| Remuneration and social security | 454/9 | €20,709 | €36,895 | +€16,186 | +78.2% |
| Other amounts payable | 47/48 | €129,396 | €263,529 | +€134,133 | +104% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €259,040 | €249,310 | -€9,730 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,728 | €8,237 | -€1,491 | -15.3% |
| Other operating charges | 640/8 | €7,111 | €7,131 | +€20 | +0.3% |
| Gross operating margin | 9900 | €300,405 | €389,375 | +€88,971 | +29.6% |
| Operating profit (loss) | 9901 | €24,525 | €124,697 | +€100,172 | +408% |
| Financial income | 75/76B | €72,817 | €27,682 | -€45,136 | -62.0% |
| Recurring financial income | 75 | €72,817 | €27,682 | -€45,136 | -62.0% |
| Financial charges | 65/66B | €3,175 | €3,064 | -€112 | -3.5% |
| Recurring financial charges | 65 | €3,175 | €3,064 | -€112 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €94,167 | €149,315 | +€55,148 | +58.6% |
| Income taxes | 67/77 | €22,025 | €45,306 | +€23,281 | +106% |
| Profit (loss) for the period | 9904 | €72,141 | €104,008 | +€31,867 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,141 | €104,008 | +€31,867 | +44.2% |
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 16 October 2026 via checked.be.