GLOBAL: 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.
GLOBAL
Largest movements
- Receivables within one year +€162,651
up €162,651 (+56.0%), from €290,196 to €452,847
of which Other amounts receivable: +€114,847
- Cash +€23,867
up €23,867 (+40.1%), from €59,547 to €83,413
mainly Trade debts (+€154,497) and Net result for the year (+€27,355)
- Tangible fixed assets -€8,385
down €8,385 (-3.4%), from €244,674 to €236,289
of which Land and buildings: -€11,395
- Trade debts +€154,497
up €154,497 (+47.2%), from €327,545 to €482,043
- Reserves +€27,350
up €27,350 (+89.7%), from €30,500 to €57,850
of which Distributable reserves: +€27,350
- Debts after one year -€12,761
down €12,761 (-32.8%), from €38,889 to €26,128
- Write-downs -€35,122
down €35,122, from €15,368 to -€19,754
- Gross operating margin -€15,764
down €15,764 (-8.9%), from €177,490 to €161,726
- Other operating charges +€14,841
up €14,841 (+323.3%), from €4,591 to €19,432
- Taxes +€4,521
up €4,521 (+39.6%), from €11,420 to €15,942
- Staff costs -€3,758
down €3,758 (-3.8%), from €100,176 to €96,418
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 | €649,612 | €827,294 | +€177,683 | +27.4% |
| Fixed assets | 21/28 | €250,210 | €240,166 | -€10,044 | -4.0% |
| Intangible fixed assets | 21 | €5,536 | €3,877 | -€1,659 | -30.0% |
| Tangible fixed assets | 22/27 | €244,674 | €236,289 | -€8,385 | -3.4% |
| Land and buildings | 22 | €237,870 | €226,475 | -€11,395 | -4.8% |
| Plant, machinery and equipment | 23 | - | €3,967 | +€3,967 | |
| Furniture and vehicles | 24 | €6,804 | €5,847 | -€957 | -14.1% |
| Current assets | 29/58 | €399,402 | €587,128 | +€187,726 | +47.0% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €290,196 | €452,847 | +€162,651 | +56.0% |
| Trade receivables | 40 | €277,119 | €324,924 | +€47,805 | +17.3% |
| Other amounts receivable | 41 | €13,077 | €127,923 | +€114,847 | +878.3% |
| Cash at bank and in hand | 54/58 | €59,547 | €83,413 | +€23,867 | +40.1% |
| Deferred charges and accrued income | 490/1 | €4,659 | €5,868 | +€1,209 | +25.9% |
| Total equity and liabilities | 10/49 | €649,612 | €827,294 | +€177,683 | +27.4% |
| Equity | 10/15 | €222,631 | €249,985 | +€27,355 | +12.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €30,500 | €57,850 | +€27,350 | +89.7% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €22,500 | €49,850 | +€27,350 | +121.6% |
| Profit (loss) carried forward | 14 | €167,131 | €167,135 | +€5 | 0.0% |
| Amounts payable | 17/49 | €426,981 | €577,309 | +€150,328 | +35.2% |
| Amounts payable after more than one year | 17 | €38,889 | €26,128 | -€12,761 | -32.8% |
| Financial debts | 170/4 | €38,889 | €26,128 | -€12,761 | -32.8% |
| Amounts payable within one year | 42/48 | €387,131 | €549,385 | +€162,255 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €14,825 | €15,463 | +€638 | +4.3% |
| Trade debts | 44 | €327,545 | €482,043 | +€154,497 | +47.2% |
| Suppliers | 440/4 | €327,545 | €482,043 | +€154,497 | +47.2% |
| Taxes, remuneration and social security | 45 | €44,738 | €51,880 | +€7,142 | +16.0% |
| Taxes | 450/3 | €22,229 | €29,841 | +€7,612 | +34.2% |
| Remuneration and social security | 454/9 | €22,509 | €22,039 | -€470 | -2.1% |
| Other amounts payable | 47/48 | €23 | - | -€23 | |
| Accrued charges and deferred income | 492/3 | €962 | €1,795 | +€834 | +86.7% |
| Remuneration, social security and pensions | 62 | €100,176 | €96,418 | -€3,758 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,283 | €15,932 | +€1,649 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,368 | -€19,754 | -€35,122 | |
| Other operating charges | 640/8 | €4,591 | €19,432 | +€14,841 | +323.3% |
| Gross operating margin | 9900 | €177,490 | €161,726 | -€15,764 | -8.9% |
| Operating profit (loss) | 9901 | €43,071 | €49,698 | +€6,626 | +15.4% |
| Financial income | 75/76B | €909 | €2,407 | +€1,499 | +164.9% |
| Recurring financial income | 75 | €909 | €2,407 | +€1,499 | +164.9% |
| Financial charges | 65/66B | €7,427 | €8,809 | +€1,382 | +18.6% |
| Recurring financial charges | 65 | €7,427 | €8,809 | +€1,382 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €36,553 | €43,296 | +€6,743 | +18.4% |
| Income taxes | 67/77 | €11,420 | €15,942 | +€4,521 | +39.6% |
| Profit (loss) for the period | 9904 | €25,133 | €27,355 | +€2,222 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,133 | €27,355 | +€2,222 | +8.8% |
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 2 October 2026 via checked.be.