GO LETTERING: 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.
GO LETTERING
Largest movements
- Current investments +€30,046
up €30,046 (+59.9%), from €50,164 to €80,210
- Receivables within one year -€21,196
down €21,196 (-46.4%), from €45,711 to €24,515
of which Trade receivables: -€21,167
- Tangible fixed assets -€11,874
down €11,874 (-44.6%), from €26,644 to €14,771
of which Plant, machinery and equipment: -€10,729
- Cash -€7,186
down €7,186 (-45.1%), from €15,922 to €8,736
mainly Current investments (-€30,046) and Trade debts (-€10,185)
- Stocks and contracts +€3,167
up €3,167 (+14.2%), from €22,353 to €25,520
- Reserves +€18,998
up €18,998 (+37.1%), from €51,263 to €70,261
- Trade debts -€10,185
down €10,185 (-31.7%), from €32,165 to €21,980
- Current portion of long-term debt -€7,611
down €7,611 (-65.0%), from €11,713 to €4,102
- Debts after one year -€4,102
down €4,102 (-79.5%), from €5,161 to €1,059
- Tax, wage and social debts -€3,243
down €3,243 (-17.2%), from €18,840 to €15,597
- Gross operating margin -€6,198
down €6,198 (-11.1%), from €55,849 to €49,651
- Financial charges -€2,781
down €2,781 (-38.5%), from €7,215 to €4,434
- Depreciation -€1,790
down €1,790 (-12.1%), from €14,795 to €13,004
- Financial income +€1,665
up €1,665 (+206%), from €807 to €2,472
- Taxes +€911
up €911 (+12.3%), from €7,409 to €8,320
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 | €160,795 | €154,535 | -€6,260 | -3.9% |
| Fixed assets | 21/28 | €26,644 | €14,771 | -€11,874 | -44.6% |
| Tangible fixed assets | 22/27 | €26,644 | €14,771 | -€11,874 | -44.6% |
| Plant, machinery and equipment | 23 | €23,221 | €12,492 | -€10,729 | -46.2% |
| Furniture and vehicles | 24 | €3,423 | €2,278 | -€1,145 | -33.4% |
| Current assets | 29/58 | €134,150 | €139,764 | +€5,614 | +4.2% |
| Stocks and contracts in progress | 3 | €22,353 | €25,520 | +€3,167 | +14.2% |
| Stocks | 30/36 | €22,353 | €25,520 | +€3,167 | +14.2% |
| Amounts receivable within one year | 40/41 | €45,711 | €24,515 | -€21,196 | -46.4% |
| Trade receivables | 40 | €44,720 | €23,552 | -€21,167 | -47.3% |
| Other amounts receivable | 41 | €992 | €963 | -€29 | -2.9% |
| Current investments | 50/53 | €50,164 | €80,210 | +€30,046 | +59.9% |
| Cash at bank and in hand | 54/58 | €15,922 | €8,736 | -€7,186 | -45.1% |
| Deferred charges and accrued income | 490/1 | - | €783 | +€783 | |
| Total equity and liabilities | 10/49 | €160,795 | €154,535 | -€6,260 | -3.9% |
| Equity | 10/15 | €91,651 | €110,649 | +€18,998 | +20.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €51,263 | €70,261 | +€18,998 | +37.1% |
| Distributable reserves | 133 | €51,263 | €70,261 | +€18,998 | +37.1% |
| Profit (loss) carried forward | 14 | €21,796 | €21,796 | = | 0.0% |
| Amounts payable | 17/49 | €69,144 | €43,886 | -€25,258 | -36.5% |
| Amounts payable after more than one year | 17 | €5,161 | €1,059 | -€4,102 | -79.5% |
| Financial debts | 170/4 | €5,161 | €1,059 | -€4,102 | -79.5% |
| Amounts payable within one year | 42/48 | €63,983 | €42,827 | -€21,156 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €11,713 | €4,102 | -€7,611 | -65.0% |
| Trade debts | 44 | €32,165 | €21,980 | -€10,185 | -31.7% |
| Suppliers | 440/4 | €32,165 | €21,980 | -€10,185 | -31.7% |
| Taxes, remuneration and social security | 45 | €18,840 | €15,597 | -€3,243 | -17.2% |
| Taxes | 450/3 | €18,840 | €15,597 | -€3,243 | -17.2% |
| Other amounts payable | 47/48 | €1,265 | €1,148 | -€117 | -9.3% |
| Remuneration, social security and pensions | 62 | €6,446 | €6,896 | +€450 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,795 | €13,004 | -€1,790 | -12.1% |
| Other operating charges | 640/8 | €779 | €469 | -€309 | -39.7% |
| Gross operating margin | 9900 | €55,849 | €49,651 | -€6,198 | -11.1% |
| Operating profit (loss) | 9901 | €33,830 | €29,281 | -€4,549 | -13.4% |
| Financial income | 75/76B | €807 | €2,472 | +€1,665 | +206% |
| Recurring financial income | 75 | €807 | €2,472 | +€1,665 | +206% |
| Financial charges | 65/66B | €7,215 | €4,434 | -€2,781 | -38.5% |
| Recurring financial charges | 65 | €7,215 | €4,434 | -€2,781 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | €27,421 | €27,318 | -€103 | -0.4% |
| Income taxes | 67/77 | €7,409 | €8,320 | +€911 | +12.3% |
| Profit (loss) for the period | 9904 | €20,012 | €18,998 | -€1,013 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,012 | €18,998 | -€1,013 | -5.1% |
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 20 October 2026 via checked.be.