GRAPHIC COLOR: 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.
GRAPHIC COLOR
Largest movements
- Cash -€28,739
down €28,739 (-35.4%), from €81,146 to €52,406
mainly Investment in fixed assets (net) (-€66,270) and Short-term financial debts (-€25,000)
- Tangible fixed assets +€26,279
up €26,279 (+11.2%), from €234,559 to €260,838
of which Leasing and similar rights: +€37,338
- Receivables within one year +€14,575
up €14,575 (+12.4%), from €117,798 to €132,373
of which Trade receivables: +€14,204
- Short-term financial debts -€25,000
down €25,000 (-71.6%), from €34,900 to €9,900
- Reserves +€19,000
up €19,000 (+6.7%), from €283,900 to €302,900
- Current portion of long-term debt +€10,608
up €10,608 (+20.8%), from €50,919 to €61,527
- Gross operating margin +€30,909
up €30,909 (+11.8%), from €262,732 to €293,642
- Staff costs +€24,202
up €24,202 (+13.0%), from €185,851 to €210,053
- Depreciation +€20,380
up €20,380 (+104%), from €19,611 to €39,991
- Other operating charges -€3,852
down €3,852 (-30.6%), from €12,581 to €8,730
- Write-downs +€2,961
up €2,961, from €0 to €2,961
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 | €853,079 | €863,177 | +€10,098 | +1.2% |
| Fixed assets | 21/28 | €639,059 | €665,338 | +€26,279 | +4.1% |
| Tangible fixed assets | 22/27 | €234,559 | €260,838 | +€26,279 | +11.2% |
| Land and buildings | 22 | €147,967 | €139,444 | -€8,523 | -5.8% |
| Plant, machinery and equipment | 23 | €14,193 | €9,835 | -€4,358 | -30.7% |
| Furniture and vehicles | 24 | €1,159 | €2,981 | +€1,822 | +157% |
| Leasing and similar rights | 25 | €71,240 | €108,578 | +€37,338 | +52.4% |
| Financial fixed assets | 28 | €404,500 | €404,500 | = | 0.0% |
| Current assets | 29/58 | €214,020 | €197,839 | -€16,181 | -7.6% |
| Stocks and contracts in progress | 3 | €3,779 | €2,207 | -€1,573 | -41.6% |
| Stocks | 30/36 | €3,779 | €2,207 | -€1,573 | -41.6% |
| Amounts receivable within one year | 40/41 | €117,798 | €132,373 | +€14,575 | +12.4% |
| Trade receivables | 40 | €116,707 | €130,911 | +€14,204 | +12.2% |
| Other amounts receivable | 41 | €1,091 | €1,462 | +€371 | +34.0% |
| Cash at bank and in hand | 54/58 | €81,146 | €52,406 | -€28,739 | -35.4% |
| Deferred charges and accrued income | 490/1 | €11,297 | €10,853 | -€445 | -3.9% |
| Total equity and liabilities | 10/49 | €853,079 | €863,177 | +€10,098 | +1.2% |
| Equity | 10/15 | €325,265 | €341,921 | +€16,656 | +5.1% |
| Contributions | 10/11 | €39,000 | €39,000 | = | 0.0% |
| Reserves | 13 | €283,900 | €302,900 | +€19,000 | +6.7% |
| Distributable reserves | 133 | €283,900 | €302,900 | +€19,000 | +6.7% |
| Profit (loss) carried forward | 14 | €2,365 | €21 | -€2,344 | -99.1% |
| Amounts payable | 17/49 | €527,814 | €521,255 | -€6,558 | -1.2% |
| Amounts payable after more than one year | 17 | €276,846 | €279,638 | +€2,792 | +1.0% |
| Financial debts | 170/4 | €276,846 | €279,638 | +€2,792 | +1.0% |
| Amounts payable within one year | 42/48 | €249,465 | €233,638 | -€15,827 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €50,919 | €61,527 | +€10,608 | +20.8% |
| Financial debts | 43 | €34,900 | €9,900 | -€25,000 | -71.6% |
| Credit institutions | 430/8 | €34,900 | €9,900 | -€25,000 | -71.6% |
| Trade debts | 44 | €72,151 | €69,843 | -€2,308 | -3.2% |
| Suppliers | 440/4 | €72,151 | €69,843 | -€2,308 | -3.2% |
| Taxes, remuneration and social security | 45 | €51,640 | €45,769 | -€5,871 | -11.4% |
| Taxes | 450/3 | €23,900 | €15,226 | -€8,674 | -36.3% |
| Remuneration and social security | 454/9 | €27,740 | €30,544 | +€2,803 | +10.1% |
| Other amounts payable | 47/48 | €39,854 | €46,598 | +€6,744 | +16.9% |
| Accrued charges and deferred income | 492/3 | €1,502 | €7,979 | +€6,477 | +431% |
| Remuneration, social security and pensions | 62 | €185,851 | €210,053 | +€24,202 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,611 | €39,991 | +€20,380 | +104% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €2,961 | +€2,961 | |
| Other operating charges | 640/8 | €12,581 | €8,730 | -€3,852 | -30.6% |
| Gross operating margin | 9900 | €262,732 | €293,642 | +€30,909 | +11.8% |
| Operating profit (loss) | 9901 | €44,688 | €31,907 | -€12,782 | -28.6% |
| Financial income | 75/76B | €3,814 | €4,796 | +€982 | +25.7% |
| Recurring financial income | 75 | €3,814 | €4,796 | +€982 | +25.7% |
| Financial charges | 65/66B | €14,829 | €14,457 | -€372 | -2.5% |
| Recurring financial charges | 65 | €14,829 | €14,457 | -€372 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €33,673 | €22,245 | -€11,428 | -33.9% |
| Income taxes | 67/77 | €8,461 | €5,589 | -€2,871 | -33.9% |
| Profit (loss) for the period | 9904 | €25,213 | €16,656 | -€8,557 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,213 | €16,656 | -€8,557 | -33.9% |
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 26 October 2026 via checked.be.