GRAPHICS: 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.
GRAPHICS
Largest movements
- Receivables after one year -€802,205
down €802,205 (-84.9%), from €944,451 to €142,246
- Receivables within one year -€286,618
down €286,618 (-99.8%), from €287,330 to €711
of which Other amounts receivable: -€285,553
- Deferred charges and accrued income -€152,940
down €152,940 (-91.5%), from €167,066 to €14,126
- Tangible fixed assets +€53,979
up €53,979 (+3.1%), from €1.7m to €1.8m
of which Plant, machinery and equipment: +€61,715
- Cash +€39,433
up €39,433 (+85.1%), from €46,312 to €85,745
mainly Receivables after one year (+€802,205) and Receivables within one year (+€286,618)
- Other debts -€930,270
down €930,270 (-93.6%), from €993,699 to €63,430
- Trade debts -€230,825
down €230,825 (-72.0%), from €320,459 to €89,634
- Reserves +€96,977
up €96,977 (+5.4%), from €1.8m to €1.9m
- Tax, wage and social debts -€55,970
down €55,970 (-93.7%), from €59,713 to €3,743
- Gross operating margin +€40,460
up €40,460 (+82.3%), from €49,140 to €89,600
- Taxes +€16,558
up €16,558 (+218%), from €7,590 to €24,148
- Depreciation -€1,997
down €1,997 (-16.9%), from €11,832 to €9,836
- Financial income -€1,640
down €1,640 (-3.4%), from €48,118 to €46,478
- Other operating charges -€1,569
down €1,569 (-25.7%), from €6,108 to €4,539
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 | €3,454,950 | €2,313,647 | -€1.1m | -33.0% |
| Fixed assets | 21/28 | €1,734,786 | €1,788,765 | +€53,979 | +3.1% |
| Tangible fixed assets | 22/27 | €1,733,609 | €1,787,589 | +€53,979 | +3.1% |
| Land and buildings | 22 | €70,737 | €67,288 | -€3,449 | -4.9% |
| Plant, machinery and equipment | 23 | €1,097,209 | €1,158,924 | +€61,715 | +5.6% |
| Furniture and vehicles | 24 | €565,664 | €561,377 | -€4,286 | -0.8% |
| Financial fixed assets | 28 | €1,176 | €1,176 | = | 0.0% |
| Current assets | 29/58 | €1,720,165 | €524,882 | -€1.2m | -69.5% |
| Amounts receivable after more than one year | 29 | €944,451 | €142,246 | -€802,205 | -84.9% |
| Other amounts receivable | 291 | €944,451 | €142,246 | -€802,205 | -84.9% |
| Amounts receivable within one year | 40/41 | €287,330 | €711 | -€286,618 | -99.8% |
| Trade receivables | 40 | €1,065 | €0 | -€1,065 | -100% |
| Other amounts receivable | 41 | €286,265 | €711 | -€285,553 | -99.8% |
| Current investments | 50/53 | €275,006 | €282,053 | +€7,047 | +2.6% |
| Cash at bank and in hand | 54/58 | €46,312 | €85,745 | +€39,433 | +85.1% |
| Deferred charges and accrued income | 490/1 | €167,066 | €14,126 | -€152,940 | -91.5% |
| Total equity and liabilities | 10/49 | €3,454,950 | €2,313,647 | -€1.1m | -33.0% |
| Equity | 10/15 | €2,010,803 | €2,107,779 | +€96,977 | +4.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,807,827 | €1,904,804 | +€96,977 | +5.4% |
| Distributable reserves | 133 | €1,807,827 | €1,904,804 | +€96,977 | +5.4% |
| Profit (loss) carried forward | 14 | €184,384 | €184,384 | = | 0.0% |
| Amounts payable | 17/49 | €1,444,148 | €205,868 | -€1.2m | -85.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,392,555 | €156,807 | -€1.2m | -88.7% |
| Current portion of amounts payable after more than one year | 42 | €18,684 | €0 | -€18,684 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €320,459 | €89,634 | -€230,825 | -72.0% |
| Suppliers | 440/4 | €320,459 | €89,634 | -€230,825 | -72.0% |
| Taxes, remuneration and social security | 45 | €59,713 | €3,743 | -€55,970 | -93.7% |
| Taxes | 450/3 | €59,713 | €3,743 | -€55,970 | -93.7% |
| Other amounts payable | 47/48 | €993,699 | €63,430 | -€930,270 | -93.6% |
| Accrued charges and deferred income | 492/3 | €51,593 | €49,061 | -€2,532 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,832 | €9,836 | -€1,997 | -16.9% |
| Other operating charges | 640/8 | €6,108 | €4,539 | -€1,569 | -25.7% |
| Gross operating margin | 9900 | €49,140 | €89,600 | +€40,460 | +82.3% |
| Operating profit (loss) | 9901 | €31,199 | €75,226 | +€44,026 | +141% |
| Financial income | 75/76B | €48,118 | €46,478 | -€1,640 | -3.4% |
| Recurring financial income | 75 | €48,118 | €46,478 | -€1,640 | -3.4% |
| Financial charges | 65/66B | €1,089 | €579 | -€510 | -46.9% |
| Recurring financial charges | 65 | €1,089 | €579 | -€510 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €78,228 | €121,125 | +€42,897 | +54.8% |
| Income taxes | 67/77 | €7,590 | €24,148 | +€16,558 | +218% |
| Profit (loss) for the period | 9904 | €70,638 | €96,977 | +€26,339 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,638 | €96,977 | +€26,339 | +37.3% |
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 18 October 2026 via checked.be.