GREEN: 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.
GREEN
Largest movements
- Receivables within one year +€43,095
up €43,095 (+12.0%), from €360,302 to €403,397
of which Trade receivables: +€59,309
- Stocks and contracts -€34,741
down €34,741 (-8.2%), from €424,540 to €389,799
- Intangible fixed assets -€14,400
down €14,400 (-33.7%), from €42,766 to €28,366
- Tangible fixed assets -€11,406
down €11,406 (-56.3%), from €20,275 to €8,869
- Profit (loss) carried forward -€105,136
down €105,136, from €55,464 to -€49,672
- Trade debts +€86,619
up €86,619 (+41.5%), from €208,694 to €295,313
- Other debts +€19,127
up €19,127 (+41.0%), from €46,656 to €65,782
- Tax, wage and social debts -€11,736
down €11,736 (-14.1%), from €83,482 to €71,746
of which Remuneration and social security: -€7,779
- Gross operating margin -€306,393
down €306,393 (-47.7%), from €642,233 to €335,840
- Staff costs -€89,957
down €89,957 (-19.2%), from €467,677 to €377,719
- Write-downs -€82,001
down €82,001 (-91.6%), from €89,510 to €7,508
- Other operating charges -€17,290
down €17,290 (-54.0%), from €32,010 to €14,720
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 | €893,154 | €876,817 | -€16,337 | -1.8% |
| Fixed assets | 21/28 | €63,041 | €37,235 | -€25,806 | -40.9% |
| Intangible fixed assets | 21 | €42,766 | €28,366 | -€14,400 | -33.7% |
| Tangible fixed assets | 22/27 | €20,275 | €8,869 | -€11,406 | -56.3% |
| Furniture and vehicles | 24 | €20,275 | €8,869 | -€11,406 | -56.3% |
| Current assets | 29/58 | €830,112 | €839,582 | +€9,469 | +1.1% |
| Stocks and contracts in progress | 3 | €424,540 | €389,799 | -€34,741 | -8.2% |
| Stocks | 30/36 | €424,540 | €389,799 | -€34,741 | -8.2% |
| Amounts receivable within one year | 40/41 | €360,302 | €403,397 | +€43,095 | +12.0% |
| Trade receivables | 40 | €323,640 | €382,948 | +€59,309 | +18.3% |
| Other amounts receivable | 41 | €36,662 | €20,449 | -€16,213 | -44.2% |
| Cash at bank and in hand | 54/58 | €35,968 | €44,169 | +€8,202 | +22.8% |
| Deferred charges and accrued income | 490/1 | €9,303 | €2,216 | -€7,087 | -76.2% |
| Total equity and liabilities | 10/49 | €893,154 | €876,817 | -€16,337 | -1.8% |
| Equity | 10/15 | €292,322 | €187,186 | -€105,136 | -36.0% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €80,186 | €80,186 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €65,313 | €65,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,464 | -€49,672 | -€105,136 | |
| Investment grants | 15 | €7,935 | €7,935 | = | 0.0% |
| Amounts payable | 17/49 | €600,831 | €689,631 | +€88,799 | +14.8% |
| Amounts payable within one year | 42/48 | €588,831 | €682,842 | +€94,010 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €208,694 | €295,313 | +€86,619 | +41.5% |
| Suppliers | 440/4 | €208,694 | €295,313 | +€86,619 | +41.5% |
| Taxes, remuneration and social security | 45 | €83,482 | €71,746 | -€11,736 | -14.1% |
| Taxes | 450/3 | €9,320 | €5,363 | -€3,957 | -42.5% |
| Remuneration and social security | 454/9 | €74,161 | €66,383 | -€7,779 | -10.5% |
| Other amounts payable | 47/48 | €46,656 | €65,782 | +€19,127 | +41.0% |
| Accrued charges and deferred income | 492/3 | €12,000 | €6,789 | -€5,211 | -43.4% |
| Remuneration, social security and pensions | 62 | €467,677 | €377,719 | -€89,957 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,987 | €20,770 | -€4,217 | -16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €89,510 | €7,508 | -€82,001 | -91.6% |
| Other operating charges | 640/8 | €32,010 | €14,720 | -€17,290 | -54.0% |
| Gross operating margin | 9900 | €642,233 | €335,840 | -€306,393 | -47.7% |
| Operating profit (loss) | 9901 | €28,050 | -€84,877 | -€112,928 | |
| Financial income | 75/76B | €225 | €46 | -€179 | -79.5% |
| Recurring financial income | 75 | €225 | €46 | -€179 | -79.5% |
| Financial charges | 65/66B | €20,177 | €17,865 | -€2,312 | -11.5% |
| Recurring financial charges | 65 | €20,177 | €17,865 | -€2,312 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €8,098 | -€102,696 | -€110,794 | |
| Income taxes | 67/77 | €5,540 | €2,440 | -€3,100 | -56.0% |
| Profit (loss) for the period | 9904 | €2,558 | -€105,136 | -€107,694 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,558 | -€105,136 | -€107,694 |
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 19 October 2026 via checked.be.