GREEN LOOK: 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 LOOK
Largest movements
- Receivables within one year +€824,785
up €824,785 (+125%), from €661,320 to €1.5m
of which Trade receivables: +€783,833
- Tangible fixed assets +€778,056
up €778,056 (+1,485%), from €52,412 to €830,468
of which Land and buildings: +€754,179
- Stocks and contracts +€715,234
up €715,234 (+609%), from €117,500 to €832,734
- Cash -€275,513
down €275,513 (-62.6%), from €439,857 to €164,344
mainly Investment in fixed assets (net) (-€837,767) and Receivables within one year (-€824,785)
- Debts after one year +€1.4m
up €1.4m (+216%), from €642,571 to €2.0m
of which Financial debts: +€1.4m
- Trade debts +€291,510
up €291,510 (+8,663%), from €3,365 to €294,875
- Reserves +€256,199
up €256,199 (+28.9%), from €887,395 to €1.1m
of which Distributable reserves: +€256,199
- Current portion of long-term debt +€108,390
up €108,390 (+81.5%), from €133,059 to €241,450
- Gross operating margin -€270,875
down €270,875 (-32.7%), from €828,820 to €557,944
- Taxes -€130,940
down €130,940 (-51.6%), from €253,944 to €123,003
- Staff costs +€60,579
new in 2025: €60,579
- Depreciation +€49,247
up €49,247 (+702%), from €7,016 to €56,264
- Financial charges +€40,605
up €40,605 (+529%), from €7,669 to €48,274
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 | €1,774,148 | €3,824,947 | +€2.1m | +116% |
| Fixed assets | 21/28 | €550,745 | €1,332,249 | +€781,504 | +142% |
| Intangible fixed assets | 21 | - | €3,448 | +€3,448 | |
| Tangible fixed assets | 22/27 | €52,412 | €830,468 | +€778,056 | +1,485% |
| Land and buildings | 22 | - | €754,179 | +€754,179 | |
| Plant, machinery and equipment | 23 | - | €8,673 | +€8,673 | |
| Furniture and vehicles | 24 | €52,412 | €67,616 | +€15,204 | +29.0% |
| Financial fixed assets | 28 | €498,333 | €498,333 | = | 0.0% |
| Current assets | 29/58 | €1,223,403 | €2,492,698 | +€1.3m | +104% |
| Stocks and contracts in progress | 3 | €117,500 | €832,734 | +€715,234 | +609% |
| Stocks | 30/36 | €117,500 | €832,734 | +€715,234 | +609% |
| Amounts receivable within one year | 40/41 | €661,320 | €1,486,106 | +€824,785 | +125% |
| Trade receivables | 40 | €410,814 | €1,194,648 | +€783,833 | +191% |
| Other amounts receivable | 41 | €250,506 | €291,458 | +€40,952 | +16.3% |
| Cash at bank and in hand | 54/58 | €439,857 | €164,344 | -€275,513 | -62.6% |
| Deferred charges and accrued income | 490/1 | €4,725 | €9,514 | +€4,789 | +101% |
| Total equity and liabilities | 10/49 | €1,774,148 | €3,824,947 | +€2.1m | +116% |
| Equity | 10/15 | €907,395 | €1,163,594 | +€256,199 | +28.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €887,395 | €1,143,594 | +€256,199 | +28.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €885,395 | €1,141,594 | +€256,199 | +28.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €866,752 | €2,661,353 | +€1.8m | +207% |
| Amounts payable after more than one year | 17 | €642,571 | €2,032,373 | +€1.4m | +216% |
| Financial debts | 170/4 | €590,000 | €1,979,801 | +€1.4m | +236% |
| Other amounts payable | 178/9 | €52,571 | €52,571 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,031 | €628,980 | +€404,949 | +181% |
| Current portion of amounts payable after more than one year | 42 | €133,059 | €241,450 | +€108,390 | +81.5% |
| Trade debts | 44 | €3,365 | €294,875 | +€291,510 | +8,663% |
| Suppliers | 440/4 | €3,365 | €294,875 | +€291,510 | +8,663% |
| Taxes, remuneration and social security | 45 | €55,646 | €88,576 | +€32,930 | +59.2% |
| Taxes | 450/3 | €55,646 | €77,253 | +€21,607 | +38.8% |
| Remuneration and social security | 454/9 | - | €11,323 | +€11,323 | |
| Other amounts payable | 47/48 | €31,961 | €4,080 | -€27,881 | -87.2% |
| Accrued charges and deferred income | 492/3 | €150 | €0 | -€150 | -100% |
| Remuneration, social security and pensions | 62 | - | €60,579 | +€60,579 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,016 | €56,264 | +€49,247 | +702% |
| Other operating charges | 640/8 | €855 | €11,884 | +€11,029 | +1,290% |
| Gross operating margin | 9900 | €828,820 | €557,944 | -€270,875 | -32.7% |
| Operating profit (loss) | 9901 | €820,949 | €429,218 | -€391,731 | -47.7% |
| Financial income | 75/76B | €38 | €2,339 | +€2,301 | +6,131% |
| Recurring financial income | 75 | €38 | €2,339 | +€2,301 | +6,131% |
| Financial charges | 65/66B | €7,669 | €48,274 | +€40,605 | +529% |
| Recurring financial charges | 65 | €7,669 | €48,274 | +€40,605 | +529% |
| Profit (loss) for the period before taxes | 9903 | €813,317 | €383,282 | -€430,035 | -52.9% |
| Income taxes | 67/77 | €253,944 | €123,003 | -€130,940 | -51.6% |
| Profit (loss) for the period | 9904 | €559,374 | €260,279 | -€299,095 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €559,374 | €260,279 | -€299,095 | -53.5% |
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 14 October 2026 via checked.be.