Ground C: 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.
Ground C
Largest movements
- Stocks and contracts -€192,225
down €192,225 (-10.9%), from €1.8m to €1.6m
- Receivables within one year -€64,630
down €64,630 (-83.0%), from €77,854 to €13,224
of which Trade receivables: -€58,355
- Short-term financial debts -€261,000
down €261,000 (-24.5%), from €1.1m to €805,000
- Financial income -€12,360
down €12,360 (-98.9%), from €12,494 to €134
- Gross operating margin -€11,034
down €11,034 (-17.3%), from €63,921 to €52,887
- Financial charges -€10,645
down €10,645 (-23.7%), from €44,840 to €34,195
- Taxes -€3,201
down €3,201 (-42.0%), from €7,616 to €4,415
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 | €1,846,699 | €1,602,377 | -€244,321 | -13.2% |
| Current assets | 29/58 | €1,846,699 | €1,602,377 | -€244,321 | -13.2% |
| Stocks and contracts in progress | 3 | €1,756,627 | €1,564,402 | -€192,225 | -10.9% |
| Stocks | 30/36 | €1,756,627 | €1,564,402 | -€192,225 | -10.9% |
| Amounts receivable within one year | 40/41 | €77,854 | €13,224 | -€64,630 | -83.0% |
| Trade receivables | 40 | €58,355 | - | -€58,355 | |
| Other amounts receivable | 41 | €19,499 | €13,224 | -€6,275 | -32.2% |
| Cash at bank and in hand | 54/58 | €12,217 | €24,751 | +€12,534 | +103% |
| Total equity and liabilities | 10/49 | €1,846,699 | €1,602,377 | -€244,321 | -13.2% |
| Equity | 10/15 | €778,986 | €792,232 | +€13,246 | +1.7% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Capital | 10 | - | €660,000 | +€660,000 | |
| Issued capital | 100 | - | €660,000 | +€660,000 | |
| Reserves | 13 | €118,986 | €132,232 | +€13,246 | +11.1% |
| Non-distributable reserves | 130/1 | €5,949 | €6,612 | +€662 | +11.1% |
| Legal reserve | 130 | - | €6,612 | +€6,612 | |
| Reserves not available under the articles | 1311 | €5,949 | - | -€5,949 | |
| Distributable reserves | 133 | €113,037 | €125,621 | +€12,584 | +11.1% |
| Amounts payable | 17/49 | €1,067,712 | €810,145 | -€257,567 | -24.1% |
| Amounts payable within one year | 42/48 | €1,067,158 | €807,561 | -€259,596 | -24.3% |
| Financial debts | 43 | €1,066,000 | €805,000 | -€261,000 | -24.5% |
| Credit institutions | 430/8 | €1,066,000 | €805,000 | -€261,000 | -24.5% |
| Trade debts | 44 | €1,158 | €1,632 | +€474 | +41.0% |
| Suppliers | 440/4 | €1,158 | €1,632 | +€474 | +41.0% |
| Other amounts payable | 47/48 | - | €929 | +€929 | |
| Accrued charges and deferred income | 492/3 | €555 | €2,584 | +€2,029 | +366% |
| Other operating charges | 640/8 | €1,111 | €1,165 | +€54 | +4.8% |
| Gross operating margin | 9900 | €63,921 | €52,887 | -€11,034 | -17.3% |
| Operating profit (loss) | 9901 | €62,810 | €51,722 | -€11,087 | -17.7% |
| Financial income | 75/76B | €12,494 | €134 | -€12,360 | -98.9% |
| Recurring financial income | 75 | €12,494 | €134 | -€12,360 | -98.9% |
| Financial charges | 65/66B | €44,840 | €34,195 | -€10,645 | -23.7% |
| Recurring financial charges | 65 | €44,840 | €34,195 | -€10,645 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €30,464 | €17,661 | -€12,803 | -42.0% |
| Income taxes | 67/77 | €7,616 | €4,415 | -€3,201 | -42.0% |
| Profit (loss) for the period | 9904 | €22,848 | €13,246 | -€9,602 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,848 | €13,246 | -€9,602 | -42.0% |
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 15 October 2026 via checked.be.