GROUP D: what changed
Two fiscal 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.
GROUP D
Largest movements
- Cash -€113,931
down €113,931 (-99.4%), from €114,616 to €685
mainly Debts after one year (-€91,903) and Receivables within one year (-€38,222)
- Receivables within one year +€38,222
up €38,222 (+10.2%), from €375,389 to €413,611
of which Other amounts receivable: +€32,476
- Receivables after one year +€32,633
up €32,633 (+4.6%), from €712,500 to €745,133
- Tangible fixed assets -€25,698
down €25,698 (-7.1%), from €360,865 to €335,167
of which Land and buildings: -€24,216
- Debts after one year -€91,903
down €91,903 (-9.3%), from €990,681 to €898,779
- Short-term financial debts +€29,179
new in 2025: €29,179
- Financial income +€30,789
up €30,789 (+1359.4%), from €2,265 to €33,053
- Gross operating margin +€30,695
up €30,695 (+1531.4%), from €2,004 to €32,699
- Financial charges +€28,124
up €28,124 (+161.4%), from €17,429 to €45,553
- Other operating charges +€4,159
up €4,159 (+198.7%), from €2,093 to €6,252
- Write-downs -€1,354
new in 2025: -€1,354
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.
Cash bridge derived
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 | €1,569,524 | €1,499,594 | -€69,930 | -4.5% |
| Fixed assets | 21/28 | €360,865 | €335,167 | -€25,698 | -7.1% |
| Tangible fixed assets | 22/27 | €360,865 | €335,167 | -€25,698 | -7.1% |
| Land and buildings | 22 | €355,391 | €331,175 | -€24,216 | -6.8% |
| Furniture and vehicles | 24 | €5,474 | €3,992 | -€1,482 | -27.1% |
| Current assets | 29/58 | €1,208,660 | €1,164,428 | -€44,232 | -3.7% |
| Amounts receivable after more than one year | 29 | €712,500 | €745,133 | +€32,633 | +4.6% |
| Trade receivables | 290 | €712,500 | €745,133 | +€32,633 | +4.6% |
| Amounts receivable within one year | 40/41 | €375,389 | €413,611 | +€38,222 | +10.2% |
| Trade receivables | 40 | €32,006 | €37,752 | +€5,746 | +18.0% |
| Other amounts receivable | 41 | €343,383 | €375,859 | +€32,476 | +9.5% |
| Cash at bank and in hand | 54/58 | €114,616 | €685 | -€113,931 | -99.4% |
| Deferred charges and accrued income | 490/1 | €6,155 | €5,000 | -€1,155 | -18.8% |
| Total equity and liabilities | 10/49 | €1,569,524 | €1,499,594 | -€69,930 | -4.5% |
| Equity | 10/15 | €514,245 | €503,184 | -€11,061 | -2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €501,845 | €490,784 | -€11,061 | -2.2% |
| Distributable reserves | 133 | €501,845 | €490,784 | -€11,061 | -2.2% |
| Amounts payable | 17/49 | €1,055,280 | €996,410 | -€58,869 | -5.6% |
| Amounts payable after more than one year | 17 | €990,681 | €898,779 | -€91,903 | -9.3% |
| Financial debts | 170/4 | €990,681 | €898,779 | -€91,903 | -9.3% |
| Amounts payable within one year | 42/48 | €64,598 | €97,632 | +€33,033 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €53,107 | €58,123 | +€5,016 | +9.4% |
| Financial debts | 43 | - | €29,179 | +€29,179 | |
| Credit institutions | 430/8 | - | €29,179 | +€29,179 | |
| Trade debts | 44 | €8,431 | €5,081 | -€3,350 | -39.7% |
| Suppliers | 440/4 | €8,431 | €5,081 | -€3,350 | -39.7% |
| Taxes, remuneration and social security | 45 | €3,061 | €5,248 | +€2,187 | +71.5% |
| Taxes | 450/3 | €3,061 | €5,248 | +€2,187 | +71.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,181 | €25,698 | -€483 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,354 | -€1,354 | |
| Other operating charges | 640/8 | €2,093 | €6,252 | +€4,159 | +198.7% |
| Gross operating margin | 9900 | €2,004 | €32,699 | +€30,695 | +1531.4% |
| Operating profit (loss) | 9901 | -€26,270 | €2,103 | +€28,373 | |
| Financial income | 75/76B | €2,265 | €33,053 | +€30,789 | +1359.4% |
| Recurring financial income | 75 | €2,265 | €33,053 | +€30,789 | +1359.4% |
| Financial charges | 65/66B | €17,429 | €45,553 | +€28,124 | +161.4% |
| Recurring financial charges | 65 | €17,429 | €45,553 | +€28,124 | +161.4% |
| Profit (loss) for the period before taxes | 9903 | -€41,434 | -€10,396 | +€31,038 | +74.9% |
| Income taxes | 67/77 | €853 | €664 | -€188 | -22.1% |
| Profit (loss) for the period | 9904 | -€42,287 | -€11,061 | +€31,226 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,287 | -€11,061 | +€31,226 | +73.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.