GROUP-WAVE: 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-WAVE
Largest movements
- Receivables within one year -€429,017
down €429,017 (-36.4%), from €1.2m to €748,151
of which Other amounts receivable: -€361,124
- Other debts -€409,844
no longer reported in 2025 (was €409,844)
- Trade debts -€64,062
down €64,062 (-16.8%), from €381,774 to €317,712
- Reserves +€58,500
up €58,500 (+23.1%), from €253,200 to €311,700
of which Distributable reserves: +€58,500
- Tax, wage and social debts -€19,787
down €19,787 (-20.4%), from €97,006 to €77,219
of which Taxes: -€27,696
- Purchases and services +€282,043
up €282,043 (+30.5%), from €925,628 to €1.2m
- Turnover +€247,754
up €247,754 (+15.9%), from €1.6m to €1.8m
- Gross operating margin -€63,039
down €63,039 (-9.5%), from €661,223 to €598,184
- Staff costs +€59,613
up €59,613 (+13.5%), from €441,626 to €501,239
- Taxes +€24,615
up €24,615 (+1549.1%), from €1,589 to €26,204
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 | €1,204,397 | €771,076 | -€433,321 | -36.0% |
| Fixed assets | 21/28 | €2,954 | €3,914 | +€961 | +32.5% |
| Tangible fixed assets | 22/27 | €2,914 | €3,874 | +€961 | +33.0% |
| Plant, machinery and equipment | 23 | €2,914 | €3,874 | +€961 | +33.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €1,201,444 | €767,162 | -€434,282 | -36.1% |
| Amounts receivable within one year | 40/41 | €1,177,168 | €748,151 | -€429,017 | -36.4% |
| Trade receivables | 40 | €535,963 | €468,069 | -€67,894 | -12.7% |
| Other amounts receivable | 41 | €641,205 | €280,082 | -€361,124 | -56.3% |
| Cash at bank and in hand | 54/58 | €13,522 | €8,206 | -€5,316 | -39.3% |
| Deferred charges and accrued income | 490/1 | €10,753 | €10,805 | +€52 | +0.5% |
| Total equity and liabilities | 10/49 | €1,204,397 | €771,076 | -€433,321 | -36.0% |
| Equity | 10/15 | €315,773 | €374,054 | +€58,281 | +18.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €253,200 | €311,700 | +€58,500 | +23.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €247,000 | €305,500 | +€58,500 | +23.7% |
| Profit (loss) carried forward | 14 | €573 | €354 | -€219 | -38.1% |
| Provisions and deferred taxes | 16 | - | €2,090 | +€2,090 | |
| Provisions for liabilities and charges | 160/5 | - | €2,090 | +€2,090 | |
| Pensions and similar obligations | 160 | - | €2,090 | +€2,090 | |
| Amounts payable | 17/49 | €888,625 | €394,932 | -€493,693 | -55.6% |
| Amounts payable within one year | 42/48 | €888,625 | €394,932 | -€493,693 | -55.6% |
| Trade debts | 44 | €381,774 | €317,712 | -€64,062 | -16.8% |
| Suppliers | 440/4 | €381,774 | €317,712 | -€64,062 | -16.8% |
| Taxes, remuneration and social security | 45 | €97,006 | €77,219 | -€19,787 | -20.4% |
| Taxes | 450/3 | €45,665 | €17,969 | -€27,696 | -60.7% |
| Remuneration and social security | 454/9 | €51,342 | €59,250 | +€7,909 | +15.4% |
| Other amounts payable | 47/48 | €409,844 | - | -€409,844 | |
| Turnover | 70 | €1,553,651 | €1,801,404 | +€247,754 | +15.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €925,628 | €1,207,672 | +€282,043 | +30.5% |
| Remuneration, social security and pensions | 62 | €441,626 | €501,239 | +€59,613 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,449 | €1,435 | -€13 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,090 | +€2,090 | |
| Other operating charges | 640/8 | €2,374 | €2,817 | +€443 | +18.7% |
| Non-recurring operating charges | 66A | €59,844 | €460 | -€59,384 | -99.2% |
| Gross operating margin | 9900 | €661,223 | €598,184 | -€63,039 | -9.5% |
| Operating profit (loss) | 9901 | €155,930 | €90,142 | -€65,788 | -42.2% |
| Financial income | 75/76B | €9,271 | €2,515 | -€6,756 | -72.9% |
| Recurring financial income | 75 | €9,271 | €2,515 | -€6,756 | -72.9% |
| Financial charges | 65/66B | €7,134 | €8,172 | +€1,037 | +14.5% |
| Recurring financial charges | 65 | €7,134 | €8,172 | +€1,037 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €158,066 | €84,485 | -€73,581 | -46.6% |
| Income taxes | 67/77 | €1,589 | €26,204 | +€24,615 | +1549.1% |
| Profit (loss) for the period | 9904 | €156,477 | €58,281 | -€98,196 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €156,477 | €58,281 | -€98,196 | -62.8% |
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 8 October 2026 via checked.be.