GROUPE D: 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.
GROUPE D
Largest movements
- Current investments +€337,105
up €337,105 (+167%), from €201,722 to €538,828
- Receivables within one year +€229,439
up €229,439 (+49.7%), from €461,246 to €690,685
of which Other amounts receivable: +€195,382
- Financial fixed assets -€89,249
down €89,249 (-3.7%), from €2.4m to €2.3m
- Other debts +€277,511
up €277,511 (+60.8%), from €456,095 to €733,606
- Reserves +€257,264
up €257,264 (+18.6%), from €1.4m to €1.6m
of which Distributable reserves: +€257,264
- Debts after one year -€200,000
down €200,000 (-16.7%), from €1.2m to €1.0m
- Advances received +€97,250
up €97,250 (+1,843%), from €5,276 to €102,526
- Current portion of long-term debt +€70,000
up €70,000 (+35.0%), from €200,000 to €270,000
- Financial charges -€119,294
down €119,294 (-70.5%), from €169,160 to €49,866
of which Non-recurring financial charges: -€115,500
- Gross operating margin +€103,176
up €103,176 (+53.0%), from €194,804 to €297,980
- Taxes +€47,308
up €47,308 (+99.1%), from €47,735 to €95,043
- Other operating charges +€4,560
up €4,560 (+208%), from €2,191 to €6,751
- Financial income +€3,922
up €3,922 (+3.0%), from €131,220 to €135,142
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 | €3,359,805 | €3,845,863 | +€486,059 | +14.5% |
| Fixed assets | 21/28 | €2,519,742 | €2,431,895 | -€87,847 | -3.5% |
| Tangible fixed assets | 22/27 | €104,674 | €106,076 | +€1,402 | +1.3% |
| Furniture and vehicles | 24 | €32,640 | €42,547 | +€9,907 | +30.4% |
| Other tangible fixed assets | 26 | €72,033 | €63,529 | -€8,504 | -11.8% |
| Financial fixed assets | 28 | €2,415,068 | €2,325,819 | -€89,249 | -3.7% |
| Current assets | 29/58 | €840,063 | €1,413,968 | +€573,905 | +68.3% |
| Amounts receivable after more than one year | 29 | €169,500 | €169,500 | = | 0.0% |
| Other amounts receivable | 291 | €169,500 | €169,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €461,246 | €690,685 | +€229,439 | +49.7% |
| Trade receivables | 40 | €86,703 | €120,760 | +€34,057 | +39.3% |
| Other amounts receivable | 41 | €374,543 | €569,925 | +€195,382 | +52.2% |
| Current investments | 50/53 | €201,722 | €538,828 | +€337,105 | +167% |
| Cash at bank and in hand | 54/58 | €622 | €7,800 | +€7,179 | +1,155% |
| Deferred charges and accrued income | 490/1 | €6,973 | €7,156 | +€182 | +2.6% |
| Total equity and liabilities | 10/49 | €3,359,805 | €3,845,863 | +€486,059 | +14.5% |
| Equity | 10/15 | €1,401,918 | €1,659,182 | +€257,264 | +18.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,381,918 | €1,639,182 | +€257,264 | +18.6% |
| Non-distributable reserves | 130/1 | €32,421 | €32,421 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,421 | €32,421 | = | 0.0% |
| Distributable reserves | 133 | €1,349,497 | €1,606,761 | +€257,264 | +19.1% |
| Amounts payable | 17/49 | €1,957,886 | €2,186,681 | +€228,795 | +11.7% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,000,000 | -€200,000 | -16.7% |
| Financial debts | 170/4 | €1,200,000 | €1,000,000 | -€200,000 | -16.7% |
| Amounts payable within one year | 42/48 | €757,886 | €1,186,681 | +€428,795 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €270,000 | +€70,000 | +35.0% |
| Trade debts | 44 | €42,213 | €17,369 | -€24,844 | -58.9% |
| Suppliers | 440/4 | €42,213 | €17,369 | -€24,844 | -58.9% |
| Advances received on contracts in progress | 46 | €5,276 | €102,526 | +€97,250 | +1,843% |
| Taxes, remuneration and social security | 45 | €54,302 | €63,179 | +€8,878 | +16.3% |
| Taxes | 450/3 | €54,302 | €63,179 | +€8,878 | +16.3% |
| Other amounts payable | 47/48 | €456,095 | €733,606 | +€277,511 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,216 | €24,198 | -€19 | -0.1% |
| Other operating charges | 640/8 | €2,191 | €6,751 | +€4,560 | +208% |
| Gross operating margin | 9900 | €194,804 | €297,980 | +€103,176 | +53.0% |
| Operating profit (loss) | 9901 | €168,396 | €267,031 | +€98,635 | +58.6% |
| Financial income | 75/76B | €131,220 | €135,142 | +€3,922 | +3.0% |
| Recurring financial income | 75 | €131,220 | €135,142 | +€3,922 | +3.0% |
| Financial charges | 65/66B | €169,160 | €49,866 | -€119,294 | -70.5% |
| Recurring financial charges | 65 | €60,410 | €56,616 | -€3,794 | -6.3% |
| Non-recurring financial charges | 66B | €108,749 | -€6,751 | -€115,500 | |
| Profit (loss) for the period before taxes | 9903 | €130,457 | €352,307 | +€221,850 | +170% |
| Income taxes | 67/77 | €47,735 | €95,043 | +€47,308 | +99.1% |
| Profit (loss) for the period | 9904 | €82,721 | €257,264 | +€174,543 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €82,721 | €257,264 | +€174,543 | +211% |
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.