GROWTH FACTOR: 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.
GROWTH FACTOR
Largest movements
- Tangible fixed assets -€29,259
down €29,259 (-11.7%), from €249,881 to €220,622
- Receivables within one year +€14,687
up €14,687 (+341%), from €4,312 to €18,999
of which Trade receivables: +€18,999
- Deferred charges and accrued income +€8,055
up €8,055 (+577%), from €1,395 to €9,450
- Cash +€4,670
up €4,670 (+437%), from €1,069 to €5,739
mainly Net result for the year (+€36,547) and Investment in fixed assets (net) (+€15,518)
- Reserves +€36,547
up €36,547 (+308%), from €11,860 to €48,407
of which Distributable reserves: +€36,547
- Debts after one year -€29,607
down €29,607 (-17.9%), from €165,348 to €135,741
- Other debts -€18,637
down €18,637 (-60.6%), from €30,768 to €12,132
- Tax, wage and social debts +€9,545
up €9,545, from €0 to €9,545
- Trade debts +€5,498
up €5,498 (+484%), from €1,136 to €6,634
- Gross operating margin +€78,039
up €78,039 (+1,749%), from €4,461 to €82,500
- Other operating charges +€12,676
up €12,676 (+221%), from €5,730 to €18,406
- Depreciation -€8,468
down €8,468 (-38.1%), from €22,209 to €13,741
- Taxes +€6,165
up €6,165 (+2,358%), from €261 to €6,426
- Financial charges -€1,197
down €1,197 (-12.8%), from €9,353 to €8,155
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 | €256,657 | €254,810 | -€1,847 | -0.7% |
| Fixed assets | 21/28 | €249,881 | €220,622 | -€29,259 | -11.7% |
| Tangible fixed assets | 22/27 | €249,881 | €220,622 | -€29,259 | -11.7% |
| Land and buildings | 22 | €226,301 | €214,361 | -€11,940 | -5.3% |
| Plant, machinery and equipment | 23 | €13,326 | €6,261 | -€7,066 | -53.0% |
| Furniture and vehicles | 24 | €10,253 | €0 | -€10,253 | -100% |
| Current assets | 29/58 | €6,776 | €34,188 | +€27,412 | +405% |
| Amounts receivable within one year | 40/41 | €4,312 | €18,999 | +€14,687 | +341% |
| Trade receivables | 40 | - | €18,999 | +€18,999 | |
| Other amounts receivable | 41 | €4,312 | - | -€4,312 | |
| Cash at bank and in hand | 54/58 | €1,069 | €5,739 | +€4,670 | +437% |
| Deferred charges and accrued income | 490/1 | €1,395 | €9,450 | +€8,055 | +577% |
| Total equity and liabilities | 10/49 | €256,657 | €254,810 | -€1,847 | -0.7% |
| Equity | 10/15 | €31,566 | €67,338 | +€35,772 | +113% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €48,407 | +€36,547 | +308% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €11,860 | €48,407 | +€36,547 | +308% |
| Profit (loss) carried forward | 14 | €912 | €912 | = | 0.0% |
| Investment grants | 15 | €12,594 | €11,819 | -€775 | -6.2% |
| Amounts payable | 17/49 | €225,091 | €187,472 | -€37,619 | -16.7% |
| Amounts payable after more than one year | 17 | €165,348 | €135,741 | -€29,607 | -17.9% |
| Financial debts | 170/4 | €165,348 | €135,741 | -€29,607 | -17.9% |
| Amounts payable within one year | 42/48 | €59,743 | €51,731 | -€8,012 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €26,823 | €23,421 | -€3,402 | -12.7% |
| Financial debts | 43 | €1,016 | €0 | -€1,016 | -100% |
| Other loans | 439 | €1,016 | €0 | -€1,016 | -100% |
| Trade debts | 44 | €1,136 | €6,634 | +€5,498 | +484% |
| Suppliers | 440/4 | €1,136 | €6,634 | +€5,498 | +484% |
| Taxes, remuneration and social security | 45 | €0 | €9,545 | +€9,545 | |
| Taxes | 450/3 | €0 | €9,545 | +€9,545 | |
| Other amounts payable | 47/48 | €30,768 | €12,132 | -€18,637 | -60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,209 | €13,741 | -€8,468 | -38.1% |
| Other operating charges | 640/8 | €5,730 | €18,406 | +€12,676 | +221% |
| Non-recurring operating charges | 66A | €5,740 | €0 | -€5,740 | -100% |
| Gross operating margin | 9900 | €4,461 | €82,500 | +€78,039 | +1,749% |
| Operating profit (loss) | 9901 | -€29,218 | €50,353 | +€79,570 | |
| Financial income | 75/76B | €775 | €775 | +€0 | 0.0% |
| Recurring financial income | 75 | €775 | €775 | +€0 | 0.0% |
| Financial charges | 65/66B | €9,353 | €8,155 | -€1,197 | -12.8% |
| Recurring financial charges | 65 | €9,353 | €8,155 | -€1,197 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,795 | €42,973 | +€80,768 | |
| Income taxes | 67/77 | €261 | €6,426 | +€6,165 | +2,358% |
| Profit (loss) for the period | 9904 | -€38,057 | €36,547 | +€74,603 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,057 | €36,547 | +€74,603 |
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.