GUIDE: 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.
GUIDE
Largest movements
- Receivables after one year +€110,000
new in 2025: €110,000
- Receivables within one year -€70,656
down €70,656 (-64.9%), from €108,945 to €38,290
of which Other amounts receivable: -€64,134
- Tangible fixed assets -€22,340
down €22,340 (-17.3%), from €128,826 to €106,486
- Cash -€14,526
down €14,526 (-56.3%), from €25,808 to €11,282
mainly Receivables after one year (-€110,000) and Trade debts (-€9,543)
- Reserves +€37,465
up €37,465 (+36.9%), from €101,511 to €138,976
- Trade debts -€9,543
down €9,543 (-20.1%), from €47,463 to €37,920
- Debts after one year -€9,390
down €9,390 (-12.8%), from €73,515 to €64,126
- Current portion of long-term debt -€5,957
down €5,957 (-30.2%), from €19,742 to €13,786
- Short-term financial debts -€4,359
down €4,359 (-33.3%), from €13,081 to €8,721
- Gross operating margin -€32,486
down €32,486 (-14.4%), from €225,612 to €193,126
- Taxes -€6,918
down €6,918 (-23.7%), from €29,181 to €22,263
- Staff costs -€5,110
down €5,110 (-5.1%), from €100,017 to €94,907
- Write-downs -€3,974
down €3,974 (-74.4%), from €5,339 to €1,366
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 | €299,564 | €303,826 | +€4,262 | +1.4% |
| Fixed assets | 21/28 | €128,826 | €106,486 | -€22,340 | -17.3% |
| Tangible fixed assets | 22/27 | €128,826 | €106,486 | -€22,340 | -17.3% |
| Land and buildings | 22 | €71,774 | €63,604 | -€8,171 | -11.4% |
| Plant, machinery and equipment | 23 | €28,558 | €19,886 | -€8,672 | -30.4% |
| Furniture and vehicles | 24 | €9,988 | €5,471 | -€4,517 | -45.2% |
| Other tangible fixed assets | 26 | €18,506 | €17,525 | -€980 | -5.3% |
| Current assets | 29/58 | €170,738 | €197,340 | +€26,603 | +15.6% |
| Amounts receivable after more than one year | 29 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | - | €110,000 | +€110,000 | |
| Stocks and contracts in progress | 3 | €25,187 | €27,099 | +€1,912 | +7.6% |
| Stocks | 30/36 | €25,187 | €27,099 | +€1,912 | +7.6% |
| Amounts receivable within one year | 40/41 | €108,945 | €38,290 | -€70,656 | -64.9% |
| Trade receivables | 40 | €21,387 | €14,865 | -€6,522 | -30.5% |
| Other amounts receivable | 41 | €87,558 | €23,424 | -€64,134 | -73.2% |
| Cash at bank and in hand | 54/58 | €25,808 | €11,282 | -€14,526 | -56.3% |
| Deferred charges and accrued income | 490/1 | €10,798 | €10,670 | -€128 | -1.2% |
| Total equity and liabilities | 10/49 | €299,564 | €303,826 | +€4,262 | +1.4% |
| Equity | 10/15 | €120,111 | €157,576 | +€37,465 | +31.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,511 | €138,976 | +€37,465 | +36.9% |
| Distributable reserves | 133 | €101,511 | €138,976 | +€37,465 | +36.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,453 | €146,251 | -€33,203 | -18.5% |
| Amounts payable after more than one year | 17 | €73,515 | €64,126 | -€9,390 | -12.8% |
| Financial debts | 170/4 | €73,515 | €64,126 | -€9,390 | -12.8% |
| Amounts payable within one year | 42/48 | €105,938 | €81,842 | -€24,095 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €19,742 | €13,786 | -€5,957 | -30.2% |
| Financial debts | 43 | €13,081 | €8,721 | -€4,359 | -33.3% |
| Credit institutions | 430/8 | €13,081 | €8,721 | -€4,359 | -33.3% |
| Trade debts | 44 | €47,463 | €37,920 | -€9,543 | -20.1% |
| Suppliers | 440/4 | €47,463 | €37,920 | -€9,543 | -20.1% |
| Taxes, remuneration and social security | 45 | €23,934 | €19,750 | -€4,184 | -17.5% |
| Taxes | 450/3 | €10,053 | €6,524 | -€3,529 | -35.1% |
| Remuneration and social security | 454/9 | €13,881 | €13,226 | -€655 | -4.7% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €283 | +€283 | |
| Remuneration, social security and pensions | 62 | €100,017 | €94,907 | -€5,110 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,662 | €27,967 | -€1,696 | -5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,339 | €1,366 | -€3,974 | -74.4% |
| Other operating charges | 640/8 | €1,469 | €1,224 | -€245 | -16.7% |
| Non-recurring operating charges | 66A | - | €244 | +€244 | |
| Gross operating margin | 9900 | €225,612 | €193,126 | -€32,486 | -14.4% |
| Operating profit (loss) | 9901 | €89,124 | €67,419 | -€21,705 | -24.4% |
| Financial income | 75/76B | €4,263 | €3,999 | -€263 | -6.2% |
| Recurring financial income | 75 | €4,263 | €3,999 | -€263 | -6.2% |
| Financial charges | 65/66B | €8,511 | €10,025 | +€1,513 | +17.8% |
| Recurring financial charges | 65 | €8,511 | €10,025 | +€1,513 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €84,875 | €61,394 | -€23,482 | -27.7% |
| Income taxes | 67/77 | €29,181 | €22,263 | -€6,918 | -23.7% |
| Profit (loss) for the period | 9904 | €55,695 | €39,131 | -€16,564 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €55,695 | €39,131 | -€16,564 | -29.7% |
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 2 October 2026 via checked.be.