H L: 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.
H L
Largest movements
- Receivables within one year +€31,162
up €31,162 (+14.2%), from €218,724 to €249,886
of which Trade receivables: +€27,468
- Tangible fixed assets -€14,472
down €14,472 (-6.2%), from €232,059 to €217,587
- Stocks and contracts +€11,970
up €11,970 (+81.8%), from €14,635 to €26,605
- Debts after one year +€68,494
up €68,494 (+27.9%), from €245,224 to €313,718
of which Financial debts: +€67,504
- Trade debts -€51,960
down €51,960 (-48.7%), from €106,713 to €54,753
- Current portion of long-term debt +€9,663
up €9,663 (+35.7%), from €27,102 to €36,766
- Tax, wage and social debts -€5,796
down €5,796 (-21.9%), from €26,502 to €20,706
of which Taxes: -€5,591
- Financial charges +€9,405
up €9,405 (+45.3%), from €20,763 to €30,167
- Gross operating margin -€4,211
down €4,211 (-3.4%), from €122,506 to €118,295
- Staff costs +€3,783
up €3,783 (+9.7%), from €39,022 to €42,805
- Depreciation -€2,382
down €2,382 (-13.8%), from €17,266 to €14,884
- Taxes -€2,078
down €2,078 (-36.3%), from €5,732 to €3,654
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 | €543,097 | €569,652 | +€26,555 | +4.9% |
| Fixed assets | 21/28 | €243,228 | €228,343 | -€14,884 | -6.1% |
| Intangible fixed assets | 21 | €1,569 | €1,156 | -€413 | -26.3% |
| Tangible fixed assets | 22/27 | €232,059 | €217,587 | -€14,472 | -6.2% |
| Land and buildings | 22 | €201,883 | €198,735 | -€3,148 | -1.6% |
| Plant, machinery and equipment | 23 | €5,256 | €979 | -€4,277 | -81.4% |
| Furniture and vehicles | 24 | €24,920 | €17,874 | -€7,046 | -28.3% |
| Financial fixed assets | 28 | €9,600 | €9,600 | = | 0.0% |
| Current assets | 29/58 | €299,869 | €341,309 | +€41,439 | +13.8% |
| Amounts receivable after more than one year | 29 | €61,044 | €61,044 | = | 0.0% |
| Other amounts receivable | 291 | €61,044 | €61,044 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,635 | €26,605 | +€11,970 | +81.8% |
| Stocks | 30/36 | €14,635 | €26,605 | +€11,970 | +81.8% |
| Amounts receivable within one year | 40/41 | €218,724 | €249,886 | +€31,162 | +14.2% |
| Trade receivables | 40 | €77,475 | €104,943 | +€27,468 | +35.5% |
| Other amounts receivable | 41 | €141,249 | €144,943 | +€3,694 | +2.6% |
| Cash at bank and in hand | 54/58 | €2,401 | €1,131 | -€1,270 | -52.9% |
| Deferred charges and accrued income | 490/1 | €3,066 | €2,643 | -€423 | -13.8% |
| Total equity and liabilities | 10/49 | €543,097 | €569,652 | +€26,555 | +4.9% |
| Equity | 10/15 | €124,085 | €128,001 | +€3,916 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,485 | €109,401 | +€3,916 | +3.7% |
| Distributable reserves | 133 | €105,485 | €109,401 | +€3,916 | +3.7% |
| Amounts payable | 17/49 | €419,012 | €441,651 | +€22,639 | +5.4% |
| Amounts payable after more than one year | 17 | €245,224 | €313,718 | +€68,494 | +27.9% |
| Financial debts | 170/4 | €245,224 | €312,728 | +€67,504 | +27.5% |
| Other amounts payable | 178/9 | - | €990 | +€990 | |
| Amounts payable within one year | 42/48 | €171,955 | €127,933 | -€44,023 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €27,102 | €36,766 | +€9,663 | +35.7% |
| Financial debts | 43 | €11,637 | €15,707 | +€4,070 | +35.0% |
| Credit institutions | 430/8 | €11,637 | €15,707 | +€4,070 | +35.0% |
| Trade debts | 44 | €106,713 | €54,753 | -€51,960 | -48.7% |
| Suppliers | 440/4 | €106,713 | €54,753 | -€51,960 | -48.7% |
| Taxes, remuneration and social security | 45 | €26,502 | €20,706 | -€5,796 | -21.9% |
| Taxes | 450/3 | €17,537 | €11,946 | -€5,591 | -31.9% |
| Remuneration and social security | 454/9 | €8,966 | €8,761 | -€205 | -2.3% |
| Accrued charges and deferred income | 492/3 | €1,832 | - | -€1,832 | |
| Non-recurring operating income | 76A | €1,500 | - | -€1,500 | |
| Remuneration, social security and pensions | 62 | €39,022 | €42,805 | +€3,783 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,266 | €14,884 | -€2,382 | -13.8% |
| Other operating charges | 640/8 | €2,687 | €2,875 | +€188 | +7.0% |
| Gross operating margin | 9900 | €122,506 | €118,295 | -€4,211 | -3.4% |
| Operating profit (loss) | 9901 | €63,532 | €57,731 | -€5,801 | -9.1% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €20,763 | €30,167 | +€9,405 | +45.3% |
| Recurring financial charges | 65 | €20,763 | €30,167 | +€9,405 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €42,769 | €27,570 | -€15,199 | -35.5% |
| Income taxes | 67/77 | €5,732 | €3,654 | -€2,078 | -36.3% |
| Profit (loss) for the period | 9904 | €37,037 | €23,916 | -€13,121 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,037 | €23,916 | -€13,121 | -35.4% |
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 24 October 2026 via checked.be.