HALF VIER: 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.
HALF VIER
Largest movements
- Tangible fixed assets -€61,561
down €61,561 (-10.0%), from €615,559 to €553,998
of which Land and buildings: -€45,590
- Cash -€31,716
down €31,716 (-21.3%), from €148,922 to €117,205
mainly Net result for the year (-€79,498) and Investment in fixed assets (net) (-€69,389)
- Receivables within one year +€29,865
up €29,865 (+10.9%), from €273,094 to €302,959
of which Other amounts receivable: +€54,530
- Reserves -€79,498
down €79,498 (-9.4%), from €843,342 to €763,844
of which Distributable reserves: -€79,498
- Tax, wage and social debts +€27,855
up €27,855 (+31.7%), from €87,923 to €115,779
of which Remuneration and social security: +€17,501
- Trade debts -€26,369
down €26,369 (-25.6%), from €103,116 to €76,747
- Gross operating margin -€85,683
down €85,683 (-7.8%), from €1.1m to €1.0m
- Other operating charges -€22,698
down €22,698 (-32.6%), from €69,699 to €47,001
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 | €1,348,877 | €1,273,073 | -€75,804 | -5.6% |
| Fixed assets | 21/28 | €630,241 | €568,055 | -€62,186 | -9.9% |
| Intangible fixed assets | 21 | €3,700 | €3,075 | -€625 | -16.9% |
| Tangible fixed assets | 22/27 | €615,559 | €553,998 | -€61,561 | -10.0% |
| Land and buildings | 22 | €447,218 | €401,628 | -€45,590 | -10.2% |
| Plant, machinery and equipment | 23 | €124,749 | €97,326 | -€27,423 | -22.0% |
| Furniture and vehicles | 24 | €22,292 | €32,591 | +€10,298 | +46.2% |
| Other tangible fixed assets | 26 | €21,300 | €22,453 | +€1,153 | +5.4% |
| Financial fixed assets | 28 | €10,981 | €10,981 | = | 0.0% |
| Current assets | 29/58 | €718,637 | €705,019 | -€13,618 | -1.9% |
| Stocks and contracts in progress | 3 | €28,208 | €27,570 | -€638 | -2.3% |
| Stocks | 30/36 | €28,208 | €27,570 | -€638 | -2.3% |
| Amounts receivable within one year | 40/41 | €273,094 | €302,959 | +€29,865 | +10.9% |
| Trade receivables | 40 | €42,622 | €17,957 | -€24,665 | -57.9% |
| Other amounts receivable | 41 | €230,471 | €285,002 | +€54,530 | +23.7% |
| Current investments | 50/53 | €235,011 | €235,011 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,922 | €117,205 | -€31,716 | -21.3% |
| Deferred charges and accrued income | 490/1 | €33,402 | €22,274 | -€11,129 | -33.3% |
| Total equity and liabilities | 10/49 | €1,348,877 | €1,273,073 | -€75,804 | -5.6% |
| Equity | 10/15 | €861,892 | €782,394 | -€79,498 | -9.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €843,342 | €763,844 | -€79,498 | -9.4% |
| Non-distributable reserves | 130/1 | €237,500 | €237,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Own shares acquired | 1312 | €230,000 | €230,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €68 | €68 | = | 0.0% |
| Distributable reserves | 133 | €605,774 | €526,275 | -€79,498 | -13.1% |
| Amounts payable | 17/49 | €486,985 | €490,680 | +€3,695 | +0.8% |
| Amounts payable after more than one year | 17 | €239,047 | €228,249 | -€10,798 | -4.5% |
| Financial debts | 170/4 | €239,047 | €228,249 | -€10,798 | -4.5% |
| Amounts payable within one year | 42/48 | €236,912 | €239,042 | +€2,130 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €41,270 | €41,913 | +€643 | +1.6% |
| Trade debts | 44 | €103,116 | €76,747 | -€26,369 | -25.6% |
| Suppliers | 440/4 | €103,116 | €76,747 | -€26,369 | -25.6% |
| Taxes, remuneration and social security | 45 | €87,923 | €115,779 | +€27,855 | +31.7% |
| Taxes | 450/3 | €11,989 | €22,343 | +€10,354 | +86.4% |
| Remuneration and social security | 454/9 | €75,934 | €93,436 | +€17,501 | +23.0% |
| Other amounts payable | 47/48 | €4,603 | €4,603 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,026 | €23,389 | +€12,363 | +112.1% |
| Remuneration, social security and pensions | 62 | €886,461 | €889,205 | +€2,743 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,147 | €131,575 | +€5,428 | +4.3% |
| Other operating charges | 640/8 | €69,699 | €47,001 | -€22,698 | -32.6% |
| Gross operating margin | 9900 | €1,095,027 | €1,009,344 | -€85,683 | -7.8% |
| Operating profit (loss) | 9901 | €12,719 | -€58,437 | -€71,156 | |
| Financial income | 75/76B | €15,937 | €12,782 | -€3,155 | -19.8% |
| Recurring financial income | 75 | €15,937 | €12,782 | -€3,155 | -19.8% |
| Financial charges | 65/66B | €33,537 | €33,745 | +€208 | +0.6% |
| Recurring financial charges | 65 | €33,537 | €33,745 | +€208 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,880 | -€79,399 | -€74,519 | -1527.0% |
| Income taxes | 67/77 | €2,173 | €99 | -€2,074 | -95.4% |
| Profit (loss) for the period | 9904 | -€7,053 | -€79,498 | -€72,446 | -1027.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,053 | -€79,498 | -€72,446 | -1027.2% |
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 10 October 2026 via checked.be.