Het Verschil: 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.
Het Verschil
Largest movements
- Tangible fixed assets +€409,309
up €409,309 (+60.6%), from €675,188 to €1.1m
of which Land and buildings: +€445,578
- Cash +€128,524
up €128,524 (+172.6%), from €74,462 to €202,986
mainly Other debts (+€465,499) and Depreciation (+€255,943)
- Receivables within one year -€124,836
down €124,836 (-58.8%), from €212,412 to €87,576
of which Other amounts receivable: -€64,045
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Current investments +€24,000
up €24,000 (+160.0%), from €15,000 to €39,000
- Other debts +€465,499
up €465,499 (+108703.0%), from €428 to €465,927
- Debts after one year -€92,766
down €92,766 (-24.6%), from €377,349 to €284,584
- Reserves -€19,356
down €19,356 (-5.9%), from €330,672 to €311,316
of which Distributable reserves: -€19,356
- Trade debts +€15,987
up €15,987 (+18.3%), from €87,574 to €103,561
- Depreciation +€54,474
up €54,474 (+27.0%), from €201,469 to €255,943
- Gross operating margin +€35,730
up €35,730 (+4.6%), from €769,173 to €804,903
- Staff costs -€16,295
down €16,295 (-3.7%), from €440,227 to €423,931
- Write-downs +€14,339
up €14,339 (+245.3%), from €5,847 to €20,186
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 | €1,088,928 | €1,465,126 | +€376,197 | +34.5% |
| Fixed assets | 21/28 | €692,082 | €1,084,747 | +€392,666 | +56.7% |
| Intangible fixed assets | 21 | €16,644 | - | -€16,644 | |
| Tangible fixed assets | 22/27 | €675,188 | €1,084,497 | +€409,309 | +60.6% |
| Land and buildings | 22 | €386,942 | €832,520 | +€445,578 | +115.2% |
| Plant, machinery and equipment | 23 | €75,843 | €80,312 | +€4,469 | +5.9% |
| Furniture and vehicles | 24 | €127,870 | €114,888 | -€12,982 | -10.2% |
| Leasing and similar rights | 25 | €84,532 | €56,777 | -€27,755 | -32.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €396,847 | €380,378 | -€16,468 | -4.1% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Stocks and contracts in progress | 3 | €35,303 | €39,772 | +€4,469 | +12.7% |
| Stocks | 30/36 | €35,303 | €39,772 | +€4,469 | +12.7% |
| Amounts receivable within one year | 40/41 | €212,412 | €87,576 | -€124,836 | -58.8% |
| Trade receivables | 40 | €143,914 | €83,122 | -€60,792 | -42.2% |
| Other amounts receivable | 41 | €68,498 | €4,453 | -€64,045 | -93.5% |
| Current investments | 50/53 | €15,000 | €39,000 | +€24,000 | +160.0% |
| Cash at bank and in hand | 54/58 | €74,462 | €202,986 | +€128,524 | +172.6% |
| Deferred charges and accrued income | 490/1 | €9,669 | €11,044 | +€1,375 | +14.2% |
| Total equity and liabilities | 10/49 | €1,088,928 | €1,465,126 | +€376,197 | +34.5% |
| Equity | 10/15 | €405,518 | €386,161 | -€19,356 | -4.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €330,672 | €311,316 | -€19,356 | -5.9% |
| Tax-exempt reserves | 132 | €29,816 | €29,816 | = | 0.0% |
| Distributable reserves | 133 | €300,856 | €281,499 | -€19,356 | -6.4% |
| Profit (loss) carried forward | 14 | €49,846 | €49,846 | = | 0.0% |
| Amounts payable | 17/49 | €683,411 | €1,078,964 | +€395,554 | +57.9% |
| Amounts payable after more than one year | 17 | €377,349 | €284,584 | -€92,766 | -24.6% |
| Financial debts | 170/4 | €377,349 | €284,584 | -€92,766 | -24.6% |
| Amounts payable within one year | 42/48 | €306,061 | €792,435 | +€486,374 | +158.9% |
| Current portion of amounts payable after more than one year | 42 | €140,803 | €136,424 | -€4,380 | -3.1% |
| Trade debts | 44 | €87,574 | €103,561 | +€15,987 | +18.3% |
| Suppliers | 440/4 | €87,574 | €103,561 | +€15,987 | +18.3% |
| Taxes, remuneration and social security | 45 | €77,256 | €86,523 | +€9,268 | +12.0% |
| Taxes | 450/3 | €1,894 | €21,096 | +€19,203 | +1014.1% |
| Remuneration and social security | 454/9 | €75,362 | €65,427 | -€9,935 | -13.2% |
| Other amounts payable | 47/48 | €428 | €465,927 | +€465,499 | +108703.0% |
| Accrued charges and deferred income | 492/3 | - | €1,946 | +€1,946 | |
| Remuneration, social security and pensions | 62 | €440,227 | €423,931 | -€16,295 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,469 | €255,943 | +€54,474 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,847 | €20,186 | +€14,339 | +245.3% |
| Other operating charges | 640/8 | €12,611 | €15,847 | +€3,236 | +25.7% |
| Gross operating margin | 9900 | €769,173 | €804,903 | +€35,730 | +4.6% |
| Operating profit (loss) | 9901 | €109,019 | €88,995 | -€20,024 | -18.4% |
| Financial income | 75/76B | €4,869 | €4,021 | -€849 | -17.4% |
| Recurring financial income | 75 | €4,869 | €4,021 | -€849 | -17.4% |
| Financial charges | 65/66B | €24,506 | €19,377 | -€5,128 | -20.9% |
| Recurring financial charges | 65 | €24,506 | €19,377 | -€5,128 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €89,382 | €73,638 | -€15,744 | -17.6% |
| Income taxes | 67/77 | €25,547 | €21,871 | -€3,676 | -14.4% |
| Profit (loss) for the period | 9904 | €63,836 | €51,767 | -€12,068 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,836 | €51,767 | -€12,068 | -18.9% |
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 12 October 2026 via checked.be.