Het Zegel: 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 Zegel
Largest movements
- Stocks and contracts +€7.6m
up €7.6m (+42.0%), from €18.1m to €25.7m
- Cash +€947,336
up €947,336 (+621%), from €152,618 to €1.1m
mainly Short-term financial debts (+€7.7m) and Trade debts (+€603,214)
- Deferred charges and accrued income +€659,931
new in 2025: €659,931
- Short-term financial debts +€7.7m
up €7.7m (+60.9%), from €12.7m to €20.5m
- Trade debts +€603,214
up €603,214 (+178%), from €339,127 to €942,341
- Other debts +€559,386
up €559,386 (+15.0%), from €3.7m to €4.3m
- Accrued charges and deferred income +€321,956
new in 2025: €321,956
- Gross operating margin +€23,537
up €23,537, from -€23,334 to €203
- Financial charges -€2,915
down €2,915 (-38.9%), from €7,493 to €4,577
- Financial income +€587
up €587 (+208%), from €282 to €869
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 | €18,238,237 | €27,459,052 | +€9.2m | +50.6% |
| Current assets | 29/58 | €18,238,237 | €27,459,052 | +€9.2m | +50.6% |
| Stocks and contracts in progress | 3 | €18,066,167 | €25,655,403 | +€7.6m | +42.0% |
| Stocks | 30/36 | €18,066,167 | €25,655,403 | +€7.6m | +42.0% |
| Amounts receivable within one year | 40/41 | €19,452 | €43,764 | +€24,312 | +125% |
| Trade receivables | 40 | - | €11,328 | +€11,328 | |
| Other amounts receivable | 41 | €19,452 | €32,436 | +€12,984 | +66.7% |
| Cash at bank and in hand | 54/58 | €152,618 | €1,099,954 | +€947,336 | +621% |
| Deferred charges and accrued income | 490/1 | - | €659,931 | +€659,931 | |
| Total equity and liabilities | 10/49 | €18,238,237 | €27,459,052 | +€9.2m | +50.6% |
| Equity | 10/15 | €1,445,389 | €1,441,764 | -€3,625 | -0.3% |
| Contributions | 10/11 | €1,650,000 | €1,650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€204,611 | -€208,236 | -€3,625 | -1.8% |
| Amounts payable | 17/49 | €16,792,849 | €26,017,289 | +€9.2m | +54.9% |
| Amounts payable within one year | 42/48 | €16,792,849 | €25,695,333 | +€8.9m | +53.0% |
| Financial debts | 43 | €12,718,315 | €20,458,200 | +€7.7m | +60.9% |
| Credit institutions | 430/8 | €12,718,315 | €20,458,200 | +€7.7m | +60.9% |
| Trade debts | 44 | €339,127 | €942,341 | +€603,214 | +178% |
| Suppliers | 440/4 | €339,127 | €942,341 | +€603,214 | +178% |
| Other amounts payable | 47/48 | €3,735,406 | €4,294,792 | +€559,386 | +15.0% |
| Accrued charges and deferred income | 492/3 | - | €321,956 | +€321,956 | |
| Other operating charges | 640/8 | €218 | €120 | -€98 | -45.0% |
| Gross operating margin | 9900 | -€23,334 | €203 | +€23,537 | |
| Operating profit (loss) | 9901 | -€23,552 | €83 | +€23,635 | |
| Financial income | 75/76B | €282 | €869 | +€587 | +208% |
| Recurring financial income | 75 | €282 | €869 | +€587 | +208% |
| Financial charges | 65/66B | €7,493 | €4,577 | -€2,915 | -38.9% |
| Recurring financial charges | 65 | €7,493 | €4,577 | -€2,915 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | -€30,762 | -€3,625 | +€27,137 | +88.2% |
| Profit (loss) for the period | 9904 | -€30,762 | -€3,625 | +€27,137 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,762 | -€3,625 | +€27,137 | +88.2% |
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 24 October 2026 via checked.be.