HIDDEN: 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.
HIDDEN
Largest movements
- Cash +€14,863
up €14,863 (+29.1%), from €51,077 to €65,939
mainly Depreciation (+€52,765) and Debts after one year (+€43,054)
- Tangible fixed assets +€12,599
up €12,599 (+2.6%), from €477,569 to €490,168
of which Plant, machinery and equipment: +€28,118
- Stocks and contracts +€7,446
up €7,446 (+20.4%), from €36,564 to €44,011
- Intangible fixed assets -€7,143
down €7,143 (-20.0%), from €35,734 to €28,591
- Debts after one year +€43,054
up €43,054 (+10.1%), from €424,350 to €467,404
- Profit (loss) carried forward -€42,481
down €42,481, from €208 to -€42,273
- Trade debts +€20,026
up €20,026 (+201.8%), from €9,924 to €29,951
- Current portion of long-term debt +€9,954
up €9,954 (+28.4%), from €34,993 to €44,947
- Other debts -€9,771
down €9,771 (-9.0%), from €108,069 to €98,298
- Staff costs +€7,848
up €7,848 (+14.6%), from €53,721 to €61,569
- Depreciation +€2,576
up €2,576 (+5.1%), from €50,190 to €52,765
- Financial charges -€1,693
down €1,693 (-6.9%), from €24,538 to €22,846
- Gross operating margin -€1,189
down €1,189 (-1.2%), from €98,967 to €97,779
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 | €607,116 | €629,946 | +€22,830 | +3.8% |
| Fixed assets | 21/28 | €513,302 | €518,759 | +€5,456 | +1.1% |
| Intangible fixed assets | 21 | €35,734 | €28,591 | -€7,143 | -20.0% |
| Tangible fixed assets | 22/27 | €477,569 | €490,168 | +€12,599 | +2.6% |
| Land and buildings | 22 | €359,737 | €363,695 | +€3,959 | +1.1% |
| Plant, machinery and equipment | 23 | €21,311 | €49,429 | +€28,118 | +131.9% |
| Furniture and vehicles | 24 | €96,521 | €77,043 | -€19,478 | -20.2% |
| Current assets | 29/58 | €93,814 | €111,187 | +€17,374 | +18.5% |
| Stocks and contracts in progress | 3 | €36,564 | €44,011 | +€7,446 | +20.4% |
| Stocks | 30/36 | €36,564 | €44,011 | +€7,446 | +20.4% |
| Amounts receivable within one year | 40/41 | €5,893 | €1,237 | -€4,656 | -79.0% |
| Trade receivables | 40 | €5,893 | €1,237 | -€4,656 | -79.0% |
| Cash at bank and in hand | 54/58 | €51,077 | €65,939 | +€14,863 | +29.1% |
| Deferred charges and accrued income | 490/1 | €279 | - | -€279 | |
| Total equity and liabilities | 10/49 | €607,116 | €629,946 | +€22,830 | +3.8% |
| Equity | 10/15 | €5,208 | -€37,273 | -€42,481 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208 | -€42,273 | -€42,481 | |
| Amounts payable | 17/49 | €601,908 | €667,219 | +€65,311 | +10.9% |
| Amounts payable after more than one year | 17 | €424,350 | €467,404 | +€43,054 | +10.1% |
| Financial debts | 170/4 | €424,350 | €467,404 | +€43,054 | +10.1% |
| Amounts payable within one year | 42/48 | €174,310 | €198,891 | +€24,581 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €34,993 | €44,947 | +€9,954 | +28.4% |
| Trade debts | 44 | €9,924 | €29,951 | +€20,026 | +201.8% |
| Suppliers | 440/4 | €9,924 | €29,951 | +€20,026 | +201.8% |
| Advances received on contracts in progress | 46 | - | €7,148 | +€7,148 | |
| Taxes, remuneration and social security | 45 | €21,324 | €18,548 | -€2,776 | -13.0% |
| Taxes | 450/3 | €14,483 | €11,579 | -€2,904 | -20.1% |
| Remuneration and social security | 454/9 | €6,841 | €6,969 | +€128 | +1.9% |
| Other amounts payable | 47/48 | €108,069 | €98,298 | -€9,771 | -9.0% |
| Accrued charges and deferred income | 492/3 | €3,248 | €924 | -€2,324 | -71.5% |
| Remuneration, social security and pensions | 62 | €53,721 | €61,569 | +€7,848 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,190 | €52,765 | +€2,576 | +5.1% |
| Other operating charges | 640/8 | €2,376 | €3,072 | +€696 | +29.3% |
| Gross operating margin | 9900 | €98,967 | €97,779 | -€1,189 | -1.2% |
| Operating profit (loss) | 9901 | -€7,319 | -€19,627 | -€12,309 | -168.2% |
| Financial income | 75/76B | €1 | €3 | +€3 | +491.1% |
| Recurring financial income | 75 | €1 | €3 | +€3 | +491.1% |
| Financial charges | 65/66B | €24,538 | €22,846 | -€1,693 | -6.9% |
| Recurring financial charges | 65 | €24,538 | €22,846 | -€1,693 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,857 | -€42,470 | -€10,613 | -33.3% |
| Income taxes | 67/77 | - | €11 | +€11 | |
| Profit (loss) for the period | 9904 | -€31,857 | -€42,481 | -€10,624 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,857 | -€42,481 | -€10,624 | -33.4% |
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 11 October 2026 via checked.be.