Hugues BIALAS: 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.
Hugues BIALAS
Largest movements
- Cash +€17,316
up €17,316 (+30.0%), from €57,772 to €75,088
mainly Net result for the year (+€21,658) and Depreciation (+€13,887)
- Receivables within one year -€10,660
down €10,660 (-19.0%), from €56,079 to €45,418
of which Trade receivables: -€5,859
- Tangible fixed assets -€7,907
down €7,907 (-24.0%), from €33,013 to €25,106
of which Plant, machinery and equipment: -€11,939
- Deferred charges and accrued income -€2,570
down €2,570 (-26.5%), from €9,706 to €7,135
- Reserves +€10,760
up €10,760 (+24.0%), from €44,835 to €55,594
of which Distributable reserves: +€10,760
- Trade debts -€6,825
down €6,825 (-95.1%), from €7,177 to €352
- Debts after one year -€5,101
down €5,101 (-85.4%), from €5,972 to €871
- Current portion of long-term debt -€1,795
down €1,795 (-26.0%), from €6,896 to €5,101
- Gross operating margin +€4,375
up €4,375 (+4.1%), from €105,625 to €110,000
- Staff costs +€1,888
up €1,888 (+3.0%), from €63,319 to €65,207
- Other operating charges +€1,293
up €1,293 (+549%), from €235 to €1,529
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 | €156,840 | €153,018 | -€3,821 | -2.4% |
| Fixed assets | 21/28 | €33,283 | €25,376 | -€7,907 | -23.8% |
| Tangible fixed assets | 22/27 | €33,013 | €25,106 | -€7,907 | -24.0% |
| Plant, machinery and equipment | 23 | €27,242 | €15,304 | -€11,939 | -43.8% |
| Furniture and vehicles | 24 | €5,771 | €9,803 | +€4,032 | +69.9% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €123,557 | €127,642 | +€4,085 | +3.3% |
| Amounts receivable within one year | 40/41 | €56,079 | €45,418 | -€10,660 | -19.0% |
| Trade receivables | 40 | €13,715 | €7,856 | -€5,859 | -42.7% |
| Other amounts receivable | 41 | €42,364 | €37,563 | -€4,801 | -11.3% |
| Cash at bank and in hand | 54/58 | €57,772 | €75,088 | +€17,316 | +30.0% |
| Deferred charges and accrued income | 490/1 | €9,706 | €7,135 | -€2,570 | -26.5% |
| Total equity and liabilities | 10/49 | €156,840 | €153,018 | -€3,821 | -2.4% |
| Equity | 10/15 | €115,883 | €126,642 | +€10,760 | +9.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,835 | €55,594 | +€10,760 | +24.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €42,975 | €53,734 | +€10,760 | +25.0% |
| Profit (loss) carried forward | 14 | €64,848 | €64,848 | = | 0.0% |
| Amounts payable | 17/49 | €40,957 | €26,376 | -€14,581 | -35.6% |
| Amounts payable after more than one year | 17 | €5,972 | €871 | -€5,101 | -85.4% |
| Financial debts | 170/4 | €5,972 | €871 | -€5,101 | -85.4% |
| Amounts payable within one year | 42/48 | €34,985 | €25,506 | -€9,480 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €6,896 | €5,101 | -€1,795 | -26.0% |
| Trade debts | 44 | €7,177 | €352 | -€6,825 | -95.1% |
| Suppliers | 440/4 | €7,177 | €352 | -€6,825 | -95.1% |
| Taxes, remuneration and social security | 45 | €10,014 | €9,155 | -€859 | -8.6% |
| Taxes | 450/3 | €2,705 | €1,495 | -€1,210 | -44.7% |
| Remuneration and social security | 454/9 | €7,309 | €7,659 | +€351 | +4.8% |
| Other amounts payable | 47/48 | €10,898 | €10,898 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €63,319 | €65,207 | +€1,888 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,554 | €13,887 | -€668 | -4.6% |
| Other operating charges | 640/8 | €235 | €1,529 | +€1,293 | +549% |
| Gross operating margin | 9900 | €105,625 | €110,000 | +€4,375 | +4.1% |
| Operating profit (loss) | 9901 | €27,516 | €29,378 | +€1,862 | +6.8% |
| Financial income | 75/76B | €2,869 | €2,219 | -€649 | -22.6% |
| Recurring financial income | 75 | €2,869 | €2,219 | -€649 | -22.6% |
| Financial charges | 65/66B | €1,781 | €1,128 | -€653 | -36.7% |
| Recurring financial charges | 65 | €1,781 | €1,128 | -€653 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €28,604 | €30,469 | +€1,865 | +6.5% |
| Income taxes | 67/77 | €8,789 | €8,811 | +€23 | +0.3% |
| Profit (loss) for the period | 9904 | €19,815 | €21,658 | +€1,843 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,815 | €21,658 | +€1,843 | +9.3% |
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 25 October 2026 via checked.be.