HUMAN FACTOR: 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.
HUMAN FACTOR
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+482.6%), from €272,768 to €1.6m
of which Land and buildings: +€1.3m
- Cash -€780,380
down €780,380 (-51.5%), from €1.5m to €736,153
mainly Investment in fixed assets (net) (-€1.4m) and Receivables within one year (-€290,717)
- Receivables within one year +€290,717
up €290,717 (+556.1%), from €52,275 to €342,992
of which Other amounts receivable: +€147,317
- Debts after one year +€805,835
new in 2025: €805,835
- Other debts +€152,635
up €152,635 (+2901.9%), from €5,260 to €157,895
- Reserves -€126,300
down €126,300 (-6.9%), from €1.8m to €1.7m
- Gross operating margin +€132,426
up €132,426 (+152.2%), from €87,015 to €219,441
- Financial charges +€58,397
up €58,397 (+1197.7%), from €4,876 to €63,273
- Depreciation +€55,920
up €55,920 (+166.4%), from €33,598 to €89,518
- Other operating charges +€21,416
up €21,416 (+242.8%), from €8,819 to €30,235
- Financial income +€3,181
up €3,181 (+72.3%), from €4,398 to €7,579
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 | €1,889,667 | €2,721,488 | +€831,821 | +44.0% |
| Fixed assets | 21/28 | €273,693 | €1,589,748 | +€1.3m | +480.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €272,768 | €1,589,058 | +€1.3m | +482.6% |
| Land and buildings | 22 | €625 | €1,290,402 | +€1.3m | +206387.4% |
| Plant, machinery and equipment | 23 | €2,617 | €8,464 | +€5,847 | +223.5% |
| Furniture and vehicles | 24 | €32,592 | €53,667 | +€21,075 | +64.7% |
| Other tangible fixed assets | 26 | €236,935 | €236,526 | -€409 | -0.2% |
| Financial fixed assets | 28 | €925 | €690 | -€235 | -25.4% |
| Current assets | 29/58 | €1,615,974 | €1,131,740 | -€484,234 | -30.0% |
| Stocks and contracts in progress | 3 | €45,962 | €45,962 | = | 0.0% |
| Stocks | 30/36 | €45,962 | €45,962 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,275 | €342,992 | +€290,717 | +556.1% |
| Trade receivables | 40 | €31,075 | €174,475 | +€143,400 | +461.5% |
| Other amounts receivable | 41 | €21,200 | €168,517 | +€147,317 | +694.9% |
| Cash at bank and in hand | 54/58 | €1,516,533 | €736,153 | -€780,380 | -51.5% |
| Deferred charges and accrued income | 490/1 | €1,203 | €6,633 | +€5,429 | +451.2% |
| Total equity and liabilities | 10/49 | €1,889,667 | €2,721,488 | +€831,821 | +44.0% |
| Equity | 10/15 | €1,831,834 | €1,705,534 | -€126,300 | -6.9% |
| Contributions | 10/11 | €8,592 | €8,592 | = | 0.0% |
| Reserves | 13 | €1,823,242 | €1,696,942 | -€126,300 | -6.9% |
| Distributable reserves | 133 | €1,823,242 | €1,696,942 | -€126,300 | -6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €48,912 | €48,912 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €48,912 | €48,912 | = | 0.0% |
| Pensions and similar obligations | 160 | €48,912 | €48,912 | = | 0.0% |
| Amounts payable | 17/49 | €8,921 | €967,042 | +€958,121 | +10740.6% |
| Amounts payable after more than one year | 17 | - | €805,835 | +€805,835 | |
| Financial debts | 170/4 | - | €805,835 | +€805,835 | |
| Amounts payable within one year | 42/48 | €8,921 | €161,207 | +€152,287 | +1707.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €310 | €0 | -€310 | -100.0% |
| Suppliers | 440/4 | €310 | €0 | -€310 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,350 | €3,312 | -€38 | -1.1% |
| Taxes | 450/3 | €3,350 | €3,312 | -€38 | -1.1% |
| Other amounts payable | 47/48 | €5,260 | €157,895 | +€152,635 | +2901.9% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,598 | €89,518 | +€55,920 | +166.4% |
| Other operating charges | 640/8 | €8,819 | €30,235 | +€21,416 | +242.8% |
| Gross operating margin | 9900 | €87,015 | €219,441 | +€132,426 | +152.2% |
| Operating profit (loss) | 9901 | €44,598 | €99,688 | +€55,090 | +123.5% |
| Financial income | 75/76B | €4,398 | €7,579 | +€3,181 | +72.3% |
| Recurring financial income | 75 | €4,398 | €7,579 | +€3,181 | +72.3% |
| Financial charges | 65/66B | €4,876 | €63,273 | +€58,397 | +1197.7% |
| Recurring financial charges | 65 | €4,876 | €63,273 | +€58,397 | +1197.7% |
| Profit (loss) for the period before taxes | 9903 | €44,120 | €43,994 | -€125 | -0.3% |
| Income taxes | 67/77 | €12,347 | €12,400 | +€52 | +0.4% |
| Profit (loss) for the period | 9904 | €31,772 | €31,595 | -€178 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,772 | €31,595 | -€178 | -0.6% |
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.