I en G: 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.
I en G
Largest movements
- Stocks and contracts +€897,350
new in 2025: €897,350
- Cash -€378,846
down €378,846 (-63.9%), from €592,866 to €214,020
mainly Stocks and contracts (-€897,350) and Current portion of long-term debt (-€2,606)
- Financial fixed assets -€144,788
no longer reported in 2025 (was €144,788)
- Tangible fixed assets -€42,155
down €42,155 (-15.0%), from €281,309 to €239,154
- Debts after one year +€290,379
up €290,379 (+30,743%), from €945 to €291,324
of which Financial debts: +€291,324
- Reserves +€22,372
up €22,372 (+2.2%), from €1.0m to €1.0m
- Gross operating margin -€39,984
down €39,984 (-23.7%), from €168,626 to €128,642
- Taxes -€13,591
down €13,591 (-59.8%), from €22,737 to €9,146
- Other operating charges +€7,474
up €7,474 (+79.3%), from €9,425 to €16,899
- Financial charges +€6,664
up €6,664 (+21.2%), from €31,407 to €38,071
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 | €1,051,002 | €1,372,055 | +€321,053 | +30.5% |
| Fixed assets | 21/28 | €426,097 | €239,154 | -€186,943 | -43.9% |
| Tangible fixed assets | 22/27 | €281,309 | €239,154 | -€42,155 | -15.0% |
| Land and buildings | 22 | €177,391 | €164,204 | -€13,186 | -7.4% |
| Plant, machinery and equipment | 23 | €21,464 | €6,374 | -€15,090 | -70.3% |
| Furniture and vehicles | 24 | €82,455 | €68,576 | -€13,878 | -16.8% |
| Financial fixed assets | 28 | €144,788 | - | -€144,788 | |
| Current assets | 29/58 | €624,905 | €1,132,901 | +€507,995 | +81.3% |
| Stocks and contracts in progress | 3 | - | €897,350 | +€897,350 | |
| Stocks | 30/36 | - | €897,350 | +€897,350 | |
| Amounts receivable within one year | 40/41 | €26,572 | €15,854 | -€10,718 | -40.3% |
| Trade receivables | 40 | €24,501 | - | -€24,501 | |
| Other amounts receivable | 41 | €2,071 | €15,854 | +€13,783 | +666% |
| Current investments | 50/53 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | €592,866 | €214,020 | -€378,846 | -63.9% |
| Deferred charges and accrued income | 490/1 | €5,468 | €5,677 | +€209 | +3.8% |
| Total equity and liabilities | 10/49 | €1,051,002 | €1,372,055 | +€321,053 | +30.5% |
| Equity | 10/15 | €1,038,559 | €1,060,931 | +€22,372 | +2.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,019,967 | €1,042,339 | +€22,372 | +2.2% |
| Distributable reserves | 133 | €1,019,967 | €1,042,339 | +€22,372 | +2.2% |
| Amounts payable | 17/49 | €12,443 | €311,124 | +€298,681 | +2,400% |
| Amounts payable after more than one year | 17 | €945 | €291,324 | +€290,379 | +30,743% |
| Financial debts | 170/4 | - | €291,324 | +€291,324 | |
| Other amounts payable | 178/9 | €945 | - | -€945 | |
| Amounts payable within one year | 42/48 | €11,499 | €19,800 | +€8,301 | +72.2% |
| Current portion of amounts payable after more than one year | 42 | €11,032 | €8,426 | -€2,606 | -23.6% |
| Trade debts | 44 | €437 | €4,891 | +€4,455 | +1,020% |
| Suppliers | 440/4 | €437 | €4,891 | +€4,455 | +1,020% |
| Taxes, remuneration and social security | 45 | €30 | €2,342 | +€2,312 | +7,706% |
| Remuneration and social security | 454/9 | €30 | €2,342 | +€2,312 | +7,706% |
| Other amounts payable | 47/48 | - | €4,141 | +€4,141 | |
| Remuneration, social security and pensions | 62 | €921 | - | -€921 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,235 | €42,155 | -€80 | -0.2% |
| Other operating charges | 640/8 | €9,425 | €16,899 | +€7,474 | +79.3% |
| Gross operating margin | 9900 | €168,626 | €128,642 | -€39,984 | -23.7% |
| Operating profit (loss) | 9901 | €116,046 | €69,589 | -€46,457 | -40.0% |
| Financial income | 75/76B | €76 | €0 | -€76 | -100.0% |
| Recurring financial income | 75 | €76 | €0 | -€76 | -100.0% |
| Financial charges | 65/66B | €31,407 | €38,071 | +€6,664 | +21.2% |
| Recurring financial charges | 65 | €31,407 | €38,071 | +€6,664 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €84,714 | €31,518 | -€53,196 | -62.8% |
| Income taxes | 67/77 | €22,737 | €9,146 | -€13,591 | -59.8% |
| Profit (loss) for the period | 9904 | €61,977 | €22,372 | -€39,605 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,977 | €22,372 | -€39,605 | -63.9% |
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 30 October 2026 via checked.be.