I&O: what changed
Two fiscal 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&O
Largest movements
- Tangible fixed assets +€29,363
up €29,363 (+11.0%), from €266,022 to €295,385
of which Furniture and vehicles: +€61,556
- Stocks and contracts -€22,810
down €22,810 (-87.6%), from €26,050 to €3,240
- Deferred charges and accrued income +€11,445
new in 2025: €11,445
- Cash +€10,002
up €10,002 (+39.0%), from €25,663 to €35,665
mainly Net result for the year (+€48,449) and Depreciation (+€39,128)
- Receivables within one year +€9,233
up €9,233 (+16.2%), from €56,978 to €66,211
of which Other amounts receivable: +€9,233
- Other debts -€70,911
down €70,911 (-42.7%), from €166,088 to €95,177
- Reserves +€48,000
up €48,000 (+63.2%), from €76,000 to €124,000
- Debts after one year +€36,111
new in 2025: €36,111
- Trade debts +€21,037
up €21,037 (+34.8%), from €60,429 to €81,466
- Current portion of long-term debt +€17,807
new in 2025: €17,807
- Gross operating margin -€148,714
down €148,714 (-30.0%), from €495,758 to €347,045
- Staff costs -€119,163
down €119,163 (-34.0%), from €350,807 to €231,644
- Taxes +€14,890
up €14,890 (+451.2%), from €3,300 to €18,190
- Other operating charges -€6,321
down €6,321 (-79.4%), from €7,959 to €1,638
- Depreciation +€5,888
up €5,888 (+17.7%), from €33,240 to €39,128
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 | €374,712 | €411,946 | +€37,233 | +9.9% |
| Fixed assets | 21/28 | €266,022 | €295,385 | +€29,363 | +11.0% |
| Tangible fixed assets | 22/27 | €266,022 | €295,385 | +€29,363 | +11.0% |
| Land and buildings | 22 | €123,185 | €114,085 | -€9,099 | -7.4% |
| Plant, machinery and equipment | 23 | €126,362 | €104,705 | -€21,657 | -17.1% |
| Furniture and vehicles | 24 | €7,410 | €68,966 | +€61,556 | +830.8% |
| Other tangible fixed assets | 26 | €9,065 | €7,628 | -€1,437 | -15.9% |
| Current assets | 29/58 | €108,691 | €116,561 | +€7,870 | +7.2% |
| Stocks and contracts in progress | 3 | €26,050 | €3,240 | -€22,810 | -87.6% |
| Stocks | 30/36 | €26,050 | €3,240 | -€22,810 | -87.6% |
| Amounts receivable within one year | 40/41 | €56,978 | €66,211 | +€9,233 | +16.2% |
| Trade receivables | 40 | €56,212 | €56,212 | = | 0.0% |
| Other amounts receivable | 41 | €766 | €9,999 | +€9,233 | +1205.1% |
| Cash at bank and in hand | 54/58 | €25,663 | €35,665 | +€10,002 | +39.0% |
| Deferred charges and accrued income | 490/1 | - | €11,445 | +€11,445 | |
| Total equity and liabilities | 10/49 | €374,712 | €411,946 | +€37,233 | +9.9% |
| Equity | 10/15 | €94,818 | €143,266 | +€48,449 | +51.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,000 | €124,000 | +€48,000 | +63.2% |
| Distributable reserves | 133 | €76,000 | €124,000 | +€48,000 | +63.2% |
| Profit (loss) carried forward | 14 | €218 | €666 | +€449 | +206.1% |
| Amounts payable | 17/49 | €279,895 | €268,680 | -€11,215 | -4.0% |
| Amounts payable after more than one year | 17 | - | €36,111 | +€36,111 | |
| Financial debts | 170/4 | - | €36,111 | +€36,111 | |
| Amounts payable within one year | 42/48 | €279,895 | €232,568 | -€47,327 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | - | €17,807 | +€17,807 | |
| Trade debts | 44 | €60,429 | €81,466 | +€21,037 | +34.8% |
| Suppliers | 440/4 | €60,429 | €81,466 | +€21,037 | +34.8% |
| Taxes, remuneration and social security | 45 | €53,377 | €38,117 | -€15,260 | -28.6% |
| Taxes | 450/3 | €15,429 | €19,717 | +€4,288 | +27.8% |
| Remuneration and social security | 454/9 | €37,948 | €18,401 | -€19,548 | -51.5% |
| Other amounts payable | 47/48 | €166,088 | €95,177 | -€70,911 | -42.7% |
| Remuneration, social security and pensions | 62 | €350,807 | €231,644 | -€119,163 | -34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,240 | €39,128 | +€5,888 | +17.7% |
| Other operating charges | 640/8 | €7,959 | €1,638 | -€6,321 | -79.4% |
| Gross operating margin | 9900 | €495,758 | €347,045 | -€148,714 | -30.0% |
| Operating profit (loss) | 9901 | €103,753 | €74,635 | -€29,118 | -28.1% |
| Financial income | 75/76B | €0 | €14 | +€14 | +3607.9% |
| Recurring financial income | 75 | €0 | €14 | +€14 | +3607.9% |
| Financial charges | 65/66B | €6,576 | €8,010 | +€1,434 | +21.8% |
| Recurring financial charges | 65 | €6,576 | €8,010 | +€1,434 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €97,177 | €66,639 | -€30,538 | -31.4% |
| Income taxes | 67/77 | €3,300 | €18,190 | +€14,890 | +451.2% |
| Profit (loss) for the period | 9904 | €93,877 | €48,449 | -€45,428 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €93,877 | €48,449 | -€45,428 | -48.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.