I - PROJECTS: 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 - PROJECTS
Largest movements
- Tangible fixed assets +€9.2m
up €9.2m (+188%), from €4.9m to €14.0m
of which Land and buildings: +€9.0m
- Current investments +€323,756
up €323,756 (+5.5%), from €5.9m to €6.2m
- Receivables within one year +€275,533
up €275,533 (+32.1%), from €858,430 to €1.1m
of which Trade receivables: +€208,994
- Financial fixed assets -€254,221
down €254,221 (-93.8%), from €270,917 to €16,696
- Debts after one year +€8.7m
up €8.7m (+222%), from €3.9m to €12.6m
of which Financial debts: +€8.6m
- Profit (loss) carried forward +€453,817
up €453,817, from -€453,817 to €0
- Current portion of long-term debt +€394,937
up €394,937 (+169%), from €234,211 to €629,147
- Provisions -€342,999
down €342,999 (-16.3%), from €2.1m to €1.8m
of which Provisions for liabilities and charges: -€306,151
- Reserves +€270,296
up €270,296 (+5.6%), from €4.9m to €5.1m
of which Distributable reserves: +€380,841
- Financial income +€354,404
up €354,404 (+390%), from €90,795 to €445,199
- Gross operating margin +€328,688
up €328,688 (+51.5%), from €638,625 to €967,313
- Financial charges +€104,773
up €104,773 (+55.4%), from €189,084 to €293,856
of which Financial charges: +€92,497
- Depreciation +€83,542
up €83,542 (+60.6%), from €137,753 to €221,295
- Other operating charges +€38,446
up €38,446 (+32.3%), from €119,181 to €157,627
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 | €11,884,478 | €21,503,699 | +€9.6m | +80.9% |
| Fixed assets | 21/28 | €5,153,316 | €14,056,057 | +€8.9m | +173% |
| Tangible fixed assets | 22/27 | €4,882,399 | €14,039,360 | +€9.2m | +188% |
| Land and buildings | 22 | €4,853,229 | €13,893,260 | +€9.0m | +186% |
| Plant, machinery and equipment | 23 | €14,705 | €52,736 | +€38,031 | +259% |
| Furniture and vehicles | 24 | €2,592 | €34,702 | +€32,110 | +1,239% |
| Other tangible fixed assets | 26 | €11,873 | €58,663 | +€46,789 | +394% |
| Financial fixed assets | 28 | €270,917 | €16,696 | -€254,221 | -93.8% |
| Current assets | 29/58 | €6,731,162 | €7,447,643 | +€716,481 | +10.6% |
| Amounts receivable within one year | 40/41 | €858,430 | €1,133,963 | +€275,533 | +32.1% |
| Trade receivables | 40 | €187,551 | €396,545 | +€208,994 | +111% |
| Other amounts receivable | 41 | €670,878 | €737,418 | +€66,539 | +9.9% |
| Current investments | 50/53 | €5,858,851 | €6,182,607 | +€323,756 | +5.5% |
| Cash at bank and in hand | 54/58 | €10,005 | €125,056 | +€115,051 | +1,150% |
| Deferred charges and accrued income | 490/1 | €3,876 | €6,016 | +€2,141 | +55.2% |
| Total equity and liabilities | 10/49 | €11,884,478 | €21,503,699 | +€9.6m | +80.9% |
| Equity | 10/15 | €5,061,091 | €5,785,205 | +€724,114 | +14.3% |
| Contributions | 10/11 | €179,723 | €179,723 | = | 0.0% |
| Revaluation surpluses | 12 | €474,400 | €474,400 | = | 0.0% |
| Reserves | 13 | €4,860,785 | €5,131,082 | +€270,296 | +5.6% |
| Tax-exempt reserves | 132 | €4,860,785 | €4,750,241 | -€110,544 | -2.3% |
| Distributable reserves | 133 | - | €380,841 | +€380,841 | |
| Profit (loss) carried forward | 14 | -€453,817 | €0 | +€453,817 | |
| Provisions and deferred taxes | 16 | €2,101,443 | €1,758,443 | -€342,999 | -16.3% |
| Provisions for liabilities and charges | 160/5 | €481,181 | €175,030 | -€306,151 | -63.6% |
| Environmental obligations | 163 | €481,181 | €0 | -€481,181 | -100% |
| Other liabilities and charges | 164/5 | - | €175,030 | +€175,030 | |
| Deferred taxes | 168 | €1,620,262 | €1,583,414 | -€36,848 | -2.3% |
| Amounts payable | 17/49 | €4,721,944 | €13,960,051 | +€9.2m | +196% |
| Amounts payable after more than one year | 17 | €3,908,533 | €12,575,190 | +€8.7m | +222% |
| Financial debts | 170/4 | €3,864,474 | €12,435,327 | +€8.6m | +222% |
| Other amounts payable | 178/9 | €44,059 | €139,863 | +€95,804 | +217% |
| Amounts payable within one year | 42/48 | €813,411 | €1,384,861 | +€571,450 | +70.3% |
| Current portion of amounts payable after more than one year | 42 | €234,211 | €629,147 | +€394,937 | +169% |
| Financial debts | 43 | €250,000 | €150,000 | -€100,000 | -40.0% |
| Credit institutions | 430/8 | €250,000 | €150,000 | -€100,000 | -40.0% |
| Trade debts | 44 | €306,824 | €393,302 | +€86,477 | +28.2% |
| Suppliers | 440/4 | €306,824 | €393,302 | +€86,477 | +28.2% |
| Advances received on contracts in progress | 46 | €7,083 | €164,813 | +€157,729 | +2,227% |
| Taxes, remuneration and social security | 45 | €15,293 | €47,600 | +€32,307 | +211% |
| Taxes | 450/3 | €9,080 | €41,700 | +€32,621 | +359% |
| Remuneration and social security | 454/9 | €6,213 | €5,899 | -€314 | -5.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €535,464 | €306,151 | -€229,313 | -42.8% |
| Remuneration, social security and pensions | 62 | €50,763 | €52,467 | +€1,704 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,753 | €221,295 | +€83,542 | +60.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,465 | €0 | -€2,465 | -100% |
| Other operating charges | 640/8 | €119,181 | €157,627 | +€38,446 | +32.3% |
| Non-recurring operating charges | 66A | €83,199 | €0 | -€83,199 | -100% |
| Gross operating margin | 9900 | €638,625 | €967,313 | +€328,688 | +51.5% |
| Operating profit (loss) | 9901 | €245,264 | €535,923 | +€290,659 | +119% |
| Financial income | 75/76B | €90,795 | €445,199 | +€354,404 | +390% |
| Recurring financial income | 75 | €90,795 | €445,199 | +€354,404 | +390% |
| Financial charges | 65/66B | €189,084 | €293,856 | +€104,773 | +55.4% |
| Recurring financial charges | 65 | €189,084 | €281,581 | +€92,497 | +48.9% |
| Non-recurring financial charges | 66B | €0 | €12,276 | +€12,276 | |
| Profit (loss) for the period before taxes | 9903 | €146,976 | €687,265 | +€540,290 | +368% |
| Transfer from deferred taxes | 780 | €21,017 | €36,848 | +€15,831 | +75.3% |
| Profit (loss) for the period | 9904 | €167,993 | €724,114 | +€556,121 | +331% |
| Transfer from tax-exempt reserves | 789 | €63,052 | €110,544 | +€47,493 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €231,045 | €834,658 | +€603,613 | +261% |
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 27 October 2026 via checked.be.