Illumination: 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.
Illumination
Largest movements
- Cash +€80,980
up €80,980 (+103.6%), from €78,175 to €159,155
mainly Short-term financial debts (+€70,000) and Depreciation (+€48,006)
- Stocks and contracts +€57,265
up €57,265 (+16.6%), from €344,345 to €401,610
- Tangible fixed assets +€23,080
up €23,080 (+13.3%), from €173,513 to €196,593
of which Furniture and vehicles: +€21,597
- Receivables within one year +€18,349
up €18,349 (+39.2%), from €46,770 to €65,119
of which Trade receivables: +€13,040
- Short-term financial debts +€70,000
new in 2025: €70,000
- Reserves +€37,000
up €37,000 (+14.1%), from €262,109 to €299,109
of which Distributable reserves: +€37,000
- Trade debts +€32,981
up €32,981 (+83.2%), from €39,646 to €72,627
- Tax, wage and social debts +€24,924
up €24,924 (+25.0%), from €99,680 to €124,604
of which Taxes: +€22,210
- Other debts -€18,410
down €18,410 (-14.6%), from €126,121 to €107,711
- Gross operating margin +€36,404
up €36,404 (+11.7%), from €310,619 to €347,023
- Staff costs +€17,336
up €17,336 (+8.6%), from €202,079 to €219,415
- Write-downs +€7,545
up €7,545 (+635.1%), from €1,188 to €8,733
- Depreciation +€6,381
up €6,381 (+15.3%), from €41,625 to €48,006
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 | €673,678 | €849,537 | +€175,859 | +26.1% |
| Fixed assets | 21/28 | €189,524 | €215,879 | +€26,355 | +13.9% |
| Intangible fixed assets | 21 | €14,811 | €18,286 | +€3,475 | +23.5% |
| Tangible fixed assets | 22/27 | €173,513 | €196,593 | +€23,080 | +13.3% |
| Land and buildings | 22 | €91,664 | €84,227 | -€7,437 | -8.1% |
| Furniture and vehicles | 24 | €8,394 | €29,991 | +€21,597 | +257.3% |
| Other tangible fixed assets | 26 | €73,455 | €82,375 | +€8,920 | +12.1% |
| Financial fixed assets | 28 | €1,200 | €1,000 | -€200 | -16.7% |
| Current assets | 29/58 | €484,154 | €633,658 | +€149,504 | +30.9% |
| Stocks and contracts in progress | 3 | €344,345 | €401,610 | +€57,265 | +16.6% |
| Stocks | 30/36 | €344,345 | €401,610 | +€57,265 | +16.6% |
| Amounts receivable within one year | 40/41 | €46,770 | €65,119 | +€18,349 | +39.2% |
| Trade receivables | 40 | €45,868 | €58,908 | +€13,040 | +28.4% |
| Other amounts receivable | 41 | €902 | €6,211 | +€5,309 | +588.6% |
| Cash at bank and in hand | 54/58 | €78,175 | €159,155 | +€80,980 | +103.6% |
| Deferred charges and accrued income | 490/1 | €14,864 | €7,774 | -€7,090 | -47.7% |
| Total equity and liabilities | 10/49 | €673,678 | €849,537 | +€175,859 | +26.1% |
| Equity | 10/15 | €282,682 | €320,305 | +€37,623 | +13.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €262,109 | €299,109 | +€37,000 | +14.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,250 | €36,250 | = | 0.0% |
| Distributable reserves | 133 | €224,000 | €261,000 | +€37,000 | +16.5% |
| Profit (loss) carried forward | 14 | €1,981 | €2,604 | +€623 | +31.4% |
| Amounts payable | 17/49 | €390,996 | €529,232 | +€138,236 | +35.4% |
| Amounts payable after more than one year | 17 | €94,880 | €106,745 | +€11,865 | +12.5% |
| Financial debts | 170/4 | €49,880 | €61,745 | +€11,865 | +23.8% |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €295,453 | €421,006 | +€125,553 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €30,006 | €46,064 | +€16,058 | +53.5% |
| Financial debts | 43 | - | €70,000 | +€70,000 | |
| Credit institutions | 430/8 | - | €70,000 | +€70,000 | |
| Trade debts | 44 | €39,646 | €72,627 | +€32,981 | +83.2% |
| Suppliers | 440/4 | €39,646 | €72,627 | +€32,981 | +83.2% |
| Taxes, remuneration and social security | 45 | €99,680 | €124,604 | +€24,924 | +25.0% |
| Taxes | 450/3 | €79,026 | €101,236 | +€22,210 | +28.1% |
| Remuneration and social security | 454/9 | €20,654 | €23,368 | +€2,714 | +13.1% |
| Other amounts payable | 47/48 | €126,121 | €107,711 | -€18,410 | -14.6% |
| Accrued charges and deferred income | 492/3 | €663 | €1,481 | +€818 | +123.4% |
| Remuneration, social security and pensions | 62 | €202,079 | €219,415 | +€17,336 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,625 | €48,006 | +€6,381 | +15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,188 | €8,733 | +€7,545 | +635.1% |
| Other operating charges | 640/8 | €5,465 | €5,353 | -€112 | -2.0% |
| Gross operating margin | 9900 | €310,619 | €347,023 | +€36,404 | +11.7% |
| Operating profit (loss) | 9901 | €60,262 | €65,516 | +€5,254 | +8.7% |
| Financial income | 75/76B | €3 | €626 | +€623 | +20766.7% |
| Recurring financial income | 75 | €3 | €626 | +€623 | +20766.7% |
| Financial charges | 65/66B | €18,458 | €15,808 | -€2,650 | -14.4% |
| Recurring financial charges | 65 | €18,458 | €15,808 | -€2,650 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €41,807 | €50,334 | +€8,527 | +20.4% |
| Income taxes | 67/77 | €11,860 | €12,711 | +€851 | +7.2% |
| Profit (loss) for the period | 9904 | €29,947 | €37,623 | +€7,676 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,947 | €37,623 | +€7,676 | +25.6% |
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 7 October 2026 via checked.be.