IMAGE WEAR: 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.
IMAGE WEAR
Largest movements
- Tangible fixed assets +€87,593
up €87,593 (+48.1%), from €182,010 to €269,603
of which Land and buildings: +€91,914
- Receivables within one year -€34,458
down €34,458 (-36.9%), from €93,431 to €58,973
of which Trade receivables: -€37,016
- Deferred charges and accrued income -€19,883
down €19,883 (-72.2%), from €27,539 to €7,656
- Cash +€13,350
up €13,350 (+34.6%), from €38,629 to €51,979
mainly Debts after one year (+€80,030) and Receivables within one year (+€34,458)
- Debts after one year +€80,030
up €80,030 (+87.9%), from €91,092 to €171,121
- Trade debts -€41,468
down €41,468 (-63.9%), from €64,937 to €23,468
- Current portion of long-term debt +€9,237
up €9,237 (+105%), from €8,756 to €17,992
- Tax, wage and social debts +€4,809
up €4,809 (+28.4%), from €16,960 to €21,769
of which Taxes: +€5,110
- Gross operating margin -€18,552
down €18,552 (-45.4%), from €40,871 to €22,319
- Financial charges +€11,139
up €11,139 (+528%), from €2,111 to €13,249
- Taxes -€4,780
down €4,780 (-69.5%), from €6,880 to €2,100
- Other operating charges -€4,769
down €4,769 (-76.2%), from €6,258 to €1,490
- Depreciation -€4,731
down €4,731 (-36.3%), from €13,016 to €8,286
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 | €342,970 | €389,571 | +€46,602 | +13.6% |
| Fixed assets | 21/28 | €183,370 | €270,963 | +€87,593 | +47.8% |
| Tangible fixed assets | 22/27 | €182,010 | €269,603 | +€87,593 | +48.1% |
| Land and buildings | 22 | €176,172 | €268,086 | +€91,914 | +52.2% |
| Plant, machinery and equipment | 23 | €1,403 | €938 | -€464 | -33.1% |
| Furniture and vehicles | 24 | €4,435 | €578 | -€3,857 | -87.0% |
| Financial fixed assets | 28 | €1,360 | €1,360 | = | 0.0% |
| Current assets | 29/58 | €159,599 | €118,608 | -€40,991 | -25.7% |
| Amounts receivable within one year | 40/41 | €93,431 | €58,973 | -€34,458 | -36.9% |
| Trade receivables | 40 | €92,089 | €55,073 | -€37,016 | -40.2% |
| Other amounts receivable | 41 | €1,342 | €3,900 | +€2,558 | +191% |
| Cash at bank and in hand | 54/58 | €38,629 | €51,979 | +€13,350 | +34.6% |
| Deferred charges and accrued income | 490/1 | €27,539 | €7,656 | -€19,883 | -72.2% |
| Total equity and liabilities | 10/49 | €342,970 | €389,571 | +€46,602 | +13.6% |
| Equity | 10/15 | €156,460 | €154,121 | -€2,339 | -1.5% |
| Contributions | 10/11 | €18,595 | €18,595 | = | 0.0% |
| Reserves | 13 | €137,866 | €137,866 | = | 0.0% |
| Distributable reserves | 133 | €137,866 | €137,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,339 | -€2,339 | |
| Amounts payable | 17/49 | €186,509 | €235,450 | +€48,941 | +26.2% |
| Amounts payable after more than one year | 17 | €91,092 | €171,121 | +€80,030 | +87.9% |
| Financial debts | 170/4 | €91,092 | €171,121 | +€80,030 | +87.9% |
| Amounts payable within one year | 42/48 | €95,418 | €64,329 | -€31,089 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €8,756 | €17,992 | +€9,237 | +105% |
| Financial debts | 43 | €512 | €520 | +€8 | +1.6% |
| Credit institutions | 430/8 | €512 | €520 | +€8 | +1.6% |
| Trade debts | 44 | €64,937 | €23,468 | -€41,468 | -63.9% |
| Suppliers | 440/4 | €64,937 | €23,468 | -€41,468 | -63.9% |
| Taxes, remuneration and social security | 45 | €16,960 | €21,769 | +€4,809 | +28.4% |
| Taxes | 450/3 | €14,548 | €19,659 | +€5,110 | +35.1% |
| Remuneration and social security | 454/9 | €2,412 | €2,110 | -€302 | -12.5% |
| Other amounts payable | 47/48 | €4,253 | €579 | -€3,674 | -86.4% |
| Non-recurring operating income | 76A | - | €1,783 | +€1,783 | |
| Remuneration, social security and pensions | 62 | €2,979 | -€119 | -€3,098 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,016 | €8,286 | -€4,731 | -36.3% |
| Other operating charges | 640/8 | €6,258 | €1,490 | -€4,769 | -76.2% |
| Gross operating margin | 9900 | €40,871 | €22,319 | -€18,552 | -45.4% |
| Operating profit (loss) | 9901 | €18,618 | €12,662 | -€5,955 | -32.0% |
| Financial income | 75/76B | €451 | €348 | -€104 | -23.0% |
| Recurring financial income | 75 | €451 | €348 | -€104 | -23.0% |
| Financial charges | 65/66B | €2,111 | €13,249 | +€11,139 | +528% |
| Recurring financial charges | 65 | €2,111 | €13,249 | +€11,139 | +528% |
| Profit (loss) for the period before taxes | 9903 | €16,958 | -€239 | -€17,198 | |
| Income taxes | 67/77 | €6,880 | €2,100 | -€4,780 | -69.5% |
| Profit (loss) for the period | 9904 | €10,079 | -€2,339 | -€12,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,079 | -€2,339 | -€12,418 |
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 14 October 2026 via checked.be.