impasto: 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.
impasto
Largest movements
- Cash -€76,719
down €76,719 (-63.2%), from €121,423 to €44,704
mainly Investment in fixed assets (net) (-€69,684) and Receivables within one year (-€64,875)
- Receivables within one year +€64,875
up €64,875 (+26.6%), from €244,110 to €308,985
of which Trade receivables: +€54,260
- Tangible fixed assets -€14,557
down €14,557 (-2.0%), from €728,364 to €713,806
of which Furniture and vehicles: -€28,540
- Current portion of long-term debt -€32,673
down €32,673 (-36.5%), from €89,595 to €56,922
- Debts after one year -€28,145
down €28,145 (-5.7%), from €490,653 to €462,507
- Reserves +€27,000
up €27,000 (+11.6%), from €232,859 to €259,859
of which Distributable reserves: +€27,000
- Tax, wage and social debts -€14,721
down €14,721 (-56.9%), from €25,859 to €11,138
of which Remuneration and social security: -€8,881
- Trade debts +€12,792
up €12,792 (+8.5%), from €149,861 to €162,653
- Staff costs +€51,095
up €51,095 (+35.6%), from €143,720 to €194,815
- Gross operating margin +€44,721
up €44,721 (+12.9%), from €346,910 to €391,631
- Depreciation +€10,257
up €10,257 (+13.5%), from €76,231 to €86,488
- Taxes -€5,556
down €5,556 (-24.6%), from €22,568 to €17,012
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 | €1,153,152 | €1,110,149 | -€43,003 | -3.7% |
| Fixed assets | 21/28 | €751,906 | €735,103 | -€16,804 | -2.2% |
| Intangible fixed assets | 21 | €22,699 | €20,199 | -€2,500 | -11.0% |
| Tangible fixed assets | 22/27 | €728,364 | €713,806 | -€14,557 | -2.0% |
| Land and buildings | 22 | €541,107 | €520,133 | -€20,974 | -3.9% |
| Plant, machinery and equipment | 23 | €60,555 | €71,862 | +€11,307 | +18.7% |
| Furniture and vehicles | 24 | €119,782 | €91,243 | -€28,540 | -23.8% |
| Leasing and similar rights | 25 | €6,919 | €30,569 | +€23,650 | +341.8% |
| Financial fixed assets | 28 | €844 | €1,097 | +€253 | +30.0% |
| Current assets | 29/58 | €401,245 | €375,046 | -€26,199 | -6.5% |
| Stocks and contracts in progress | 3 | €23,844 | €15,488 | -€8,356 | -35.0% |
| Stocks | 30/36 | €10,356 | €7,818 | -€2,538 | -24.5% |
| Contracts in progress | 37 | €13,488 | €7,670 | -€5,818 | -43.1% |
| Amounts receivable within one year | 40/41 | €244,110 | €308,985 | +€64,875 | +26.6% |
| Trade receivables | 40 | €203,657 | €257,916 | +€54,260 | +26.6% |
| Other amounts receivable | 41 | €40,453 | €51,069 | +€10,616 | +26.2% |
| Cash at bank and in hand | 54/58 | €121,423 | €44,704 | -€76,719 | -63.2% |
| Deferred charges and accrued income | 490/1 | €11,868 | €5,869 | -€5,999 | -50.5% |
| Total equity and liabilities | 10/49 | €1,153,152 | €1,110,149 | -€43,003 | -3.7% |
| Equity | 10/15 | €281,844 | €301,929 | +€20,085 | +7.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €232,859 | €259,859 | +€27,000 | +11.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €231,000 | €258,000 | +€27,000 | +11.7% |
| Profit (loss) carried forward | 14 | €30,393 | €23,478 | -€6,915 | -22.8% |
| Amounts payable | 17/49 | €871,307 | €808,220 | -€63,087 | -7.2% |
| Amounts payable after more than one year | 17 | €490,653 | €462,507 | -€28,145 | -5.7% |
| Financial debts | 170/4 | €490,653 | €462,507 | -€28,145 | -5.7% |
| Amounts payable within one year | 42/48 | €380,436 | €345,713 | -€34,724 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €89,595 | €56,922 | -€32,673 | -36.5% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €149,861 | €162,653 | +€12,792 | +8.5% |
| Suppliers | 440/4 | €149,861 | €162,653 | +€12,792 | +8.5% |
| Taxes, remuneration and social security | 45 | €25,859 | €11,138 | -€14,721 | -56.9% |
| Taxes | 450/3 | €10,999 | €5,159 | -€5,840 | -53.1% |
| Remuneration and social security | 454/9 | €14,860 | €5,979 | -€8,881 | -59.8% |
| Other amounts payable | 47/48 | €15,121 | €15,000 | -€121 | -0.8% |
| Accrued charges and deferred income | 492/3 | €219 | - | -€219 | |
| Non-recurring operating income | 76A | €11,581 | €3,233 | -€8,348 | -72.1% |
| Remuneration, social security and pensions | 62 | €143,720 | €194,815 | +€51,095 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,231 | €86,488 | +€10,257 | +13.5% |
| Other operating charges | 640/8 | €4,522 | €5,885 | +€1,363 | +30.1% |
| Non-recurring operating charges | 66A | €368 | €3,498 | +€3,130 | +850.6% |
| Gross operating margin | 9900 | €346,910 | €391,631 | +€44,721 | +12.9% |
| Operating profit (loss) | 9901 | €122,070 | €100,945 | -€21,124 | -17.3% |
| Financial income | 75/76B | €3,675 | €3,005 | -€670 | -18.2% |
| Recurring financial income | 75 | €3,675 | €3,005 | -€670 | -18.2% |
| Financial charges | 65/66B | €29,905 | €31,854 | +€1,949 | +6.5% |
| Recurring financial charges | 65 | €29,905 | €31,854 | +€1,949 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €95,839 | €72,096 | -€23,743 | -24.8% |
| Income taxes | 67/77 | €22,568 | €17,012 | -€5,556 | -24.6% |
| Profit (loss) for the period | 9904 | €73,271 | €55,085 | -€18,187 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €73,271 | €55,085 | -€18,187 | -24.8% |
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 5 October 2026 via checked.be.