IN DE WANDELING: 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.
IN DE WANDELING
Largest movements
- Receivables within one year +€32,373
up €32,373 (+107%), from €30,275 to €62,648
of which Trade receivables: +€27,051
- Stocks and contracts +€27,103
up €27,103 (+142%), from €19,120 to €46,224
- Debts after one year -€63,051
down €63,051 (-36.4%), from €173,391 to €110,340
of which Financial debts: -€62,309
- Reserves +€47,619
up €47,619 (+29.4%), from €162,093 to €209,712
- Trade debts +€33,129
up €33,129 (+78.0%), from €42,480 to €75,609
- Tax, wage and social debts +€19,196
up €19,196 (+93.4%), from €20,549 to €39,745
of which Remuneration and social security: +€20,835
- Other debts +€10,014
up €10,014 (+2,842%), from €352 to €10,367
- Staff costs +€46,749
up €46,749 (+15.5%), from €302,455 to €349,203
- Gross operating margin +€21,071
up €21,071 (+4.4%), from €481,376 to €502,447
- Taxes -€7,707
down €7,707 (-31.1%), from €24,773 to €17,066
- Depreciation +€6,033
up €6,033 (+9.0%), from €67,221 to €73,255
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 | €559,852 | €610,115 | +€50,262 | +9.0% |
| Fixed assets | 21/28 | €455,330 | €450,648 | -€4,683 | -1.0% |
| Tangible fixed assets | 22/27 | €455,330 | €450,648 | -€4,683 | -1.0% |
| Land and buildings | 22 | €354,290 | €310,004 | -€44,286 | -12.5% |
| Plant, machinery and equipment | 23 | €93,511 | €133,296 | +€39,785 | +42.5% |
| Furniture and vehicles | 24 | €7,530 | €7,348 | -€182 | -2.4% |
| Current assets | 29/58 | €104,522 | €159,467 | +€54,945 | +52.6% |
| Stocks and contracts in progress | 3 | €19,120 | €46,224 | +€27,103 | +142% |
| Stocks | 30/36 | €19,120 | €46,224 | +€27,103 | +142% |
| Amounts receivable within one year | 40/41 | €30,275 | €62,648 | +€32,373 | +107% |
| Trade receivables | 40 | €24,717 | €51,769 | +€27,051 | +109% |
| Other amounts receivable | 41 | €5,558 | €10,879 | +€5,322 | +95.8% |
| Cash at bank and in hand | 54/58 | €51,760 | €47,591 | -€4,169 | -8.1% |
| Deferred charges and accrued income | 490/1 | €3,366 | €3,004 | -€362 | -10.8% |
| Total equity and liabilities | 10/49 | €559,852 | €610,115 | +€50,262 | +9.0% |
| Equity | 10/15 | €261,250 | €308,869 | +€47,619 | +18.2% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €162,093 | €209,712 | +€47,619 | +29.4% |
| Distributable reserves | 133 | €162,093 | €209,712 | +€47,619 | +29.4% |
| Amounts payable | 17/49 | €298,602 | €301,246 | +€2,644 | +0.9% |
| Amounts payable after more than one year | 17 | €173,391 | €110,340 | -€63,051 | -36.4% |
| Financial debts | 170/4 | €168,060 | €105,750 | -€62,309 | -37.1% |
| Other amounts payable | 178/9 | €5,332 | €4,590 | -€742 | -13.9% |
| Amounts payable within one year | 42/48 | €125,060 | €188,915 | +€63,856 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €61,468 | €62,309 | +€842 | +1.4% |
| Trade debts | 44 | €42,480 | €75,609 | +€33,129 | +78.0% |
| Suppliers | 440/4 | €42,480 | €75,609 | +€33,129 | +78.0% |
| Advances received on contracts in progress | 46 | €210 | €885 | +€675 | +321% |
| Taxes, remuneration and social security | 45 | €20,549 | €39,745 | +€19,196 | +93.4% |
| Taxes | 450/3 | €7,989 | €6,350 | -€1,639 | -20.5% |
| Remuneration and social security | 454/9 | €12,561 | €33,395 | +€20,835 | +166% |
| Other amounts payable | 47/48 | €352 | €10,367 | +€10,014 | +2,842% |
| Accrued charges and deferred income | 492/3 | €151 | €1,990 | +€1,839 | +1,219% |
| Remuneration, social security and pensions | 62 | €302,455 | €349,203 | +€46,749 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,221 | €73,255 | +€6,033 | +9.0% |
| Other operating charges | 640/8 | €5,807 | €5,468 | -€339 | -5.8% |
| Gross operating margin | 9900 | €481,376 | €502,447 | +€21,071 | +4.4% |
| Operating profit (loss) | 9901 | €105,893 | €74,521 | -€31,373 | -29.6% |
| Financial income | 75/76B | €155 | €1,542 | +€1,387 | +894% |
| Recurring financial income | 75 | €155 | €1,542 | +€1,387 | +894% |
| Financial charges | 65/66B | €10,371 | €11,378 | +€1,007 | +9.7% |
| Recurring financial charges | 65 | €10,371 | €11,378 | +€1,007 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €95,678 | €64,685 | -€30,993 | -32.4% |
| Income taxes | 67/77 | €24,773 | €17,066 | -€7,707 | -31.1% |
| Profit (loss) for the period | 9904 | €70,905 | €47,619 | -€23,286 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,905 | €47,619 | -€23,286 | -32.8% |
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 26 October 2026 via checked.be.