IN DEED: 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 DEED
Largest movements
- Tangible fixed assets +€7,241
up €7,241 (+8.7%), from €82,859 to €90,100
of which Land and buildings: +€30,799
- Receivables within one year +€6,718
up €6,718 (+10.3%), from €65,258 to €71,976
of which Trade receivables: +€24,372
- Cash +€3,893
up €3,893 (+42.9%), from €9,080 to €12,973
mainly Net result for the year (+€46,112) and Depreciation (+€25,752)
- Debts after one year -€25,439
no longer reported in 2025 (was €25,439)
- Reserves +€21,112
up €21,112 (+19.7%), from €107,113 to €128,225
- Tax, wage and social debts +€19,590
up €19,590 (+196%), from €9,974 to €29,564
- Other debts +€2,787
new in 2025: €2,787
- Gross operating margin +€44,177
up €44,177 (+88.8%), from €49,724 to €93,901
- Taxes +€8,108
up €8,108 (+143%), from €5,673 to €13,781
- Other operating charges +€6,507
up €6,507 (+581%), from €1,120 to €7,627
- Depreciation +€1,369
up €1,369 (+5.6%), from €24,383 to €25,752
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 | €187,621 | €204,914 | +€17,293 | +9.2% |
| Fixed assets | 21/28 | €110,151 | €117,392 | +€7,241 | +6.6% |
| Tangible fixed assets | 22/27 | €82,859 | €90,100 | +€7,241 | +8.7% |
| Land and buildings | 22 | €11,550 | €42,349 | +€30,799 | +267% |
| Plant, machinery and equipment | 23 | €2,012 | €1,177 | -€834 | -41.5% |
| Furniture and vehicles | 24 | €757 | €410 | -€347 | -45.9% |
| Leasing and similar rights | 25 | €68,540 | €46,164 | -€22,377 | -32.6% |
| Financial fixed assets | 28 | €27,293 | €27,293 | = | 0.0% |
| Current assets | 29/58 | €77,470 | €87,522 | +€10,052 | +13.0% |
| Amounts receivable within one year | 40/41 | €65,258 | €71,976 | +€6,718 | +10.3% |
| Trade receivables | 40 | €36,300 | €60,672 | +€24,372 | +67.1% |
| Other amounts receivable | 41 | €28,958 | €11,304 | -€17,655 | -61.0% |
| Cash at bank and in hand | 54/58 | €9,080 | €12,973 | +€3,893 | +42.9% |
| Deferred charges and accrued income | 490/1 | €3,132 | €2,573 | -€559 | -17.8% |
| Total equity and liabilities | 10/49 | €187,621 | €204,914 | +€17,293 | +9.2% |
| Equity | 10/15 | €125,713 | €146,825 | +€21,112 | +16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,113 | €128,225 | +€21,112 | +19.7% |
| Distributable reserves | 133 | €107,113 | €128,225 | +€21,112 | +19.7% |
| Amounts payable | 17/49 | €61,908 | €58,089 | -€3,819 | -6.2% |
| Amounts payable after more than one year | 17 | €25,439 | - | -€25,439 | |
| Financial debts | 170/4 | €25,439 | - | -€25,439 | |
| Amounts payable within one year | 42/48 | €36,469 | €58,089 | +€21,620 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €25,069 | €25,439 | +€371 | +1.5% |
| Trade debts | 44 | €1,426 | €299 | -€1,128 | -79.0% |
| Suppliers | 440/4 | €1,426 | €299 | -€1,128 | -79.0% |
| Taxes, remuneration and social security | 45 | €9,974 | €29,564 | +€19,590 | +196% |
| Taxes | 450/3 | €9,974 | €29,564 | +€19,590 | +196% |
| Other amounts payable | 47/48 | - | €2,787 | +€2,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,383 | €25,752 | +€1,369 | +5.6% |
| Other operating charges | 640/8 | €1,120 | €7,627 | +€6,507 | +581% |
| Gross operating margin | 9900 | €49,724 | €93,901 | +€44,177 | +88.8% |
| Operating profit (loss) | 9901 | €24,221 | €60,522 | +€36,301 | +150% |
| Financial charges | 65/66B | €1,126 | €629 | -€498 | -44.2% |
| Recurring financial charges | 65 | €1,126 | €629 | -€498 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €23,095 | €59,893 | +€36,799 | +159% |
| Income taxes | 67/77 | €5,673 | €13,781 | +€8,108 | +143% |
| Profit (loss) for the period | 9904 | €17,421 | €46,112 | +€28,691 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €17,421 | €46,112 | +€28,691 | +165% |
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 13 October 2026 via checked.be.