IN LINE: 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 LINE
Largest movements
- Tangible fixed assets +€348,041
up €348,041 (+1816.0%), from €19,166 to €367,206
of which Land and buildings: +€345,132
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year -€88,446
down €88,446 (-63.7%), from €138,847 to €50,401
of which Other amounts receivable: -€90,513
- Cash +€51,534
up €51,534 (+272.8%), from €18,892 to €70,426
mainly Current investments (+€200,000) and Debts after one year (+€129,796)
- Debts after one year +€129,796
up €129,796 (+1025.9%), from €12,651 to €142,447
- Profit (loss) carried forward -€36,734
down €36,734 (-76.2%), from €48,204 to €11,470
- Trade debts +€20,772
up €20,772 (+329.9%), from €6,297 to €27,069
- Tax, wage and social debts -€8,592
down €8,592 (-28.8%), from €29,854 to €21,261
- Current portion of long-term debt +€5,711
up €5,711 (+67.9%), from €8,414 to €14,125
- Gross operating margin -€159,623
down €159,623, from €150,422 to -€9,202
- Taxes -€15,065
down €15,065 (-91.9%), from €16,387 to €1,322
- Other operating charges -€7,864
down €7,864 (-87.3%), from €9,013 to €1,149
- Depreciation +€7,008
up €7,008 (+62.1%), from €11,293 to €18,301
- Financial charges +€6,186
up €6,186 (+400.0%), from €1,547 to €7,732
of which Financial charges: +€6,111
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 | €438,438 | €549,391 | +€110,953 | +25.3% |
| Fixed assets | 21/28 | €80,181 | €428,221 | +€348,041 | +434.1% |
| Tangible fixed assets | 22/27 | €19,166 | €367,206 | +€348,041 | +1816.0% |
| Land and buildings | 22 | - | €345,132 | +€345,132 | |
| Plant, machinery and equipment | 23 | €398 | €0 | -€398 | -100.0% |
| Furniture and vehicles | 24 | €18,767 | €22,075 | +€3,308 | +17.6% |
| Financial fixed assets | 28 | €61,015 | €61,015 | = | 0.0% |
| Current assets | 29/58 | €358,258 | €121,169 | -€237,088 | -66.2% |
| Amounts receivable within one year | 40/41 | €138,847 | €50,401 | -€88,446 | -63.7% |
| Trade receivables | 40 | €26,698 | €28,765 | +€2,067 | +7.7% |
| Other amounts receivable | 41 | €112,149 | €21,637 | -€90,513 | -80.7% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €18,892 | €70,426 | +€51,534 | +272.8% |
| Deferred charges and accrued income | 490/1 | €519 | €342 | -€177 | -34.1% |
| Total equity and liabilities | 10/49 | €438,438 | €549,391 | +€110,953 | +25.3% |
| Equity | 10/15 | €297,056 | €260,322 | -€36,734 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €230,252 | €230,252 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €228,392 | €228,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,204 | €11,470 | -€36,734 | -76.2% |
| Provisions and deferred taxes | 16 | €76,131 | €76,131 | = | 0.0% |
| Deferred taxes | 168 | €76,131 | €76,131 | = | 0.0% |
| Amounts payable | 17/49 | €65,251 | €212,938 | +€147,687 | +226.3% |
| Amounts payable after more than one year | 17 | €12,651 | €142,447 | +€129,796 | +1025.9% |
| Financial debts | 170/4 | €12,651 | €142,447 | +€129,796 | +1025.9% |
| Amounts payable within one year | 42/48 | €52,600 | €70,490 | +€17,891 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €8,414 | €14,125 | +€5,711 | +67.9% |
| Trade debts | 44 | €6,297 | €27,069 | +€20,772 | +329.9% |
| Suppliers | 440/4 | €6,297 | €27,069 | +€20,772 | +329.9% |
| Advances received on contracts in progress | 46 | €5,825 | €5,825 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €29,854 | €21,261 | -€8,592 | -28.8% |
| Taxes | 450/3 | €29,854 | €21,261 | -€8,592 | -28.8% |
| Other amounts payable | 47/48 | €2,210 | €2,210 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,293 | €18,301 | +€7,008 | +62.1% |
| Other operating charges | 640/8 | €9,013 | €1,149 | -€7,864 | -87.3% |
| Gross operating margin | 9900 | €150,422 | -€9,202 | -€159,623 | |
| Operating profit (loss) | 9901 | €130,116 | -€28,651 | -€158,767 | |
| Financial income | 75/76B | - | €971 | +€971 | |
| Recurring financial income | 75 | - | €971 | +€971 | |
| Financial charges | 65/66B | €1,547 | €7,732 | +€6,186 | +400.0% |
| Recurring financial charges | 65 | €1,547 | €7,658 | +€6,111 | +395.2% |
| Non-recurring financial charges | 66B | - | €74 | +€74 | |
| Profit (loss) for the period before taxes | 9903 | €128,569 | -€35,412 | -€163,981 | |
| Income taxes | 67/77 | €16,387 | €1,322 | -€15,065 | -91.9% |
| Profit (loss) for the period | 9904 | €112,182 | -€36,734 | -€148,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,182 | -€36,734 | -€148,916 |
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 10 October 2026 via checked.be.