In Petto: 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 Petto
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+41.5%), from €2.9m to €4.1m
of which Trade receivables: +€1.1m
- Tangible fixed assets +€417,486
up €417,486 (+92.0%), from €453,819 to €871,306
of which Land and buildings: +€423,349
- Financial fixed assets +€401,867
up €401,867 (+12.5%), from €3.2m to €3.6m
- Current investments -€140,000
no longer reported in 2025 (was €140,000)
- Advances received +€441,950
new in 2025: €441,950
- Other debts +€441,123
up €441,123 (+21.9%), from €2.0m to €2.5m
- Reserves +€423,796
up €423,796 (+13.5%), from €3.1m to €3.6m
- Short-term financial debts +€297,500
up €297,500 (+19.7%), from €1.5m to €1.8m
- Debts after one year +€218,591
up €218,591 (+409%), from €53,401 to €271,993
- Gross operating margin +€241,274
up €241,274 (+185%), from €130,384 to €371,659
- Financial income +€129,154
up €129,154 (+146%), from €88,358 to €217,512
- Financial charges +€71,179
up €71,179 (+644%), from €11,058 to €82,237
- Taxes -€48,016
down €48,016 (-98.9%), from €48,540 to €524
- Depreciation -€13,246
down €13,246 (-34.6%), from €38,253 to €25,006
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 | €6,813,440 | €8,658,078 | +€1.8m | +27.1% |
| Fixed assets | 21/28 | €3,671,106 | €4,490,459 | +€819,353 | +22.3% |
| Tangible fixed assets | 22/27 | €453,819 | €871,306 | +€417,486 | +92.0% |
| Land and buildings | 22 | €428,817 | €852,166 | +€423,349 | +98.7% |
| Plant, machinery and equipment | 23 | €16,900 | €14,632 | -€2,267 | -13.4% |
| Furniture and vehicles | 24 | €8,102 | €4,507 | -€3,595 | -44.4% |
| Financial fixed assets | 28 | €3,217,287 | €3,619,154 | +€401,867 | +12.5% |
| Current assets | 29/58 | €3,142,334 | €4,167,618 | +€1.0m | +32.6% |
| Amounts receivable within one year | 40/41 | €2,882,098 | €4,077,706 | +€1.2m | +41.5% |
| Trade receivables | 40 | €121,967 | €1,228,706 | +€1.1m | +907% |
| Other amounts receivable | 41 | €2,760,131 | €2,849,000 | +€88,869 | +3.2% |
| Current investments | 50/53 | €140,000 | - | -€140,000 | |
| Cash at bank and in hand | 54/58 | €86,427 | €58,134 | -€28,293 | -32.7% |
| Deferred charges and accrued income | 490/1 | €33,809 | €31,778 | -€2,031 | -6.0% |
| Total equity and liabilities | 10/49 | €6,813,440 | €8,658,078 | +€1.8m | +27.1% |
| Equity | 10/15 | €3,150,217 | €3,574,013 | +€423,796 | +13.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,131,625 | €3,555,421 | +€423,796 | +13.5% |
| Distributable reserves | 133 | €3,131,625 | €3,555,421 | +€423,796 | +13.5% |
| Amounts payable | 17/49 | €3,663,223 | €5,084,065 | +€1.4m | +38.8% |
| Amounts payable after more than one year | 17 | €53,401 | €271,993 | +€218,591 | +409% |
| Financial debts | 170/4 | €53,401 | €271,993 | +€218,591 | +409% |
| Amounts payable within one year | 42/48 | €3,609,822 | €4,811,574 | +€1.2m | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €35,613 | €25,888 | -€9,726 | -27.3% |
| Financial debts | 43 | €1,510,000 | €1,807,500 | +€297,500 | +19.7% |
| Credit institutions | 430/8 | €1,510,000 | €1,807,500 | +€297,500 | +19.7% |
| Trade debts | 44 | €9,831 | €58,944 | +€49,114 | +500% |
| Suppliers | 440/4 | €9,831 | €58,944 | +€49,114 | +500% |
| Advances received on contracts in progress | 46 | - | €441,950 | +€441,950 | |
| Taxes, remuneration and social security | 45 | €36,007 | €17,797 | -€18,210 | -50.6% |
| Taxes | 450/3 | €36,007 | €17,797 | -€18,210 | -50.6% |
| Other amounts payable | 47/48 | €2,018,371 | €2,459,494 | +€441,123 | +21.9% |
| Accrued charges and deferred income | 492/3 | - | €499 | +€499 | |
| Non-recurring operating income | 76A | - | €380,681 | +€380,681 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,253 | €25,006 | -€13,246 | -34.6% |
| Other operating charges | 640/8 | €4,669 | €2,567 | -€2,102 | -45.0% |
| Non-recurring operating charges | 66A | - | €55,041 | +€55,041 | |
| Gross operating margin | 9900 | €130,384 | €371,659 | +€241,274 | +185% |
| Operating profit (loss) | 9901 | €87,463 | €289,044 | +€201,581 | +230% |
| Financial income | 75/76B | €88,358 | €217,512 | +€129,154 | +146% |
| Recurring financial income | 75 | €88,358 | €217,512 | +€129,154 | +146% |
| Financial charges | 65/66B | €11,058 | €82,237 | +€71,179 | +644% |
| Recurring financial charges | 65 | €11,058 | €82,237 | +€71,179 | +644% |
| Profit (loss) for the period before taxes | 9903 | €164,763 | €424,319 | +€259,557 | +158% |
| Income taxes | 67/77 | €48,540 | €524 | -€48,016 | -98.9% |
| Profit (loss) for the period | 9904 | €116,223 | €423,796 | +€307,573 | +265% |
| Profit (loss) for the period to be appropriated | 9905 | €116,223 | €423,796 | +€307,573 | +265% |
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 30 October 2026 via checked.be.