IN THE LEAD: 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 THE LEAD
Largest movements
- Tangible fixed assets +€300,463
up €300,463 (+149%), from €202,056 to €502,519
of which Land and buildings: +€298,680
- Cash -€168,492
down €168,492 (-63.3%), from €266,356 to €97,863
mainly Investment in fixed assets (net) (-€327,197) and Deferred charges and accrued income (-€34,545)
- Deferred charges and accrued income +€34,545
up €34,545 (+410%), from €8,435 to €42,979
- Debts after one year +€96,641
up €96,641 (+35.1%), from €275,000 to €371,641
- Reserves +€50,000
up €50,000 (+25.2%), from €198,500 to €248,500
- Current portion of long-term debt +€25,019
new in 2025: €25,019
- Other debts -€12,141
down €12,141 (-33.4%), from €36,316 to €24,175
- Trade debts +€11,363
up €11,363 (+49.4%), from €23,014 to €34,377
- Staff costs +€25,686
up €25,686 (+11.4%), from €224,984 to €250,670
- Taxes -€13,607
down €13,607 (-51.8%), from €26,269 to €12,662
- Financial charges +€6,183
up €6,183 (+43.0%), from €14,364 to €20,547
- Gross operating margin +€4,362
up €4,362 (+1.2%), from €374,109 to €378,471
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 | €631,510 | €795,314 | +€163,805 | +25.9% |
| Fixed assets | 21/28 | €202,056 | €502,519 | +€300,463 | +149% |
| Tangible fixed assets | 22/27 | €202,056 | €502,519 | +€300,463 | +149% |
| Land and buildings | 22 | €176,624 | €475,304 | +€298,680 | +169% |
| Plant, machinery and equipment | 23 | €4,359 | €6,963 | +€2,605 | +59.8% |
| Furniture and vehicles | 24 | €21,073 | €20,252 | -€821 | -3.9% |
| Current assets | 29/58 | €429,454 | €292,795 | -€136,659 | -31.8% |
| Amounts receivable within one year | 40/41 | €154,663 | €151,952 | -€2,711 | -1.8% |
| Trade receivables | 40 | €143,585 | €129,003 | -€14,583 | -10.2% |
| Other amounts receivable | 41 | €11,078 | €22,950 | +€11,872 | +107% |
| Cash at bank and in hand | 54/58 | €266,356 | €97,863 | -€168,492 | -63.3% |
| Deferred charges and accrued income | 490/1 | €8,435 | €42,979 | +€34,545 | +410% |
| Total equity and liabilities | 10/49 | €631,510 | €795,314 | +€163,805 | +25.9% |
| Equity | 10/15 | €213,566 | €260,656 | +€47,090 | +22.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €198,500 | €248,500 | +€50,000 | +25.2% |
| Distributable reserves | 133 | €198,500 | €248,500 | +€50,000 | +25.2% |
| Profit (loss) carried forward | 14 | €7,066 | €4,156 | -€2,910 | -41.2% |
| Amounts payable | 17/49 | €417,944 | €534,659 | +€116,715 | +27.9% |
| Amounts payable after more than one year | 17 | €275,000 | €371,641 | +€96,641 | +35.1% |
| Financial debts | 170/4 | €275,000 | €371,641 | +€96,641 | +35.1% |
| Amounts payable within one year | 42/48 | €142,944 | €163,018 | +€20,074 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | - | €25,019 | +€25,019 | |
| Trade debts | 44 | €23,014 | €34,377 | +€11,363 | +49.4% |
| Suppliers | 440/4 | €23,014 | €34,377 | +€11,363 | +49.4% |
| Taxes, remuneration and social security | 45 | €83,614 | €79,448 | -€4,167 | -5.0% |
| Taxes | 450/3 | €39,665 | €32,988 | -€6,677 | -16.8% |
| Remuneration and social security | 454/9 | €43,950 | €46,460 | +€2,510 | +5.7% |
| Other amounts payable | 47/48 | €36,316 | €24,175 | -€12,141 | -33.4% |
| Remuneration, social security and pensions | 62 | €224,984 | €250,670 | +€25,686 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,107 | €26,734 | +€3,628 | +15.7% |
| Other operating charges | 640/8 | €2,733 | €3,386 | +€653 | +23.9% |
| Gross operating margin | 9900 | €374,109 | €378,471 | +€4,362 | +1.2% |
| Operating profit (loss) | 9901 | €123,286 | €97,681 | -€25,605 | -20.8% |
| Financial income | 75/76B | €1 | €317 | +€316 | +37,231% |
| Recurring financial income | 75 | €1 | €317 | +€316 | +37,231% |
| Financial charges | 65/66B | €14,364 | €20,547 | +€6,183 | +43.0% |
| Recurring financial charges | 65 | €14,364 | €20,547 | +€6,183 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €108,923 | €77,452 | -€31,472 | -28.9% |
| Income taxes | 67/77 | €26,269 | €12,662 | -€13,607 | -51.8% |
| Profit (loss) for the period | 9904 | €82,654 | €64,790 | -€17,864 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,654 | €64,790 | -€17,864 | -21.6% |
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 28 October 2026 via checked.be.