INDEXPLUS: 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.
INDEXPLUS
Largest movements
- Current investments -€159,741
down €159,741 (-100%), from €159,741 to €0
- Intangible fixed assets -€89,293
down €89,293 (-58.5%), from €152,588 to €63,295
- Receivables within one year -€54,747
down €54,747 (-18.4%), from €297,357 to €242,610
of which Trade receivables: -€54,815
- Cash +€27,300
up €27,300 (+1,206%), from €2,263 to €29,563
mainly Current investments (+€159,741) and Depreciation (+€127,490)
- Stocks and contracts +€12,613
up €12,613 (+8.0%), from €157,549 to €170,162
of which Stocks: +€12,613
- Profit (loss) carried forward -€185,407
down €185,407 (-87.4%), from -€212,144 to -€397,551
- Other debts +€57,968
up €57,968 (+104%), from €55,665 to €113,633
- Short-term financial debts -€56,020
no longer reported in 2025 (was €56,020)
- Debts after one year -€43,127
down €43,127 (-25.4%), from €169,918 to €126,791
- Trade debts -€34,739
down €34,739 (-19.9%), from €174,627 to €139,888
- Financial charges +€113,588
up €113,588 (+446%), from €25,442 to €139,030
- Staff costs +€63,745
up €63,745 (+35.6%), from €179,093 to €242,837
- Gross operating margin -€21,347
down €21,347 (-6.2%), from €345,436 to €324,089
- Depreciation -€11,434
down €11,434 (-8.2%), from €138,924 to €127,490
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 | €881,724 | €617,215 | -€264,508 | -30.0% |
| Fixed assets | 21/28 | €260,377 | €170,765 | -€89,611 | -34.4% |
| Intangible fixed assets | 21 | €152,588 | €63,295 | -€89,293 | -58.5% |
| Tangible fixed assets | 22/27 | €102,395 | €100,992 | -€1,402 | -1.4% |
| Plant, machinery and equipment | 23 | €1,518 | €2,296 | +€778 | +51.2% |
| Furniture and vehicles | 24 | €24,056 | €15,356 | -€8,700 | -36.2% |
| Leasing and similar rights | 25 | €30,403 | €51,286 | +€20,884 | +68.7% |
| Other tangible fixed assets | 26 | €46,418 | €32,054 | -€14,364 | -30.9% |
| Financial fixed assets | 28 | €5,394 | €6,478 | +€1,084 | +20.1% |
| Current assets | 29/58 | €621,347 | €446,450 | -€174,897 | -28.1% |
| Stocks and contracts in progress | 3 | €157,549 | €170,162 | +€12,613 | +8.0% |
| Stocks | 30/36 | €157,549 | €170,162 | +€12,613 | +8.0% |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €297,357 | €242,610 | -€54,747 | -18.4% |
| Trade receivables | 40 | €297,259 | €242,445 | -€54,815 | -18.4% |
| Other amounts receivable | 41 | €97 | €165 | +€68 | +69.7% |
| Current investments | 50/53 | €159,741 | €0 | -€159,741 | -100% |
| Cash at bank and in hand | 54/58 | €2,263 | €29,563 | +€27,300 | +1,206% |
| Deferred charges and accrued income | 490/1 | €4,437 | €4,115 | -€322 | -7.3% |
| Total equity and liabilities | 10/49 | €881,724 | €617,215 | -€264,508 | -30.0% |
| Equity | 10/15 | €279,111 | €93,704 | -€185,407 | -66.4% |
| Contributions | 10/11 | €264,200 | €264,200 | = | 0.0% |
| Reserves | 13 | €227,054 | €227,054 | = | 0.0% |
| Non-distributable reserves | 130/1 | €159,741 | - | -€159,741 | |
| Own shares acquired | 1312 | €159,741 | - | -€159,741 | |
| Tax-exempt reserves | 132 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €22,314 | €182,054 | +€159,741 | +716% |
| Profit (loss) carried forward | 14 | -€212,144 | -€397,551 | -€185,407 | -87.4% |
| Amounts payable | 17/49 | €602,613 | €523,512 | -€79,101 | -13.1% |
| Amounts payable after more than one year | 17 | €169,918 | €126,791 | -€43,127 | -25.4% |
| Financial debts | 170/4 | €169,918 | €126,791 | -€43,127 | -25.4% |
| Amounts payable within one year | 42/48 | €431,139 | €396,205 | -€34,934 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €72,708 | €73,545 | +€838 | +1.2% |
| Financial debts | 43 | €56,020 | - | -€56,020 | |
| Credit institutions | 430/8 | €56,020 | - | -€56,020 | |
| Trade debts | 44 | €174,627 | €139,888 | -€34,739 | -19.9% |
| Suppliers | 440/4 | €174,627 | €139,888 | -€34,739 | -19.9% |
| Advances received on contracts in progress | 46 | €0 | €3,619 | +€3,619 | |
| Taxes, remuneration and social security | 45 | €72,119 | €65,520 | -€6,600 | -9.2% |
| Taxes | 450/3 | €52,882 | €37,945 | -€14,937 | -28.2% |
| Remuneration and social security | 454/9 | €19,237 | €27,574 | +€8,337 | +43.3% |
| Other amounts payable | 47/48 | €55,665 | €113,633 | +€57,968 | +104% |
| Accrued charges and deferred income | 492/3 | €1,556 | €516 | -€1,040 | -66.8% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €179,093 | €242,837 | +€63,745 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,924 | €127,490 | -€11,434 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €334 | - | -€334 | |
| Other operating charges | 640/8 | €1,872 | €1,294 | -€578 | -30.9% |
| Gross operating margin | 9900 | €345,436 | €324,089 | -€21,347 | -6.2% |
| Operating profit (loss) | 9901 | €25,213 | -€47,533 | -€72,746 | |
| Financial income | 75/76B | €867 | €1,409 | +€543 | +62.6% |
| Recurring financial income | 75 | €867 | €1,409 | +€543 | +62.6% |
| Financial charges | 65/66B | €25,442 | €139,030 | +€113,588 | +446% |
| Recurring financial charges | 65 | €25,442 | €139,030 | +€113,588 | +446% |
| Profit (loss) for the period before taxes | 9903 | €637 | -€185,154 | -€185,791 | |
| Income taxes | 67/77 | €246 | €253 | +€7 | +2.7% |
| Profit (loss) for the period | 9904 | €391 | -€185,407 | -€185,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €391 | -€185,407 | -€185,798 |
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 1 November 2026 via checked.be.