INDUSTRIAL: what changed
Two fiscal 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.
INDUSTRIAL
Largest movements
- Cash +€57,556
up €57,556 (+275.9%), from €20,861 to €78,416
mainly Net result for the year (+€58,379) and Depreciation (+€30,560)
- Tangible fixed assets -€30,222
down €30,222 (-4.1%), from €732,479 to €702,257
of which Land and buildings: -€28,088
- Receivables within one year -€13,885
down €13,885 (-39.4%), from €35,212 to €21,327
of which Trade receivables: -€12,974
- Reserves +€58,379
up €58,379 (+48.5%), from €120,459 to €178,838
- Debts after one year -€52,247
down €52,247 (-10.6%), from €493,014 to €440,766
of which Financial debts: -€42,053
- Trade debts +€10,623
up €10,623 (+445.9%), from €2,382 to €13,006
- Gross operating margin +€37,730
up €37,730 (+40.6%), from €93,005 to €130,735
- Taxes +€9,439
up €9,439 (+90.4%), from €10,444 to €19,883
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 | €788,552 | €802,001 | +€13,449 | +1.7% |
| Fixed assets | 21/28 | €732,479 | €702,257 | -€30,222 | -4.1% |
| Tangible fixed assets | 22/27 | €732,479 | €702,257 | -€30,222 | -4.1% |
| Land and buildings | 22 | €727,335 | €699,248 | -€28,088 | -3.9% |
| Plant, machinery and equipment | 23 | €3,528 | €2,468 | -€1,060 | -30.0% |
| Furniture and vehicles | 24 | €1,616 | €541 | -€1,075 | -66.5% |
| Current assets | 29/58 | €56,073 | €99,743 | +€43,671 | +77.9% |
| Amounts receivable within one year | 40/41 | €35,212 | €21,327 | -€13,885 | -39.4% |
| Trade receivables | 40 | €26,168 | €13,194 | -€12,974 | -49.6% |
| Other amounts receivable | 41 | €9,044 | €8,134 | -€911 | -10.1% |
| Cash at bank and in hand | 54/58 | €20,861 | €78,416 | +€57,556 | +275.9% |
| Total equity and liabilities | 10/49 | €788,552 | €802,001 | +€13,449 | +1.7% |
| Equity | 10/15 | €195,459 | €253,838 | +€58,379 | +29.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €120,459 | €178,838 | +€58,379 | +48.5% |
| Distributable reserves | 133 | €120,459 | €178,838 | +€58,379 | +48.5% |
| Amounts payable | 17/49 | €593,094 | €548,163 | -€44,931 | -7.6% |
| Amounts payable after more than one year | 17 | €493,014 | €440,766 | -€52,247 | -10.6% |
| Financial debts | 170/4 | €407,820 | €365,766 | -€42,053 | -10.3% |
| Other amounts payable | 178/9 | €85,194 | €75,000 | -€10,194 | -12.0% |
| Amounts payable within one year | 42/48 | €97,455 | €104,772 | +€7,317 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €41,054 | €42,053 | +€1,000 | +2.4% |
| Trade debts | 44 | €2,382 | €13,006 | +€10,623 | +445.9% |
| Suppliers | 440/4 | €2,382 | €13,006 | +€10,623 | +445.9% |
| Taxes, remuneration and social security | 45 | €9,544 | €4,846 | -€4,697 | -49.2% |
| Taxes | 450/3 | €9,544 | €4,846 | -€4,697 | -49.2% |
| Other amounts payable | 47/48 | €44,475 | €44,866 | +€391 | +0.9% |
| Accrued charges and deferred income | 492/3 | €2,625 | €2,625 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,869 | €30,560 | +€691 | +2.3% |
| Other operating charges | 640/8 | €5,423 | €5,476 | +€53 | +1.0% |
| Gross operating margin | 9900 | €93,005 | €130,735 | +€37,730 | +40.6% |
| Operating profit (loss) | 9901 | €57,713 | €94,699 | +€36,986 | +64.1% |
| Financial income | 75/76B | €40 | €55 | +€15 | +38.9% |
| Recurring financial income | 75 | €40 | €55 | +€15 | +38.9% |
| Financial charges | 65/66B | €17,201 | €16,492 | -€709 | -4.1% |
| Recurring financial charges | 65 | €17,201 | €16,492 | -€709 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €40,551 | €78,262 | +€37,711 | +93.0% |
| Income taxes | 67/77 | €10,444 | €19,883 | +€9,439 | +90.4% |
| Profit (loss) for the period | 9904 | €30,108 | €58,379 | +€28,272 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,108 | €58,379 | +€28,272 | +93.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.