INFOCUS: 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.
INFOCUS
Largest movements
- Receivables within one year -€41,346
down €41,346 (-40.1%), from €103,058 to €61,711
of which Trade receivables: -€42,045
- Cash +€32,504
up €32,504 (+212.2%), from €15,314 to €47,818
mainly Receivables within one year (+€41,346) and Net result for the year (+€24,224)
- Stocks and contracts -€15,627
down €15,627 (-4.2%), from €371,880 to €356,253
- Tangible fixed assets -€15,255
down €15,255 (-5.9%), from €258,178 to €242,923
of which Furniture and vehicles: -€11,484
- Short-term financial debts -€60,801
down €60,801 (-100.0%), from €60,801 to €0
- Reserves +€24,200
up €24,200 (+5.2%), from €463,765 to €487,965
of which Distributable reserves: +€24,200
- Current portion of long-term debt -€13,431
down €13,431 (-55.5%), from €24,186 to €10,756
- Advances received +€9,980
up €9,980 (+157.4%), from €6,341 to €16,320
- Trade debts +€8,266
up €8,266 (+15.0%), from €54,963 to €63,229
- Gross operating margin -€96,710
down €96,710 (-35.0%), from €276,287 to €179,577
- Write-downs -€53,755
down €53,755 (-93.2%), from €57,671 to €3,916
- Staff costs +€21,518
up €21,518 (+23.9%), from €90,058 to €111,576
- Taxes -€11,631
down €11,631 (-44.1%), from €26,389 to €14,758
- Depreciation -€5,165
down €5,165 (-25.3%), from €20,420 to €15,255
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 | €748,663 | €709,466 | -€39,197 | -5.2% |
| Fixed assets | 21/28 | €258,178 | €242,923 | -€15,255 | -5.9% |
| Tangible fixed assets | 22/27 | €258,178 | €242,923 | -€15,255 | -5.9% |
| Land and buildings | 22 | €221,238 | €221,044 | -€194 | -0.1% |
| Plant, machinery and equipment | 23 | €6,093 | €4,043 | -€2,050 | -33.6% |
| Furniture and vehicles | 24 | €28,829 | €17,345 | -€11,484 | -39.8% |
| Other tangible fixed assets | 26 | €2,018 | €491 | -€1,527 | -75.7% |
| Current assets | 29/58 | €490,485 | €466,543 | -€23,942 | -4.9% |
| Stocks and contracts in progress | 3 | €371,880 | €356,253 | -€15,627 | -4.2% |
| Stocks | 30/36 | €371,880 | €356,253 | -€15,627 | -4.2% |
| Amounts receivable within one year | 40/41 | €103,058 | €61,711 | -€41,346 | -40.1% |
| Trade receivables | 40 | €100,460 | €58,416 | -€42,045 | -41.9% |
| Other amounts receivable | 41 | €2,597 | €3,296 | +€698 | +26.9% |
| Cash at bank and in hand | 54/58 | €15,314 | €47,818 | +€32,504 | +212.2% |
| Deferred charges and accrued income | 490/1 | €233 | €760 | +€527 | +226.0% |
| Total equity and liabilities | 10/49 | €748,663 | €709,466 | -€39,197 | -5.2% |
| Equity | 10/15 | €504,765 | €528,989 | +€24,224 | +4.8% |
| Contributions | 10/11 | €38,550 | €38,550 | = | 0.0% |
| Reserves | 13 | €463,765 | €487,965 | +€24,200 | +5.2% |
| Tax-exempt reserves | 132 | €15,829 | €15,829 | = | 0.0% |
| Distributable reserves | 133 | €447,936 | €472,136 | +€24,200 | +5.4% |
| Profit (loss) carried forward | 14 | €2,450 | €2,475 | +€24 | +1.0% |
| Amounts payable | 17/49 | €243,898 | €180,477 | -€63,421 | -26.0% |
| Amounts payable after more than one year | 17 | €29,841 | €21,618 | -€8,223 | -27.6% |
| Financial debts | 170/4 | €29,841 | €21,618 | -€8,223 | -27.6% |
| Amounts payable within one year | 42/48 | €212,557 | €154,596 | -€57,961 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €24,186 | €10,756 | -€13,431 | -55.5% |
| Financial debts | 43 | €60,801 | €0 | -€60,801 | -100.0% |
| Credit institutions | 430/8 | €60,801 | €0 | -€60,801 | -100.0% |
| Trade debts | 44 | €54,963 | €63,229 | +€8,266 | +15.0% |
| Suppliers | 440/4 | €54,963 | €63,229 | +€8,266 | +15.0% |
| Advances received on contracts in progress | 46 | €6,341 | €16,320 | +€9,980 | +157.4% |
| Taxes, remuneration and social security | 45 | €43,056 | €48,130 | +€5,074 | +11.8% |
| Taxes | 450/3 | €34,461 | €25,589 | -€8,873 | -25.7% |
| Remuneration and social security | 454/9 | €8,595 | €22,541 | +€13,946 | +162.3% |
| Other amounts payable | 47/48 | €23,209 | €16,161 | -€7,048 | -30.4% |
| Accrued charges and deferred income | 492/3 | €1,500 | €4,262 | +€2,762 | +184.2% |
| Remuneration, social security and pensions | 62 | €90,058 | €111,576 | +€21,518 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,420 | €15,255 | -€5,165 | -25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €57,671 | €3,916 | -€53,755 | -93.2% |
| Other operating charges | 640/8 | €0 | €2,268 | +€2,268 | |
| Gross operating margin | 9900 | €276,287 | €179,577 | -€96,710 | -35.0% |
| Operating profit (loss) | 9901 | €108,138 | €46,562 | -€61,577 | -56.9% |
| Financial income | 75/76B | €1,576 | €329 | -€1,247 | -79.1% |
| Recurring financial income | 75 | €1,576 | €329 | -€1,247 | -79.1% |
| Financial charges | 65/66B | €9,270 | €7,908 | -€1,362 | -14.7% |
| Recurring financial charges | 65 | €9,270 | €7,908 | -€1,362 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €100,444 | €38,983 | -€61,462 | -61.2% |
| Income taxes | 67/77 | €26,389 | €14,758 | -€11,631 | -44.1% |
| Profit (loss) for the period | 9904 | €74,055 | €24,224 | -€49,830 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,055 | €24,224 | -€49,830 | -67.3% |
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 12 October 2026 via checked.be.