INSIDE BLINDS: 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.
What changed
INSIDE BLINDS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€227,584
2024 · -€240,270+€12,686
Equity
€1.1m
2024 · €1.3m-€227,584
Cash
€88,949
2024 · €21,451+€67,498
Balance sheet total
€5.8m
2024 · €6.3m-€523,952
Largest movements
Assets
- Receivables after one year +€569,825
new in 2025: €569,825
- Tangible fixed assets -€445,466
down €445,466 (-24.8%), from €1.8m to €1.4m
- Intangible fixed assets -€403,475
down €403,475 (-28.9%), from €1.4m to €994,114
- Receivables within one year -€210,123
down €210,123 (-16.8%), from €1.2m to €1.0m
of which Trade receivables: -€109,904
- Stocks and contracts -€101,209
down €101,209 (-6.8%), from €1.5m to €1.4m
Equity and liabilities
- Debts after one year -€419,933
down €419,933 (-21.1%), from €2.0m to €1.6m
of which Financial debts: -€445,390
- Profit (loss) carried forward -€227,584
down €227,584 (-23.5%), from €967,648 to €740,064
- Trade debts +€127,495
up €127,495 (+14.3%), from €889,708 to €1.0m
- Other debts -€111,148
down €111,148 (-85.6%), from €129,837 to €18,689
Income statement
- Staff costs +€610,589
up €610,589 (+35.3%), from €1.7m to €2.3m
- Gross operating margin +€476,125
up €476,125 (+17.0%), from €2.8m to €3.3m
- Write-downs -€139,780
down €139,780, from €75,256 to -€64,524
- Financial income -€52,482
down €52,482 (-97.0%), from €54,131 to €1,649
- Depreciation -€41,256
down €41,256 (-4.0%), from €1.0m to €989,166
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.
Result 2024
-€240,270
Gross operating margin
+€476,125
Staff costs
-€610,589
Depreciation
+€41,256
Write-downs
+€139,780
Other operating charges
-€8,211
Other operating items
+€44
Financial income
-€52,482
Financial charges
+€27,811
Taxes
-€1,048
Result 2025
-€227,584
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.
From operations
+€564,709
Investment
-€140,225
Financing
-€356,986
Cash 2024
€21,451
From operations (derived)
+€564,709
Net result for the year
-€227,584
Depreciation
+€989,166
Receivables after one year
-€569,825
Stocks and contracts
+€101,209
Receivables within one year
+€210,123
Deferred charges and accrued income
+€1,002
Trade debts
+€127,495
Tax, wage and social debts
+€41,771
Other debts
-€111,148
Accrued charges and deferred income
+€2,500
Investment (derived)
-€140,225
Investment in fixed assets (net)
-€140,225
Financing
-€356,986
Debts after one year
-€419,933
Current portion of long-term debt
+€23,114
Short-term financial debts
+€39,833
Cash 2025
€88,949
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,276,453 | €5,752,501 | -€523,952 | -8.3% |
| Fixed assets | 21/28 | €3,195,017 | €2,346,076 | -€848,941 | -26.6% |
| Intangible fixed assets | 21 | €1,397,589 | €994,114 | -€403,475 | -28.9% |
| Tangible fixed assets | 22/27 | €1,797,427 | €1,351,961 | -€445,466 | -24.8% |
| Land and buildings | 22 | €773,767 | €724,911 | -€48,856 | -6.3% |
| Plant, machinery and equipment | 23 | €387,230 | €238,721 | -€148,508 | -38.4% |
| Furniture and vehicles | 24 | €316,243 | €172,082 | -€144,161 | -45.6% |
| Leasing and similar rights | 25 | €178,902 | €109,916 | -€68,986 | -38.6% |
| Other tangible fixed assets | 26 | €58,308 | €50,497 | -€7,811 | -13.4% |
| Assets under construction and advance payments | 27 | €82,978 | €55,834 | -€27,144 | -32.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,081,436 | €3,406,426 | +€324,990 | +10.5% |
| Amounts receivable after more than one year | 29 | - | €569,825 | +€569,825 | |
| Other amounts receivable | 291 | - | €569,825 | +€569,825 | |
| Stocks and contracts in progress | 3 | €1,484,345 | €1,383,136 | -€101,209 | -6.8% |
| Stocks | 30/36 | €1,484,345 | €1,383,136 | -€101,209 | -6.8% |
| Amounts receivable within one year | 40/41 | €1,248,461 | €1,038,338 | -€210,123 | -16.8% |
| Trade receivables | 40 | €1,123,861 | €1,013,957 | -€109,904 | -9.8% |
| Other amounts receivable | 41 | €124,600 | €24,381 | -€100,219 | -80.4% |
| Cash at bank and in hand | 54/58 | €21,451 | €88,949 | +€67,498 | +314.7% |
| Deferred charges and accrued income | 490/1 | €327,179 | €326,178 | -€1,002 | -0.3% |
| Total equity and liabilities | 10/49 | €6,276,453 | €5,752,501 | -€523,952 | -8.3% |
| Equity | 10/15 | €1,277,943 | €1,050,359 | -€227,584 | -17.8% |
| Contributions | 10/11 | €93,342 | €93,342 | = | 0.0% |
| Capital | 10 | €93,342 | €93,342 | = | 0.0% |
| Issued capital | 100 | €93,342 | €93,342 | = | 0.0% |
| Reserves | 13 | €216,953 | €216,953 | = | 0.0% |
| Non-distributable reserves | 130/1 | €158,682 | €158,682 | = | 0.0% |
| Legal reserve | 130 | €158,682 | €158,682 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,003 | €35,003 | = | 0.0% |
| Distributable reserves | 133 | €23,268 | €23,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | €967,648 | €740,064 | -€227,584 | -23.5% |
| Amounts payable | 17/49 | €4,998,510 | €4,702,142 | -€296,367 | -5.9% |
| Amounts payable after more than one year | 17 | €1,988,499 | €1,568,566 | -€419,933 | -21.1% |
| Financial debts | 170/4 | €1,628,134 | €1,182,743 | -€445,390 | -27.4% |
| Other amounts payable | 178/9 | €360,365 | €385,823 | +€25,458 | +7.1% |
| Amounts payable within one year | 42/48 | €3,007,811 | €3,128,876 | +€121,065 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €617,404 | €640,518 | +€23,114 | +3.7% |
| Financial debts | 43 | €1,102,852 | €1,142,685 | +€39,833 | +3.6% |
| Credit institutions | 430/8 | €1,102,852 | €1,142,685 | +€39,833 | +3.6% |
| Trade debts | 44 | €889,708 | €1,017,203 | +€127,495 | +14.3% |
| Suppliers | 440/4 | €889,708 | €1,017,203 | +€127,495 | +14.3% |
| Taxes, remuneration and social security | 45 | €268,010 | €309,781 | +€41,771 | +15.6% |
| Taxes | 450/3 | €58,441 | €45,587 | -€12,854 | -22.0% |
| Remuneration and social security | 454/9 | €209,569 | €264,194 | +€54,625 | +26.1% |
| Other amounts payable | 47/48 | €129,837 | €18,689 | -€111,148 | -85.6% |
| Accrued charges and deferred income | 492/3 | €2,200 | €4,700 | +€2,500 | +113.6% |
| Non-recurring operating income | 76A | €26,855 | €6,255 | -€20,600 | -76.7% |
| Remuneration, social security and pensions | 62 | €1,731,082 | €2,341,671 | +€610,589 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,030,423 | €989,166 | -€41,256 | -4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €75,256 | -€64,524 | -€139,780 | |
| Other operating charges | 640/8 | €17,266 | €25,476 | +€8,211 | +47.6% |
| Non-recurring operating charges | 66A | €44 | €0 | -€44 | -100.0% |
| Gross operating margin | 9900 | €2,807,429 | €3,283,554 | +€476,125 | +17.0% |
| Operating profit (loss) | 9901 | -€46,641 | -€8,236 | +€38,406 | +82.3% |
| Financial income | 75/76B | €54,131 | €1,649 | -€52,482 | -97.0% |
| Recurring financial income | 75 | €54,131 | €1,649 | -€52,482 | -97.0% |
| Financial charges | 65/66B | €246,248 | €218,437 | -€27,811 | -11.3% |
| Recurring financial charges | 65 | €246,248 | €218,437 | -€27,811 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€238,758 | -€225,023 | +€13,735 | +5.8% |
| Income taxes | 67/77 | €1,512 | €2,561 | +€1,048 | +69.3% |
| Profit (loss) for the period | 9904 | -€240,270 | -€227,584 | +€12,686 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€240,270 | -€227,584 | +€12,686 | +5.3% |
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 7 October 2026 via checked.be.