INSIDE OUT: 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.
INSIDE OUT
Largest movements
- Stocks and contracts -€13,325
down €13,325 (-4.7%), from €281,676 to €268,350
- Receivables within one year +€9,810
up €9,810 (+2138.6%), from €459 to €10,268
of which Trade receivables: +€7,189
- Tangible fixed assets +€7,346
up €7,346 (+54.3%), from €13,539 to €20,885
of which Other tangible fixed assets: +€13,606
- Cash +€4,735
up €4,735 (+15.1%), from €31,376 to €36,111
mainly Net result for the year (+€31,874) and Stocks and contracts (+€13,325)
- Reserves +€31,874
up €31,874 (+67.0%), from €47,584 to €79,459
of which Distributable reserves: +€31,874
- Trade debts -€14,665
down €14,665 (-22.9%), from €63,949 to €49,284
- Debts after one year -€12,327
down €12,327 (-23.4%), from €52,602 to €40,274
- Tax, wage and social debts +€5,589
up €5,589 (+24.2%), from €23,120 to €28,708
of which Taxes: +€5,438
- Gross operating margin +€16,897
up €16,897 (+18.0%), from €93,713 to €110,610
- Depreciation -€8,386
down €8,386 (-62.7%), from €13,372 to €4,986
- Taxes +€7,660
up €7,660 (+607.9%), from €1,260 to €8,921
- Financial charges -€1,120
down €1,120 (-9.8%), from €11,395 to €10,275
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 | €331,327 | €340,903 | +€9,576 | +2.9% |
| Fixed assets | 21/28 | €13,539 | €20,885 | +€7,346 | +54.3% |
| Tangible fixed assets | 22/27 | €13,539 | €20,885 | +€7,346 | +54.3% |
| Plant, machinery and equipment | 23 | €1,158 | €215 | -€943 | -81.4% |
| Furniture and vehicles | 24 | €5,317 | €0 | -€5,317 | -100.0% |
| Other tangible fixed assets | 26 | €7,065 | €20,671 | +€13,606 | +192.6% |
| Current assets | 29/58 | €317,788 | €320,017 | +€2,229 | +0.7% |
| Stocks and contracts in progress | 3 | €281,676 | €268,350 | -€13,325 | -4.7% |
| Stocks | 30/36 | €281,676 | €268,350 | -€13,325 | -4.7% |
| Amounts receivable within one year | 40/41 | €459 | €10,268 | +€9,810 | +2138.6% |
| Trade receivables | 40 | - | €7,189 | +€7,189 | |
| Other amounts receivable | 41 | €459 | €3,080 | +€2,621 | +571.4% |
| Cash at bank and in hand | 54/58 | €31,376 | €36,111 | +€4,735 | +15.1% |
| Deferred charges and accrued income | 490/1 | €4,277 | €5,288 | +€1,011 | +23.6% |
| Total equity and liabilities | 10/49 | €331,327 | €340,903 | +€9,576 | +2.9% |
| Equity | 10/15 | €66,134 | €98,009 | +€31,874 | +48.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €47,584 | €79,459 | +€31,874 | +67.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €45,729 | €77,604 | +€31,874 | +69.7% |
| Amounts payable | 17/49 | €265,193 | €242,894 | -€22,299 | -8.4% |
| Amounts payable after more than one year | 17 | €52,602 | €40,274 | -€12,327 | -23.4% |
| Financial debts | 170/4 | €52,602 | €40,274 | -€12,327 | -23.4% |
| Amounts payable within one year | 42/48 | €206,686 | €197,855 | -€8,831 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €9,384 | €9,827 | +€444 | +4.7% |
| Financial debts | 43 | €110,000 | €110,000 | = | 0.0% |
| Credit institutions | 430/8 | €110,000 | €110,000 | = | 0.0% |
| Trade debts | 44 | €63,949 | €49,284 | -€14,665 | -22.9% |
| Suppliers | 440/4 | €63,949 | €49,284 | -€14,665 | -22.9% |
| Taxes, remuneration and social security | 45 | €23,120 | €28,708 | +€5,589 | +24.2% |
| Taxes | 450/3 | €12,063 | €17,501 | +€5,438 | +45.1% |
| Remuneration and social security | 454/9 | €11,057 | €11,207 | +€150 | +1.4% |
| Other amounts payable | 47/48 | €234 | €36 | -€198 | -84.6% |
| Accrued charges and deferred income | 492/3 | €5,905 | €4,765 | -€1,140 | -19.3% |
| Remuneration, social security and pensions | 62 | €53,300 | €52,706 | -€594 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,372 | €4,986 | -€8,386 | -62.7% |
| Other operating charges | 640/8 | €1,986 | €2,195 | +€209 | +10.5% |
| Gross operating margin | 9900 | €93,713 | €110,610 | +€16,897 | +18.0% |
| Operating profit (loss) | 9901 | €25,055 | €50,723 | +€25,667 | +102.4% |
| Financial income | 75/76B | €409 | €347 | -€62 | -15.1% |
| Recurring financial income | 75 | €409 | €347 | -€62 | -15.1% |
| Financial charges | 65/66B | €11,395 | €10,275 | -€1,120 | -9.8% |
| Recurring financial charges | 65 | €11,395 | €10,275 | -€1,120 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €14,069 | €40,795 | +€26,726 | +190.0% |
| Income taxes | 67/77 | €1,260 | €8,921 | +€7,660 | +607.9% |
| Profit (loss) for the period | 9904 | €12,809 | €31,874 | +€19,065 | +148.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,809 | €31,874 | +€19,065 | +148.8% |
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.