INTERNATIONAL: 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.
INTERNATIONAL
Largest movements
- Cash +€54,232
up €54,232 (+145%), from €37,324 to €91,556
mainly Depreciation (+€58,339) and Net result for the year (+€37,018)
- Tangible fixed assets -€35,973
down €35,973 (-7.2%), from €497,036 to €461,063
of which Land and buildings: -€38,091
- Receivables within one year -€28,590
down €28,590 (-40.4%), from €70,740 to €42,150
of which Trade receivables: -€28,088
- Advances received -€50,093
no longer reported in 2025 (was €50,093)
- Reserves +€37,018
up €37,018 (+16.0%), from €231,147 to €268,166
of which Distributable reserves: +€44,496
- Debts after one year +€25,585
up €25,585 (+11.7%), from €218,740 to €244,325
- Other debts -€22,023
no longer reported in 2025 (was €22,023)
- Gross operating margin +€47,980
up €47,980 (+17.3%), from €277,611 to €325,591
- Staff costs -€23,564
down €23,564 (-10.1%), from €233,645 to €210,081
- Other operating charges -€12,785
down €12,785 (-45.9%), from €27,837 to €15,052
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 | €612,385 | €597,459 | -€14,925 | -2.4% |
| Fixed assets | 21/28 | €497,226 | €461,254 | -€35,973 | -7.2% |
| Tangible fixed assets | 22/27 | €497,036 | €461,063 | -€35,973 | -7.2% |
| Land and buildings | 22 | €453,477 | €415,386 | -€38,091 | -8.4% |
| Plant, machinery and equipment | 23 | €24,707 | €16,347 | -€8,360 | -33.8% |
| Furniture and vehicles | 24 | €18,592 | €10,849 | -€7,743 | -41.6% |
| Other tangible fixed assets | 26 | €260 | €18,482 | +€18,222 | +7,001% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €115,158 | €136,206 | +€21,048 | +18.3% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,740 | €42,150 | -€28,590 | -40.4% |
| Trade receivables | 40 | €63,087 | €34,998 | -€28,088 | -44.5% |
| Other amounts receivable | 41 | €7,654 | €7,152 | -€502 | -6.6% |
| Cash at bank and in hand | 54/58 | €37,324 | €91,556 | +€54,232 | +145% |
| Deferred charges and accrued income | 490/1 | €4,594 | - | -€4,594 | |
| Total equity and liabilities | 10/49 | €612,385 | €597,459 | -€14,925 | -2.4% |
| Equity | 10/15 | €249,739 | €286,758 | +€37,018 | +14.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €231,147 | €268,166 | +€37,018 | +16.0% |
| Tax-exempt reserves | 132 | €99,992 | €92,514 | -€7,478 | -7.5% |
| Distributable reserves | 133 | €131,155 | €175,651 | +€44,496 | +33.9% |
| Provisions and deferred taxes | 16 | €24,998 | €23,129 | -€1,870 | -7.5% |
| Deferred taxes | 168 | €24,998 | €23,129 | -€1,870 | -7.5% |
| Amounts payable | 17/49 | €337,647 | €287,573 | -€50,074 | -14.8% |
| Amounts payable after more than one year | 17 | €218,740 | €244,325 | +€25,585 | +11.7% |
| Financial debts | 170/4 | €218,740 | €244,325 | +€25,585 | +11.7% |
| Amounts payable within one year | 42/48 | €118,907 | €43,248 | -€75,659 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €23,875 | €24,415 | +€540 | +2.3% |
| Trade debts | 44 | €1,495 | €187 | -€1,307 | -87.5% |
| Suppliers | 440/4 | €1,495 | €187 | -€1,307 | -87.5% |
| Advances received on contracts in progress | 46 | €50,093 | - | -€50,093 | |
| Taxes, remuneration and social security | 45 | €21,421 | €18,646 | -€2,775 | -13.0% |
| Taxes | 450/3 | €2,856 | €5,759 | +€2,902 | +102% |
| Remuneration and social security | 454/9 | €18,565 | €12,888 | -€5,678 | -30.6% |
| Other amounts payable | 47/48 | €22,023 | - | -€22,023 | |
| Remuneration, social security and pensions | 62 | €233,645 | €210,081 | -€23,564 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,319 | €58,339 | +€1,020 | +1.8% |
| Other operating charges | 640/8 | €27,837 | €15,052 | -€12,785 | -45.9% |
| Gross operating margin | 9900 | €277,611 | €325,591 | +€47,980 | +17.3% |
| Operating profit (loss) | 9901 | -€41,191 | €42,119 | +€83,309 | |
| Financial income | 75/76B | €24 | €152 | +€128 | +524% |
| Recurring financial income | 75 | €24 | €152 | +€128 | +524% |
| Financial charges | 65/66B | €8,293 | €5,722 | -€2,571 | -31.0% |
| Recurring financial charges | 65 | €8,293 | €5,722 | -€2,571 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€49,459 | €36,549 | +€86,008 | |
| Transfer from deferred taxes | 780 | €1,870 | €1,870 | = | 0.0% |
| Income taxes | 67/77 | €128 | €1,400 | +€1,272 | +994% |
| Profit (loss) for the period | 9904 | -€47,717 | €37,018 | +€84,736 | |
| Transfer from tax-exempt reserves | 789 | €7,478 | €7,478 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,239 | €44,496 | +€84,736 |
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 15 October 2026 via checked.be.