Into Belgium: 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.
Into Belgium
Largest movements
- Receivables within one year -€15,621
down €15,621 (-3.7%), from €420,425 to €404,804
of which Other amounts receivable: -€17,318
- Trade debts -€38,939
down €38,939 (-42.6%), from €91,444 to €52,505
- Reserves +€28,756
up €28,756 (+13.1%), from €220,090 to €248,846
of which Distributable reserves: +€28,756
- Other debts -€8,783
down €8,783 (-100%), from €8,783 to €0
- Gross operating margin +€4,300
up €4,300 (+14.3%), from €30,155 to €34,456
- Financial charges -€833
down €833 (-58.3%), from €1,430 to €597
- Financial income -€630
down €630 (-4.1%), from €15,307 to €14,678
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 | €434,074 | €412,757 | -€21,316 | -4.9% |
| Fixed assets | 21/28 | €8,057 | €6,404 | -€1,653 | -20.5% |
| Tangible fixed assets | 22/27 | €8,057 | €6,404 | -€1,653 | -20.5% |
| Plant, machinery and equipment | 23 | €8,057 | €6,404 | -€1,653 | -20.5% |
| Current assets | 29/58 | €426,017 | €406,353 | -€19,664 | -4.6% |
| Amounts receivable within one year | 40/41 | €420,425 | €404,804 | -€15,621 | -3.7% |
| Trade receivables | 40 | €5,401 | €7,098 | +€1,697 | +31.4% |
| Other amounts receivable | 41 | €415,023 | €397,705 | -€17,318 | -4.2% |
| Cash at bank and in hand | 54/58 | €4,885 | €1,550 | -€3,336 | -68.3% |
| Deferred charges and accrued income | 490/1 | €707 | €0 | -€707 | -100% |
| Total equity and liabilities | 10/49 | €434,074 | €412,757 | -€21,316 | -4.9% |
| Equity | 10/15 | €282,765 | €311,521 | +€28,756 | +10.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €220,090 | €248,846 | +€28,756 | +13.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €213,890 | €242,646 | +€28,756 | +13.4% |
| Profit (loss) carried forward | 14 | €675 | €675 | = | 0.0% |
| Amounts payable | 17/49 | €151,308 | €101,236 | -€50,072 | -33.1% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €140,908 | €90,736 | -€50,172 | -35.6% |
| Current portion of amounts payable after more than one year | 42 | €3,381 | €3,324 | -€56 | -1.7% |
| Trade debts | 44 | €91,444 | €52,505 | -€38,939 | -42.6% |
| Suppliers | 440/4 | €91,444 | €52,505 | -€38,939 | -42.6% |
| Taxes, remuneration and social security | 45 | €37,301 | €34,907 | -€2,394 | -6.4% |
| Taxes | 450/3 | €37,301 | €34,907 | -€2,394 | -6.4% |
| Other amounts payable | 47/48 | €8,783 | €0 | -€8,783 | -100% |
| Accrued charges and deferred income | 492/3 | €400 | €500 | +€100 | +25.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,690 | €1,653 | -€38 | -2.2% |
| Other operating charges | 640/8 | €1,378 | €1,391 | +€13 | +0.9% |
| Gross operating margin | 9900 | €30,155 | €34,456 | +€4,300 | +14.3% |
| Operating profit (loss) | 9901 | €27,087 | €31,412 | +€4,325 | +16.0% |
| Financial income | 75/76B | €15,307 | €14,678 | -€630 | -4.1% |
| Recurring financial income | 75 | €15,307 | €14,678 | -€630 | -4.1% |
| Financial charges | 65/66B | €1,430 | €597 | -€833 | -58.3% |
| Recurring financial charges | 65 | €1,430 | €597 | -€833 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €40,965 | €45,493 | +€4,528 | +11.1% |
| Income taxes | 67/77 | €16,578 | €16,737 | +€159 | +1.0% |
| Profit (loss) for the period | 9904 | €24,387 | €28,756 | +€4,369 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,387 | €28,756 | +€4,369 | +17.9% |
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 31 October 2026 via checked.be.