Into projects: 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
Into projects
NACE 47.526, Retail trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€119,957
2024 · €158,161-€38,204
Equity
€685,784
2024 · €565,827+€119,957
Cash
€24,155
2024 · €24,705-€551
Balance sheet total
€1.6m
2024 · €1.6m+€27,561
Largest movements
Assets
- Receivables within one year +€22,061
up €22,061 (+33.8%), from €65,264 to €87,326
of which Trade receivables: +€28,806
Equity and liabilities
- Debts after one year -€207,301
down €207,301 (-29.1%), from €711,942 to €504,641
of which Financial debts: -€207,301
- Reserves +€119,957
up €119,957 (+22.4%), from €535,827 to €655,784
- Current portion of long-term debt +€75,345
up €75,345 (+57.1%), from €131,956 to €207,301
- Trade debts +€45,506
up €45,506 (+54.5%), from €83,469 to €128,975
- Other debts -€40,000
down €40,000 (-87.9%), from €45,500 to €5,500
Income statement
- Gross operating margin -€40,810
down €40,810 (-18.9%), from €216,074 to €175,264
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
€158,161
Gross operating margin
-€40,810
Depreciation
+€145
Other operating charges
-€518
Financial income
+€1,434
Financial charges
+€1,951
Taxes
-€406
Result 2025
€119,957
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
+€139,261
Investment
-€7,790
Financing
-€132,022
Cash 2024
€24,705
From operations (derived)
+€139,261
Net result for the year
+€119,957
Depreciation
+€1,084
Receivables within one year
-€22,061
Deferred charges and accrued income
+€656
Trade debts
+€45,506
Tax, wage and social debts
+€34,320
Other debts
-€40,000
Accrued charges and deferred income
-€200
Investment (derived)
-€7,790
Investment in fixed assets (net)
-€7,790
Financing
-€132,022
Debts after one year
-€207,301
Current portion of long-term debt
+€75,345
Short-term financial debts
-€66
Cash 2025
€24,155
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,553,845 | €1,581,405 | +€27,561 | +1.8% |
| Fixed assets | 21/28 | €1,463,219 | €1,469,925 | +€6,706 | +0.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €3,860 | €10,566 | +€6,706 | +173.7% |
| Plant, machinery and equipment | 23 | €315 | €0 | -€315 | -100.0% |
| Furniture and vehicles | 24 | €2,891 | €10,026 | +€7,135 | +246.8% |
| Other tangible fixed assets | 26 | €653 | €540 | -€114 | -17.4% |
| Financial fixed assets | 28 | €1,459,359 | €1,459,359 | = | 0.0% |
| Current assets | 29/58 | €90,626 | €111,480 | +€20,855 | +23.0% |
| Amounts receivable within one year | 40/41 | €65,264 | €87,326 | +€22,061 | +33.8% |
| Trade receivables | 40 | €58,251 | €87,057 | +€28,806 | +49.5% |
| Other amounts receivable | 41 | €7,013 | €269 | -€6,745 | -96.2% |
| Cash at bank and in hand | 54/58 | €24,705 | €24,155 | -€551 | -2.2% |
| Deferred charges and accrued income | 490/1 | €656 | €0 | -€656 | -100.0% |
| Total equity and liabilities | 10/49 | €1,553,845 | €1,581,405 | +€27,561 | +1.8% |
| Equity | 10/15 | €565,827 | €685,784 | +€119,957 | +21.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €535,827 | €655,784 | +€119,957 | +22.4% |
| Distributable reserves | 133 | €535,827 | €655,784 | +€119,957 | +22.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €988,018 | €895,622 | -€92,397 | -9.4% |
| Amounts payable after more than one year | 17 | €711,942 | €504,641 | -€207,301 | -29.1% |
| Financial debts | 170/4 | €561,942 | €354,641 | -€207,301 | -36.9% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €275,877 | €390,981 | +€115,104 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €131,956 | €207,301 | +€75,345 | +57.1% |
| Financial debts | 43 | €13,523 | €13,457 | -€66 | -0.5% |
| Credit institutions | 430/8 | €13,523 | €13,457 | -€66 | -0.5% |
| Trade debts | 44 | €83,469 | €128,975 | +€45,506 | +54.5% |
| Suppliers | 440/4 | €83,469 | €128,975 | +€45,506 | +54.5% |
| Taxes, remuneration and social security | 45 | €1,429 | €35,748 | +€34,320 | +2402.5% |
| Taxes | 450/3 | €1,429 | €35,748 | +€34,320 | +2402.5% |
| Other amounts payable | 47/48 | €45,500 | €5,500 | -€40,000 | -87.9% |
| Accrued charges and deferred income | 492/3 | €200 | €0 | -€200 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,229 | €1,084 | -€145 | -11.8% |
| Other operating charges | 640/8 | €1,415 | €1,933 | +€518 | +36.6% |
| Gross operating margin | 9900 | €216,074 | €175,264 | -€40,810 | -18.9% |
| Operating profit (loss) | 9901 | €213,429 | €172,247 | -€41,183 | -19.3% |
| Financial income | 75/76B | €328 | €1,762 | +€1,434 | +437.1% |
| Recurring financial income | 75 | €328 | €1,762 | +€1,434 | +437.1% |
| Financial charges | 65/66B | €15,865 | €13,914 | -€1,951 | -12.3% |
| Recurring financial charges | 65 | €15,865 | €13,914 | -€1,951 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €197,892 | €160,094 | -€37,798 | -19.1% |
| Income taxes | 67/77 | €39,731 | €40,137 | +€406 | +1.0% |
| Profit (loss) for the period | 9904 | €158,161 | €119,957 | -€38,204 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €158,161 | €119,957 | -€38,204 | -24.2% |
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 5 October 2026 via checked.be.