ITEMS: 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.
ITEMS
Largest movements
- Cash +€173,044
up €173,044 (+105.3%), from €164,359 to €337,403
mainly Other debts (+€275,663) and Depreciation (+€96,069)
- Receivables within one year +€99,744
up €99,744 (+147.6%), from €67,593 to €167,338
of which Trade receivables: +€98,141
- Other debts +€275,663
up €275,663 (+59.3%), from €464,973 to €740,635
- Reserves +€60,025
up €60,025 (+10.5%), from €572,157 to €632,182
of which Distributable reserves: +€60,025
- Trade debts -€55,950
down €55,950 (-89.8%), from €62,312 to €6,362
- Debts after one year -€43,865
down €43,865 (-11.2%), from €391,940 to €348,075
of which Financial debts: -€43,865
- Accrued charges and deferred income +€40,190
up €40,190 (+18.3%), from €220,080 to €260,270
- Depreciation +€58,242
up €58,242 (+154.0%), from €37,827 to €96,069
- Staff costs -€26,854
down €26,854 (-47.2%), from €56,911 to €30,057
- Taxes -€12,036
down €12,036 (-25.4%), from €47,326 to €35,290
- Gross operating margin -€11,446
down €11,446 (-4.3%), from €267,574 to €256,128
- Financial charges +€6,727
up €6,727 (+41.7%), from €16,144 to €22,871
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 | €1,821,022 | €2,098,543 | +€277,521 | +15.2% |
| Fixed assets | 21/28 | €1,366,107 | €1,377,589 | +€11,483 | +0.8% |
| Tangible fixed assets | 22/27 | €1,223,317 | €1,225,800 | +€2,483 | +0.2% |
| Land and buildings | 22 | €1,156,507 | €1,168,567 | +€12,060 | +1.0% |
| Plant, machinery and equipment | 23 | €66,811 | €57,233 | -€9,577 | -14.3% |
| Financial fixed assets | 28 | €142,789 | €151,789 | +€9,000 | +6.3% |
| Current assets | 29/58 | €454,916 | €720,954 | +€266,038 | +58.5% |
| Stocks and contracts in progress | 3 | €221,205 | €214,800 | -€6,405 | -2.9% |
| Stocks | 30/36 | €221,205 | €214,800 | -€6,405 | -2.9% |
| Amounts receivable within one year | 40/41 | €67,593 | €167,338 | +€99,744 | +147.6% |
| Trade receivables | 40 | €41,328 | €139,469 | +€98,141 | +237.5% |
| Other amounts receivable | 41 | €26,265 | €27,869 | +€1,604 | +6.1% |
| Cash at bank and in hand | 54/58 | €164,359 | €337,403 | +€173,044 | +105.3% |
| Deferred charges and accrued income | 490/1 | €1,758 | €1,413 | -€346 | -19.7% |
| Total equity and liabilities | 10/49 | €1,821,022 | €2,098,543 | +€277,521 | +15.2% |
| Equity | 10/15 | €590,749 | €650,774 | +€60,025 | +10.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €572,157 | €632,182 | +€60,025 | +10.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €570,298 | €630,323 | +€60,025 | +10.5% |
| Provisions and deferred taxes | 16 | €7,959 | €10,316 | +€2,357 | +29.6% |
| Provisions for liabilities and charges | 160/5 | - | €10,316 | +€10,316 | |
| Other liabilities and charges | 164/5 | - | €10,316 | +€10,316 | |
| Deferred taxes | 168 | €7,959 | - | -€7,959 | |
| Amounts payable | 17/49 | €1,222,314 | €1,437,453 | +€215,139 | +17.6% |
| Amounts payable after more than one year | 17 | €391,940 | €348,075 | -€43,865 | -11.2% |
| Financial debts | 170/4 | €358,940 | €315,075 | -€43,865 | -12.2% |
| Other amounts payable | 178/9 | €33,000 | €33,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €610,294 | €829,107 | +€218,814 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | €42,272 | €43,865 | +€1,593 | +3.8% |
| Trade debts | 44 | €62,312 | €6,362 | -€55,950 | -89.8% |
| Suppliers | 440/4 | €62,312 | €6,362 | -€55,950 | -89.8% |
| Taxes, remuneration and social security | 45 | €40,737 | €38,245 | -€2,492 | -6.1% |
| Taxes | 450/3 | €40,223 | €38,245 | -€1,978 | -4.9% |
| Remuneration and social security | 454/9 | €514 | €0 | -€514 | -100.0% |
| Other amounts payable | 47/48 | €464,973 | €740,635 | +€275,663 | +59.3% |
| Accrued charges and deferred income | 492/3 | €220,080 | €260,270 | +€40,190 | +18.3% |
| Remuneration, social security and pensions | 62 | €56,911 | €30,057 | -€26,854 | -47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,827 | €96,069 | +€58,242 | +154.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,466 | €2,357 | +€4,823 | |
| Other operating charges | 640/8 | €4,556 | €10,334 | +€5,778 | +126.8% |
| Non-recurring operating charges | 66A | €4,087 | €0 | -€4,087 | -100.0% |
| Gross operating margin | 9900 | €267,574 | €256,128 | -€11,446 | -4.3% |
| Operating profit (loss) | 9901 | €166,659 | €117,311 | -€49,348 | -29.6% |
| Financial income | 75/76B | €1,235 | €875 | -€360 | -29.1% |
| Recurring financial income | 75 | €1,235 | €875 | -€360 | -29.1% |
| Financial charges | 65/66B | €16,144 | €22,871 | +€6,727 | +41.7% |
| Recurring financial charges | 65 | €16,144 | €22,871 | +€6,727 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €151,749 | €95,314 | -€56,435 | -37.2% |
| Income taxes | 67/77 | €47,326 | €35,290 | -€12,036 | -25.4% |
| Profit (loss) for the period | 9904 | €104,423 | €60,025 | -€44,398 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,423 | €60,025 | -€44,398 | -42.5% |
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 4 October 2026 via checked.be.