JOIN US: 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.
JOIN US
Largest movements
- Cash -€129,284
down €129,284 (-63.1%), from €204,852 to €75,568
mainly Trade debts (-€122,292) and Receivables within one year (-€64,585)
- Receivables within one year +€64,585
up €64,585 (+16.4%), from €393,344 to €457,929
of which Trade receivables: +€75,046
- Tangible fixed assets -€29,993
down €29,993 (-13.6%), from €221,228 to €191,235
of which Plant, machinery and equipment: -€15,160
- Stocks and contracts -€15,947
down €15,947 (-3.3%), from €481,277 to €465,330
- Receivables after one year +€14,997
up €14,997 (+395.8%), from €3,789 to €18,786
- Trade debts -€122,292
down €122,292 (-37.2%), from €329,040 to €206,749
- Reserves +€49,210
up €49,210 (+9.3%), from €528,463 to €577,673
- Tax, wage and social debts +€20,233
up €20,233 (+88.4%), from €22,882 to €43,115
of which Taxes: +€15,741
- Short-term financial debts -€18,814
down €18,814 (-8.0%), from €233,921 to €215,107
- Current portion of long-term debt -€15,887
down €15,887 (-58.3%), from €27,249 to €11,362
- Gross operating margin +€9,376
up €9,376 (+5.3%), from €177,236 to €186,612
- Financial charges -€7,394
down €7,394 (-21.4%), from €34,528 to €27,133
- Taxes +€6,600
up €6,600 (+36.8%), from €17,939 to €24,539
- Write-downs +€4,456
up €4,456, from -€4,456 to €0
- Other operating charges +€1,998
up €1,998 (+40.5%), from €4,934 to €6,932
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 | €1,313,940 | €1,209,005 | -€104,935 | -8.0% |
| Fixed assets | 21/28 | €221,228 | €191,235 | -€29,993 | -13.6% |
| Tangible fixed assets | 22/27 | €221,228 | €191,235 | -€29,993 | -13.6% |
| Land and buildings | 22 | €101,500 | €101,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €59,964 | €44,803 | -€15,160 | -25.3% |
| Furniture and vehicles | 24 | €59,765 | €44,932 | -€14,833 | -24.8% |
| Current assets | 29/58 | €1,092,712 | €1,017,770 | -€74,942 | -6.9% |
| Amounts receivable after more than one year | 29 | €3,789 | €18,786 | +€14,997 | +395.8% |
| Other amounts receivable | 291 | €3,789 | €18,786 | +€14,997 | +395.8% |
| Stocks and contracts in progress | 3 | €481,277 | €465,330 | -€15,947 | -3.3% |
| Stocks | 30/36 | €481,277 | €465,330 | -€15,947 | -3.3% |
| Amounts receivable within one year | 40/41 | €393,344 | €457,929 | +€64,585 | +16.4% |
| Trade receivables | 40 | €352,940 | €427,986 | +€75,046 | +21.3% |
| Other amounts receivable | 41 | €40,404 | €29,944 | -€10,461 | -25.9% |
| Cash at bank and in hand | 54/58 | €204,852 | €75,568 | -€129,284 | -63.1% |
| Deferred charges and accrued income | 490/1 | €9,450 | €157 | -€9,293 | -98.3% |
| Total equity and liabilities | 10/49 | €1,313,940 | €1,209,005 | -€104,935 | -8.0% |
| Equity | 10/15 | €678,463 | €727,673 | +€49,210 | +7.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €528,463 | €577,673 | +€49,210 | +9.3% |
| Distributable reserves | 133 | €528,463 | €577,673 | +€49,210 | +9.3% |
| Amounts payable | 17/49 | €635,477 | €481,332 | -€154,145 | -24.3% |
| Amounts payable after more than one year | 17 | €11,362 | €0 | -€11,362 | -100.0% |
| Financial debts | 170/4 | €11,362 | €0 | -€11,362 | -100.0% |
| Amounts payable within one year | 42/48 | €613,092 | €476,332 | -€136,760 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €27,249 | €11,362 | -€15,887 | -58.3% |
| Financial debts | 43 | €233,921 | €215,107 | -€18,814 | -8.0% |
| Credit institutions | 430/8 | €233,921 | €215,107 | -€18,814 | -8.0% |
| Trade debts | 44 | €329,040 | €206,749 | -€122,292 | -37.2% |
| Suppliers | 440/4 | €329,040 | €206,749 | -€122,292 | -37.2% |
| Taxes, remuneration and social security | 45 | €22,882 | €43,115 | +€20,233 | +88.4% |
| Taxes | 450/3 | €17,613 | €33,354 | +€15,741 | +89.4% |
| Remuneration and social security | 454/9 | €5,269 | €9,761 | +€4,492 | +85.3% |
| Accrued charges and deferred income | 492/3 | €11,023 | €5,000 | -€6,023 | -54.6% |
| Remuneration, social security and pensions | 62 | €42,293 | €43,785 | +€1,492 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,670 | €36,387 | +€1,716 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,456 | €0 | +€4,456 | |
| Other operating charges | 640/8 | €4,934 | €6,932 | +€1,998 | +40.5% |
| Non-recurring operating charges | 66A | €12,105 | €0 | -€12,105 | -100.0% |
| Gross operating margin | 9900 | €177,236 | €186,612 | +€9,376 | +5.3% |
| Operating profit (loss) | 9901 | €87,689 | €99,508 | +€11,820 | +13.5% |
| Financial income | 75/76B | €1,169 | €1,373 | +€204 | +17.5% |
| Recurring financial income | 75 | €1,169 | €1,373 | +€204 | +17.5% |
| Financial charges | 65/66B | €34,528 | €27,133 | -€7,394 | -21.4% |
| Recurring financial charges | 65 | €34,528 | €27,133 | -€7,394 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €54,330 | €73,748 | +€19,418 | +35.7% |
| Income taxes | 67/77 | €17,939 | €24,539 | +€6,600 | +36.8% |
| Profit (loss) for the period | 9904 | €36,391 | €49,210 | +€12,818 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,391 | €49,210 | +€12,818 | +35.2% |
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 2 October 2026 via checked.be.