JOINT JOINT: 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.
JOINT JOINT
Largest movements
- Tangible fixed assets +€12,720
up €12,720 (+7.3%), from €173,650 to €186,370
of which Plant, machinery and equipment: +€16,369
- Receivables within one year -€8,664
down €8,664 (-32.8%), from €26,383 to €17,719
of which Trade receivables: -€9,042
- Cash +€2,966
up €2,966 (+5.4%), from €54,576 to €57,542
mainly Net result for the year (+€30,378) and Depreciation (+€29,051)
- Reserves +€30,300
up €30,300 (+28.8%), from €105,386 to €135,686
- Trade debts -€10,412
down €10,412 (-67.9%), from €15,340 to €4,928
- Tax, wage and social debts -€8,235
down €8,235 (-40.8%), from €20,166 to €11,931
of which Remuneration and social security: -€5,500
- Other debts -€4,982
down €4,982 (-8.8%), from €56,562 to €51,580
- Gross operating margin -€10,417
down €10,417 (-11.9%), from €87,564 to €77,147
- Depreciation +€5,442
up €5,442 (+23.1%), from €23,609 to €29,051
- Taxes +€3,541
up €3,541 (+32.4%), from €10,920 to €14,461
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 | €258,452 | €265,701 | +€7,249 | +2.8% |
| Fixed assets | 21/28 | €174,340 | €187,310 | +€12,970 | +7.4% |
| Tangible fixed assets | 22/27 | €173,650 | €186,370 | +€12,720 | +7.3% |
| Plant, machinery and equipment | 23 | €158,731 | €175,100 | +€16,369 | +10.3% |
| Furniture and vehicles | 24 | €14,919 | €11,270 | -€3,649 | -24.5% |
| Financial fixed assets | 28 | €690 | €940 | +€250 | +36.2% |
| Current assets | 29/58 | €84,112 | €78,391 | -€5,721 | -6.8% |
| Stocks and contracts in progress | 3 | €800 | €800 | = | 0.0% |
| Stocks | 30/36 | €800 | €800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,383 | €17,719 | -€8,664 | -32.8% |
| Trade receivables | 40 | €26,383 | €17,341 | -€9,042 | -34.3% |
| Other amounts receivable | 41 | - | €378 | +€378 | |
| Cash at bank and in hand | 54/58 | €54,576 | €57,542 | +€2,966 | +5.4% |
| Deferred charges and accrued income | 490/1 | €2,353 | €2,330 | -€23 | -1.0% |
| Total equity and liabilities | 10/49 | €258,452 | €265,701 | +€7,249 | +2.8% |
| Equity | 10/15 | €166,134 | €196,512 | +€30,378 | +18.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €105,386 | €135,686 | +€30,300 | +28.8% |
| Distributable reserves | 133 | €105,386 | €135,686 | +€30,300 | +28.8% |
| Profit (loss) carried forward | 14 | €748 | €826 | +€78 | +10.4% |
| Amounts payable | 17/49 | €92,318 | €69,189 | -€23,129 | -25.1% |
| Amounts payable within one year | 42/48 | €92,068 | €68,439 | -€23,629 | -25.7% |
| Trade debts | 44 | €15,340 | €4,928 | -€10,412 | -67.9% |
| Suppliers | 440/4 | €15,340 | €4,928 | -€10,412 | -67.9% |
| Taxes, remuneration and social security | 45 | €20,166 | €11,931 | -€8,235 | -40.8% |
| Taxes | 450/3 | €13,166 | €10,431 | -€2,735 | -20.8% |
| Remuneration and social security | 454/9 | €7,000 | €1,500 | -€5,500 | -78.6% |
| Other amounts payable | 47/48 | €56,562 | €51,580 | -€4,982 | -8.8% |
| Accrued charges and deferred income | 492/3 | €250 | €750 | +€500 | +200.0% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,609 | €29,051 | +€5,442 | +23.1% |
| Other operating charges | 640/8 | €1,760 | €1,815 | +€55 | +3.1% |
| Non-recurring operating charges | 66A | €2,562 | - | -€2,562 | |
| Gross operating margin | 9900 | €87,564 | €77,147 | -€10,417 | -11.9% |
| Operating profit (loss) | 9901 | €59,633 | €46,281 | -€13,352 | -22.4% |
| Financial charges | 65/66B | €1,442 | €1,442 | = | 0.0% |
| Recurring financial charges | 65 | €1,442 | €1,442 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €58,191 | €44,839 | -€13,352 | -22.9% |
| Income taxes | 67/77 | €10,920 | €14,461 | +€3,541 | +32.4% |
| Profit (loss) for the period | 9904 | €47,271 | €30,378 | -€16,893 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,271 | €30,378 | -€16,893 | -35.7% |
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 11 October 2026 via checked.be.