Key Concept: 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.
Key Concept
Largest movements
- Receivables within one year -€988,127
down €988,127 (-52.0%), from €1.9m to €912,194
of which Trade receivables: -€766,321
- Stocks and contracts -€255,214
down €255,214 (-6.9%), from €3.7m to €3.4m
- Short-term financial debts -€1.4m
down €1.4m (-41.5%), from €3.4m to €2.0m
- Debts after one year -€421,533
no longer reported in 2025 (was €421,533)
- Tax, wage and social debts +€326,719
up €326,719 (+1,153%), from €28,340 to €355,059
- Trade debts +€321,114
up €321,114 (+40.0%), from €801,867 to €1.1m
- Other debts +€149,076
up €149,076 (+101%), from €147,505 to €296,581
- Financial income +€281,936
up €281,936 (+1,772%), from €15,910 to €297,846
- Gross operating margin -€221,121
down €221,121 (-95.0%), from €232,812 to €11,691
- Financial charges +€29,918
up €29,918 (+15.7%), from €191,061 to €220,979
- Other operating charges +€6,250
up €6,250 (+99.5%), from €6,281 to €12,531
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 | €6,153,820 | €4,961,520 | -€1.2m | -19.4% |
| Fixed assets | 21/28 | €424,893 | €423,745 | -€1,148 | -0.3% |
| Tangible fixed assets | 22/27 | €4,009 | €2,461 | -€1,548 | -38.6% |
| Furniture and vehicles | 24 | €4,009 | €2,461 | -€1,548 | -38.6% |
| Financial fixed assets | 28 | €420,884 | €421,284 | +€400 | +0.1% |
| Current assets | 29/58 | €5,728,927 | €4,537,775 | -€1.2m | -20.8% |
| Stocks and contracts in progress | 3 | €3,677,369 | €3,422,155 | -€255,214 | -6.9% |
| Stocks | 30/36 | €3,677,369 | €3,422,155 | -€255,214 | -6.9% |
| Amounts receivable within one year | 40/41 | €1,900,321 | €912,194 | -€988,127 | -52.0% |
| Trade receivables | 40 | €1,531,014 | €764,693 | -€766,321 | -50.1% |
| Other amounts receivable | 41 | €369,307 | €147,501 | -€221,806 | -60.1% |
| Cash at bank and in hand | 54/58 | €129,013 | €182,174 | +€53,161 | +41.2% |
| Deferred charges and accrued income | 490/1 | €22,224 | €21,252 | -€972 | -4.4% |
| Total equity and liabilities | 10/49 | €6,153,820 | €4,961,520 | -€1.2m | -19.4% |
| Equity | 10/15 | €1,298,888 | €1,206,577 | -€92,311 | -7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €619,203 | €526,892 | -€92,311 | -14.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,120 | €96,120 | = | 0.0% |
| Distributable reserves | 133 | €521,223 | €428,912 | -€92,311 | -17.7% |
| Profit (loss) carried forward | 14 | €673,485 | €673,485 | = | 0.0% |
| Amounts payable | 17/49 | €4,854,932 | €3,754,943 | -€1.1m | -22.7% |
| Amounts payable after more than one year | 17 | €421,533 | - | -€421,533 | |
| Financial debts | 170/4 | €421,533 | - | -€421,533 | |
| Amounts payable within one year | 42/48 | €4,433,399 | €3,754,943 | -€678,456 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €87,720 | €9,412 | -€78,308 | -89.3% |
| Financial debts | 43 | €3,367,967 | €1,970,910 | -€1.4m | -41.5% |
| Credit institutions | 430/8 | €3,367,967 | €1,970,910 | -€1.4m | -41.5% |
| Trade debts | 44 | €801,867 | €1,122,981 | +€321,114 | +40.0% |
| Suppliers | 440/4 | €801,867 | €1,122,981 | +€321,114 | +40.0% |
| Taxes, remuneration and social security | 45 | €28,340 | €355,059 | +€326,719 | +1,153% |
| Taxes | 450/3 | €28,340 | €355,059 | +€326,719 | +1,153% |
| Other amounts payable | 47/48 | €147,505 | €296,581 | +€149,076 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,237 | €1,548 | +€311 | +25.1% |
| Other operating charges | 640/8 | €6,281 | €12,531 | +€6,250 | +99.5% |
| Gross operating margin | 9900 | €232,812 | €11,691 | -€221,121 | -95.0% |
| Operating profit (loss) | 9901 | €225,294 | -€2,388 | -€227,682 | |
| Financial income | 75/76B | €15,910 | €297,846 | +€281,936 | +1,772% |
| Recurring financial income | 75 | €15,910 | €297,846 | +€281,936 | +1,772% |
| Financial charges | 65/66B | €191,061 | €220,979 | +€29,918 | +15.7% |
| Recurring financial charges | 65 | €191,061 | €220,979 | +€29,918 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €50,143 | €74,479 | +€24,336 | +48.5% |
| Income taxes | 67/77 | €21,695 | €23,638 | +€1,943 | +9.0% |
| Profit (loss) for the period | 9904 | €28,448 | €50,841 | +€22,393 | +78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,448 | €50,841 | +€22,393 | +78.7% |
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 26 October 2026 via checked.be.