KEY CONSTRUCT: 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.
KEY CONSTRUCT
Largest movements
- Financial fixed assets -€60,000
down €60,000 (-22.9%), from €262,500 to €202,500
- Cash +€20,872
up €20,872 (+23.8%), from €87,605 to €108,477
mainly Net result for the year (+€162,779) and Investment in fixed assets (net) (+€52,302)
- Receivables within one year +€11,979
up €11,979 (+471.4%), from €2,541 to €14,520
- Debts after one year -€128,935
down €128,935 (-50.1%), from €257,609 to €128,674
- Reserves +€79,530
up €79,530 (+95.5%), from €83,250 to €162,779
- Tax, wage and social debts +€18,417
up €18,417 (+109.1%), from €16,879 to €35,296
- Gross operating margin +€120,064
up €120,064 (+100.4%), from €119,635 to €239,699
- Taxes +€27,261
up €27,261 (+92.6%), from €29,455 to €56,716
- Depreciation +€7,053
up €7,053 (+233.0%), from €3,027 to €10,081
- Financial charges +€6,006
up €6,006 (+221.7%), from €2,709 to €8,715
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 | €396,424 | €366,893 | -€29,532 | -7.4% |
| Fixed assets | 21/28 | €305,393 | €243,011 | -€62,382 | -20.4% |
| Tangible fixed assets | 22/27 | €42,893 | €40,511 | -€2,382 | -5.6% |
| Plant, machinery and equipment | 23 | €785 | €3,672 | +€2,887 | +368.0% |
| Furniture and vehicles | 24 | - | €3,706 | +€3,706 | |
| Leasing and similar rights | 25 | €42,109 | €33,133 | -€8,976 | -21.3% |
| Financial fixed assets | 28 | €262,500 | €202,500 | -€60,000 | -22.9% |
| Current assets | 29/58 | €91,031 | €123,882 | +€32,851 | +36.1% |
| Amounts receivable within one year | 40/41 | €2,541 | €14,520 | +€11,979 | +471.4% |
| Trade receivables | 40 | €2,541 | €14,520 | +€11,979 | +471.4% |
| Cash at bank and in hand | 54/58 | €87,605 | €108,477 | +€20,872 | +23.8% |
| Deferred charges and accrued income | 490/1 | €885 | €885 | = | 0.0% |
| Total equity and liabilities | 10/49 | €396,424 | €366,893 | -€29,532 | -7.4% |
| Equity | 10/15 | €93,250 | €172,779 | +€79,530 | +85.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €83,250 | €162,779 | +€79,530 | +95.5% |
| Distributable reserves | 133 | €83,250 | €162,779 | +€79,530 | +95.5% |
| Amounts payable | 17/49 | €303,174 | €194,113 | -€109,061 | -36.0% |
| Amounts payable after more than one year | 17 | €257,609 | €128,674 | -€128,935 | -50.1% |
| Financial debts | 170/4 | €257,609 | €128,674 | -€128,935 | -50.1% |
| Amounts payable within one year | 42/48 | €45,565 | €65,439 | +€19,874 | +43.6% |
| Current portion of amounts payable after more than one year | 42 | €27,470 | €28,510 | +€1,040 | +3.8% |
| Trade debts | 44 | €1,074 | €1,148 | +€74 | +6.9% |
| Suppliers | 440/4 | €1,074 | €1,148 | +€74 | +6.9% |
| Taxes, remuneration and social security | 45 | €16,879 | €35,296 | +€18,417 | +109.1% |
| Taxes | 450/3 | €16,879 | €35,296 | +€18,417 | +109.1% |
| Other amounts payable | 47/48 | €142 | €486 | +€344 | +242.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,027 | €10,081 | +€7,053 | +233.0% |
| Other operating charges | 640/8 | €1,193 | €1,409 | +€215 | +18.0% |
| Gross operating margin | 9900 | €119,635 | €239,699 | +€120,064 | +100.4% |
| Operating profit (loss) | 9901 | €115,414 | €228,209 | +€112,795 | +97.7% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €2,709 | €8,715 | +€6,006 | +221.7% |
| Recurring financial charges | 65 | €2,709 | €8,715 | +€6,006 | +221.7% |
| Profit (loss) for the period before taxes | 9903 | €112,705 | €219,496 | +€106,791 | +94.8% |
| Income taxes | 67/77 | €29,455 | €56,716 | +€27,261 | +92.6% |
| Profit (loss) for the period | 9904 | €83,250 | €162,779 | +€79,530 | +95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €83,250 | €162,779 | +€79,530 | +95.5% |
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 3 October 2026 via checked.be.