KEY FINANCE: 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 FINANCE
Largest movements
- Cash +€220,708
up €220,708 (+40.0%), from €551,588 to €772,296
mainly Net result for the year (+€299,269) and Depreciation (+€53,209)
- Intangible fixed assets -€13,775
down €13,775 (-14.2%), from €96,772 to €82,997
- Reserves +€263,733
up €263,733 (+42.8%), from €615,820 to €879,552
- Current portion of long-term debt -€23,146
down €23,146 (-60.8%), from €38,075 to €14,929
- Debts after one year -€14,929
down €14,929 (-31.1%), from €47,961 to €33,033
- Tax, wage and social debts -€13,971
down €13,971 (-16.7%), from €83,568 to €69,596
of which Taxes: -€16,146
- Depreciation -€124,147
down €124,147 (-70.0%), from €177,357 to €53,209
- Gross operating margin +€92,782
up €92,782 (+12.2%), from €762,845 to €855,627
- Taxes +€57,795
up €57,795 (+68.8%), from €83,982 to €141,776
- Staff costs +€34,113
up €34,113 (+10.5%), from €325,013 to €359,127
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 | €816,099 | €1,029,940 | +€213,841 | +26.2% |
| Fixed assets | 21/28 | €223,596 | €205,376 | -€18,219 | -8.1% |
| Intangible fixed assets | 21 | €96,772 | €82,997 | -€13,775 | -14.2% |
| Tangible fixed assets | 22/27 | €126,794 | €122,350 | -€4,444 | -3.5% |
| Plant, machinery and equipment | 23 | €2,860 | €2,060 | -€800 | -28.0% |
| Furniture and vehicles | 24 | €119,455 | €117,265 | -€2,190 | -1.8% |
| Other tangible fixed assets | 26 | €4,480 | €3,025 | -€1,455 | -32.5% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €592,503 | €824,564 | +€232,061 | +39.2% |
| Amounts receivable within one year | 40/41 | €32,315 | €39,763 | +€7,448 | +23.0% |
| Trade receivables | 40 | €32,315 | €30,260 | -€2,056 | -6.4% |
| Other amounts receivable | 41 | - | €9,504 | +€9,504 | |
| Cash at bank and in hand | 54/58 | €551,588 | €772,296 | +€220,708 | +40.0% |
| Deferred charges and accrued income | 490/1 | €8,600 | €12,504 | +€3,905 | +45.4% |
| Total equity and liabilities | 10/49 | €816,099 | €1,029,940 | +€213,841 | +26.2% |
| Equity | 10/15 | €615,820 | €879,552 | +€263,733 | +42.8% |
| Reserves | 13 | €615,820 | €879,552 | +€263,733 | +42.8% |
| Distributable reserves | 133 | €615,820 | €879,552 | +€263,733 | +42.8% |
| Amounts payable | 17/49 | €200,279 | €150,388 | -€49,891 | -24.9% |
| Amounts payable after more than one year | 17 | €47,961 | €33,033 | -€14,929 | -31.1% |
| Financial debts | 170/4 | €47,961 | €33,033 | -€14,929 | -31.1% |
| Amounts payable within one year | 42/48 | €152,317 | €116,823 | -€35,494 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €38,075 | €14,929 | -€23,146 | -60.8% |
| Trade debts | 44 | €27,535 | €30,297 | +€2,762 | +10.0% |
| Suppliers | 440/4 | €27,535 | €30,297 | +€2,762 | +10.0% |
| Taxes, remuneration and social security | 45 | €83,568 | €69,596 | -€13,971 | -16.7% |
| Taxes | 450/3 | €47,110 | €30,964 | -€16,146 | -34.3% |
| Remuneration and social security | 454/9 | €36,457 | €38,632 | +€2,175 | +6.0% |
| Other amounts payable | 47/48 | €3,140 | €2,001 | -€1,139 | -36.3% |
| Accrued charges and deferred income | 492/3 | - | €532 | +€532 | |
| Remuneration, social security and pensions | 62 | €325,013 | €359,127 | +€34,113 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,357 | €53,209 | -€124,147 | -70.0% |
| Other operating charges | 640/8 | €2,742 | €2,937 | +€195 | +7.1% |
| Gross operating margin | 9900 | €762,845 | €855,627 | +€92,782 | +12.2% |
| Operating profit (loss) | 9901 | €257,734 | €440,354 | +€182,620 | +70.9% |
| Financial income | 75/76B | €4,459 | €5,018 | +€559 | +12.5% |
| Recurring financial income | 75 | €4,459 | €5,018 | +€559 | +12.5% |
| Financial charges | 65/66B | €6,413 | €4,326 | -€2,087 | -32.5% |
| Recurring financial charges | 65 | €6,413 | €4,326 | -€2,087 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €255,780 | €441,046 | +€185,266 | +72.4% |
| Income taxes | 67/77 | €83,982 | €141,776 | +€57,795 | +68.8% |
| Profit (loss) for the period | 9904 | €171,798 | €299,269 | +€127,471 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €171,798 | €299,269 | +€127,471 | +74.2% |
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 18 October 2026 via checked.be.