KEY4LIGHT: 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.
KEY4LIGHT
Largest movements
- Cash -€65,421
down €65,421 (-52.1%), from €125,471 to €60,050
mainly Accrued charges and deferred income (-€234,487) and Receivables within one year (-€30,087)
- Stocks and contracts -€33,037
down €33,037 (-9.8%), from €337,009 to €303,972
of which Contracts in progress: -€31,020
- Receivables within one year +€30,087
up €30,087 (+3.4%), from €876,313 to €906,400
of which Trade receivables: +€110,616
- Accrued charges and deferred income -€234,487
no longer reported in 2025 (was €234,487)
- Profit (loss) carried forward +€70,636
no longer reported in 2025 (was -€70,636)
- Debts after one year +€40,000
up €40,000 (+66.7%), from €60,000 to €100,000
- Trade debts +€38,749
up €38,749 (+19.3%), from €201,081 to €239,830
- Reserves +€15,336
up €15,336 (+8.3%), from €183,974 to €199,311
- Gross operating margin +€197,271
up €197,271 (+38.7%), from €509,647 to €706,918
- Staff costs -€162,024
down €162,024 (-23.2%), from €698,641 to €536,617
- Write-downs +€7,325
up €7,325, from €0 to €7,325
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 | €1,393,524 | €1,304,533 | -€88,992 | -6.4% |
| Fixed assets | 21/28 | €36,779 | €25,291 | -€11,488 | -31.2% |
| Intangible fixed assets | 21 | €19,167 | €12,480 | -€6,687 | -34.9% |
| Tangible fixed assets | 22/27 | €17,386 | €12,585 | -€4,801 | -27.6% |
| Plant, machinery and equipment | 23 | €7,512 | €6,683 | -€829 | -11.0% |
| Furniture and vehicles | 24 | €4,253 | €1,754 | -€2,499 | -58.8% |
| Other tangible fixed assets | 26 | €5,621 | €4,149 | -€1,473 | -26.2% |
| Financial fixed assets | 28 | €226 | €226 | = | 0.0% |
| Current assets | 29/58 | €1,356,745 | €1,279,242 | -€77,503 | -5.7% |
| Stocks and contracts in progress | 3 | €337,009 | €303,972 | -€33,037 | -9.8% |
| Stocks | 30/36 | €76,549 | €74,532 | -€2,017 | -2.6% |
| Contracts in progress | 37 | €260,460 | €229,440 | -€31,020 | -11.9% |
| Amounts receivable within one year | 40/41 | €876,313 | €906,400 | +€30,087 | +3.4% |
| Trade receivables | 40 | €706,782 | €817,398 | +€110,616 | +15.7% |
| Other amounts receivable | 41 | €169,531 | €89,002 | -€80,528 | -47.5% |
| Cash at bank and in hand | 54/58 | €125,471 | €60,050 | -€65,421 | -52.1% |
| Deferred charges and accrued income | 490/1 | €17,953 | €8,820 | -€9,133 | -50.9% |
| Total equity and liabilities | 10/49 | €1,393,524 | €1,304,533 | -€88,992 | -6.4% |
| Equity | 10/15 | €158,338 | €244,311 | +€85,973 | +54.3% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €183,974 | €199,311 | +€15,336 | +8.3% |
| Distributable reserves | 133 | €183,974 | €199,311 | +€15,336 | +8.3% |
| Profit (loss) carried forward | 14 | -€70,636 | - | +€70,636 | |
| Amounts payable | 17/49 | €1,235,187 | €1,060,222 | -€174,964 | -14.2% |
| Amounts payable after more than one year | 17 | €60,000 | €100,000 | +€40,000 | +66.7% |
| Financial debts | 170/4 | €60,000 | €100,000 | +€40,000 | +66.7% |
| Amounts payable within one year | 42/48 | €940,700 | €960,222 | +€19,522 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €27,000 | €24,777 | -€2,223 | -8.2% |
| Financial debts | 43 | €550,000 | €550,000 | = | 0.0% |
| Credit institutions | 430/8 | €550,000 | €550,000 | = | 0.0% |
| Trade debts | 44 | €201,081 | €239,830 | +€38,749 | +19.3% |
| Suppliers | 440/4 | €201,081 | €239,830 | +€38,749 | +19.3% |
| Taxes, remuneration and social security | 45 | €131,786 | €122,073 | -€9,713 | -7.4% |
| Taxes | 450/3 | €68,483 | €66,579 | -€1,904 | -2.8% |
| Remuneration and social security | 454/9 | €63,303 | €55,494 | -€7,809 | -12.3% |
| Other amounts payable | 47/48 | €30,833 | €23,542 | -€7,291 | -23.6% |
| Accrued charges and deferred income | 492/3 | €234,487 | - | -€234,487 | |
| Non-recurring operating income | 76A | €486 | - | -€486 | |
| Remuneration, social security and pensions | 62 | €698,641 | €536,617 | -€162,024 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,796 | €11,488 | -€1,308 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €7,325 | +€7,325 | |
| Other operating charges | 640/8 | €2,331 | €2,649 | +€319 | +13.7% |
| Gross operating margin | 9900 | €509,647 | €706,918 | +€197,271 | +38.7% |
| Operating profit (loss) | 9901 | -€204,121 | €148,838 | +€352,959 | |
| Financial income | 75/76B | €5,535 | €6,705 | +€1,170 | +21.1% |
| Recurring financial income | 75 | €5,535 | €6,705 | +€1,170 | +21.1% |
| Financial charges | 65/66B | €62,156 | €66,927 | +€4,771 | +7.7% |
| Recurring financial charges | 65 | €62,156 | €66,927 | +€4,771 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€260,742 | €88,616 | +€349,358 | |
| Income taxes | 67/77 | €2,370 | €2,643 | +€273 | +11.5% |
| Profit (loss) for the period | 9904 | -€263,113 | €85,973 | +€349,085 | |
| Profit (loss) for the period to be appropriated | 9905 | -€263,113 | €85,973 | +€349,085 |
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.