KEYS FOR FUTURE: 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.
KEYS FOR FUTURE
Largest movements
- Stocks and contracts -€1.8m
down €1.8m (-20.3%), from €8.7m to €7.0m
- Receivables after one year -€209,111
no longer reported in 2025 (was €209,111)
- Debts after one year -€2.2m
down €2.2m (-24.2%), from €9.0m to €6.8m
of which Financial debts: -€1.3m
- Profit (loss) carried forward +€188,652
up €188,652, from -€90,634 to €98,018
- Gross operating margin +€263,268
up €263,268, from -€7,977 to €255,291
- Taxes +€33,226
new in 2025: €33,226
- Financial income -€11,508
down €11,508 (-77.4%), from €14,860 to €3,352
- Financial charges +€11,252
up €11,252 (+89.2%), from €12,616 to €23,868
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 | €8,952,069 | €7,010,777 | -€1.9m | -21.7% |
| Current assets | 29/58 | €8,952,069 | €7,010,777 | -€1.9m | -21.7% |
| Amounts receivable after more than one year | 29 | €209,111 | - | -€209,111 | |
| Other amounts receivable | 291 | €209,111 | - | -€209,111 | |
| Stocks and contracts in progress | 3 | €8,734,936 | €6,959,430 | -€1.8m | -20.3% |
| Stocks | 30/36 | €8,734,936 | €6,959,430 | -€1.8m | -20.3% |
| Amounts receivable within one year | 40/41 | - | €51,347 | +€51,347 | |
| Trade receivables | 40 | - | €51,347 | +€51,347 | |
| Cash at bank and in hand | 54/58 | €3,512 | - | -€3,512 | |
| Deferred charges and accrued income | 490/1 | €4,510 | - | -€4,510 | |
| Total equity and liabilities | 10/49 | €8,952,069 | €7,010,777 | -€1.9m | -21.7% |
| Equity | 10/15 | -€72,034 | €116,618 | +€188,652 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,634 | €98,018 | +€188,652 | |
| Amounts payable | 17/49 | €9,024,103 | €6,894,159 | -€2.1m | -23.6% |
| Amounts payable after more than one year | 17 | €8,979,009 | €6,807,142 | -€2.2m | -24.2% |
| Financial debts | 170/4 | €5,445,000 | €4,180,824 | -€1.3m | -23.2% |
| Other amounts payable | 178/9 | €3,534,009 | €2,626,319 | -€907,690 | -25.7% |
| Amounts payable within one year | 42/48 | €45,094 | €87,016 | +€41,922 | +93.0% |
| Financial debts | 43 | €40,590 | €73,791 | +€33,201 | +81.8% |
| Credit institutions | 430/8 | €40,590 | €73,791 | +€33,201 | +81.8% |
| Trade debts | 44 | €4,505 | - | -€4,505 | |
| Suppliers | 440/4 | €4,505 | - | -€4,505 | |
| Taxes, remuneration and social security | 45 | - | €13,226 | +€13,226 | |
| Taxes | 450/3 | - | €13,226 | +€13,226 | |
| Non-recurring operating income | 76A | - | €684 | +€684 | |
| Other operating charges | 640/8 | €12,505 | €12,898 | +€393 | +3.1% |
| Gross operating margin | 9900 | -€7,977 | €255,291 | +€263,268 | |
| Operating profit (loss) | 9901 | -€20,481 | €242,394 | +€262,875 | |
| Financial income | 75/76B | €14,860 | €3,352 | -€11,508 | -77.4% |
| Recurring financial income | 75 | €14,860 | €3,352 | -€11,508 | -77.4% |
| Financial charges | 65/66B | €12,616 | €23,868 | +€11,252 | +89.2% |
| Recurring financial charges | 65 | €12,616 | €23,868 | +€11,252 | +89.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,237 | €221,878 | +€240,115 | |
| Income taxes | 67/77 | - | €33,226 | +€33,226 | |
| Profit (loss) for the period | 9904 | -€18,237 | €188,652 | +€206,889 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,237 | €188,652 | +€206,889 |
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 9 October 2026 via checked.be.