KINEMATICS: 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.
KINEMATICS
Largest movements
- Receivables after one year +€52,000
up €52,000 (+62.8%), from €82,759 to €134,759
- Tangible fixed assets -€23,806
down €23,806 (-6.8%), from €347,727 to €323,921
of which Land and buildings: -€18,414
- Cash +€8,556
up €8,556 (+4.5%), from €191,676 to €200,232
mainly Other debts (+€229,339) and Net result for the year (+€50,684)
- Receivables within one year +€7,283
up €7,283 (+38.0%), from €19,184 to €26,467
of which Other amounts receivable: +€6,184
- Other debts +€229,339
new in 2025: €229,339
- Reserves -€178,655
down €178,655 (-56.7%), from €315,216 to €136,560
of which Distributable reserves: -€178,655
- Debts after one year -€15,418
down €15,418 (-5.5%), from €279,147 to €263,729
- Tax, wage and social debts +€7,913
up €7,913 (+106.5%), from €7,430 to €15,343
- Gross operating margin +€15,966
up €15,966 (+17.5%), from €91,350 to €107,316
- Taxes +€5,127
up €5,127 (+31.8%), from €16,129 to €21,256
- Financial income +€2,097
up €2,097 (+44.9%), from €4,667 to €6,764
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 | €642,403 | €686,236 | +€43,832 | +6.8% |
| Fixed assets | 21/28 | €347,727 | €323,921 | -€23,806 | -6.8% |
| Tangible fixed assets | 22/27 | €347,727 | €323,921 | -€23,806 | -6.8% |
| Land and buildings | 22 | €330,942 | €312,528 | -€18,414 | -5.6% |
| Plant, machinery and equipment | 23 | €12,034 | €8,101 | -€3,932 | -32.7% |
| Furniture and vehicles | 24 | €4,751 | €3,292 | -€1,460 | -30.7% |
| Current assets | 29/58 | €294,676 | €362,315 | +€67,639 | +23.0% |
| Amounts receivable after more than one year | 29 | €82,759 | €134,759 | +€52,000 | +62.8% |
| Other amounts receivable | 291 | €82,759 | €134,759 | +€52,000 | +62.8% |
| Amounts receivable within one year | 40/41 | €19,184 | €26,467 | +€7,283 | +38.0% |
| Trade receivables | 40 | €1,254 | €2,353 | +€1,099 | +87.7% |
| Other amounts receivable | 41 | €17,931 | €24,115 | +€6,184 | +34.5% |
| Cash at bank and in hand | 54/58 | €191,676 | €200,232 | +€8,556 | +4.5% |
| Deferred charges and accrued income | 490/1 | €1,057 | €856 | -€200 | -19.0% |
| Total equity and liabilities | 10/49 | €642,403 | €686,236 | +€43,832 | +6.8% |
| Equity | 10/15 | €327,620 | €148,964 | -€178,655 | -54.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €315,216 | €136,560 | -€178,655 | -56.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €313,356 | €134,700 | -€178,655 | -57.0% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Amounts payable | 17/49 | €314,784 | €537,271 | +€222,488 | +70.7% |
| Amounts payable after more than one year | 17 | €279,147 | €263,729 | -€15,418 | -5.5% |
| Financial debts | 170/4 | €279,147 | €263,729 | -€15,418 | -5.5% |
| Amounts payable within one year | 42/48 | €35,636 | €273,542 | +€237,906 | +667.6% |
| Current portion of amounts payable after more than one year | 42 | €15,083 | €15,418 | +€335 | +2.2% |
| Trade debts | 44 | €13,124 | €13,442 | +€318 | +2.4% |
| Suppliers | 440/4 | €13,124 | €13,442 | +€318 | +2.4% |
| Taxes, remuneration and social security | 45 | €7,430 | €15,343 | +€7,913 | +106.5% |
| Taxes | 450/3 | €7,430 | €15,343 | +€7,913 | +106.5% |
| Other amounts payable | 47/48 | - | €229,339 | +€229,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,769 | €29,637 | +€869 | +3.0% |
| Other operating charges | 640/8 | €1,744 | €2,217 | +€473 | +27.1% |
| Gross operating margin | 9900 | €91,350 | €107,316 | +€15,966 | +17.5% |
| Operating profit (loss) | 9901 | €60,838 | €75,462 | +€14,624 | +24.0% |
| Financial income | 75/76B | €4,667 | €6,764 | +€2,097 | +44.9% |
| Recurring financial income | 75 | €4,667 | €6,764 | +€2,097 | +44.9% |
| Financial charges | 65/66B | €11,044 | €10,286 | -€758 | -6.9% |
| Recurring financial charges | 65 | €11,044 | €10,286 | -€758 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €54,461 | €71,940 | +€17,479 | +32.1% |
| Income taxes | 67/77 | €16,129 | €21,256 | +€5,127 | +31.8% |
| Profit (loss) for the period | 9904 | €38,332 | €50,684 | +€12,352 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,332 | €50,684 | +€12,352 | +32.2% |
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 2 October 2026 via checked.be.