L & A: 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.
L & A
Largest movements
- Tangible fixed assets +€986,032
up €986,032 (+784.2%), from €125,745 to €1.1m
of which Plant, machinery and equipment: +€497,761
- Current investments -€308,410
down €308,410 (-84.5%), from €364,983 to €56,573
- Receivables within one year +€103,796
up €103,796 (+1086.9%), from €9,550 to €113,345
of which Other amounts receivable: +€103,501
- Cash -€73,011
down €73,011 (-11.9%), from €612,882 to €539,871
mainly Investment in fixed assets (net) (-€1.0m) and Net result for the year (-€232,566)
- Stocks and contracts -€34,257
down €34,257 (-13.1%), from €261,941 to €227,683
- Debts after one year +€554,228
up €554,228 (+1981.9%), from €27,965 to €582,193
- Trade debts +€247,637
up €247,637 (+167.7%), from €147,633 to €395,270
- Profit (loss) carried forward -€232,566
new in 2025: -€232,566
- Tax, wage and social debts +€100,816
up €100,816 (+81.5%), from €123,758 to €224,574
of which Remuneration and social security: +€83,841
- Current portion of long-term debt +€82,448
up €82,448 (+1135.5%), from €7,261 to €89,709
- Turnover -€1.1m
down €1.1m (-13.8%), from €7.6m to €6.6m
- Purchases and services -€784,761
down €784,761 (-12.1%), from €6.5m to €5.7m
- Gross operating margin -€271,672
down €271,672 (-23.0%), from €1.2m to €911,528
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 | €1,513,444 | €2,182,008 | +€668,563 | +44.2% |
| Fixed assets | 21/28 | €125,745 | €1,111,777 | +€986,032 | +784.2% |
| Tangible fixed assets | 22/27 | €125,745 | €1,111,777 | +€986,032 | +784.2% |
| Land and buildings | 22 | €67,859 | €558,109 | +€490,250 | +722.5% |
| Plant, machinery and equipment | 23 | €15,897 | €513,658 | +€497,761 | +3131.2% |
| Furniture and vehicles | 24 | €41,990 | €40,010 | -€1,980 | -4.7% |
| Current assets | 29/58 | €1,387,699 | €1,070,231 | -€317,468 | -22.9% |
| Amounts receivable after more than one year | 29 | €130,500 | €124,500 | -€6,000 | -4.6% |
| Other amounts receivable | 291 | €130,500 | €124,500 | -€6,000 | -4.6% |
| Stocks and contracts in progress | 3 | €261,941 | €227,683 | -€34,257 | -13.1% |
| Stocks | 30/36 | €261,941 | €227,683 | -€34,257 | -13.1% |
| Amounts receivable within one year | 40/41 | €9,550 | €113,345 | +€103,796 | +1086.9% |
| Trade receivables | 40 | - | €295 | +€295 | |
| Other amounts receivable | 41 | €9,550 | €113,051 | +€103,501 | +1083.8% |
| Current investments | 50/53 | €364,983 | €56,573 | -€308,410 | -84.5% |
| Cash at bank and in hand | 54/58 | €612,882 | €539,871 | -€73,011 | -11.9% |
| Deferred charges and accrued income | 490/1 | €7,843 | €8,258 | +€415 | +5.3% |
| Total equity and liabilities | 10/49 | €1,513,444 | €2,182,008 | +€668,563 | +44.2% |
| Equity | 10/15 | €1,122,828 | €890,262 | -€232,566 | -20.7% |
| Contributions | 10/11 | €47,720 | €47,720 | = | 0.0% |
| Reserves | 13 | €1,075,108 | €1,075,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,573 | €56,573 | = | 0.0% |
| Own shares acquired | 1312 | €56,573 | €56,573 | = | 0.0% |
| Distributable reserves | 133 | €1,018,535 | €1,018,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€232,566 | -€232,566 | |
| Provisions and deferred taxes | 16 | €65,000 | - | -€65,000 | |
| Provisions for liabilities and charges | 160/5 | €65,000 | - | -€65,000 | |
| Major repairs and maintenance | 162 | €65,000 | - | -€65,000 | |
| Amounts payable | 17/49 | €325,617 | €1,291,745 | +€966,129 | +296.7% |
| Amounts payable after more than one year | 17 | €27,965 | €582,193 | +€554,228 | +1981.9% |
| Financial debts | 170/4 | €27,965 | €582,193 | +€554,228 | +1981.9% |
| Amounts payable within one year | 42/48 | €278,652 | €709,553 | +€430,901 | +154.6% |
| Current portion of amounts payable after more than one year | 42 | €7,261 | €89,709 | +€82,448 | +1135.5% |
| Trade debts | 44 | €147,633 | €395,270 | +€247,637 | +167.7% |
| Suppliers | 440/4 | €147,633 | €395,270 | +€247,637 | +167.7% |
| Taxes, remuneration and social security | 45 | €123,758 | €224,574 | +€100,816 | +81.5% |
| Taxes | 450/3 | €9,143 | €26,119 | +€16,975 | +185.7% |
| Remuneration and social security | 454/9 | €114,615 | €198,456 | +€83,841 | +73.2% |
| Accrued charges and deferred income | 492/3 | €19,000 | - | -€19,000 | |
| Turnover | 70 | €7,643,395 | €6,586,962 | -€1.1m | -13.8% |
| Non-recurring operating income | 76A | - | €65,000 | +€65,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €6,460,196 | €5,675,434 | -€784,761 | -12.1% |
| Remuneration, social security and pensions | 62 | €1,013,887 | €1,040,325 | +€26,438 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,199 | €38,264 | +€14,065 | +58.1% |
| Other operating charges | 640/8 | €20,752 | €29,392 | +€8,640 | +41.6% |
| Gross operating margin | 9900 | €1,183,199 | €911,528 | -€271,672 | -23.0% |
| Operating profit (loss) | 9901 | €124,361 | -€196,454 | -€320,815 | |
| Financial income | 75/76B | €4,636 | €6,041 | +€1,406 | +30.3% |
| Recurring financial income | 75 | €4,636 | €6,041 | +€1,406 | +30.3% |
| Financial charges | 65/66B | €16,268 | €41,572 | +€25,304 | +155.6% |
| Recurring financial charges | 65 | €16,268 | €27,081 | +€10,813 | +66.5% |
| Non-recurring financial charges | 66B | - | €14,491 | +€14,491 | |
| Profit (loss) for the period before taxes | 9903 | €112,729 | -€231,985 | -€344,714 | |
| Income taxes | 67/77 | €41,841 | €580 | -€41,260 | -98.6% |
| Profit (loss) for the period | 9904 | €70,888 | -€232,566 | -€303,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,888 | -€232,566 | -€303,453 |
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 12 October 2026 via checked.be.