L'ESSENTIEL: 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'ESSENTIEL
Largest movements
- Tangible fixed assets -€21,987
down €21,987 (-13.9%), from €158,724 to €136,737
of which Other tangible fixed assets: -€16,677
- Receivables within one year +€11,423
up €11,423 (+2,531%), from €451 to €11,874
of which Other amounts receivable: +€11,107
- Cash -€4,978
down €4,978 (-26.5%), from €18,814 to €13,836
mainly Investment in fixed assets (net) (-€18,270) and Receivables within one year (-€11,423)
- Trade debts -€7,646
down €7,646 (-63.0%), from €12,132 to €4,486
- Reserves -€6,244
down €6,244 (-12.3%), from €50,706 to €44,462
- Debts after one year -€4,686
down €4,686 (-4.8%), from €96,642 to €91,955
- Contributions +€4,100
up €4,100 (+66.1%), from €6,200 to €10,300
- Tax, wage and social debts -€2,249
down €2,249 (-15.4%), from €14,599 to €12,350
of which Taxes: -€3,463
- Gross operating margin -€23,598
down €23,598 (-24.2%), from €97,540 to €73,943
- Taxes -€6,375
down €6,375 (-78.7%), from €8,103 to €1,728
- Depreciation +€2,795
up €2,795 (+7.5%), from €37,462 to €40,257
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 | €187,645 | €170,156 | -€17,489 | -9.3% |
| Fixed assets | 21/28 | €158,724 | €136,737 | -€21,987 | -13.9% |
| Tangible fixed assets | 22/27 | €158,724 | €136,737 | -€21,987 | -13.9% |
| Plant, machinery and equipment | 23 | €19,376 | €13,999 | -€5,377 | -27.8% |
| Furniture and vehicles | 24 | €2,274 | €2,341 | +€67 | +3.0% |
| Other tangible fixed assets | 26 | €137,074 | €120,397 | -€16,677 | -12.2% |
| Current assets | 29/58 | €28,921 | €33,419 | +€4,498 | +15.6% |
| Stocks and contracts in progress | 3 | €7,211 | €6,629 | -€583 | -8.1% |
| Stocks | 30/36 | €7,211 | €6,629 | -€583 | -8.1% |
| Amounts receivable within one year | 40/41 | €451 | €11,874 | +€11,423 | +2,531% |
| Trade receivables | 40 | - | €316 | +€316 | |
| Other amounts receivable | 41 | €451 | €11,559 | +€11,107 | +2,462% |
| Cash at bank and in hand | 54/58 | €18,814 | €13,836 | -€4,978 | -26.5% |
| Deferred charges and accrued income | 490/1 | €2,445 | €1,080 | -€1,365 | -55.8% |
| Total equity and liabilities | 10/49 | €187,645 | €170,156 | -€17,489 | -9.3% |
| Equity | 10/15 | €56,906 | €54,762 | -€2,144 | -3.8% |
| Contributions | 10/11 | €6,200 | €10,300 | +€4,100 | +66.1% |
| Reserves | 13 | €50,706 | €44,462 | -€6,244 | -12.3% |
| Distributable reserves | 133 | €50,706 | €44,462 | -€6,244 | -12.3% |
| Amounts payable | 17/49 | €130,739 | €115,394 | -€15,345 | -11.7% |
| Amounts payable after more than one year | 17 | €96,642 | €91,955 | -€4,686 | -4.8% |
| Financial debts | 170/4 | €96,642 | €91,955 | -€4,686 | -4.8% |
| Amounts payable within one year | 42/48 | €33,445 | €23,388 | -€10,057 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €4,585 | €4,686 | +€102 | +2.2% |
| Trade debts | 44 | €12,132 | €4,486 | -€7,646 | -63.0% |
| Suppliers | 440/4 | €12,132 | €4,486 | -€7,646 | -63.0% |
| Advances received on contracts in progress | 46 | €388 | €200 | -€188 | -48.4% |
| Taxes, remuneration and social security | 45 | €14,599 | €12,350 | -€2,249 | -15.4% |
| Taxes | 450/3 | €12,598 | €9,135 | -€3,463 | -27.5% |
| Remuneration and social security | 454/9 | €2,001 | €3,215 | +€1,214 | +60.7% |
| Other amounts payable | 47/48 | €1,742 | €1,666 | -€76 | -4.4% |
| Accrued charges and deferred income | 492/3 | €652 | €50 | -€602 | -92.4% |
| Remuneration, social security and pensions | 62 | €26,230 | €26,954 | +€724 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,462 | €40,257 | +€2,795 | +7.5% |
| Other operating charges | 640/8 | €3,089 | €3,765 | +€676 | +21.9% |
| Gross operating margin | 9900 | €97,540 | €73,943 | -€23,598 | -24.2% |
| Operating profit (loss) | 9901 | €30,759 | €2,966 | -€27,793 | -90.4% |
| Financial income | 75/76B | €9 | €1 | -€8 | -89.9% |
| Recurring financial income | 75 | €9 | €1 | -€8 | -89.9% |
| Financial charges | 65/66B | €6,366 | €5,817 | -€549 | -8.6% |
| Recurring financial charges | 65 | €6,366 | €5,817 | -€549 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €24,402 | -€2,850 | -€27,252 | |
| Income taxes | 67/77 | €8,103 | €1,728 | -€6,375 | -78.7% |
| Profit (loss) for the period | 9904 | €16,300 | -€4,578 | -€20,877 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,300 | -€4,578 | -€20,877 |
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 26 October 2026 via checked.be.