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 -€99,422
down €99,422 (-14.7%), from €676,058 to €576,636
of which Land and buildings: -€58,155
- Cash -€73,809
down €73,809 (-17.5%), from €422,336 to €348,527
mainly Contributions, distributions and other (-€110,458) and Receivables within one year (-€69,520)
- Receivables within one year +€69,520
up €69,520 (+64.4%), from €107,894 to €177,414
of which Other amounts receivable: +€49,761
- Stocks and contracts -€16,753
down €16,753 (-7.0%), from €241,013 to €224,260
- Debts after one year -€64,716
down €64,716 (-22.3%), from €290,596 to €225,880
- Tax, wage and social debts -€40,868
down €40,868 (-53.8%), from €75,918 to €35,051
of which Remuneration and social security: -€37,907
- Staff costs -€34,220
down €34,220 (-5.7%), from €600,380 to €566,161
- Taxes +€14,374
up €14,374 (+49.0%), from €29,361 to €43,735
- Depreciation +€13,680
up €13,680 (+9.4%), from €145,121 to €158,801
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 | €1,450,068 | €1,336,254 | -€113,814 | -7.8% |
| Fixed assets | 21/28 | €676,408 | €576,986 | -€99,422 | -14.7% |
| Tangible fixed assets | 22/27 | €676,058 | €576,636 | -€99,422 | -14.7% |
| Land and buildings | 22 | €452,654 | €394,499 | -€58,155 | -12.8% |
| Plant, machinery and equipment | 23 | €60,476 | €46,656 | -€13,820 | -22.9% |
| Furniture and vehicles | 24 | €159,406 | €132,483 | -€26,923 | -16.9% |
| Other tangible fixed assets | 26 | €3,522 | €2,998 | -€524 | -14.9% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €773,660 | €759,267 | -€14,392 | -1.9% |
| Stocks and contracts in progress | 3 | €241,013 | €224,260 | -€16,753 | -7.0% |
| Stocks | 30/36 | €241,013 | €224,260 | -€16,753 | -7.0% |
| Amounts receivable within one year | 40/41 | €107,894 | €177,414 | +€69,520 | +64.4% |
| Trade receivables | 40 | €30,764 | €50,523 | +€19,759 | +64.2% |
| Other amounts receivable | 41 | €77,130 | €126,891 | +€49,761 | +64.5% |
| Cash at bank and in hand | 54/58 | €422,336 | €348,527 | -€73,809 | -17.5% |
| Deferred charges and accrued income | 490/1 | €2,417 | €9,067 | +€6,651 | +275% |
| Total equity and liabilities | 10/49 | €1,450,068 | €1,336,254 | -€113,814 | -7.8% |
| Equity | 10/15 | €634,405 | €634,405 | = | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €367,199 | €367,199 | = | 0.0% |
| Reserves | 13 | €6,466 | €6,466 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €266 | €266 | = | 0.0% |
| Profit (loss) carried forward | 14 | €198,740 | €198,740 | = | 0.0% |
| Amounts payable | 17/49 | €815,663 | €701,849 | -€113,814 | -14.0% |
| Amounts payable after more than one year | 17 | €290,596 | €225,880 | -€64,716 | -22.3% |
| Financial debts | 170/4 | €290,596 | €225,880 | -€64,716 | -22.3% |
| Amounts payable within one year | 42/48 | €525,067 | €475,969 | -€49,099 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €77,434 | €78,925 | +€1,491 | +1.9% |
| Trade debts | 44 | €102,393 | €89,065 | -€13,328 | -13.0% |
| Suppliers | 440/4 | €102,393 | €89,065 | -€13,328 | -13.0% |
| Advances received on contracts in progress | 46 | €122,229 | €121,405 | -€824 | -0.7% |
| Taxes, remuneration and social security | 45 | €75,918 | €35,051 | -€40,868 | -53.8% |
| Taxes | 450/3 | €7,470 | €4,509 | -€2,961 | -39.6% |
| Remuneration and social security | 454/9 | €68,448 | €30,542 | -€37,907 | -55.4% |
| Other amounts payable | 47/48 | €147,093 | €151,523 | +€4,430 | +3.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €600,380 | €566,161 | -€34,220 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,121 | €158,801 | +€13,680 | +9.4% |
| Other operating charges | 640/8 | €2,141 | €3,727 | +€1,586 | +74.1% |
| Non-recurring operating charges | 66A | €123 | - | -€123 | |
| Gross operating margin | 9900 | €940,631 | €940,995 | +€363 | 0.0% |
| Operating profit (loss) | 9901 | €192,866 | €212,306 | +€19,440 | +10.1% |
| Financial income | 75/76B | €2,648 | €1,712 | -€936 | -35.3% |
| Recurring financial income | 75 | €2,648 | €1,712 | -€936 | -35.3% |
| Financial charges | 65/66B | €66,287 | €59,825 | -€6,462 | -9.7% |
| Recurring financial charges | 65 | €66,287 | €59,825 | -€6,462 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €129,227 | €154,193 | +€24,966 | +19.3% |
| Income taxes | 67/77 | €29,361 | €43,735 | +€14,374 | +49.0% |
| Profit (loss) for the period | 9904 | €99,865 | €110,458 | +€10,592 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,865 | €110,458 | +€10,592 | +10.6% |
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 31 October 2026 via checked.be.