L.H.S.: 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.H.S.
Largest movements
- Tangible fixed assets -€97,125
down €97,125 (-20.3%), from €478,649 to €381,524
of which Plant, machinery and equipment: -€63,634
- Receivables within one year -€85,121
down €85,121 (-17.7%), from €481,254 to €396,133
of which Trade receivables: -€64,604
- Trade debts -€148,350
down €148,350 (-71.0%), from €208,899 to €60,549
- Debts after one year -€67,364
down €67,364 (-19.4%), from €347,786 to €280,422
- Tax, wage and social debts -€50,205
down €50,205 (-46.2%), from €108,632 to €58,427
of which Taxes: -€49,662
- Current portion of long-term debt +€42,848
new in 2025: €42,848
- Profit (loss) carried forward +€30,922
up €30,922 (+12.9%), from €239,930 to €270,852
- Gross operating margin +€60,581
up €60,581 (+11.2%), from €543,250 to €603,831
- Depreciation +€57,897
up €57,897 (+64.7%), from €89,527 to €147,424
- Staff costs +€38,419
up €38,419 (+11.0%), from €348,053 to €386,473
- Taxes +€12,140
new in 2025: €12,140
- Financial charges +€7,918
up €7,918 (+89.8%), from €8,818 to €16,737
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 | €1,081,542 | €902,239 | -€179,303 | -16.6% |
| Fixed assets | 21/28 | €487,883 | €390,757 | -€97,125 | -19.9% |
| Tangible fixed assets | 22/27 | €478,649 | €381,524 | -€97,125 | -20.3% |
| Land and buildings | 22 | €260,000 | €250,000 | -€10,000 | -3.8% |
| Plant, machinery and equipment | 23 | €102,485 | €38,852 | -€63,634 | -62.1% |
| Furniture and vehicles | 24 | €116,164 | €92,672 | -€23,492 | -20.2% |
| Financial fixed assets | 28 | €9,234 | €9,234 | = | 0.0% |
| Current assets | 29/58 | €593,659 | €511,481 | -€82,178 | -13.8% |
| Stocks and contracts in progress | 3 | €18,950 | €14,225 | -€4,725 | -24.9% |
| Stocks | 30/36 | €18,950 | €14,225 | -€4,725 | -24.9% |
| Amounts receivable within one year | 40/41 | €481,254 | €396,133 | -€85,121 | -17.7% |
| Trade receivables | 40 | €365,398 | €300,794 | -€64,604 | -17.7% |
| Other amounts receivable | 41 | €115,856 | €95,340 | -€20,516 | -17.7% |
| Cash at bank and in hand | 54/58 | €93,455 | €101,123 | +€7,668 | +8.2% |
| Total equity and liabilities | 10/49 | €1,081,542 | €902,239 | -€179,303 | -16.6% |
| Equity | 10/15 | €261,930 | €292,852 | +€30,922 | +11.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €239,930 | €270,852 | +€30,922 | +12.9% |
| Amounts payable | 17/49 | €819,612 | €609,387 | -€210,225 | -25.6% |
| Amounts payable after more than one year | 17 | €347,786 | €280,422 | -€67,364 | -19.4% |
| Financial debts | 170/4 | €347,786 | €280,422 | -€67,364 | -19.4% |
| Amounts payable within one year | 42/48 | €471,827 | €328,965 | -€142,861 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | - | €42,848 | +€42,848 | |
| Trade debts | 44 | €208,899 | €60,549 | -€148,350 | -71.0% |
| Suppliers | 440/4 | €208,899 | €60,549 | -€148,350 | -71.0% |
| Taxes, remuneration and social security | 45 | €108,632 | €58,427 | -€50,205 | -46.2% |
| Taxes | 450/3 | €49,662 | - | -€49,662 | |
| Remuneration and social security | 454/9 | €58,970 | €58,427 | -€543 | -0.9% |
| Other amounts payable | 47/48 | €154,295 | €167,141 | +€12,846 | +8.3% |
| Remuneration, social security and pensions | 62 | €348,053 | €386,473 | +€38,419 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,527 | €147,424 | +€57,897 | +64.7% |
| Other operating charges | 640/8 | €7,554 | €10,146 | +€2,593 | +34.3% |
| Gross operating margin | 9900 | €543,250 | €603,831 | +€60,581 | +11.2% |
| Operating profit (loss) | 9901 | €98,116 | €59,787 | -€38,329 | -39.1% |
| Financial income | 75/76B | €0 | €11 | +€11 | +3,814% |
| Recurring financial income | 75 | €0 | €11 | +€11 | +3,814% |
| Financial charges | 65/66B | €8,818 | €16,737 | +€7,918 | +89.8% |
| Recurring financial charges | 65 | €8,818 | €16,737 | +€7,918 | +89.8% |
| Profit (loss) for the period before taxes | 9903 | €89,298 | €43,062 | -€46,236 | -51.8% |
| Income taxes | 67/77 | - | €12,140 | +€12,140 | |
| Profit (loss) for the period | 9904 | €89,298 | €30,922 | -€58,376 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,298 | €30,922 | -€58,376 | -65.4% |
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 19 October 2026 via checked.be.