La Clé: 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.
La Clé
Largest movements
- Receivables within one year -€21,838
down €21,838 (-60.9%), from €35,854 to €14,016
of which Trade receivables: -€21,896
- Tangible fixed assets +€7,110
up €7,110 (+1.7%), from €411,234 to €418,344
of which Plant, machinery and equipment: +€14,714
- Cash +€4,549
up €4,549 (+65.6%), from €6,932 to €11,482
mainly Receivables within one year (+€21,838) and Net result for the year (+€20,330)
- Trade debts -€24,637
down €24,637 (-68.6%), from €35,892 to €11,254
- Profit (loss) carried forward +€20,330
up €20,330 (+594.6%), from €3,419 to €23,749
- Tax, wage and social debts +€11,144
up €11,144 (+183.1%), from €6,088 to €17,232
of which Taxes: +€8,090
- Other debts -€6,524
down €6,524 (-3.1%), from €211,094 to €204,570
- Current portion of long-term debt -€5,965
down €5,965 (-26.2%), from €22,731 to €16,766
- Gross operating margin +€26,005
up €26,005 (+63.2%), from €41,116 to €67,121
- Financial charges +€5,980
up €5,980 (+68.3%), from €8,760 to €14,740
- Depreciation +€5,316
up €5,316 (+56.0%), from €9,493 to €14,809
- Other operating charges +€4,604
up €4,604 (+218.1%), from €2,111 to €6,715
- Taxes +€1,693
up €1,693 (+30.6%), from €5,541 to €7,234
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 | €454,020 | €443,841 | -€10,179 | -2.2% |
| Fixed assets | 21/28 | €411,234 | €418,344 | +€7,110 | +1.7% |
| Tangible fixed assets | 22/27 | €411,234 | €418,344 | +€7,110 | +1.7% |
| Land and buildings | 22 | €409,253 | €402,300 | -€6,953 | -1.7% |
| Plant, machinery and equipment | 23 | - | €14,714 | +€14,714 | |
| Furniture and vehicles | 24 | €1,981 | €1,331 | -€651 | -32.8% |
| Current assets | 29/58 | €42,786 | €25,497 | -€17,289 | -40.4% |
| Amounts receivable within one year | 40/41 | €35,854 | €14,016 | -€21,838 | -60.9% |
| Trade receivables | 40 | €34,114 | €12,217 | -€21,896 | -64.2% |
| Other amounts receivable | 41 | €1,740 | €1,798 | +€58 | +3.4% |
| Cash at bank and in hand | 54/58 | €6,932 | €11,482 | +€4,549 | +65.6% |
| Total equity and liabilities | 10/49 | €454,020 | €443,841 | -€10,179 | -2.2% |
| Equity | 10/15 | €3,919 | €24,249 | +€20,330 | +518.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,419 | €23,749 | +€20,330 | +594.6% |
| Amounts payable | 17/49 | €450,101 | €419,592 | -€30,509 | -6.8% |
| Amounts payable after more than one year | 17 | €172,611 | €168,607 | -€4,004 | -2.3% |
| Financial debts | 170/4 | €172,611 | €168,607 | -€4,004 | -2.3% |
| Amounts payable within one year | 42/48 | €275,805 | €249,823 | -€25,982 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €22,731 | €16,766 | -€5,965 | -26.2% |
| Trade debts | 44 | €35,892 | €11,254 | -€24,637 | -68.6% |
| Suppliers | 440/4 | €35,892 | €11,254 | -€24,637 | -68.6% |
| Taxes, remuneration and social security | 45 | €6,088 | €17,232 | +€11,144 | +183.1% |
| Taxes | 450/3 | €6,088 | €14,178 | +€8,090 | +132.9% |
| Remuneration and social security | 454/9 | - | €3,054 | +€3,054 | |
| Other amounts payable | 47/48 | €211,094 | €204,570 | -€6,524 | -3.1% |
| Accrued charges and deferred income | 492/3 | €1,686 | €1,163 | -€523 | -31.0% |
| Remuneration, social security and pensions | 62 | €1,824 | €3,299 | +€1,475 | +80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,493 | €14,809 | +€5,316 | +56.0% |
| Other operating charges | 640/8 | €2,111 | €6,715 | +€4,604 | +218.1% |
| Gross operating margin | 9900 | €41,116 | €67,121 | +€26,005 | +63.2% |
| Operating profit (loss) | 9901 | €27,689 | €42,298 | +€14,609 | +52.8% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €8,760 | €14,740 | +€5,980 | +68.3% |
| Recurring financial charges | 65 | €8,760 | €14,740 | +€5,980 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | €18,929 | €27,563 | +€8,634 | +45.6% |
| Income taxes | 67/77 | €5,541 | €7,234 | +€1,693 | +30.6% |
| Profit (loss) for the period | 9904 | €13,388 | €20,330 | +€6,942 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,388 | €20,330 | +€6,942 | +51.8% |
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 7 October 2026 via checked.be.