LABEL'OR: 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.
LABEL'OR
Largest movements
- Cash -€192,786
down €192,786 (-20.0%), from €961,703 to €768,917
mainly Investment in fixed assets (net) (-€297,045) and Other debts (-€170,049)
- Tangible fixed assets +€85,423
up €85,423 (+10.2%), from €833,816 to €919,240
of which Land and buildings: +€237,096
- Receivables within one year -€26,412
down €26,412 (-6.6%), from €400,038 to €373,627
of which Other amounts receivable: -€23,154
- Other debts -€170,049
down €170,049 (-26.3%), from €647,077 to €477,028
- Reserves +€131,545
up €131,545 (+11.9%), from €1.1m to €1.2m
of which Distributable reserves: +€131,545
- Debts after one year -€100,000
down €100,000 (-57.1%), from €175,000 to €75,000
- Depreciation -€76,879
down €76,879 (-26.4%), from €290,785 to €213,905
- Staff costs +€66,818
up €66,818 (+14.9%), from €447,346 to €514,164
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 | €2,432,173 | €2,303,420 | -€128,753 | -5.3% |
| Fixed assets | 21/28 | €841,028 | €924,168 | +€83,140 | +9.9% |
| Intangible fixed assets | 21 | €4,114 | €3,219 | -€895 | -21.8% |
| Tangible fixed assets | 22/27 | €833,816 | €919,240 | +€85,423 | +10.2% |
| Land and buildings | 22 | €339,549 | €576,645 | +€237,096 | +69.8% |
| Plant, machinery and equipment | 23 | €446,256 | €313,008 | -€133,248 | -29.9% |
| Furniture and vehicles | 24 | €48,011 | €29,587 | -€18,424 | -38.4% |
| Financial fixed assets | 28 | €3,098 | €1,710 | -€1,389 | -44.8% |
| Current assets | 29/58 | €1,591,144 | €1,379,252 | -€211,892 | -13.3% |
| Stocks and contracts in progress | 3 | €224,125 | €229,874 | +€5,750 | +2.6% |
| Stocks | 30/36 | €217,289 | €229,874 | +€12,586 | +5.8% |
| Contracts in progress | 37 | €6,836 | - | -€6,836 | |
| Amounts receivable within one year | 40/41 | €400,038 | €373,627 | -€26,412 | -6.6% |
| Trade receivables | 40 | €298,761 | €295,503 | -€3,258 | -1.1% |
| Other amounts receivable | 41 | €101,278 | €78,124 | -€23,154 | -22.9% |
| Cash at bank and in hand | 54/58 | €961,703 | €768,917 | -€192,786 | -20.0% |
| Deferred charges and accrued income | 490/1 | €5,279 | €6,834 | +€1,556 | +29.5% |
| Total equity and liabilities | 10/49 | €2,432,173 | €2,303,420 | -€128,753 | -5.3% |
| Equity | 10/15 | €1,359,784 | €1,491,329 | +€131,545 | +9.7% |
| Contributions | 10/11 | €124,500 | €124,500 | = | 0.0% |
| Capital | 10 | €124,500 | €124,500 | = | 0.0% |
| Issued capital | 100 | €124,500 | €124,500 | = | 0.0% |
| Reserves | 13 | €1,102,957 | €1,234,502 | +€131,545 | +11.9% |
| Non-distributable reserves | 130/1 | €12,450 | €12,450 | = | 0.0% |
| Legal reserve | 130 | €12,450 | €12,450 | = | 0.0% |
| Distributable reserves | 133 | €1,090,507 | €1,222,052 | +€131,545 | +12.1% |
| Profit (loss) carried forward | 14 | €5,502 | €5,502 | = | 0.0% |
| Investment grants | 15 | €126,825 | €126,825 | = | 0.0% |
| Amounts payable | 17/49 | €1,072,389 | €812,091 | -€260,298 | -24.3% |
| Amounts payable after more than one year | 17 | €175,000 | €75,000 | -€100,000 | -57.1% |
| Financial debts | 170/4 | €175,000 | €75,000 | -€100,000 | -57.1% |
| Amounts payable within one year | 42/48 | €897,389 | €737,091 | -€160,298 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €31,512 | €39,816 | +€8,304 | +26.4% |
| Suppliers | 440/4 | €31,512 | €39,816 | +€8,304 | +26.4% |
| Taxes, remuneration and social security | 45 | €118,799 | €120,247 | +€1,448 | +1.2% |
| Taxes | 450/3 | €71,433 | €60,360 | -€11,072 | -15.5% |
| Remuneration and social security | 454/9 | €47,367 | €59,887 | +€12,520 | +26.4% |
| Other amounts payable | 47/48 | €647,077 | €477,028 | -€170,049 | -26.3% |
| Remuneration, social security and pensions | 62 | €447,346 | €514,164 | +€66,818 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €290,785 | €213,905 | -€76,879 | -26.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €206 | +€206 | |
| Other operating charges | 640/8 | €15,225 | €16,592 | +€1,368 | +9.0% |
| Gross operating margin | 9900 | €931,334 | €924,745 | -€6,589 | -0.7% |
| Operating profit (loss) | 9901 | €177,978 | €179,876 | +€1,898 | +1.1% |
| Financial income | 75/76B | €23,143 | €26,670 | +€3,527 | +15.2% |
| Recurring financial income | 75 | €23,143 | €26,670 | +€3,527 | +15.2% |
| Financial charges | 65/66B | €15,086 | €10,043 | -€5,043 | -33.4% |
| Recurring financial charges | 65 | €13,586 | €10,043 | -€3,543 | -26.1% |
| Non-recurring financial charges | 66B | €1,500 | - | -€1,500 | |
| Profit (loss) for the period before taxes | 9903 | €186,035 | €196,504 | +€10,469 | +5.6% |
| Income taxes | 67/77 | €62,711 | €62,725 | +€14 | 0.0% |
| Profit (loss) for the period | 9904 | €123,325 | €133,779 | +€10,454 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €123,325 | €133,779 | +€10,454 | +8.5% |
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 30 September 2026 via checked.be.