LABEL V: 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 V
Largest movements
- Receivables within one year -€75,665
down €75,665 (-35.8%), from €211,170 to €135,505
of which Other amounts receivable: -€65,936
- Profit (loss) carried forward -€87,733
down €87,733 (-139.7%), from -€62,802 to -€150,535
- Accrued charges and deferred income +€67,922
up €67,922 (+226556.7%), from €30 to €67,952
- Trade debts -€37,843
down €37,843 (-79.2%), from €47,799 to €9,956
- Gross operating margin -€89,025
down €89,025 (-53.9%), from €165,126 to €76,101
- Other operating charges +€38,284
up €38,284 (+266.2%), from €14,381 to €52,665
- Financial charges +€12,497
up €12,497 (+13.7%), from €91,192 to €103,688
- Staff costs -€7,745
down €7,745 (-66.4%), from €11,666 to €3,921
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 | €3,404,567 | €3,333,658 | -€70,909 | -2.1% |
| Fixed assets | 21/28 | €6,538 | €2,978 | -€3,560 | -54.5% |
| Tangible fixed assets | 22/27 | €6,538 | €2,978 | -€3,560 | -54.5% |
| Plant, machinery and equipment | 23 | €518 | €0 | -€518 | -100.0% |
| Furniture and vehicles | 24 | €6,020 | €2,978 | -€3,042 | -50.5% |
| Current assets | 29/58 | €3,398,030 | €3,330,681 | -€67,349 | -2.0% |
| Stocks and contracts in progress | 3 | €3,174,293 | €3,184,322 | +€10,028 | +0.3% |
| Stocks | 30/36 | €3,174,293 | €3,184,322 | +€10,028 | +0.3% |
| Amounts receivable within one year | 40/41 | €211,170 | €135,505 | -€75,665 | -35.8% |
| Trade receivables | 40 | €10,000 | €271 | -€9,729 | -97.3% |
| Other amounts receivable | 41 | €201,170 | €135,234 | -€65,936 | -32.8% |
| Cash at bank and in hand | 54/58 | €7,356 | €9,746 | +€2,390 | +32.5% |
| Deferred charges and accrued income | 490/1 | €5,210 | €1,108 | -€4,103 | -78.7% |
| Total equity and liabilities | 10/49 | €3,404,567 | €3,333,658 | -€70,909 | -2.1% |
| Equity | 10/15 | -€60,802 | -€148,535 | -€87,733 | -144.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,802 | -€150,535 | -€87,733 | -139.7% |
| Amounts payable | 17/49 | €3,465,369 | €3,482,193 | +€16,824 | +0.5% |
| Amounts payable after more than one year | 17 | €745,141 | €715,919 | -€29,222 | -3.9% |
| Financial debts | 170/4 | €745,141 | €715,919 | -€29,222 | -3.9% |
| Amounts payable within one year | 42/48 | €2,720,198 | €2,698,322 | -€21,876 | -0.8% |
| Trade debts | 44 | €47,799 | €9,956 | -€37,843 | -79.2% |
| Suppliers | 440/4 | €47,799 | €9,956 | -€37,843 | -79.2% |
| Taxes, remuneration and social security | 45 | €5,453 | - | -€5,453 | |
| Taxes | 450/3 | €2,741 | - | -€2,741 | |
| Remuneration and social security | 454/9 | €2,711 | - | -€2,711 | |
| Other amounts payable | 47/48 | €2,666,946 | €2,688,367 | +€21,421 | +0.8% |
| Accrued charges and deferred income | 492/3 | €30 | €67,952 | +€67,922 | +226556.7% |
| Non-recurring operating income | 76A | €13,901 | - | -€13,901 | |
| Remuneration, social security and pensions | 62 | €11,666 | €3,921 | -€7,745 | -66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,100 | €3,560 | -€1,540 | -30.2% |
| Other operating charges | 640/8 | €14,381 | €52,665 | +€38,284 | +266.2% |
| Gross operating margin | 9900 | €165,126 | €76,101 | -€89,025 | -53.9% |
| Operating profit (loss) | 9901 | €133,980 | €15,955 | -€118,024 | -88.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €91,192 | €103,688 | +€12,497 | +13.7% |
| Recurring financial charges | 65 | €91,192 | €103,688 | +€12,497 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €42,788 | -€87,733 | -€130,521 | |
| Income taxes | 67/77 | €345 | - | -€345 | |
| Profit (loss) for the period | 9904 | €42,443 | -€87,733 | -€130,176 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,443 | -€87,733 | -€130,176 |
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 28 September 2026 via checked.be.