LE CAMP DE BASE: 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.
LE CAMP DE BASE
Largest movements
- Tangible fixed assets +€389,691
up €389,691 (+9.2%), from €4.2m to €4.6m
of which Plant, machinery and equipment: +€384,527
- Cash -€112,821
down €112,821 (-35.5%), from €317,975 to €205,154
mainly Investment in fixed assets (net) (-€737,970) and Net result for the year (-€332,339)
- Receivables within one year -€58,561
down €58,561 (-37.8%), from €155,018 to €96,457
of which Other amounts receivable: -€62,983
- Debts after one year +€446,240
up €446,240 (+13.4%), from €3.3m to €3.8m
of which Other amounts payable: +€3.5m
- Profit (loss) carried forward -€332,339
down €332,339 (-1,349%), from -€24,631 to -€356,970
- Current portion of long-term debt +€162,840
up €162,840 (+206%), from €78,999 to €241,839
- Trade debts -€115,685
down €115,685 (-52.2%), from €221,622 to €105,937
- Other operating charges -€336,891
down €336,891 (-98.7%), from €341,471 to €4,580
- Staff costs +€183,883
up €183,883 (+40.6%), from €452,750 to €636,633
- Gross operating margin -€158,646
down €158,646 (-17.5%), from €905,834 to €747,188
- Depreciation +€155,079
up €155,079 (+80.3%), from €193,200 to €348,279
- Financial charges +€86,916
up €86,916 (+174%), from €50,004 to €136,920
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 | €4,736,493 | €4,933,536 | +€197,043 | +4.2% |
| Fixed assets | 21/28 | €4,232,151 | €4,621,842 | +€389,691 | +9.2% |
| Tangible fixed assets | 22/27 | €4,232,151 | €4,621,842 | +€389,691 | +9.2% |
| Land and buildings | 22 | €3,507,944 | €3,504,869 | -€3,075 | -0.1% |
| Plant, machinery and equipment | 23 | €686,406 | €1,070,933 | +€384,527 | +56.0% |
| Furniture and vehicles | 24 | €37,801 | €46,040 | +€8,239 | +21.8% |
| Current assets | 29/58 | €504,342 | €311,694 | -€192,648 | -38.2% |
| Stocks and contracts in progress | 3 | €20,342 | €6,681 | -€13,661 | -67.2% |
| Stocks | 30/36 | €20,342 | €6,681 | -€13,661 | -67.2% |
| Amounts receivable within one year | 40/41 | €155,018 | €96,457 | -€58,561 | -37.8% |
| Trade receivables | 40 | €17,778 | €22,200 | +€4,422 | +24.9% |
| Other amounts receivable | 41 | €137,240 | €74,257 | -€62,983 | -45.9% |
| Cash at bank and in hand | 54/58 | €317,975 | €205,154 | -€112,821 | -35.5% |
| Deferred charges and accrued income | 490/1 | €11,007 | €3,402 | -€7,605 | -69.1% |
| Total equity and liabilities | 10/49 | €4,736,493 | €4,933,536 | +€197,043 | +4.2% |
| Equity | 10/15 | €705,231 | €411,402 | -€293,829 | -41.7% |
| Contributions | 10/11 | €395,000 | €395,000 | = | 0.0% |
| Contributions outside capital | 11 | €395,000 | - | -€395,000 | |
| Other | 1109/19 | €395,000 | - | -€395,000 | |
| Reserves | 13 | €66,802 | €66,802 | = | 0.0% |
| Distributable reserves | 133 | €66,802 | €66,802 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,631 | -€356,970 | -€332,339 | -1,349% |
| Investment grants | 15 | €268,060 | €306,570 | +€38,510 | +14.4% |
| Provisions and deferred taxes | 16 | €59,320 | €57,276 | -€2,044 | -3.4% |
| Deferred taxes | 168 | €59,320 | €57,276 | -€2,044 | -3.4% |
| Amounts payable | 17/49 | €3,971,942 | €4,464,858 | +€492,916 | +12.4% |
| Amounts payable after more than one year | 17 | €3,327,891 | €3,774,131 | +€446,240 | +13.4% |
| Financial debts | 170/4 | €3,327,891 | €254,000 | -€3.1m | -92.4% |
| Other amounts payable | 178/9 | - | €3,520,131 | +€3.5m | |
| Amounts payable within one year | 42/48 | €643,812 | €690,727 | +€46,915 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €78,999 | €241,839 | +€162,840 | +206% |
| Trade debts | 44 | €221,622 | €105,937 | -€115,685 | -52.2% |
| Suppliers | 440/4 | €221,622 | €105,937 | -€115,685 | -52.2% |
| Taxes, remuneration and social security | 45 | €62,076 | €60,958 | -€1,118 | -1.8% |
| Taxes | 450/3 | €62,076 | €1,712 | -€60,364 | -97.2% |
| Remuneration and social security | 454/9 | - | €59,246 | +€59,246 | |
| Other amounts payable | 47/48 | €281,115 | €281,993 | +€878 | +0.3% |
| Accrued charges and deferred income | 492/3 | €239 | - | -€239 | |
| Remuneration, social security and pensions | 62 | €452,750 | €636,633 | +€183,883 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,200 | €348,279 | +€155,079 | +80.3% |
| Other operating charges | 640/8 | €341,471 | €4,580 | -€336,891 | -98.7% |
| Gross operating margin | 9900 | €905,834 | €747,188 | -€158,646 | -17.5% |
| Operating profit (loss) | 9901 | -€81,587 | -€242,304 | -€160,717 | -197% |
| Financial income | 75/76B | €22,832 | €45,438 | +€22,606 | +99.0% |
| Recurring financial income | 75 | €22,832 | €45,438 | +€22,606 | +99.0% |
| Financial charges | 65/66B | €50,004 | €136,920 | +€86,916 | +174% |
| Recurring financial charges | 65 | €50,004 | €136,920 | +€86,916 | +174% |
| Profit (loss) for the period before taxes | 9903 | -€108,759 | -€333,786 | -€225,027 | -207% |
| Transfer from deferred taxes | 780 | €2,043 | €2,043 | = | 0.0% |
| Income taxes | 67/77 | - | €596 | +€596 | |
| Profit (loss) for the period | 9904 | -€106,716 | -€332,339 | -€225,623 | -211% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,716 | -€332,339 | -€225,623 | -211% |
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 15 October 2026 via checked.be.