LE TRIANGLE: 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.
LE TRIANGLE
Largest movements
- Cash +€1.0m
up €1.0m (+1679.2%), from €62,189 to €1.1m
mainly Contributions, distributions and other (+€1.7m) and Current investments (+€326,645)
- Tangible fixed assets +€605,688
up €605,688 (+360.1%), from €168,179 to €773,867
of which Assets under construction and advance payments: +€603,389
- Current investments -€326,645
down €326,645 (-93.3%), from €350,000 to €23,355
- Receivables within one year +€101,221
up €101,221 (+42.0%), from €240,727 to €341,947
of which Trade receivables: +€99,258
- Investment grants +€1.7m
new in 2025: €1.7m
- Provisions -€181,528
down €181,528 (-64.5%), from €281,559 to €100,031
- Accrued charges and deferred income -€76,806
down €76,806 (-39.1%), from €196,442 to €119,637
- Gross operating margin -€240,511
down €240,511 (-14.8%), from €1.6m to €1.4m
- Purchases and services +€119,233
up €119,233 (+39.7%), from €300,049 to €419,283
- Staff costs -€31,001
down €31,001 (-1.9%), from €1.6m to €1.6m
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 | €822,723 | €2,248,217 | +€1.4m | +173.3% |
| Fixed assets | 21/28 | €168,303 | €775,491 | +€607,188 | +360.8% |
| Tangible fixed assets | 22/27 | €168,179 | €773,867 | +€605,688 | +360.1% |
| Plant, machinery and equipment | 23 | €6,690 | €5,089 | -€1,600 | -23.9% |
| Other tangible fixed assets | 26 | - | €3,900 | +€3,900 | |
| Assets under construction and advance payments | 27 | €161,489 | €764,878 | +€603,389 | +373.6% |
| Financial fixed assets | 28 | €124 | €1,624 | +€1,500 | +1210.2% |
| Current assets | 29/58 | €654,420 | €1,472,726 | +€818,306 | +125.0% |
| Amounts receivable within one year | 40/41 | €240,727 | €341,947 | +€101,221 | +42.0% |
| Trade receivables | 40 | €240,553 | €339,811 | +€99,258 | +41.3% |
| Other amounts receivable | 41 | €173 | €2,136 | +€1,963 | +1131.5% |
| Current investments | 50/53 | €350,000 | €23,355 | -€326,645 | -93.3% |
| Cash at bank and in hand | 54/58 | €62,189 | €1,106,483 | +€1.0m | +1679.2% |
| Deferred charges and accrued income | 490/1 | €1,504 | €940 | -€564 | -37.5% |
| Total equity and liabilities | 10/49 | €822,723 | €2,248,217 | +€1.4m | +173.3% |
| Equity | 10/15 | €108,022 | €1,779,218 | +€1.7m | +1547.1% |
| Contributions | 10/11 | €16,497 | €16,497 | = | 0.0% |
| Capital | 10 | €16,497 | €16,497 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,524 | €81,657 | -€9,868 | -10.8% |
| Investment grants | 15 | - | €1,681,064 | +€1.7m | |
| Provisions and deferred taxes | 16 | €281,559 | €100,031 | -€181,528 | -64.5% |
| Provisions for liabilities and charges | 160/5 | €281,559 | €100,031 | -€181,528 | -64.5% |
| Major repairs and maintenance | 162 | €281,559 | €100,031 | -€181,528 | -64.5% |
| Amounts payable | 17/49 | €433,143 | €368,969 | -€64,174 | -14.8% |
| Amounts payable within one year | 42/48 | €236,700 | €249,332 | +€12,632 | +5.3% |
| Trade debts | 44 | €63,080 | €37,740 | -€25,340 | -40.2% |
| Suppliers | 440/4 | €63,080 | €37,740 | -€25,340 | -40.2% |
| Taxes, remuneration and social security | 45 | €165,237 | €199,557 | +€34,320 | +20.8% |
| Taxes | 450/3 | - | €16,496 | +€16,496 | |
| Remuneration and social security | 454/9 | €165,237 | €183,061 | +€17,824 | +10.8% |
| Accrued charges and deferred income | 492/3 | €196,442 | €119,637 | -€76,806 | -39.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €300,049 | €419,283 | +€119,233 | +39.7% |
| Remuneration, social security and pensions | 62 | €1,628,675 | €1,597,674 | -€31,001 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,013 | €1,600 | -€412 | -20.5% |
| Other operating charges | 640/8 | €121 | €98 | -€23 | -18.9% |
| Non-recurring operating charges | 66A | €14,914 | €10,913 | -€4,000 | -26.8% |
| Gross operating margin | 9900 | €1,628,501 | €1,387,990 | -€240,511 | -14.8% |
| Operating profit (loss) | 9901 | -€47,222 | -€40,767 | +€6,454 | +13.7% |
| Financial income | 75/76B | €47,861 | €32,761 | -€15,100 | -31.5% |
| Recurring financial income | 75 | €1,762 | €511 | -€1,251 | -71.0% |
| Non-recurring financial income | 76B | €46,099 | €32,250 | -€13,848 | -30.0% |
| Financial charges | 65/66B | €2,353 | €1,857 | -€496 | -21.1% |
| Recurring financial charges | 65 | €2,353 | €1,857 | -€496 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,714 | -€9,863 | -€8,149 | -475.5% |
| Income taxes | 67/77 | €450 | €5 | -€446 | -99.0% |
| Profit (loss) for the period | 9904 | -€2,164 | -€9,868 | -€7,703 | -355.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,164 | -€9,868 | -€7,703 | -355.9% |
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 1 October 2026 via checked.be.