LEARNING & DOING: 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.
LEARNING & DOING
Largest movements
- Receivables within one year +€106,912
up €106,912 (+64.4%), from €165,921 to €272,833
of which Trade receivables: +€54,047
- Cash -€70,433
down €70,433 (-96.5%), from €73,014 to €2,581
mainly Receivables within one year (-€106,912) and Other debts (-€60,000)
- Stocks and contracts +€57,293
up €57,293 (+48.3%), from €118,576 to €175,868
- Reserves +€69,783
up €69,783 (+22.3%), from €312,568 to €382,351
of which Distributable reserves: +€69,783
- Other debts -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Short-term financial debts +€48,111
up €48,111 (+1052.4%), from €4,572 to €52,682
of which Credit institutions: +€50,000
- Tax, wage and social debts +€27,931
up €27,931 (+152.7%), from €18,292 to €46,223
- Trade debts +€17,419
up €17,419 (+36.2%), from €48,175 to €65,594
- Gross operating margin +€60,289
up €60,289 (+69.8%), from €86,431 to €146,720
- Taxes +€17,914
up €17,914 (+93.4%), from €19,174 to €37,088
- Financial income +€17,047
up €17,047 (+207.1%), from €8,233 to €25,280
- Financial charges +€5,093
up €5,093 (+130.3%), from €3,910 to €9,003
- Write-downs -€4,844
down €4,844 (-83.4%), from €5,810 to €966
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 | €496,184 | €599,429 | +€103,245 | +20.8% |
| Fixed assets | 21/28 | €88,313 | €97,819 | +€9,506 | +10.8% |
| Intangible fixed assets | 21 | €6,554 | €11,357 | +€4,804 | +73.3% |
| Tangible fixed assets | 22/27 | €75,497 | €80,199 | +€4,702 | +6.2% |
| Land and buildings | 22 | €4,373 | €3,026 | -€1,347 | -30.8% |
| Plant, machinery and equipment | 23 | - | €13,340 | +€13,340 | |
| Furniture and vehicles | 24 | €63,673 | €56,382 | -€7,291 | -11.5% |
| Other tangible fixed assets | 26 | €7,450 | €7,450 | = | 0.0% |
| Financial fixed assets | 28 | €6,263 | €6,263 | = | 0.0% |
| Current assets | 29/58 | €407,870 | €501,609 | +€93,739 | +23.0% |
| Stocks and contracts in progress | 3 | €118,576 | €175,868 | +€57,293 | +48.3% |
| Stocks | 30/36 | €118,576 | €175,868 | +€57,293 | +48.3% |
| Amounts receivable within one year | 40/41 | €165,921 | €272,833 | +€106,912 | +64.4% |
| Trade receivables | 40 | €58,455 | €112,501 | +€54,047 | +92.5% |
| Other amounts receivable | 41 | €107,467 | €160,332 | +€52,865 | +49.2% |
| Cash at bank and in hand | 54/58 | €73,014 | €2,581 | -€70,433 | -96.5% |
| Deferred charges and accrued income | 490/1 | €50,360 | €50,327 | -€33 | -0.1% |
| Total equity and liabilities | 10/49 | €496,184 | €599,429 | +€103,245 | +20.8% |
| Equity | 10/15 | €324,968 | €394,751 | +€69,783 | +21.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €312,568 | €382,351 | +€69,783 | +22.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €310,708 | €380,491 | +€69,783 | +22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €40,177 | €40,177 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,177 | €40,177 | = | 0.0% |
| Other liabilities and charges | 164/5 | €40,177 | €40,177 | = | 0.0% |
| Amounts payable | 17/49 | €131,039 | €164,500 | +€33,461 | +25.5% |
| Amounts payable within one year | 42/48 | €131,039 | €164,500 | +€33,461 | +25.5% |
| Financial debts | 43 | €4,572 | €52,682 | +€48,111 | +1052.4% |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Other loans | 439 | €4,572 | €2,682 | -€1,889 | -41.3% |
| Trade debts | 44 | €48,175 | €65,594 | +€17,419 | +36.2% |
| Suppliers | 440/4 | €48,175 | €65,594 | +€17,419 | +36.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,292 | €46,223 | +€27,931 | +152.7% |
| Taxes | 450/3 | €18,292 | €46,223 | +€27,931 | +152.7% |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,254 | €13,331 | +€3,077 | +30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,810 | €966 | -€4,844 | -83.4% |
| Other operating charges | 640/8 | €3,499 | €2,805 | -€694 | -19.8% |
| Non-recurring operating charges | 66A | €21,398 | €39,024 | +€17,626 | +82.4% |
| Gross operating margin | 9900 | €86,431 | €146,720 | +€60,289 | +69.8% |
| Operating profit (loss) | 9901 | €45,470 | €90,595 | +€45,124 | +99.2% |
| Financial income | 75/76B | €8,233 | €25,280 | +€17,047 | +207.1% |
| Recurring financial income | 75 | €8,233 | €25,280 | +€17,047 | +207.1% |
| Financial charges | 65/66B | €3,910 | €9,003 | +€5,093 | +130.3% |
| Recurring financial charges | 65 | €3,910 | €9,003 | +€5,093 | +130.3% |
| Profit (loss) for the period before taxes | 9903 | €49,793 | €106,871 | +€57,078 | +114.6% |
| Income taxes | 67/77 | €19,174 | €37,088 | +€17,914 | +93.4% |
| Profit (loss) for the period | 9904 | €30,620 | €69,783 | +€39,164 | +127.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,620 | €69,783 | +€39,164 | +127.9% |
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 9 October 2026 via checked.be.