LES TROIS CIMES: 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.
LES TROIS CIMES
Largest movements
- Cash -€191,978
down €191,978 (-68.5%), from €280,357 to €88,379
mainly Investment in fixed assets (net) (-€252,322) and Net result for the year (-€118,349)
- Tangible fixed assets +€179,122
up €179,122 (+32.4%), from €552,707 to €731,828
of which Other tangible fixed assets: +€602,873
- Receivables within one year +€29,180
up €29,180 (+104%), from €27,987 to €57,167
of which Trade receivables: +€48,203
- Profit (loss) carried forward -€118,349
down €118,349 (-221%), from -€53,462 to -€171,811
- Other debts +€97,523
new in 2025: €97,523
- Debts after one year -€59,133
down €59,133 (-7.0%), from €839,193 to €780,060
- Tax, wage and social debts +€36,410
up €36,410 (+450%), from €8,089 to €44,499
of which Remuneration and social security: +€25,187
- Current portion of long-term debt +€28,430
up €28,430 (+56.8%), from €50,074 to €78,504
- Gross operating margin +€146,654
up €146,654, from -€11,216 to €135,438
- Staff costs +€123,785
up €123,785 (+739%), from €16,752 to €140,537
- Depreciation +€73,071
up €73,071 (+56,487%), from €129 to €73,201
- Financial charges +€15,979
up €15,979 (+65.2%), from €24,493 to €40,472
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 | €861,583 | €884,096 | +€22,513 | +2.6% |
| Fixed assets | 21/28 | €552,707 | €731,828 | +€179,122 | +32.4% |
| Tangible fixed assets | 22/27 | €552,707 | €731,828 | +€179,122 | +32.4% |
| Furniture and vehicles | 24 | €6,786 | €128,956 | +€122,170 | +1,800% |
| Other tangible fixed assets | 26 | - | €602,873 | +€602,873 | |
| Assets under construction and advance payments | 27 | €545,921 | €0 | -€545,921 | -100% |
| Current assets | 29/58 | €308,876 | €152,268 | -€156,609 | -50.7% |
| Stocks and contracts in progress | 3 | - | €4,250 | +€4,250 | |
| Stocks | 30/36 | - | €4,250 | +€4,250 | |
| Amounts receivable within one year | 40/41 | €27,987 | €57,167 | +€29,180 | +104% |
| Trade receivables | 40 | €7,786 | €55,988 | +€48,203 | +619% |
| Other amounts receivable | 41 | €20,201 | €1,179 | -€19,023 | -94.2% |
| Cash at bank and in hand | 54/58 | €280,357 | €88,379 | -€191,978 | -68.5% |
| Deferred charges and accrued income | 490/1 | €533 | €2,472 | +€1,939 | +364% |
| Total equity and liabilities | 10/49 | €861,583 | €884,096 | +€22,513 | +2.6% |
| Equity | 10/15 | -€43,462 | -€161,811 | -€118,349 | -272% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,462 | -€171,811 | -€118,349 | -221% |
| Amounts payable | 17/49 | €905,044 | €1,045,907 | +€140,862 | +15.6% |
| Amounts payable after more than one year | 17 | €839,193 | €780,060 | -€59,133 | -7.0% |
| Financial debts | 170/4 | €839,193 | €780,060 | -€59,133 | -7.0% |
| Amounts payable within one year | 42/48 | €58,397 | €237,721 | +€179,324 | +307% |
| Current portion of amounts payable after more than one year | 42 | €50,074 | €78,504 | +€28,430 | +56.8% |
| Trade debts | 44 | €234 | €17,196 | +€16,962 | +7,251% |
| Suppliers | 440/4 | €234 | €17,196 | +€16,962 | +7,251% |
| Taxes, remuneration and social security | 45 | €8,089 | €44,499 | +€36,410 | +450% |
| Taxes | 450/3 | €329 | €11,551 | +€11,222 | +3,414% |
| Remuneration and social security | 454/9 | €7,760 | €32,948 | +€25,187 | +325% |
| Other amounts payable | 47/48 | - | €97,523 | +€97,523 | |
| Accrued charges and deferred income | 492/3 | €7,454 | €28,125 | +€20,671 | +277% |
| Remuneration, social security and pensions | 62 | €16,752 | €140,537 | +€123,785 | +739% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129 | €73,201 | +€73,071 | +56,487% |
| Other operating charges | 640/8 | €871 | €645 | -€227 | -26.0% |
| Gross operating margin | 9900 | -€11,216 | €135,438 | +€146,654 | |
| Operating profit (loss) | 9901 | -€28,969 | -€78,944 | -€49,975 | -173% |
| Financial income | 75/76B | - | €1,067 | +€1,067 | |
| Recurring financial income | 75 | - | €1,067 | +€1,067 | |
| Financial charges | 65/66B | €24,493 | €40,472 | +€15,979 | +65.2% |
| Recurring financial charges | 65 | €24,493 | €40,472 | +€15,979 | +65.2% |
| Profit (loss) for the period before taxes | 9903 | -€53,462 | -€118,349 | -€64,887 | -121% |
| Profit (loss) for the period | 9904 | -€53,462 | -€118,349 | -€64,887 | -121% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,462 | -€118,349 | -€64,887 | -121% |
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 27 October 2026 via checked.be.