Less: 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.
Less
Largest movements
- Receivables within one year +€30,725
up €30,725 (+65.2%), from €47,122 to €77,847
of which Trade receivables: +€31,082
- Tangible fixed assets +€9,637
up €9,637 (+4.8%), from €201,318 to €210,954
of which Other tangible fixed assets: +€155,564
- Cash +€4,397
up €4,397 (+25.0%), from €17,601 to €21,998
mainly Net result for the year (+€50,969) and Other debts (+€48,627)
- Other debts +€48,627
up €48,627 (+1215.2%), from €4,001 to €52,628
- Trade debts -€9,751
down €9,751 (-81.0%), from €12,035 to €2,284
- Tax, wage and social debts +€6,853
up €6,853 (+53.8%), from €12,748 to €19,601
- Gross operating margin +€35,061
up €35,061 (+56.7%), from €61,817 to €96,878
- Taxes +€5,983
up €5,983 (+76.0%), from €7,876 to €13,859
- Depreciation -€4,541
down €4,541 (-15.4%), from €29,484 to €24,943
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 | €271,096 | €316,103 | +€45,006 | +16.6% |
| Fixed assets | 21/28 | €201,318 | €210,954 | +€9,637 | +4.8% |
| Tangible fixed assets | 22/27 | €201,318 | €210,954 | +€9,637 | +4.8% |
| Land and buildings | 22 | €29,200 | €29,200 | = | 0.0% |
| Furniture and vehicles | 24 | €24,791 | €11,139 | -€13,652 | -55.1% |
| Leasing and similar rights | 25 | €23,827 | €15,051 | -€8,776 | -36.8% |
| Other tangible fixed assets | 26 | - | €155,564 | +€155,564 | |
| Assets under construction and advance payments | 27 | €123,499 | €0 | -€123,499 | -100.0% |
| Current assets | 29/58 | €69,779 | €105,148 | +€35,370 | +50.7% |
| Amounts receivable within one year | 40/41 | €47,122 | €77,847 | +€30,725 | +65.2% |
| Trade receivables | 40 | €46,766 | €77,847 | +€31,082 | +66.5% |
| Other amounts receivable | 41 | €356 | €0 | -€356 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,601 | €21,998 | +€4,397 | +25.0% |
| Deferred charges and accrued income | 490/1 | €5,055 | €5,303 | +€248 | +4.9% |
| Total equity and liabilities | 10/49 | €271,096 | €316,103 | +€45,006 | +16.6% |
| Equity | 10/15 | €128,905 | €128,905 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €125,905 | €125,905 | = | 0.0% |
| Distributable reserves | 133 | €125,905 | €125,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €142,191 | €187,198 | +€45,006 | +31.7% |
| Amounts payable after more than one year | 17 | €91,620 | €92,350 | +€730 | +0.8% |
| Financial debts | 170/4 | €91,620 | €92,350 | +€730 | +0.8% |
| Amounts payable within one year | 42/48 | €50,571 | €94,848 | +€44,276 | +87.6% |
| Current portion of amounts payable after more than one year | 42 | €21,496 | €19,305 | -€2,191 | -10.2% |
| Financial debts | 43 | €291 | €1,030 | +€739 | +254.0% |
| Credit institutions | 430/8 | €291 | €1,030 | +€739 | +254.0% |
| Trade debts | 44 | €12,035 | €2,284 | -€9,751 | -81.0% |
| Suppliers | 440/4 | €12,035 | €2,284 | -€9,751 | -81.0% |
| Taxes, remuneration and social security | 45 | €12,748 | €19,601 | +€6,853 | +53.8% |
| Taxes | 450/3 | €12,748 | €19,601 | +€6,853 | +53.8% |
| Other amounts payable | 47/48 | €4,001 | €52,628 | +€48,627 | +1215.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,484 | €24,943 | -€4,541 | -15.4% |
| Other operating charges | 640/8 | €3,064 | €2,116 | -€948 | -30.9% |
| Gross operating margin | 9900 | €61,817 | €96,878 | +€35,061 | +56.7% |
| Operating profit (loss) | 9901 | €29,269 | €69,819 | +€40,550 | +138.5% |
| Financial income | 75/76B | €1 | €13 | +€12 | +1017.8% |
| Recurring financial income | 75 | €1 | €13 | +€12 | +1017.8% |
| Financial charges | 65/66B | €4,369 | €5,004 | +€635 | +14.5% |
| Recurring financial charges | 65 | €4,369 | €5,004 | +€635 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €24,901 | €64,828 | +€39,927 | +160.3% |
| Income taxes | 67/77 | €7,876 | €13,859 | +€5,983 | +76.0% |
| Profit (loss) for the period | 9904 | €17,025 | €50,969 | +€33,944 | +199.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,025 | €50,969 | +€33,944 | +199.4% |
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.