LET'S THINK: 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.
What changed
LET'S THINK
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,898
2024 · €17,702+€77,196
Equity
€305,164
2024 · €210,266+€94,898
Cash
€9,925
2024 · €9,324+€601
Balance sheet total
€15.2m
2024 · €13.2m+€2.0m
Largest movements
Assets
- Tangible fixed assets +€1.7m
up €1.7m (+14.1%), from €11.8m to €13.4m
of which Other tangible fixed assets: +€2.1m
- Receivables within one year +€320,245
up €320,245 (+23.4%), from €1.4m to €1.7m
of which Trade receivables: +€336,121
Equity and liabilities
- Other debts +€1.9m
up €1.9m (+83.7%), from €2.3m to €4.2m
- Debts after one year -€303,791
down €303,791 (-3.9%), from €7.7m to €7.4m
of which Financial debts: -€303,791
- Accrued charges and deferred income +€200,000
new in 2025: €200,000
Income statement
- Financial charges -€89,613
down €89,613 (-19.6%), from €457,681 to €368,068
- Staff costs -€84,125
down €84,125 (-61.8%), from €136,089 to €51,964
- Other operating charges +€77,554
up €77,554 (+22.4%), from €345,952 to €423,506
- Depreciation +€66,777
up €66,777 (+14.7%), from €453,441 to €520,218
- Gross operating margin +€63,949
up €63,949 (+4.6%), from €1.4m to €1.4m
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.
Result 2024
€17,702
Gross operating margin
+€63,949
Staff costs
+€84,125
Depreciation
-€66,777
Other operating charges
-€77,554
Other operating items
+€2,216
Financial income
-€22,716
Financial charges
+€89,613
Taxes
+€4,340
Result 2025
€94,898
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.5m
Investment
-€2.2m
Financing
-€300,246
Cash 2024
€9,324
From operations (derived)
+€2.5m
Net result for the year
+€94,898
Depreciation
+€520,218
Receivables within one year
-€320,245
Deferred charges and accrued income
-€2,368
Provisions
-€11,211
Trade debts
+€119,663
Tax, wage and social debts
-€18,840
Other debts
+€1.9m
Accrued charges and deferred income
+€200,000
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€2.2m
Financing
-€300,246
Debts after one year
-€303,791
Current portion of long-term debt
+€3,545
Cash 2025
€9,925
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,208,043 | €15,186,010 | +€2.0m | +15.0% |
| Fixed assets | 21/28 | €11,779,155 | €13,433,908 | +€1.7m | +14.0% |
| Tangible fixed assets | 22/27 | €11,766,545 | €13,421,298 | +€1.7m | +14.1% |
| Land and buildings | 22 | €8,612,024 | €8,142,145 | -€469,879 | -5.5% |
| Plant, machinery and equipment | 23 | €27,575 | €26,601 | -€974 | -3.5% |
| Furniture and vehicles | 24 | €37,226 | €48,654 | +€11,428 | +30.7% |
| Other tangible fixed assets | 26 | €3,089,720 | €5,203,898 | +€2.1m | +68.4% |
| Financial fixed assets | 28 | €12,610 | €12,610 | = | 0.0% |
| Current assets | 29/58 | €1,428,888 | €1,752,102 | +€323,214 | +22.6% |
| Amounts receivable within one year | 40/41 | €1,369,564 | €1,689,809 | +€320,245 | +23.4% |
| Trade receivables | 40 | €1,164,972 | €1,501,093 | +€336,121 | +28.9% |
| Other amounts receivable | 41 | €204,592 | €188,716 | -€15,876 | -7.8% |
| Cash at bank and in hand | 54/58 | €9,324 | €9,925 | +€601 | +6.4% |
| Deferred charges and accrued income | 490/1 | €50,000 | €52,368 | +€2,368 | +4.7% |
| Total equity and liabilities | 10/49 | €13,208,043 | €15,186,010 | +€2.0m | +15.0% |
| Equity | 10/15 | €210,266 | €305,164 | +€94,898 | +45.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,080,589 | €1,046,957 | -€33,632 | -3.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,078,730 | €1,045,098 | -€33,632 | -3.1% |
| Profit (loss) carried forward | 14 | -€1,388,915 | -€1,260,385 | +€128,530 | +9.3% |
| Provisions and deferred taxes | 16 | €526,276 | €515,065 | -€11,211 | -2.1% |
| Provisions for liabilities and charges | 160/5 | €173,979 | €173,979 | = | 0.0% |
| Pensions and similar obligations | 160 | €173,979 | €173,979 | = | 0.0% |
| Deferred taxes | 168 | €352,297 | €341,086 | -€11,211 | -3.2% |
| Amounts payable | 17/49 | €12,471,501 | €14,365,781 | +€1.9m | +15.2% |
| Amounts payable after more than one year | 17 | €7,734,310 | €7,430,519 | -€303,791 | -3.9% |
| Financial debts | 170/4 | €7,730,560 | €7,426,769 | -€303,791 | -3.9% |
| Other amounts payable | 178/9 | €3,750 | €3,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,737,191 | €6,735,262 | +€2.0m | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €300,246 | €303,791 | +€3,545 | +1.2% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €151,795 | €271,458 | +€119,663 | +78.8% |
| Suppliers | 440/4 | €151,795 | €271,458 | +€119,663 | +78.8% |
| Taxes, remuneration and social security | 45 | €23,615 | €4,775 | -€18,840 | -79.8% |
| Taxes | 450/3 | €9,336 | - | -€9,336 | |
| Remuneration and social security | 454/9 | €14,279 | €4,775 | -€9,504 | -66.6% |
| Other amounts payable | 47/48 | €2,261,535 | €4,155,238 | +€1.9m | +83.7% |
| Accrued charges and deferred income | 492/3 | - | €200,000 | +€200,000 | |
| Non-recurring operating income | 76A | €153,811 | €67,918 | -€85,893 | -55.8% |
| Remuneration, social security and pensions | 62 | €136,089 | €51,964 | -€84,125 | -61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €453,441 | €520,218 | +€66,777 | +14.7% |
| Other operating charges | 640/8 | €345,952 | €423,506 | +€77,554 | +22.4% |
| Non-recurring operating charges | 66A | €2,504 | €288 | -€2,216 | -88.5% |
| Gross operating margin | 9900 | €1,383,773 | €1,447,722 | +€63,949 | +4.6% |
| Operating profit (loss) | 9901 | €445,787 | €451,746 | +€5,959 | +1.3% |
| Financial income | 75/76B | €22,725 | €9 | -€22,716 | -100.0% |
| Recurring financial income | 75 | €22,725 | €9 | -€22,716 | -100.0% |
| Financial charges | 65/66B | €457,681 | €368,068 | -€89,613 | -19.6% |
| Recurring financial charges | 65 | €457,681 | €368,068 | -€89,613 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €10,831 | €83,687 | +€72,856 | +673% |
| Transfer from deferred taxes | 780 | €11,211 | €11,211 | = | 0.0% |
| Income taxes | 67/77 | €4,340 | - | -€4,340 | |
| Profit (loss) for the period | 9904 | €17,702 | €94,898 | +€77,196 | +436% |
| Transfer from tax-exempt reserves | 789 | €33,632 | €33,632 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,334 | €128,530 | +€77,196 | +150% |
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 19 October 2026 via checked.be.