LEVERAGE: 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.
LEVERAGE
Largest movements
- Cash +€30,452
up €30,452 (+106%), from €28,726 to €59,178
mainly Net result for the year (+€51,512) and Depreciation (+€16,531)
- Tangible fixed assets -€12,201
down €12,201 (-3.6%), from €336,784 to €324,583
of which Land and buildings: -€11,279
- Reserves +€51,512
up €51,512 (+28.3%), from €181,968 to €233,481
- Debts after one year -€29,476
down €29,476 (-27.9%), from €105,599 to €76,122
- Other debts -€14,824
down €14,824 (-22.6%), from €65,639 to €50,815
- Tax, wage and social debts +€7,742
up €7,742 (+46.8%), from €16,547 to €24,289
of which Taxes: +€7,742
- Gross operating margin +€18,195
up €18,195 (+23.6%), from €77,043 to €95,238
- Taxes +€3,834
up €3,834 (+22.6%), from €16,976 to €20,810
- Financial income -€3,176
down €3,176 (-61.7%), from €5,145 to €1,969
- Depreciation +€2,537
up €2,537 (+18.1%), from €13,994 to €16,531
- Other operating charges -€1,034
down €1,034 (-35.7%), from €2,893 to €1,859
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 | €417,194 | €433,033 | +€15,839 | +3.8% |
| Fixed assets | 21/28 | €336,784 | €324,583 | -€12,201 | -3.6% |
| Tangible fixed assets | 22/27 | €336,784 | €324,583 | -€12,201 | -3.6% |
| Land and buildings | 22 | €334,705 | €323,426 | -€11,279 | -3.4% |
| Plant, machinery and equipment | 23 | €1,479 | €557 | -€922 | -62.3% |
| Furniture and vehicles | 24 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €80,411 | €108,451 | +€28,040 | +34.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €46,877 | €44,547 | -€2,330 | -5.0% |
| Trade receivables | 40 | €23,991 | €25,075 | +€1,084 | +4.5% |
| Other amounts receivable | 41 | €22,886 | €19,471 | -€3,414 | -14.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €28,726 | €59,178 | +€30,452 | +106% |
| Deferred charges and accrued income | 490/1 | €4,808 | €4,726 | -€82 | -1.7% |
| Total equity and liabilities | 10/49 | €417,194 | €433,033 | +€15,839 | +3.8% |
| Equity | 10/15 | €194,368 | €245,881 | +€51,512 | +26.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €181,968 | €233,481 | +€51,512 | +28.3% |
| Distributable reserves | 133 | €181,968 | €233,481 | +€51,512 | +28.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €222,826 | €187,152 | -€35,674 | -16.0% |
| Amounts payable after more than one year | 17 | €105,599 | €76,122 | -€29,476 | -27.9% |
| Financial debts | 170/4 | €105,599 | €76,122 | -€29,476 | -27.9% |
| Amounts payable within one year | 42/48 | €117,227 | €111,030 | -€6,197 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €31,739 | €32,684 | +€945 | +3.0% |
| Trade debts | 44 | €3,302 | €3,243 | -€60 | -1.8% |
| Suppliers | 440/4 | €3,302 | €3,243 | -€60 | -1.8% |
| Taxes, remuneration and social security | 45 | €16,547 | €24,289 | +€7,742 | +46.8% |
| Taxes | 450/3 | €16,547 | €24,289 | +€7,742 | +46.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €65,639 | €50,815 | -€14,824 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,994 | €16,531 | +€2,537 | +18.1% |
| Other operating charges | 640/8 | €2,893 | €1,859 | -€1,034 | -35.7% |
| Gross operating margin | 9900 | €77,043 | €95,238 | +€18,195 | +23.6% |
| Operating profit (loss) | 9901 | €60,156 | €76,847 | +€16,692 | +27.7% |
| Financial income | 75/76B | €5,145 | €1,969 | -€3,176 | -61.7% |
| Recurring financial income | 75 | €5,145 | €1,969 | -€3,176 | -61.7% |
| Financial charges | 65/66B | €6,221 | €6,494 | +€272 | +4.4% |
| Recurring financial charges | 65 | €6,221 | €6,494 | +€272 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €59,079 | €72,322 | +€13,244 | +22.4% |
| Income taxes | 67/77 | €16,976 | €20,810 | +€3,834 | +22.6% |
| Profit (loss) for the period | 9904 | €42,103 | €51,512 | +€9,410 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,103 | €51,512 | +€9,410 | +22.3% |
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 25 October 2026 via checked.be.