LIMITED TIME: 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.
LIMITED TIME
Largest movements
- Stocks and contracts +€474,209
up €474,209 (+20.0%), from €2.4m to €2.8m
- Cash +€316,745
up €316,745 (+786.3%), from €40,283 to €357,028
mainly Trade debts (+€481,591) and Net result for the year (+€292,605)
- Receivables within one year -€77,819
down €77,819 (-44.2%), from €176,060 to €98,241
of which Other amounts receivable: -€55,009
- Trade debts +€481,591
up €481,591 (+860.2%), from €55,984 to €537,575
- Other debts +€141,449
up €141,449 (+12.5%), from €1.1m to €1.3m
- Tax, wage and social debts +€104,012
up €104,012 (+1304.4%), from €7,974 to €111,986
of which Taxes: +€107,043
- Short-term financial debts -€39,846
down €39,846 (-74.7%), from €53,333 to €13,488
- Gross operating margin +€117,279
up €117,279 (+36.3%), from €323,419 to €440,698
- Taxes +€46,539
up €46,539 (+70.4%), from €66,119 to €112,658
- Staff costs -€9,656
down €9,656 (-48.8%), from €19,780 to €10,124
- Financial charges -€4,903
down €4,903 (-26.7%), from €18,351 to €13,448
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 | €2,617,375 | €3,341,534 | +€724,158 | +27.7% |
| Fixed assets | 21/28 | €28,686 | €34,282 | +€5,596 | +19.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €27,373 | €33,269 | +€5,896 | +21.5% |
| Land and buildings | 22 | €11,233 | €14,554 | +€3,321 | +29.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €16,140 | €18,715 | +€2,575 | +16.0% |
| Financial fixed assets | 28 | €1,313 | €1,013 | -€300 | -22.8% |
| Current assets | 29/58 | €2,588,690 | €3,307,252 | +€718,562 | +27.8% |
| Stocks and contracts in progress | 3 | €2,370,599 | €2,844,809 | +€474,209 | +20.0% |
| Stocks | 30/36 | €2,370,599 | €2,844,809 | +€474,209 | +20.0% |
| Amounts receivable within one year | 40/41 | €176,060 | €98,241 | -€77,819 | -44.2% |
| Trade receivables | 40 | €102,889 | €80,079 | -€22,810 | -22.2% |
| Other amounts receivable | 41 | €73,171 | €18,162 | -€55,009 | -75.2% |
| Cash at bank and in hand | 54/58 | €40,283 | €357,028 | +€316,745 | +786.3% |
| Deferred charges and accrued income | 490/1 | €1,747 | €7,174 | +€5,427 | +310.8% |
| Total equity and liabilities | 10/49 | €2,617,375 | €3,341,534 | +€724,158 | +27.7% |
| Equity | 10/15 | €1,329,854 | €1,352,305 | +€22,452 | +1.7% |
| Contributions | 10/11 | €63,630 | €63,630 | = | 0.0% |
| Capital | 10 | €63,630 | €63,630 | = | 0.0% |
| Issued capital | 100 | €63,630 | €63,630 | = | 0.0% |
| Reserves | 13 | €1,265,880 | €1,288,331 | +€22,452 | +1.8% |
| Non-distributable reserves | 130/1 | €3,001 | €3,001 | = | 0.0% |
| Legal reserve | 130 | €3,001 | €3,001 | = | 0.0% |
| Tax-exempt reserves | 132 | €256,810 | €88,410 | -€168,400 | -65.6% |
| Distributable reserves | 133 | €1,006,069 | €1,196,921 | +€190,852 | +19.0% |
| Profit (loss) carried forward | 14 | €344 | €344 | = | 0.0% |
| Amounts payable | 17/49 | €1,287,522 | €1,989,229 | +€701,707 | +54.5% |
| Amounts payable within one year | 42/48 | €1,282,522 | €1,989,229 | +€706,707 | +55.1% |
| Financial debts | 43 | €53,333 | €13,488 | -€39,846 | -74.7% |
| Credit institutions | 430/8 | €53,333 | €13,488 | -€39,846 | -74.7% |
| Trade debts | 44 | €55,984 | €537,575 | +€481,591 | +860.2% |
| Suppliers | 440/4 | €55,984 | €537,575 | +€481,591 | +860.2% |
| Advances received on contracts in progress | 46 | €35,000 | €54,500 | +€19,500 | +55.7% |
| Taxes, remuneration and social security | 45 | €7,974 | €111,986 | +€104,012 | +1304.4% |
| Taxes | 450/3 | €3,563 | €110,606 | +€107,043 | +3004.1% |
| Remuneration and social security | 454/9 | €4,411 | €1,380 | -€3,031 | -68.7% |
| Other amounts payable | 47/48 | €1,130,231 | €1,271,679 | +€141,449 | +12.5% |
| Accrued charges and deferred income | 492/3 | €5,000 | €0 | -€5,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €19,780 | €10,124 | -€9,656 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,489 | €12,652 | +€163 | +1.3% |
| Other operating charges | 640/8 | €2,881 | €1,888 | -€993 | -34.5% |
| Gross operating margin | 9900 | €323,419 | €440,698 | +€117,279 | +36.3% |
| Operating profit (loss) | 9901 | €288,270 | €416,034 | +€127,765 | +44.3% |
| Financial income | 75/76B | €5,977 | €2,676 | -€3,300 | -55.2% |
| Recurring financial income | 75 | €5,977 | €2,676 | -€3,300 | -55.2% |
| Financial charges | 65/66B | €18,351 | €13,448 | -€4,903 | -26.7% |
| Recurring financial charges | 65 | €18,351 | €13,448 | -€4,903 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €275,896 | €405,262 | +€129,367 | +46.9% |
| Income taxes | 67/77 | €66,119 | €112,658 | +€46,539 | +70.4% |
| Profit (loss) for the period | 9904 | €209,777 | €292,605 | +€82,828 | +39.5% |
| Transfer from tax-exempt reserves | 789 | €16,840 | €168,400 | +€151,560 | +900.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €226,617 | €461,005 | +€234,388 | +103.4% |
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 10 October 2026 via checked.be.