LOCKED: 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.
LOCKED
Largest movements
- Receivables within one year +€51,337
up €51,337 (+62.9%), from €81,567 to €132,904
of which Trade receivables: +€53,604
- Tangible fixed assets -€34,481
down €34,481 (-13.8%), from €250,647 to €216,166
of which Plant, machinery and equipment: -€31,336
- Deferred charges and accrued income +€6,583
up €6,583 (+367%), from €1,792 to €8,375
- Stocks and contracts -€5,635
down €5,635 (-38.9%), from €14,501 to €8,866
- Trade debts +€56,133
up €56,133 (+1,076%), from €5,215 to €61,347
- Profit (loss) carried forward -€31,890
down €31,890 (-16.8%), from -€190,226 to -€222,117
- Debts after one year -€26,872
down €26,872 (-26.2%), from €102,412 to €75,540
- Tax, wage and social debts +€12,854
up €12,854 (+33.9%), from €37,917 to €50,772
of which Remuneration and social security: +€8,233
- Other debts +€12,289
up €12,289 (+10.4%), from €118,618 to €130,907
- Gross operating margin -€88,804
down €88,804 (-20.0%), from €443,509 to €354,705
- Depreciation +€8,146
up €8,146 (+10.4%), from €78,245 to €86,391
- Staff costs +€8,142
up €8,142 (+2.9%), from €277,610 to €285,752
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 | €406,799 | €428,034 | +€21,235 | +5.2% |
| Fixed assets | 21/28 | €253,447 | €218,966 | -€34,481 | -13.6% |
| Tangible fixed assets | 22/27 | €250,647 | €216,166 | -€34,481 | -13.8% |
| Land and buildings | 22 | €98,276 | €76,006 | -€22,270 | -22.7% |
| Plant, machinery and equipment | 23 | €117,809 | €86,473 | -€31,336 | -26.6% |
| Furniture and vehicles | 24 | €34,562 | €53,687 | +€19,125 | +55.3% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €153,352 | €209,068 | +€55,716 | +36.3% |
| Stocks and contracts in progress | 3 | €14,501 | €8,866 | -€5,635 | -38.9% |
| Stocks | 30/36 | €14,501 | €8,866 | -€5,635 | -38.9% |
| Amounts receivable within one year | 40/41 | €81,567 | €132,904 | +€51,337 | +62.9% |
| Trade receivables | 40 | €78,674 | €132,279 | +€53,604 | +68.1% |
| Other amounts receivable | 41 | €2,892 | €625 | -€2,267 | -78.4% |
| Cash at bank and in hand | 54/58 | €55,492 | €58,923 | +€3,431 | +6.2% |
| Deferred charges and accrued income | 490/1 | €1,792 | €8,375 | +€6,583 | +367% |
| Total equity and liabilities | 10/49 | €406,799 | €428,034 | +€21,235 | +5.2% |
| Equity | 10/15 | €114,374 | €82,483 | -€31,890 | -27.9% |
| Contributions | 10/11 | €303,600 | €303,600 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,226 | -€222,117 | -€31,890 | -16.8% |
| Amounts payable | 17/49 | €292,425 | €345,551 | +€53,125 | +18.2% |
| Amounts payable after more than one year | 17 | €102,412 | €75,540 | -€26,872 | -26.2% |
| Financial debts | 170/4 | €102,412 | €75,540 | -€26,872 | -26.2% |
| Amounts payable within one year | 42/48 | €187,887 | €269,907 | +€82,020 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €26,136 | €26,880 | +€744 | +2.8% |
| Trade debts | 44 | €5,215 | €61,347 | +€56,133 | +1,076% |
| Suppliers | 440/4 | €5,215 | €61,347 | +€56,133 | +1,076% |
| Taxes, remuneration and social security | 45 | €37,917 | €50,772 | +€12,854 | +33.9% |
| Taxes | 450/3 | €5,305 | €9,927 | +€4,621 | +87.1% |
| Remuneration and social security | 454/9 | €32,612 | €40,845 | +€8,233 | +25.2% |
| Other amounts payable | 47/48 | €118,618 | €130,907 | +€12,289 | +10.4% |
| Accrued charges and deferred income | 492/3 | €2,127 | €104 | -€2,023 | -95.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €277,610 | €285,752 | +€8,142 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,245 | €86,391 | +€8,146 | +10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €14,816 | €10,703 | -€4,113 | -27.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €443,509 | €354,705 | -€88,804 | -20.0% |
| Operating profit (loss) | 9901 | €72,838 | -€28,141 | -€100,979 | |
| Financial income | 75/76B | €127 | €45 | -€81 | -64.2% |
| Recurring financial income | 75 | €127 | €45 | -€81 | -64.2% |
| Financial charges | 65/66B | €4,489 | €3,575 | -€914 | -20.4% |
| Recurring financial charges | 65 | €4,489 | €3,575 | -€914 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €68,476 | -€31,671 | -€100,146 | |
| Income taxes | 67/77 | €205 | €220 | +€14 | +7.0% |
| Profit (loss) for the period | 9904 | €68,270 | -€31,890 | -€100,161 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,270 | -€31,890 | -€100,161 |
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 16 October 2026 via checked.be.