M. POISSON: 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.
M. POISSON
Largest movements
- Cash -€256,474
down €256,474 (-83.7%), from €306,482 to €50,008
mainly Investment in fixed assets (net) (-€89,858) and Trade debts (-€62,848)
- Tangible fixed assets +€53,504
up €53,504 (+53.8%), from €99,383 to €152,887
of which Furniture and vehicles: +€61,449
- Current investments +€49,635
up €49,635 (+21.5%), from €230,792 to €280,427
- Stocks and contracts +€48,183
up €48,183 (+332%), from €14,522 to €62,706
- Receivables within one year -€24,455
down €24,455 (-5.4%), from €451,691 to €427,236
of which Trade receivables: -€37,005
- Trade debts -€62,848
down €62,848 (-14.1%), from €445,625 to €382,777
- Tax, wage and social debts -€28,599
down €28,599 (-37.4%), from €76,367 to €47,768
of which Taxes: -€25,854
- Other debts -€23,162
down €23,162 (-72.4%), from €32,010 to €8,848
- Gross operating margin -€123,688
down €123,688 (-22.6%), from €546,221 to €422,533
- Staff costs -€41,256
down €41,256 (-10.1%), from €408,673 to €367,417
- Depreciation +€5,611
up €5,611 (+17.4%), from €32,248 to €37,859
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 | €1,117,014 | €986,455 | -€130,559 | -11.7% |
| Fixed assets | 21/28 | €110,748 | €162,747 | +€51,999 | +47.0% |
| Tangible fixed assets | 22/27 | €99,383 | €152,887 | +€53,504 | +53.8% |
| Furniture and vehicles | 24 | €83,806 | €145,255 | +€61,449 | +73.3% |
| Other tangible fixed assets | 26 | €15,577 | €7,632 | -€7,945 | -51.0% |
| Financial fixed assets | 28 | €11,365 | €9,860 | -€1,505 | -13.2% |
| Current assets | 29/58 | €1,006,266 | €823,708 | -€182,558 | -18.1% |
| Stocks and contracts in progress | 3 | €14,522 | €62,706 | +€48,183 | +332% |
| Stocks | 30/36 | €14,522 | €62,706 | +€48,183 | +332% |
| Amounts receivable within one year | 40/41 | €451,691 | €427,236 | -€24,455 | -5.4% |
| Trade receivables | 40 | €451,691 | €414,686 | -€37,005 | -8.2% |
| Other amounts receivable | 41 | - | €12,550 | +€12,550 | |
| Current investments | 50/53 | €230,792 | €280,427 | +€49,635 | +21.5% |
| Cash at bank and in hand | 54/58 | €306,482 | €50,008 | -€256,474 | -83.7% |
| Deferred charges and accrued income | 490/1 | €2,778 | €3,332 | +€554 | +19.9% |
| Total equity and liabilities | 10/49 | €1,117,014 | €986,455 | -€130,559 | -11.7% |
| Equity | 10/15 | €469,876 | €470,356 | +€480 | +0.1% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €97,473 | €97,473 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,198 | €50,198 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Other | 1319 | €13,014 | €13,014 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,275 | €19,275 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €562 | €1,042 | +€480 | +85.5% |
| Amounts payable | 17/49 | €647,138 | €516,100 | -€131,039 | -20.2% |
| Amounts payable after more than one year | 17 | €7,401 | - | -€7,401 | |
| Financial debts | 170/4 | €7,401 | - | -€7,401 | |
| Amounts payable within one year | 42/48 | €639,737 | €516,100 | -€123,637 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €10,844 | €7,401 | -€3,443 | -31.7% |
| Trade debts | 44 | €445,625 | €382,777 | -€62,848 | -14.1% |
| Suppliers | 440/4 | €445,625 | €382,777 | -€62,848 | -14.1% |
| Advances received on contracts in progress | 46 | €74,890 | €69,306 | -€5,585 | -7.5% |
| Taxes, remuneration and social security | 45 | €76,367 | €47,768 | -€28,599 | -37.4% |
| Taxes | 450/3 | €35,757 | €9,903 | -€25,854 | -72.3% |
| Remuneration and social security | 454/9 | €40,610 | €37,864 | -€2,745 | -6.8% |
| Other amounts payable | 47/48 | €32,010 | €8,848 | -€23,162 | -72.4% |
| Remuneration, social security and pensions | 62 | €408,673 | €367,417 | -€41,256 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,248 | €37,859 | +€5,611 | +17.4% |
| Other operating charges | 640/8 | €13,237 | €8,338 | -€4,899 | -37.0% |
| Gross operating margin | 9900 | €546,221 | €422,533 | -€123,688 | -22.6% |
| Operating profit (loss) | 9901 | €92,063 | €8,919 | -€83,144 | -90.3% |
| Financial income | 75/76B | €2,295 | €1,578 | -€716 | -31.2% |
| Recurring financial income | 75 | €2,295 | €1,578 | -€716 | -31.2% |
| Financial charges | 65/66B | €2,546 | €1,698 | -€848 | -33.3% |
| Recurring financial charges | 65 | €2,546 | €1,698 | -€848 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €91,812 | €8,799 | -€83,013 | -90.4% |
| Income taxes | 67/77 | €9,340 | €8,319 | -€1,021 | -10.9% |
| Profit (loss) for the period | 9904 | €82,472 | €480 | -€81,992 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,472 | €480 | -€81,992 | -99.4% |
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 24 October 2026 via checked.be.