MAJOR: 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.
MAJOR
Largest movements
- Receivables within one year +€29,909
up €29,909 (+874%), from €3,421 to €33,330
of which Trade receivables: +€29,625
- Tangible fixed assets -€24,640
down €24,640 (-15.1%), from €162,825 to €138,185
of which Land and buildings: -€20,145
- Cash -€2,070
down €2,070 (-14.4%), from €14,376 to €12,306
mainly Receivables within one year (-€29,909) and Debts after one year (-€8,664)
- Profit (loss) carried forward +€11,105
up €11,105 (+7.6%), from €147,040 to €158,145
- Debts after one year -€8,664
down €8,664 (-43.2%), from €20,042 to €11,378
- Gross operating margin +€32,095
up €32,095 (+85.1%), from €37,735 to €69,829
- Write-downs +€19,750
new in 2025: €19,750
- Taxes +€3,136
up €3,136 (+542%), from €579 to €3,715
- Financial charges -€1,094
down €1,094 (-41.0%), from €2,669 to €1,575
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 | €183,431 | €186,692 | +€3,261 | +1.8% |
| Fixed assets | 21/28 | €162,825 | €138,185 | -€24,640 | -15.1% |
| Tangible fixed assets | 22/27 | €162,825 | €138,185 | -€24,640 | -15.1% |
| Land and buildings | 22 | €112,158 | €92,012 | -€20,145 | -18.0% |
| Plant, machinery and equipment | 23 | €50,668 | €46,173 | -€4,495 | -8.9% |
| Current assets | 29/58 | €20,605 | €48,506 | +€27,901 | +135% |
| Amounts receivable within one year | 40/41 | €3,421 | €33,330 | +€29,909 | +874% |
| Trade receivables | 40 | - | €29,625 | +€29,625 | |
| Other amounts receivable | 41 | €3,421 | €3,706 | +€285 | +8.3% |
| Cash at bank and in hand | 54/58 | €14,376 | €12,306 | -€2,070 | -14.4% |
| Deferred charges and accrued income | 490/1 | €2,809 | €2,870 | +€61 | +2.2% |
| Total equity and liabilities | 10/49 | €183,431 | €186,692 | +€3,261 | +1.8% |
| Equity | 10/15 | €155,096 | €166,202 | +€11,105 | +7.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,040 | €158,145 | +€11,105 | +7.6% |
| Amounts payable | 17/49 | €28,334 | €20,490 | -€7,844 | -27.7% |
| Amounts payable after more than one year | 17 | €20,042 | €11,378 | -€8,664 | -43.2% |
| Financial debts | 170/4 | €20,042 | €11,378 | -€8,664 | -43.2% |
| Amounts payable within one year | 42/48 | €8,293 | €9,112 | +€820 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €8,293 | €8,664 | +€371 | +4.5% |
| Trade debts | 44 | - | €448 | +€448 | |
| Suppliers | 440/4 | - | €448 | +€448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,713 | €24,640 | -€73 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,750 | +€19,750 | |
| Other operating charges | 640/8 | €8,769 | €9,044 | +€275 | +3.1% |
| Gross operating margin | 9900 | €37,735 | €69,829 | +€32,095 | +85.1% |
| Operating profit (loss) | 9901 | €4,253 | €16,396 | +€12,143 | +286% |
| Financial charges | 65/66B | €2,669 | €1,575 | -€1,094 | -41.0% |
| Recurring financial charges | 65 | €2,669 | €1,575 | -€1,094 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €1,583 | €14,820 | +€13,237 | +836% |
| Income taxes | 67/77 | €579 | €3,715 | +€3,136 | +542% |
| Profit (loss) for the period | 9904 | €1,004 | €11,105 | +€10,101 | +1,006% |
| Profit (loss) for the period to be appropriated | 9905 | €1,004 | €11,105 | +€10,101 | +1,006% |
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 14 October 2026 via checked.be.