MANAGEMENT DECISION SUPPORT: 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.
MANAGEMENT DECISION SUPPORT
Largest movements
- Tangible fixed assets +€637,040
up €637,040 (+60.1%), from €1.1m to €1.7m
of which Other tangible fixed assets: +€643,248
- Current investments +€499,589
new in 2025: €499,589
- Receivables within one year -€316,221
down €316,221 (-57.9%), from €546,589 to €230,368
of which Other amounts receivable: -€320,817
- Cash -€114,004
down €114,004 (-55.1%), from €206,789 to €92,785
mainly Investment in fixed assets (net) (-€679,539) and Current investments (-€499,589)
- Debts after one year +€425,890
up €425,890 (+3,293%), from €12,934 to €438,824
- Reserves +€330,202
up €330,202 (+25.8%), from €1.3m to €1.6m
of which Distributable reserves: +€332,580
- Trade debts -€48,042
down €48,042 (-15.7%), from €305,450 to €257,408
- Tax, wage and social debts -€32,298
down €32,298 (-25.9%), from €124,850 to €92,552
- Current portion of long-term debt +€30,905
up €30,905 (+121%), from €25,537 to €56,443
- Financial income +€245,920
up €245,920 (+107%), from €229,256 to €475,177
- Gross operating margin +€76,859
up €76,859, from -€22,160 to €54,700
- Other operating charges +€74,865
up €74,865 (+3,541%), from €2,114 to €76,980
- Depreciation +€13,717
up €13,717 (+47.7%), from €28,782 to €42,499
- Financial charges +€10,238
up €10,238 (+738%), from €1,388 to €11,626
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 | €1,818,441 | €2,524,503 | +€706,062 | +38.8% |
| Fixed assets | 21/28 | €1,060,221 | €1,697,262 | +€637,040 | +60.1% |
| Tangible fixed assets | 22/27 | €1,060,221 | €1,697,262 | +€637,040 | +60.1% |
| Land and buildings | 22 | €1,036,851 | €1,020,067 | -€16,785 | -1.6% |
| Plant, machinery and equipment | 23 | €5,460 | €4,087 | -€1,373 | -25.1% |
| Furniture and vehicles | 24 | €17,910 | €29,860 | +€11,950 | +66.7% |
| Other tangible fixed assets | 26 | - | €643,248 | +€643,248 | |
| Current assets | 29/58 | €758,219 | €827,241 | +€69,022 | +9.1% |
| Amounts receivable within one year | 40/41 | €546,589 | €230,368 | -€316,221 | -57.9% |
| Trade receivables | 40 | €15,881 | €20,477 | +€4,596 | +28.9% |
| Other amounts receivable | 41 | €530,708 | €209,891 | -€320,817 | -60.5% |
| Current investments | 50/53 | - | €499,589 | +€499,589 | |
| Cash at bank and in hand | 54/58 | €206,789 | €92,785 | -€114,004 | -55.1% |
| Deferred charges and accrued income | 490/1 | €4,841 | €4,499 | -€342 | -7.1% |
| Total equity and liabilities | 10/49 | €1,818,441 | €2,524,503 | +€706,062 | +38.8% |
| Equity | 10/15 | €1,298,625 | €1,628,827 | +€330,202 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,280,025 | €1,610,227 | +€330,202 | +25.8% |
| Tax-exempt reserves | 132 | €204,174 | €201,796 | -€2,378 | -1.2% |
| Distributable reserves | 133 | €1,075,850 | €1,408,431 | +€332,580 | +30.9% |
| Provisions and deferred taxes | 16 | €51,044 | €50,449 | -€595 | -1.2% |
| Deferred taxes | 168 | €51,044 | €50,449 | -€595 | -1.2% |
| Amounts payable | 17/49 | €468,773 | €845,227 | +€376,454 | +80.3% |
| Amounts payable after more than one year | 17 | €12,934 | €438,824 | +€425,890 | +3,293% |
| Financial debts | 170/4 | €12,934 | €438,824 | +€425,890 | +3,293% |
| Amounts payable within one year | 42/48 | €455,837 | €406,403 | -€49,434 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €25,537 | €56,443 | +€30,905 | +121% |
| Trade debts | 44 | €305,450 | €257,408 | -€48,042 | -15.7% |
| Suppliers | 440/4 | €305,450 | €257,408 | -€48,042 | -15.7% |
| Taxes, remuneration and social security | 45 | €124,850 | €92,552 | -€32,298 | -25.9% |
| Taxes | 450/3 | €124,850 | €92,552 | -€32,298 | -25.9% |
| Accrued charges and deferred income | 492/3 | €2 | - | -€2 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,782 | €42,499 | +€13,717 | +47.7% |
| Other operating charges | 640/8 | €2,114 | €76,980 | +€74,865 | +3,541% |
| Gross operating margin | 9900 | -€22,160 | €54,700 | +€76,859 | |
| Operating profit (loss) | 9901 | -€53,056 | -€64,779 | -€11,723 | -22.1% |
| Financial income | 75/76B | €229,256 | €475,177 | +€245,920 | +107% |
| Recurring financial income | 75 | €229,256 | €475,177 | +€245,920 | +107% |
| Financial charges | 65/66B | €1,388 | €11,626 | +€10,238 | +738% |
| Recurring financial charges | 65 | €1,388 | €11,626 | +€10,238 | +738% |
| Profit (loss) for the period before taxes | 9903 | €174,813 | €398,772 | +€223,959 | +128% |
| Transfer from deferred taxes | 780 | €595 | €595 | = | 0.0% |
| Income taxes | 67/77 | €60,396 | €69,164 | +€8,768 | +14.5% |
| Profit (loss) for the period | 9904 | €115,011 | €330,202 | +€215,191 | +187% |
| Transfer from tax-exempt reserves | 789 | €2,378 | €2,378 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,389 | €332,580 | +€215,191 | +183% |
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 13 October 2026 via checked.be.