MARKET CONSULT: 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.
MARKET CONSULT
Largest movements
- Tangible fixed assets +€337,505
up €337,505 (+23.1%), from €1.5m to €1.8m
of which Land and buildings: +€286,758
- Debts after one year +€158,910
up €158,910 (+27.0%), from €589,364 to €748,274
- Other debts +€89,722
up €89,722 (+189%), from €47,500 to €137,222
- Accrued charges and deferred income +€87,919
up €87,919 (+11,630%), from €756 to €88,675
- Reserves -€58,000
down €58,000 (-11.7%), from €496,860 to €438,860
of which Distributable reserves: -€58,000
- Current portion of long-term debt +€45,542
up €45,542 (+37.3%), from €121,975 to €167,517
- Financial charges +€32,760
up €32,760 (+44.7%), from €73,214 to €105,975
- Taxes -€16,497
down €16,497 (-40.1%), from €41,162 to €24,665
- Gross operating margin -€14,944
down €14,944 (-4.9%), from €302,257 to €287,313
- Other operating charges +€7,098
up €7,098 (+48.2%), from €14,721 to €21,819
- Depreciation +€6,043
up €6,043 (+6.2%), from €97,408 to €103,451
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 | €1,660,412 | €1,968,551 | +€308,138 | +18.6% |
| Fixed assets | 21/28 | €1,468,010 | €1,805,515 | +€337,505 | +23.0% |
| Tangible fixed assets | 22/27 | €1,458,350 | €1,795,855 | +€337,505 | +23.1% |
| Land and buildings | 22 | €1,333,573 | €1,620,331 | +€286,758 | +21.5% |
| Plant, machinery and equipment | 23 | - | €59,410 | +€59,410 | |
| Furniture and vehicles | 24 | €124,777 | €116,114 | -€8,663 | -6.9% |
| Financial fixed assets | 28 | €9,660 | €9,660 | = | 0.0% |
| Current assets | 29/58 | €192,402 | €163,036 | -€29,366 | -15.3% |
| Amounts receivable within one year | 40/41 | €105,592 | €90,152 | -€15,440 | -14.6% |
| Trade receivables | 40 | €52,660 | €28,870 | -€23,790 | -45.2% |
| Other amounts receivable | 41 | €52,932 | €61,282 | +€8,350 | +15.8% |
| Cash at bank and in hand | 54/58 | €83,064 | €70,415 | -€12,649 | -15.2% |
| Deferred charges and accrued income | 490/1 | €3,747 | €2,469 | -€1,278 | -34.1% |
| Total equity and liabilities | 10/49 | €1,660,412 | €1,968,551 | +€308,138 | +18.6% |
| Equity | 10/15 | €699,980 | €636,384 | -€63,597 | -9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €496,860 | €438,860 | -€58,000 | -11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €495,000 | €437,000 | -€58,000 | -11.7% |
| Profit (loss) carried forward | 14 | €61,397 | €61,852 | +€455 | +0.7% |
| Investment grants | 15 | €123,123 | €117,072 | -€6,052 | -4.9% |
| Amounts payable | 17/49 | €960,432 | €1,332,167 | +€371,735 | +38.7% |
| Amounts payable after more than one year | 17 | €589,364 | €748,274 | +€158,910 | +27.0% |
| Financial debts | 170/4 | €589,364 | €748,274 | +€158,910 | +27.0% |
| Amounts payable within one year | 42/48 | €370,312 | €495,219 | +€124,907 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €121,975 | €167,517 | +€45,542 | +37.3% |
| Trade debts | 44 | €184,757 | €172,966 | -€11,792 | -6.4% |
| Suppliers | 440/4 | €184,757 | €172,966 | -€11,792 | -6.4% |
| Taxes, remuneration and social security | 45 | €16,080 | €17,514 | +€1,435 | +8.9% |
| Taxes | 450/3 | €13,580 | €15,014 | +€1,435 | +10.6% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €47,500 | €137,222 | +€89,722 | +189% |
| Accrued charges and deferred income | 492/3 | €756 | €88,675 | +€87,919 | +11,630% |
| Non-recurring operating income | 76A | €345 | €0 | -€345 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,408 | €103,451 | +€6,043 | +6.2% |
| Other operating charges | 640/8 | €14,721 | €21,819 | +€7,098 | +48.2% |
| Gross operating margin | 9900 | €302,257 | €287,313 | -€14,944 | -4.9% |
| Operating profit (loss) | 9901 | €190,127 | €162,042 | -€28,085 | -14.8% |
| Financial income | 75/76B | €6,513 | €6,052 | -€461 | -7.1% |
| Recurring financial income | 75 | €6,513 | €6,052 | -€461 | -7.1% |
| Financial charges | 65/66B | €73,214 | €105,975 | +€32,760 | +44.7% |
| Recurring financial charges | 65 | €73,214 | €105,975 | +€32,760 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €123,426 | €62,120 | -€61,306 | -49.7% |
| Income taxes | 67/77 | €41,162 | €24,665 | -€16,497 | -40.1% |
| Profit (loss) for the period | 9904 | €82,264 | €37,455 | -€44,809 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,264 | €37,455 | -€44,809 | -54.5% |
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 17 October 2026 via checked.be.