MARKET EXECUTION: 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 EXECUTION
Largest movements
- Receivables within one year -€183,564
down €183,564 (-28.4%), from €647,180 to €463,616
- Tangible fixed assets -€103,780
no longer reported in 2025 (was €103,780)
- Debts after one year -€249,268
no longer reported in 2025 (was €249,268)
- Current portion of long-term debt -€36,810
no longer reported in 2025 (was €36,810)
- Tax, wage and social debts -€30,045
down €30,045 (-73.8%), from €40,724 to €10,678
- Reserves +€19,898
up €19,898 (+4.8%), from €411,374 to €431,271
of which Distributable reserves: +€21,758
- Depreciation -€18,825
no longer reported in 2025 (was €18,825)
- Gross operating margin +€9,882
up €9,882 (+36.8%), from €26,866 to €36,747
- Financial income -€5,591
down €5,591 (-34.8%), from €16,060 to €10,470
- Taxes -€3,600
down €3,600 (-17.6%), from €20,483 to €16,883
- Other operating charges -€2,280
down €2,280 (-31.9%), from €7,150 to €4,870
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 | €751,821 | €463,995 | -€287,826 | -38.3% |
| Fixed assets | 21/28 | €103,780 | - | -€103,780 | |
| Tangible fixed assets | 22/27 | €103,780 | - | -€103,780 | |
| Land and buildings | 22 | €103,780 | - | -€103,780 | |
| Current assets | 29/58 | €648,041 | €463,995 | -€184,046 | -28.4% |
| Amounts receivable within one year | 40/41 | €647,180 | €463,616 | -€183,564 | -28.4% |
| Other amounts receivable | 41 | €647,180 | €463,616 | -€183,564 | -28.4% |
| Cash at bank and in hand | 54/58 | €861 | €379 | -€482 | -56.0% |
| Total equity and liabilities | 10/49 | €751,821 | €463,995 | -€287,826 | -38.3% |
| Equity | 10/15 | €417,574 | €437,471 | +€19,898 | +4.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €411,374 | €431,271 | +€19,898 | +4.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €560 | €560 | = | 0.0% |
| Distributable reserves | 133 | €408,954 | €430,712 | +€21,758 | +5.3% |
| Amounts payable | 17/49 | €334,247 | €26,524 | -€307,724 | -92.1% |
| Amounts payable after more than one year | 17 | €249,268 | - | -€249,268 | |
| Financial debts | 170/4 | €249,268 | - | -€249,268 | |
| Amounts payable within one year | 42/48 | €84,980 | €26,524 | -€58,456 | -68.8% |
| Current portion of amounts payable after more than one year | 42 | €36,810 | - | -€36,810 | |
| Financial debts | 43 | €7,446 | €9,795 | +€2,349 | +31.5% |
| Credit institutions | 430/8 | €7,446 | €9,795 | +€2,349 | +31.5% |
| Trade debts | 44 | - | €6,050 | +€6,050 | |
| Suppliers | 440/4 | - | €6,050 | +€6,050 | |
| Taxes, remuneration and social security | 45 | €40,724 | €10,678 | -€30,045 | -73.8% |
| Taxes | 450/3 | €40,724 | €10,678 | -€30,045 | -73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,825 | - | -€18,825 | |
| Other operating charges | 640/8 | €7,150 | €4,870 | -€2,280 | -31.9% |
| Gross operating margin | 9900 | €26,866 | €36,747 | +€9,882 | +36.8% |
| Operating profit (loss) | 9901 | €891 | €31,877 | +€30,986 | +3,478% |
| Financial income | 75/76B | €16,060 | €10,470 | -€5,591 | -34.8% |
| Recurring financial income | 75 | €16,060 | €10,470 | -€5,591 | -34.8% |
| Financial charges | 65/66B | €3,691 | €5,566 | +€1,874 | +50.8% |
| Recurring financial charges | 65 | €3,691 | €5,566 | +€1,874 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €13,260 | €36,781 | +€23,521 | +177% |
| Income taxes | 67/77 | €20,483 | €16,883 | -€3,600 | -17.6% |
| Profit (loss) for the period | 9904 | -€7,223 | €19,898 | +€27,121 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,223 | €19,898 | +€27,121 |
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 25 October 2026 via checked.be.