Marko - Sandrine: 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.
Marko - Sandrine
Largest movements
- Receivables within one year +€35,571
up €35,571 (+552%), from €6,443 to €42,014
of which Other amounts receivable: +€19,898
- Tangible fixed assets -€11,478
down €11,478 (-2.9%), from €399,542 to €388,063
of which Leasing and similar rights: -€10,600
- Cash +€10,254
up €10,254 (+17.8%), from €57,604 to €67,857
mainly Depreciation (+€40,456) and Net result for the year (+€18,545)
- Stocks and contracts +€6,451
up €6,451 (+8.5%), from €75,966 to €82,417
- Reserves +€18,500
up €18,500 (+17.0%), from €109,000 to €127,500
- Debts after one year -€17,004
down €17,004 (-6.0%), from €281,475 to €264,471
- Current portion of long-term debt +€11,886
up €11,886 (+29.3%), from €40,617 to €52,503
- Tax, wage and social debts +€11,116
up €11,116 (+27.7%), from €40,132 to €51,248
of which Remuneration and social security: +€8,230
- Trade debts +€10,942
up €10,942 (+30.1%), from €36,291 to €47,233
- Gross operating margin +€43,181
up €43,181 (+18.9%), from €228,363 to €271,544
- Staff costs +€34,398
up €34,398 (+24.4%), from €140,767 to €175,165
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 | €554,665 | €589,403 | +€34,738 | +6.3% |
| Fixed assets | 21/28 | €412,787 | €395,297 | -€17,490 | -4.2% |
| Intangible fixed assets | 21 | €9,986 | €6,764 | -€3,222 | -32.3% |
| Tangible fixed assets | 22/27 | €399,542 | €388,063 | -€11,478 | -2.9% |
| Land and buildings | 22 | €335,960 | €339,773 | +€3,813 | +1.1% |
| Plant, machinery and equipment | 23 | €4,864 | €2,820 | -€2,044 | -42.0% |
| Furniture and vehicles | 24 | €9,066 | €7,159 | -€1,907 | -21.0% |
| Leasing and similar rights | 25 | €45,557 | €34,957 | -€10,600 | -23.3% |
| Other tangible fixed assets | 26 | €4,095 | €3,355 | -€740 | -18.1% |
| Financial fixed assets | 28 | €3,260 | €470 | -€2,790 | -85.6% |
| Current assets | 29/58 | €141,878 | €194,106 | +€52,228 | +36.8% |
| Stocks and contracts in progress | 3 | €75,966 | €82,417 | +€6,451 | +8.5% |
| Stocks | 30/36 | €75,966 | €82,417 | +€6,451 | +8.5% |
| Amounts receivable within one year | 40/41 | €6,443 | €42,014 | +€35,571 | +552% |
| Trade receivables | 40 | €439 | €16,112 | +€15,673 | +3,574% |
| Other amounts receivable | 41 | €6,005 | €25,902 | +€19,898 | +331% |
| Cash at bank and in hand | 54/58 | €57,604 | €67,857 | +€10,254 | +17.8% |
| Deferred charges and accrued income | 490/1 | €1,865 | €1,818 | -€47 | -2.5% |
| Total equity and liabilities | 10/49 | €554,665 | €589,403 | +€34,738 | +6.3% |
| Equity | 10/15 | €155,328 | €173,872 | +€18,545 | +11.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €109,000 | €127,500 | +€18,500 | +17.0% |
| Distributable reserves | 133 | €109,000 | €127,500 | +€18,500 | +17.0% |
| Profit (loss) carried forward | 14 | €39,328 | €39,372 | +€45 | +0.1% |
| Amounts payable | 17/49 | €399,338 | €415,531 | +€16,193 | +4.1% |
| Amounts payable after more than one year | 17 | €281,475 | €264,471 | -€17,004 | -6.0% |
| Financial debts | 170/4 | €281,475 | €264,471 | -€17,004 | -6.0% |
| Amounts payable within one year | 42/48 | €117,398 | €150,984 | +€33,586 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €40,617 | €52,503 | +€11,886 | +29.3% |
| Trade debts | 44 | €36,291 | €47,233 | +€10,942 | +30.1% |
| Suppliers | 440/4 | €36,291 | €47,233 | +€10,942 | +30.1% |
| Taxes, remuneration and social security | 45 | €40,132 | €51,248 | +€11,116 | +27.7% |
| Taxes | 450/3 | €19,639 | €22,525 | +€2,886 | +14.7% |
| Remuneration and social security | 454/9 | €20,494 | €28,723 | +€8,230 | +40.2% |
| Other amounts payable | 47/48 | €357 | - | -€357 | |
| Accrued charges and deferred income | 492/3 | €465 | €76 | -€389 | -83.7% |
| Non-recurring operating income | 76A | €9,683 | - | -€9,683 | |
| Remuneration, social security and pensions | 62 | €140,767 | €175,165 | +€34,398 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,311 | €40,456 | +€2,145 | +5.6% |
| Other operating charges | 640/8 | €5,095 | €6,582 | +€1,487 | +29.2% |
| Gross operating margin | 9900 | €228,363 | €271,544 | +€43,181 | +18.9% |
| Operating profit (loss) | 9901 | €44,191 | €49,342 | +€5,151 | +11.7% |
| Financial income | 75/76B | €511 | €97 | -€414 | -81.0% |
| Recurring financial income | 75 | €511 | €97 | -€414 | -81.0% |
| Financial charges | 65/66B | €23,714 | €21,836 | -€1,878 | -7.9% |
| Recurring financial charges | 65 | €23,714 | €21,836 | -€1,878 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €20,988 | €27,603 | +€6,615 | +31.5% |
| Income taxes | 67/77 | €6,563 | €9,058 | +€2,495 | +38.0% |
| Profit (loss) for the period | 9904 | €14,425 | €18,545 | +€4,120 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,425 | €18,545 | +€4,120 | +28.6% |
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 27 October 2026 via checked.be.