MAXIMUM IMAGE: what changed
Two fiscal 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.
MAXIMUM IMAGE
Largest movements
- Tangible fixed assets +€330,765
up €330,765 (+396.6%), from €83,408 to €414,172
of which Land and buildings: +€178,677
- Receivables within one year -€60,109
down €60,109 (-8.5%), from €705,951 to €645,842
of which Trade receivables: -€75,061
- Cash +€50,821
up €50,821 (+95.6%), from €53,156 to €103,977
mainly Debts after one year (+€230,464) and Net result for the year (+€207,426)
- Debts after one year +€230,464
up €230,464 (+844.9%), from €27,277 to €257,741
- Reserves +€191,792
up €191,792 (+48.0%), from €399,728 to €591,520
of which Distributable reserves: +€191,792
- Advances received -€59,957
down €59,957 (-75.4%), from €79,560 to €19,603
- Other debts +€51,891
up €51,891 (+79.0%), from €65,703 to €117,594
- Trade debts -€45,185
down €45,185 (-17.2%), from €262,090 to €216,905
- Gross operating margin +€282,741
up €282,741 (+86.4%), from €327,426 to €610,168
- Taxes +€61,113
up €61,113 (+437.9%), from €13,955 to €75,067
- Staff costs +€28,403
up €28,403 (+12.5%), from €228,057 to €256,460
- Depreciation +€19,882
up €19,882 (+69.0%), from €28,824 to €48,706
- Financial charges +€8,871
up €8,871 (+63.7%), from €13,919 to €22,790
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.
Cash bridge derived
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 | €1,179,579 | €1,485,641 | +€306,062 | +25.9% |
| Fixed assets | 21/28 | €110,298 | €432,810 | +€322,512 | +292.4% |
| Intangible fixed assets | 21 | €22,221 | €13,968 | -€8,253 | -37.1% |
| Tangible fixed assets | 22/27 | €83,408 | €414,172 | +€330,765 | +396.6% |
| Land and buildings | 22 | - | €178,677 | +€178,677 | |
| Plant, machinery and equipment | 23 | €10,659 | €31,747 | +€21,088 | +197.8% |
| Furniture and vehicles | 24 | €41,750 | €32,957 | -€8,793 | -21.1% |
| Other tangible fixed assets | 26 | €18,001 | €14,185 | -€3,816 | -21.2% |
| Assets under construction and advance payments | 27 | €12,998 | €156,607 | +€143,609 | +1104.9% |
| Financial fixed assets | 28 | €4,670 | €4,670 | = | 0.0% |
| Current assets | 29/58 | €1,069,281 | €1,052,831 | -€16,449 | -1.5% |
| Stocks and contracts in progress | 3 | €300,155 | €285,725 | -€14,430 | -4.8% |
| Stocks | 30/36 | €300,155 | €285,725 | -€14,430 | -4.8% |
| Amounts receivable within one year | 40/41 | €705,951 | €645,842 | -€60,109 | -8.5% |
| Trade receivables | 40 | €685,886 | €610,825 | -€75,061 | -10.9% |
| Other amounts receivable | 41 | €20,065 | €35,017 | +€14,953 | +74.5% |
| Cash at bank and in hand | 54/58 | €53,156 | €103,977 | +€50,821 | +95.6% |
| Deferred charges and accrued income | 490/1 | €10,019 | €17,287 | +€7,269 | +72.6% |
| Total equity and liabilities | 10/49 | €1,179,579 | €1,485,641 | +€306,062 | +25.9% |
| Equity | 10/15 | €487,903 | €679,695 | +€191,792 | +39.3% |
| Contributions | 10/11 | €88,175 | €88,175 | = | 0.0% |
| Reserves | 13 | €399,728 | €591,520 | +€191,792 | +48.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €343,478 | €535,270 | +€191,792 | +55.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €691,676 | €805,946 | +€114,270 | +16.5% |
| Amounts payable after more than one year | 17 | €27,277 | €257,741 | +€230,464 | +844.9% |
| Financial debts | 170/4 | €27,277 | €257,741 | +€230,464 | +844.9% |
| Amounts payable within one year | 42/48 | €662,516 | €546,919 | -€115,597 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €40,221 | €18,363 | -€21,859 | -54.3% |
| Financial debts | 43 | €107,036 | €106,977 | -€59 | -0.1% |
| Credit institutions | 430/8 | €107,036 | €106,977 | -€59 | -0.1% |
| Trade debts | 44 | €262,090 | €216,905 | -€45,185 | -17.2% |
| Suppliers | 440/4 | €262,090 | €216,905 | -€45,185 | -17.2% |
| Advances received on contracts in progress | 46 | €79,560 | €19,603 | -€59,957 | -75.4% |
| Taxes, remuneration and social security | 45 | €107,907 | €67,478 | -€40,428 | -37.5% |
| Taxes | 450/3 | €82,354 | €40,074 | -€42,281 | -51.3% |
| Remuneration and social security | 454/9 | €25,552 | €27,405 | +€1,852 | +7.2% |
| Other amounts payable | 47/48 | €65,703 | €117,594 | +€51,891 | +79.0% |
| Accrued charges and deferred income | 492/3 | €1,883 | €1,286 | -€597 | -31.7% |
| Remuneration, social security and pensions | 62 | €228,057 | €256,460 | +€28,403 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,824 | €48,706 | +€19,882 | +69.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,900 | €2,907 | +€1,007 | +53.0% |
| Non-recurring operating charges | 66A | €7,248 | €0 | -€7,248 | -100.0% |
| Gross operating margin | 9900 | €327,426 | €610,168 | +€282,741 | +86.4% |
| Operating profit (loss) | 9901 | €61,398 | €302,095 | +€240,697 | +392.0% |
| Financial income | 75/76B | €1,844 | €3,188 | +€1,344 | +72.9% |
| Recurring financial income | 75 | €1,844 | €3,188 | +€1,344 | +72.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €13,919 | €22,790 | +€8,871 | +63.7% |
| Recurring financial charges | 65 | €13,919 | €22,790 | +€8,871 | +63.7% |
| Profit (loss) for the period before taxes | 9903 | €49,323 | €282,494 | +€233,170 | +472.7% |
| Income taxes | 67/77 | €13,955 | €75,067 | +€61,113 | +437.9% |
| Profit (loss) for the period | 9904 | €35,369 | €207,426 | +€172,058 | +486.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,369 | €207,426 | +€172,058 | +486.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.