MD & B: 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.
MD & B
Largest movements
- Current investments -€1.1m
down €1.1m (-75.9%), from €1.5m to €362,499
- Cash +€1.1m
up €1.1m (+124%), from €847,758 to €1.9m
mainly Current investments (+€1.1m) and Net result for the year (+€843,592)
- Tangible fixed assets -€414,164
down €414,164 (-10.2%), from €4.1m to €3.7m
- Other debts -€418,581
down €418,581 (-95.7%), from €437,467 to €18,886
- Reserves +€405,191
up €405,191 (+9.9%), from €4.1m to €4.5m
- Debts after one year -€337,991
down €337,991 (-13.6%), from €2.5m to €2.1m
of which Financial debts: -€375,578
- Tax, wage and social debts -€140,030
down €140,030 (-44.1%), from €317,749 to €177,719
of which Remuneration and social security: -€95,647
- Gross operating margin +€528,449
up €528,449 (+22.7%), from €2.3m to €2.9m
- Taxes +€115,384
up €115,384 (+66.6%), from €173,287 to €288,671
- Depreciation +€55,680
up €55,680 (+13.3%), from €419,907 to €475,587
- Financial charges +€35,740
up €35,740 (+30.1%), from €118,618 to €154,357
- Financial income -€31,825
down €31,825 (-38.1%), from €83,508 to €51,683
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 | €8,154,061 | €7,672,456 | -€481,605 | -5.9% |
| Formation expenses | 20 | €40,043 | €20,956 | -€19,087 | -47.7% |
| Fixed assets | 21/28 | €4,072,624 | €3,658,461 | -€414,164 | -10.2% |
| Tangible fixed assets | 22/27 | €4,065,050 | €3,650,886 | -€414,164 | -10.2% |
| Plant, machinery and equipment | 23 | €919,708 | €718,810 | -€200,898 | -21.8% |
| Leasing and similar rights | 25 | €3,018,205 | €2,829,399 | -€188,806 | -6.3% |
| Other tangible fixed assets | 26 | €127,136 | €102,677 | -€24,459 | -19.2% |
| Financial fixed assets | 28 | €7,574 | €7,574 | = | 0.0% |
| Current assets | 29/58 | €4,041,394 | €3,993,040 | -€48,354 | -1.2% |
| Amounts receivable after more than one year | 29 | €800,000 | €800,000 | = | 0.0% |
| Other amounts receivable | 291 | €800,000 | €800,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €632,292 | €685,886 | +€53,594 | +8.5% |
| Stocks | 30/36 | €632,292 | €685,886 | +€53,594 | +8.5% |
| Amounts receivable within one year | 40/41 | €253,677 | €213,421 | -€40,256 | -15.9% |
| Trade receivables | 40 | €230,587 | €208,484 | -€22,104 | -9.6% |
| Other amounts receivable | 41 | €23,090 | €4,937 | -€18,153 | -78.6% |
| Current investments | 50/53 | €1,501,962 | €362,499 | -€1.1m | -75.9% |
| Cash at bank and in hand | 54/58 | €847,758 | €1,903,048 | +€1.1m | +124% |
| Deferred charges and accrued income | 490/1 | €5,705 | €28,186 | +€22,481 | +394% |
| Total equity and liabilities | 10/49 | €8,154,061 | €7,672,456 | -€481,605 | -5.9% |
| Equity | 10/15 | €4,168,851 | €4,574,042 | +€405,191 | +9.7% |
| Contributions | 10/11 | €67,867 | €67,867 | = | 0.0% |
| Reserves | 13 | €4,100,984 | €4,506,175 | +€405,191 | +9.9% |
| Distributable reserves | 133 | €4,100,984 | €4,506,175 | +€405,191 | +9.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,985,210 | €3,098,414 | -€886,796 | -22.3% |
| Amounts payable after more than one year | 17 | €2,481,866 | €2,143,875 | -€337,991 | -13.6% |
| Financial debts | 170/4 | €1,713,840 | €1,338,262 | -€375,578 | -21.9% |
| Trade debts | 175 | €768,026 | €805,613 | +€37,587 | +4.9% |
| Amounts payable within one year | 42/48 | €1,503,344 | €954,539 | -€548,804 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €366,590 | €385,578 | +€18,988 | +5.2% |
| Trade debts | 44 | €381,538 | €372,356 | -€9,182 | -2.4% |
| Suppliers | 440/4 | €381,538 | €372,356 | -€9,182 | -2.4% |
| Taxes, remuneration and social security | 45 | €317,749 | €177,719 | -€140,030 | -44.1% |
| Taxes | 450/3 | €103,728 | €59,345 | -€44,383 | -42.8% |
| Remuneration and social security | 454/9 | €214,020 | €118,374 | -€95,647 | -44.7% |
| Other amounts payable | 47/48 | €437,467 | €18,886 | -€418,581 | -95.7% |
| Remuneration, social security and pensions | 62 | €1,119,614 | €1,123,525 | +€3,911 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €419,907 | €475,587 | +€55,680 | +13.3% |
| Other operating charges | 640/8 | €19,181 | €18,699 | -€481 | -2.5% |
| Gross operating margin | 9900 | €2,324,300 | €2,852,749 | +€528,449 | +22.7% |
| Operating profit (loss) | 9901 | €765,598 | €1,234,937 | +€469,339 | +61.3% |
| Financial income | 75/76B | €83,508 | €51,683 | -€31,825 | -38.1% |
| Recurring financial income | 75 | €83,508 | €51,683 | -€31,825 | -38.1% |
| Financial charges | 65/66B | €118,618 | €154,357 | +€35,740 | +30.1% |
| Recurring financial charges | 65 | €118,618 | €154,357 | +€35,740 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | €730,488 | €1,132,263 | +€401,775 | +55.0% |
| Income taxes | 67/77 | €173,287 | €288,671 | +€115,384 | +66.6% |
| Profit (loss) for the period | 9904 | €557,201 | €843,592 | +€286,391 | +51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €557,201 | €843,592 | +€286,391 | +51.4% |
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 14 October 2026 via checked.be.