MEET HET: 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.
MEET HET
Largest movements
- Tangible fixed assets -€138,376
down €138,376 (-8.6%), from €1.6m to €1.5m
- Stocks and contracts -€86,694
down €86,694 (-95.0%), from €91,209 to €4,515
of which Stocks: -€65,063
- Cash -€81,476
down €81,476 (-48.2%), from €169,161 to €87,685
mainly Investment in fixed assets (net) (-€237,788) and Tax, wage and social debts (-€121,631)
- Receivables within one year -€46,496
down €46,496 (-5.7%), from €814,498 to €768,002
of which Trade receivables: -€43,669
- Tax, wage and social debts -€121,631
down €121,631 (-31.1%), from €390,674 to €269,044
of which Taxes: -€130,626
- Debts after one year -€112,887
down €112,887 (-17.9%), from €629,442 to €516,555
- Trade debts -€102,692
down €102,692 (-31.8%), from €322,453 to €219,761
- Current portion of long-term debt -€93,810
down €93,810 (-20.0%), from €468,748 to €374,939
- Gross operating margin +€207,252
up €207,252 (+16.1%), from €1.3m to €1.5m
- Staff costs +€79,842
up €79,842 (+8.9%), from €896,578 to €976,420
- Depreciation +€56,431
up €56,431 (+16.6%), from €340,663 to €397,094
- Taxes +€36,481
up €36,481, from -€7,226 to €29,255
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 | €2,765,771 | €2,367,029 | -€398,742 | -14.4% |
| Fixed assets | 21/28 | €1,657,725 | €1,498,419 | -€159,306 | -9.6% |
| Intangible fixed assets | 21 | €56,122 | €35,192 | -€20,930 | -37.3% |
| Tangible fixed assets | 22/27 | €1,601,603 | €1,463,227 | -€138,376 | -8.6% |
| Land and buildings | 22 | €611,440 | €593,576 | -€17,864 | -2.9% |
| Plant, machinery and equipment | 23 | €637,597 | €624,320 | -€13,277 | -2.1% |
| Furniture and vehicles | 24 | €87,225 | €37,169 | -€50,055 | -57.4% |
| Leasing and similar rights | 25 | €190,601 | €136,965 | -€53,637 | -28.1% |
| Other tangible fixed assets | 26 | €74,740 | €71,197 | -€3,543 | -4.7% |
| Current assets | 29/58 | €1,108,046 | €868,610 | -€239,436 | -21.6% |
| Stocks and contracts in progress | 3 | €91,209 | €4,515 | -€86,694 | -95.0% |
| Stocks | 30/36 | €65,063 | - | -€65,063 | |
| Contracts in progress | 37 | €26,146 | €4,515 | -€21,631 | -82.7% |
| Amounts receivable within one year | 40/41 | €814,498 | €768,002 | -€46,496 | -5.7% |
| Trade receivables | 40 | €753,949 | €710,280 | -€43,669 | -5.8% |
| Other amounts receivable | 41 | €60,549 | €57,722 | -€2,827 | -4.7% |
| Cash at bank and in hand | 54/58 | €169,161 | €87,685 | -€81,476 | -48.2% |
| Deferred charges and accrued income | 490/1 | €33,178 | €8,408 | -€24,770 | -74.7% |
| Total equity and liabilities | 10/49 | €2,765,771 | €2,367,029 | -€398,742 | -14.4% |
| Equity | 10/15 | €914,735 | €938,607 | +€23,873 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €896,135 | €920,007 | +€23,873 | +2.7% |
| 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 | €894,275 | €918,147 | +€23,873 | +2.7% |
| Amounts payable | 17/49 | €1,851,036 | €1,428,421 | -€422,615 | -22.8% |
| Amounts payable after more than one year | 17 | €629,442 | €516,555 | -€112,887 | -17.9% |
| Financial debts | 170/4 | €629,442 | €516,555 | -€112,887 | -17.9% |
| Amounts payable within one year | 42/48 | €1,221,595 | €902,062 | -€319,533 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €468,748 | €374,939 | -€93,810 | -20.0% |
| Financial debts | 43 | €20,284 | €4,031 | -€16,253 | -80.1% |
| Credit institutions | 430/8 | €20,284 | €4,031 | -€16,253 | -80.1% |
| Trade debts | 44 | €322,453 | €219,761 | -€102,692 | -31.8% |
| Suppliers | 440/4 | €322,453 | €219,761 | -€102,692 | -31.8% |
| Taxes, remuneration and social security | 45 | €390,674 | €269,044 | -€121,631 | -31.1% |
| Taxes | 450/3 | €227,784 | €97,158 | -€130,626 | -57.3% |
| Remuneration and social security | 454/9 | €162,890 | €171,886 | +€8,996 | +5.5% |
| Other amounts payable | 47/48 | €19,435 | €34,287 | +€14,852 | +76.4% |
| Accrued charges and deferred income | 492/3 | - | €9,805 | +€9,805 | |
| Non-recurring operating income | 76A | - | €2,779 | +€2,779 | |
| Remuneration, social security and pensions | 62 | €896,578 | €976,420 | +€79,842 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340,663 | €397,094 | +€56,431 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,332 | €15,177 | -€2,156 | -12.4% |
| Other operating charges | 640/8 | €12,442 | €12,993 | +€551 | +4.4% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €1,283,710 | €1,490,962 | +€207,252 | +16.1% |
| Operating profit (loss) | 9901 | €16,694 | €89,203 | +€72,509 | +434% |
| Financial income | 75/76B | €626 | €15 | -€610 | -97.6% |
| Recurring financial income | 75 | €626 | €15 | -€610 | -97.6% |
| Financial charges | 65/66B | €43,503 | €36,090 | -€7,413 | -17.0% |
| Recurring financial charges | 65 | €43,503 | €36,090 | -€7,413 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€26,183 | €53,128 | +€79,312 | |
| Income taxes | 67/77 | -€7,226 | €29,255 | +€36,481 | |
| Profit (loss) for the period | 9904 | -€18,958 | €23,873 | +€42,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,958 | €23,873 | +€42,830 |
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 13 October 2026 via checked.be.