MEMO: 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.
MEMO
Largest movements
- Receivables within one year +€807,951
up €807,951 (+23.1%), from €3.5m to €4.3m
of which Other amounts receivable: +€1.1m
- Cash -€340,351
down €340,351 (-81.5%), from €417,606 to €77,255
mainly Receivables within one year (-€807,951) and Investment in fixed assets (net) (-€271,246)
- Tangible fixed assets -€63,153
down €63,153 (-7.1%), from €883,903 to €820,750
of which Plant, machinery and equipment: -€39,949
- Intangible fixed assets -€59,487
down €59,487 (-25.6%), from €231,980 to €172,493
- Tax, wage and social debts +€195,838
up €195,838 (+71.2%), from €275,004 to €470,842
of which Remuneration and social security: +€99,218
- Debts after one year +€127,883
up €127,883 (+38.7%), from €330,521 to €458,403
- Profit (loss) carried forward +€108,033
up €108,033 (+6.3%), from €1.7m to €1.8m
- Other debts -€89,251
down €89,251 (-22.0%), from €406,095 to €316,843
- Gross operating margin +€375,059
up €375,059 (+20.9%), from €1.8m to €2.2m
- Staff costs +€186,453
up €186,453 (+13.6%), from €1.4m to €1.6m
- Depreciation +€49,468
up €49,468 (+14.4%), from €344,419 to €393,887
- Taxes +€34,969
up €34,969 (+103.1%), from €33,912 to €68,881
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 | €5,083,038 | €5,424,694 | +€341,656 | +6.7% |
| Fixed assets | 21/28 | €1,116,162 | €993,521 | -€122,641 | -11.0% |
| Intangible fixed assets | 21 | €231,980 | €172,493 | -€59,487 | -25.6% |
| Tangible fixed assets | 22/27 | €883,903 | €820,750 | -€63,153 | -7.1% |
| Plant, machinery and equipment | 23 | €821,768 | €781,819 | -€39,949 | -4.9% |
| Furniture and vehicles | 24 | €43,793 | €26,183 | -€17,610 | -40.2% |
| Other tangible fixed assets | 26 | €18,343 | €12,748 | -€5,595 | -30.5% |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €3,966,876 | €4,431,173 | +€464,297 | +11.7% |
| Amounts receivable within one year | 40/41 | €3,501,294 | €4,309,245 | +€807,951 | +23.1% |
| Trade receivables | 40 | €1,843,037 | €1,548,742 | -€294,295 | -16.0% |
| Other amounts receivable | 41 | €1,658,258 | €2,760,503 | +€1.1m | +66.5% |
| Cash at bank and in hand | 54/58 | €417,606 | €77,255 | -€340,351 | -81.5% |
| Deferred charges and accrued income | 490/1 | €47,976 | €44,673 | -€3,303 | -6.9% |
| Total equity and liabilities | 10/49 | €5,083,038 | €5,424,694 | +€341,656 | +6.7% |
| Equity | 10/15 | €1,856,979 | €1,965,012 | +€108,033 | +5.8% |
| Contributions | 10/11 | €140,200 | €140,200 | = | 0.0% |
| Capital | 10 | €140,200 | €140,200 | = | 0.0% |
| Issued capital | 100 | €140,200 | €140,200 | = | 0.0% |
| Reserves | 13 | €14,020 | €14,020 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,020 | €14,020 | = | 0.0% |
| Legal reserve | 130 | €14,020 | €14,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,702,759 | €1,810,792 | +€108,033 | +6.3% |
| Amounts payable | 17/49 | €3,226,058 | €3,459,682 | +€233,624 | +7.2% |
| Amounts payable after more than one year | 17 | €330,521 | €458,403 | +€127,883 | +38.7% |
| Financial debts | 170/4 | €330,521 | €458,403 | +€127,883 | +38.7% |
| Amounts payable within one year | 42/48 | €2,688,400 | €2,759,132 | +€70,732 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €110,541 | €72,117 | -€38,424 | -34.8% |
| Financial debts | 43 | €491,929 | €486,866 | -€5,063 | -1.0% |
| Credit institutions | 430/8 | €491,929 | €486,866 | -€5,063 | -1.0% |
| Trade debts | 44 | €1,404,831 | €1,412,464 | +€7,632 | +0.5% |
| Suppliers | 440/4 | €1,404,831 | €1,412,464 | +€7,632 | +0.5% |
| Taxes, remuneration and social security | 45 | €275,004 | €470,842 | +€195,838 | +71.2% |
| Taxes | 450/3 | €68,685 | €165,304 | +€96,620 | +140.7% |
| Remuneration and social security | 454/9 | €206,319 | €305,538 | +€99,218 | +48.1% |
| Other amounts payable | 47/48 | €406,095 | €316,843 | -€89,251 | -22.0% |
| Accrued charges and deferred income | 492/3 | €207,138 | €242,146 | +€35,009 | +16.9% |
| Remuneration, social security and pensions | 62 | €1,371,490 | €1,557,944 | +€186,453 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344,419 | €393,887 | +€49,468 | +14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,462 | +€8,462 | |
| Other operating charges | 640/8 | €17,630 | €4,531 | -€13,099 | -74.3% |
| Gross operating margin | 9900 | €1,796,907 | €2,171,966 | +€375,059 | +20.9% |
| Operating profit (loss) | 9901 | €63,368 | €207,143 | +€143,775 | +226.9% |
| Financial income | 75/76B | €1,014 | €193 | -€821 | -80.9% |
| Recurring financial income | 75 | €1,014 | €193 | -€821 | -80.9% |
| Financial charges | 65/66B | €33,594 | €30,422 | -€3,172 | -9.4% |
| Recurring financial charges | 65 | €33,594 | €30,422 | -€3,172 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €30,788 | €176,914 | +€146,125 | +474.6% |
| Income taxes | 67/77 | €33,912 | €68,881 | +€34,969 | +103.1% |
| Profit (loss) for the period | 9904 | -€3,124 | €108,033 | +€111,156 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,124 | €108,033 | +€111,156 |
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 4 October 2026 via checked.be.