Memorial Stone: 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.
Memorial Stone
Largest movements
- Receivables within one year +€688,122
up €688,122 (+126%), from €545,541 to €1.2m
of which Other amounts receivable: +€417,746
- Tangible fixed assets +€209,440
up €209,440 (+133%), from €157,244 to €366,684
of which Leasing and similar rights: +€227,424
- Cash -€121,560
down €121,560 (-21.8%), from €556,513 to €434,952
mainly Receivables within one year (-€688,122) and Investment in fixed assets (net) (-€257,244)
- Stocks and contracts -€27,653
down €27,653 (-4.0%), from €690,628 to €662,975
- Trade debts +€441,925
up €441,925 (+136%), from €325,201 to €767,126
- Debts after one year +€185,061
new in 2025: €185,061
- Reserves +€70,892
up €70,892 (+5.8%), from €1.2m to €1.3m
- Current portion of long-term debt +€43,245
new in 2025: €43,245
- Accrued charges and deferred income +€35,387
up €35,387 (+355%), from €9,959 to €45,346
- Gross operating margin -€71,817
down €71,817 (-7.4%), from €967,617 to €895,799
- Other operating charges -€67,463
down €67,463 (-69.1%), from €97,586 to €30,123
- Financial charges -€57,727
down €57,727 (-76.5%), from €75,481 to €17,754
- Taxes +€18,357
up €18,357 (+53.2%), from €34,504 to €52,861
- Financial income +€12,134
up €12,134 (+171%), from €7,082 to €19,216
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,989,049 | €2,736,624 | +€747,575 | +37.6% |
| Fixed assets | 21/28 | €157,649 | €366,819 | +€209,170 | +133% |
| Tangible fixed assets | 22/27 | €157,244 | €366,684 | +€209,440 | +133% |
| Plant, machinery and equipment | 23 | €153,662 | €132,452 | -€21,210 | -13.8% |
| Furniture and vehicles | 24 | €2,737 | €4,185 | +€1,448 | +52.9% |
| Leasing and similar rights | 25 | - | €227,424 | +€227,424 | |
| Other tangible fixed assets | 26 | €846 | €2,624 | +€1,778 | +210% |
| Financial fixed assets | 28 | €405 | €135 | -€270 | -66.7% |
| Current assets | 29/58 | €1,831,400 | €2,369,805 | +€538,405 | +29.4% |
| Stocks and contracts in progress | 3 | €690,628 | €662,975 | -€27,653 | -4.0% |
| Stocks | 30/36 | €690,628 | €662,975 | -€27,653 | -4.0% |
| Amounts receivable within one year | 40/41 | €545,541 | €1,233,663 | +€688,122 | +126% |
| Trade receivables | 40 | €446,188 | €716,564 | +€270,376 | +60.6% |
| Other amounts receivable | 41 | €99,353 | €517,099 | +€417,746 | +420% |
| Cash at bank and in hand | 54/58 | €556,513 | €434,952 | -€121,560 | -21.8% |
| Deferred charges and accrued income | 490/1 | €38,718 | €38,214 | -€504 | -1.3% |
| Total equity and liabilities | 10/49 | €1,989,049 | €2,736,624 | +€747,575 | +37.6% |
| Equity | 10/15 | €1,442,080 | €1,512,971 | +€70,892 | +4.9% |
| Contributions | 10/11 | €229,102 | €229,102 | = | 0.0% |
| Reserves | 13 | €1,212,978 | €1,283,869 | +€70,892 | +5.8% |
| Distributable reserves | 133 | €1,212,978 | €1,283,869 | +€70,892 | +5.8% |
| Amounts payable | 17/49 | €546,969 | €1,223,653 | +€676,683 | +124% |
| Amounts payable after more than one year | 17 | - | €185,061 | +€185,061 | |
| Financial debts | 170/4 | - | €185,061 | +€185,061 | |
| Amounts payable within one year | 42/48 | €537,010 | €993,245 | +€456,235 | +85.0% |
| Current portion of amounts payable after more than one year | 42 | - | €43,245 | +€43,245 | |
| Trade debts | 44 | €325,201 | €767,126 | +€441,925 | +136% |
| Suppliers | 440/4 | €325,201 | €767,126 | +€441,925 | +136% |
| Advances received on contracts in progress | 46 | - | €540 | +€540 | |
| Taxes, remuneration and social security | 45 | €211,809 | €182,334 | -€29,475 | -13.9% |
| Taxes | 450/3 | €186,581 | €140,939 | -€45,642 | -24.5% |
| Remuneration and social security | 454/9 | €25,228 | €41,396 | +€16,168 | +64.1% |
| Accrued charges and deferred income | 492/3 | €9,959 | €45,346 | +€35,387 | +355% |
| Non-recurring operating income | 76A | €15,702 | €14,000 | -€1,702 | -10.8% |
| Remuneration, social security and pensions | 62 | €689,991 | €694,908 | +€4,917 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,987 | €48,074 | -€6,913 | -12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€383 | €403 | +€787 | |
| Other operating charges | 640/8 | €97,586 | €30,123 | -€67,463 | -69.1% |
| Non-recurring operating charges | 66A | €1,857 | €0 | -€1,857 | -100% |
| Gross operating margin | 9900 | €967,617 | €895,799 | -€71,817 | -7.4% |
| Operating profit (loss) | 9901 | €123,579 | €122,291 | -€1,288 | -1.0% |
| Financial income | 75/76B | €7,082 | €19,216 | +€12,134 | +171% |
| Recurring financial income | 75 | €7,082 | €19,216 | +€12,134 | +171% |
| Financial charges | 65/66B | €75,481 | €17,754 | -€57,727 | -76.5% |
| Recurring financial charges | 65 | €75,481 | €17,754 | -€57,727 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €55,181 | €123,753 | +€68,572 | +124% |
| Income taxes | 67/77 | €34,504 | €52,861 | +€18,357 | +53.2% |
| Profit (loss) for the period | 9904 | €20,677 | €70,892 | +€50,215 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €20,677 | €70,892 | +€50,215 | +243% |
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.