Merry Xmas: 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.
Merry Xmas
Largest movements
- Stocks and contracts +€645,292
new in 2025: €645,292
- Receivables within one year +€105,580
up €105,580 (+126%), from €83,726 to €189,306
of which Trade receivables: +€131,337
- Cash -€29,760
down €29,760 (-73.6%), from €40,451 to €10,691
mainly Stocks and contracts (-€645,292) and Receivables within one year (-€105,580)
- Other debts +€684,972
up €684,972 (+992%), from €69,082 to €754,054
- Reserves +€34,081
up €34,081 (+13.0%), from €261,172 to €295,253
- Gross operating margin +€57,309
up €57,309 (+40.0%), from €143,163 to €200,471
- Depreciation +€36,048
up €36,048 (+139%), from €25,962 to €62,010
- Staff costs +€5,606
up €5,606 (+6.8%), from €81,966 to €87,572
- Taxes +€5,506
up €5,506 (+49.4%), from €11,136 to €16,641
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 | €364,412 | €1,088,286 | +€723,874 | +199% |
| Fixed assets | 21/28 | €236,902 | €241,713 | +€4,811 | +2.0% |
| Tangible fixed assets | 22/27 | €236,902 | €241,713 | +€4,811 | +2.0% |
| Land and buildings | 22 | - | €51,558 | +€51,558 | |
| Plant, machinery and equipment | 23 | €71,610 | €62,687 | -€8,923 | -12.5% |
| Furniture and vehicles | 24 | €165,291 | €127,467 | -€37,824 | -22.9% |
| Current assets | 29/58 | €127,510 | €846,573 | +€719,063 | +564% |
| Stocks and contracts in progress | 3 | - | €645,292 | +€645,292 | |
| Stocks | 30/36 | - | €645,292 | +€645,292 | |
| Amounts receivable within one year | 40/41 | €83,726 | €189,306 | +€105,580 | +126% |
| Trade receivables | 40 | €9,476 | €140,813 | +€131,337 | +1,386% |
| Other amounts receivable | 41 | €74,250 | €48,493 | -€25,757 | -34.7% |
| Cash at bank and in hand | 54/58 | €40,451 | €10,691 | -€29,760 | -73.6% |
| Deferred charges and accrued income | 490/1 | €3,333 | €1,285 | -€2,049 | -61.5% |
| Total equity and liabilities | 10/49 | €364,412 | €1,088,286 | +€723,874 | +199% |
| Equity | 10/15 | €267,172 | €301,253 | +€34,081 | +12.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €261,172 | €295,253 | +€34,081 | +13.0% |
| Distributable reserves | 133 | €261,172 | €295,253 | +€34,081 | +13.0% |
| Amounts payable | 17/49 | €97,240 | €787,033 | +€689,793 | +709% |
| Amounts payable within one year | 42/48 | €97,240 | €787,033 | +€689,793 | +709% |
| Trade debts | 44 | €18,262 | €20,731 | +€2,469 | +13.5% |
| Suppliers | 440/4 | €18,262 | €20,731 | +€2,469 | +13.5% |
| Taxes, remuneration and social security | 45 | €9,896 | €12,248 | +€2,352 | +23.8% |
| Remuneration and social security | 454/9 | €9,896 | €12,248 | +€2,352 | +23.8% |
| Other amounts payable | 47/48 | €69,082 | €754,054 | +€684,972 | +992% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €81,966 | €87,572 | +€5,606 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,962 | €62,010 | +€36,048 | +139% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €143,163 | €200,471 | +€57,309 | +40.0% |
| Operating profit (loss) | 9901 | €34,729 | €50,370 | +€15,641 | +45.0% |
| Financial income | 75/76B | €0 | €738 | +€738 | +7,377,700% |
| Recurring financial income | 75 | €0 | €738 | +€738 | +7,377,700% |
| Financial charges | 65/66B | €124 | €385 | +€261 | +211% |
| Recurring financial charges | 65 | €124 | €385 | +€261 | +211% |
| Profit (loss) for the period before taxes | 9903 | €34,605 | €50,722 | +€16,117 | +46.6% |
| Income taxes | 67/77 | €11,136 | €16,641 | +€5,506 | +49.4% |
| Profit (loss) for the period | 9904 | €23,470 | €34,081 | +€10,612 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,470 | €34,081 | +€10,612 | +45.2% |
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 24 October 2026 via checked.be.