Mind The Gap: 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.
Mind The Gap
Largest movements
- Tangible fixed assets -€30,731
down €30,731 (-5.1%), from €601,127 to €570,396
- Receivables within one year +€19,052
up €19,052 (+31.1%), from €61,169 to €80,221
of which Trade receivables: +€20,804
- Cash +€17,200
up €17,200 (+42.5%), from €40,430 to €57,630
mainly Net result for the year (+€46,350) and Depreciation (+€32,126)
- Deferred charges and accrued income -€10,624
down €10,624 (-83.9%), from €12,669 to €2,045
- Debts after one year -€36,652
down €36,652 (-23.8%), from €153,796 to €117,144
- Other debts +€22,145
up €22,145 (+11.8%), from €187,365 to €209,510
- Tax, wage and social debts +€10,967
up €10,967 (+50.2%), from €21,859 to €32,826
- Gross operating margin +€35,131
up €35,131 (+44.4%), from €79,096 to €114,227
- Other operating charges -€6,527
down €6,527 (-67.4%), from €9,690 to €3,163
- Taxes +€6,524
up €6,524 (+48.4%), from €13,488 to €20,012
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 | €715,396 | €710,293 | -€5,103 | -0.7% |
| Fixed assets | 21/28 | €601,127 | €570,396 | -€30,731 | -5.1% |
| Tangible fixed assets | 22/27 | €601,127 | €570,396 | -€30,731 | -5.1% |
| Land and buildings | 22 | €556,025 | €541,722 | -€14,303 | -2.6% |
| Plant, machinery and equipment | 23 | €15,748 | €11,755 | -€3,993 | -25.4% |
| Furniture and vehicles | 24 | €29,354 | €16,919 | -€12,435 | -42.4% |
| Current assets | 29/58 | €114,269 | €139,897 | +€25,628 | +22.4% |
| Amounts receivable within one year | 40/41 | €61,169 | €80,221 | +€19,052 | +31.1% |
| Trade receivables | 40 | €59,108 | €79,912 | +€20,804 | +35.2% |
| Other amounts receivable | 41 | €2,061 | €310 | -€1,751 | -85.0% |
| Cash at bank and in hand | 54/58 | €40,430 | €57,630 | +€17,200 | +42.5% |
| Deferred charges and accrued income | 490/1 | €12,669 | €2,045 | -€10,624 | -83.9% |
| Total equity and liabilities | 10/49 | €715,396 | €710,293 | -€5,103 | -0.7% |
| Equity | 10/15 | €243,487 | €248,835 | +€5,348 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €212,734 | €219,606 | +€6,872 | +3.2% |
| Tax-exempt reserves | 132 | €97,756 | €94,564 | -€3,192 | -3.3% |
| Distributable reserves | 133 | €114,978 | €125,042 | +€10,064 | +8.8% |
| Profit (loss) carried forward | 14 | €12,153 | €10,629 | -€1,524 | -12.5% |
| Provisions and deferred taxes | 16 | €32,585 | €31,521 | -€1,064 | -3.3% |
| Deferred taxes | 168 | €32,585 | €31,521 | -€1,064 | -3.3% |
| Amounts payable | 17/49 | €439,324 | €429,937 | -€9,387 | -2.1% |
| Amounts payable after more than one year | 17 | €153,796 | €117,144 | -€36,652 | -23.8% |
| Financial debts | 170/4 | €153,796 | €117,144 | -€36,652 | -23.8% |
| Amounts payable within one year | 42/48 | €273,571 | €300,995 | +€27,424 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €35,955 | €36,652 | +€697 | +1.9% |
| Trade debts | 44 | €28,392 | €22,006 | -€6,386 | -22.5% |
| Suppliers | 440/4 | €28,392 | €22,006 | -€6,386 | -22.5% |
| Taxes, remuneration and social security | 45 | €21,859 | €32,826 | +€10,967 | +50.2% |
| Taxes | 450/3 | €21,859 | €32,826 | +€10,967 | +50.2% |
| Other amounts payable | 47/48 | €187,365 | €209,510 | +€22,145 | +11.8% |
| Accrued charges and deferred income | 492/3 | €11,957 | €11,798 | -€158 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,553 | €32,126 | +€573 | +1.8% |
| Other operating charges | 640/8 | €9,690 | €3,163 | -€6,527 | -67.4% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | €79,096 | €114,227 | +€35,131 | +44.4% |
| Operating profit (loss) | 9901 | €37,853 | €78,885 | +€41,032 | +108.4% |
| Financial income | 75/76B | €301 | €0 | -€300 | -100.0% |
| Recurring financial income | 75 | €301 | €0 | -€300 | -100.0% |
| Financial charges | 65/66B | €14,213 | €13,587 | -€626 | -4.4% |
| Recurring financial charges | 65 | €14,213 | €13,587 | -€626 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €23,941 | €65,298 | +€41,358 | +172.8% |
| Transfer from deferred taxes | 780 | €1,064 | €1,064 | = | 0.0% |
| Income taxes | 67/77 | €13,488 | €20,012 | +€6,524 | +48.4% |
| Profit (loss) for the period | 9904 | €11,517 | €46,350 | +€34,834 | +302.5% |
| Transfer from tax-exempt reserves | 789 | €3,192 | €3,192 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,709 | €49,542 | +€34,834 | +236.8% |
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 2 October 2026 via checked.be.