NAIL TO NAIL: 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.
NAIL TO NAIL
Largest movements
- Receivables within one year +€110,769
up €110,769 (+38.7%), from €286,286 to €397,055
of which Trade receivables: +€152,382
- Cash -€47,261
down €47,261 (-60.2%), from €78,522 to €31,261
mainly Receivables within one year (-€110,769) and Tax, wage and social debts (-€24,387)
- Deferred charges and accrued income +€22,746
up €22,746 (+314%), from €7,243 to €29,989
- Tangible fixed assets -€22,491
down €22,491 (-53.4%), from €42,109 to €19,618
of which Leasing and similar rights: -€23,146
- Other debts +€77,750
up €77,750 (+209%), from €37,195 to €114,945
- Trade debts +€28,183
up €28,183 (+38.5%), from €73,134 to €101,317
- Tax, wage and social debts -€24,387
down €24,387 (-24.3%), from €100,448 to €76,061
of which Remuneration and social security: -€13,136
- Debts after one year -€18,732
no longer reported in 2025 (was €18,732)
- Profit (loss) carried forward +€8,892
up €8,892 (+26.1%), from -€34,087 to -€25,195
- Gross operating margin +€59,615
up €59,615 (+10.5%), from €565,776 to €625,391
- Staff costs -€52,533
down €52,533 (-8.5%), from €617,283 to €564,750
- Depreciation -€18,094
down €18,094 (-38.2%), from €47,429 to €29,335
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 | €464,981 | €528,833 | +€63,851 | +13.7% |
| Fixed assets | 21/28 | €42,638 | €20,147 | -€22,491 | -52.7% |
| Tangible fixed assets | 22/27 | €42,109 | €19,618 | -€22,491 | -53.4% |
| Land and buildings | 22 | €7,365 | €6,874 | -€491 | -6.7% |
| Plant, machinery and equipment | 23 | €4,816 | €2,674 | -€2,142 | -44.5% |
| Furniture and vehicles | 24 | €6,782 | €10,070 | +€3,288 | +48.5% |
| Leasing and similar rights | 25 | €23,146 | - | -€23,146 | |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €422,344 | €508,686 | +€86,342 | +20.4% |
| Amounts receivable within one year | 40/41 | €286,286 | €397,055 | +€110,769 | +38.7% |
| Trade receivables | 40 | €243,286 | €395,668 | +€152,382 | +62.6% |
| Other amounts receivable | 41 | €43,000 | €1,387 | -€41,613 | -96.8% |
| Current investments | 50/53 | €50,293 | €50,381 | +€88 | +0.2% |
| Cash at bank and in hand | 54/58 | €78,522 | €31,261 | -€47,261 | -60.2% |
| Deferred charges and accrued income | 490/1 | €7,243 | €29,989 | +€22,746 | +314% |
| Total equity and liabilities | 10/49 | €464,981 | €528,833 | +€63,851 | +13.7% |
| Equity | 10/15 | €48,413 | €57,305 | +€8,892 | +18.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,087 | -€25,195 | +€8,892 | +26.1% |
| Amounts payable | 17/49 | €416,568 | €471,527 | +€54,959 | +13.2% |
| Amounts payable after more than one year | 17 | €18,732 | - | -€18,732 | |
| Financial debts | 170/4 | €18,732 | - | -€18,732 | |
| Amounts payable within one year | 42/48 | €397,836 | €471,527 | +€73,691 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €34,860 | €29,204 | -€5,656 | -16.2% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €73,134 | €101,317 | +€28,183 | +38.5% |
| Suppliers | 440/4 | €73,134 | €101,317 | +€28,183 | +38.5% |
| Advances received on contracts in progress | 46 | €2,199 | - | -€2,199 | |
| Taxes, remuneration and social security | 45 | €100,448 | €76,061 | -€24,387 | -24.3% |
| Taxes | 450/3 | €33,151 | €21,900 | -€11,251 | -33.9% |
| Remuneration and social security | 454/9 | €67,297 | €54,161 | -€13,136 | -19.5% |
| Other amounts payable | 47/48 | €37,195 | €114,945 | +€77,750 | +209% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €617,283 | €564,750 | -€52,533 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,429 | €29,335 | -€18,094 | -38.2% |
| Other operating charges | 640/8 | €5,110 | €6,576 | +€1,466 | +28.7% |
| Gross operating margin | 9900 | €565,776 | €625,391 | +€59,615 | +10.5% |
| Operating profit (loss) | 9901 | -€104,046 | €24,729 | +€128,776 | |
| Financial income | 75/76B | €1,616 | €6,463 | +€4,847 | +300% |
| Recurring financial income | 75 | €1,616 | €6,463 | +€4,847 | +300% |
| Financial charges | 65/66B | €25,237 | €21,816 | -€3,422 | -13.6% |
| Recurring financial charges | 65 | €25,237 | €21,816 | -€3,422 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | -€127,668 | €9,377 | +€137,045 | |
| Income taxes | 67/77 | €3,020 | €485 | -€2,536 | -84.0% |
| Profit (loss) for the period | 9904 | -€130,688 | €8,892 | +€139,580 | |
| Profit (loss) for the period to be appropriated | 9905 | -€130,688 | €8,892 | +€139,580 |
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 29 October 2026 via checked.be.