Natalie BROCK: 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.
Natalie BROCK
Largest movements
- Cash +€37,601
up €37,601 (+219%), from €17,138 to €54,740
mainly Other debts (+€135,386) and Net result for the year (+€40,764)
- Tangible fixed assets -€35,932
down €35,932 (-13.7%), from €261,767 to €225,835
of which Plant, machinery and equipment: -€27,468
- Receivables within one year +€9,330
up €9,330 (+5.8%), from €159,942 to €169,272
of which Other amounts receivable: +€21,175
- Other debts +€135,386
new in 2025: €135,386
- Reserves -€103,433
down €103,433 (-25.1%), from €411,784 to €308,352
of which Distributable reserves: -€103,433
- Debts after one year -€24,943
down €24,943 (-53.9%), from €46,303 to €21,360
- Trade debts +€17,083
up €17,083 (+79.2%), from €21,558 to €38,641
- Short-term financial debts -€8,887
down €8,887 (-98.7%), from €9,001 to €113
- Gross operating margin +€69,756
up €69,756 (+41.7%), from €167,463 to €237,220
- Staff costs +€12,420
up €12,420 (+13.8%), from €90,175 to €102,594
- Taxes +€10,372
up €10,372 (+134%), from €7,719 to €18,091
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 | €572,492 | €591,469 | +€18,977 | +3.3% |
| Fixed assets | 21/28 | €266,108 | €230,176 | -€35,932 | -13.5% |
| Tangible fixed assets | 22/27 | €261,767 | €225,835 | -€35,932 | -13.7% |
| Land and buildings | 22 | €81,759 | €76,502 | -€5,258 | -6.4% |
| Plant, machinery and equipment | 23 | €171,810 | €144,342 | -€27,468 | -16.0% |
| Furniture and vehicles | 24 | €8,198 | €4,992 | -€3,207 | -39.1% |
| Financial fixed assets | 28 | €4,341 | €4,341 | = | 0.0% |
| Current assets | 29/58 | €306,384 | €361,293 | +€54,909 | +17.9% |
| Stocks and contracts in progress | 3 | €127,483 | €132,607 | +€5,124 | +4.0% |
| Stocks | 30/36 | €127,483 | €132,607 | +€5,124 | +4.0% |
| Amounts receivable within one year | 40/41 | €159,942 | €169,272 | +€9,330 | +5.8% |
| Trade receivables | 40 | €48,953 | €37,108 | -€11,845 | -24.2% |
| Other amounts receivable | 41 | €110,989 | €132,164 | +€21,175 | +19.1% |
| Cash at bank and in hand | 54/58 | €17,138 | €54,740 | +€37,601 | +219% |
| Deferred charges and accrued income | 490/1 | €1,820 | €4,674 | +€2,854 | +157% |
| Total equity and liabilities | 10/49 | €572,492 | €591,469 | +€18,977 | +3.3% |
| Equity | 10/15 | €431,784 | €328,352 | -€103,433 | -24.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €411,784 | €308,352 | -€103,433 | -25.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,854 | €18,854 | = | 0.0% |
| Distributable reserves | 133 | €390,930 | €287,498 | -€103,433 | -26.5% |
| Amounts payable | 17/49 | €140,708 | €263,118 | +€122,410 | +87.0% |
| Amounts payable after more than one year | 17 | €46,303 | €21,360 | -€24,943 | -53.9% |
| Financial debts | 170/4 | €46,303 | €21,360 | -€24,943 | -53.9% |
| Amounts payable within one year | 42/48 | €93,983 | €241,758 | +€147,775 | +157% |
| Current portion of amounts payable after more than one year | 42 | €29,978 | €28,313 | -€1,665 | -5.6% |
| Financial debts | 43 | €9,001 | €113 | -€8,887 | -98.7% |
| Credit institutions | 430/8 | €9,001 | €113 | -€8,887 | -98.7% |
| Trade debts | 44 | €21,558 | €38,641 | +€17,083 | +79.2% |
| Suppliers | 440/4 | €21,558 | €38,641 | +€17,083 | +79.2% |
| Taxes, remuneration and social security | 45 | €33,446 | €39,305 | +€5,859 | +17.5% |
| Taxes | 450/3 | €17,186 | €28,477 | +€11,291 | +65.7% |
| Remuneration and social security | 454/9 | €16,260 | €10,828 | -€5,432 | -33.4% |
| Other amounts payable | 47/48 | - | €135,386 | +€135,386 | |
| Accrued charges and deferred income | 492/3 | €422 | - | -€422 | |
| Non-recurring operating income | 76A | - | €30,500 | +€30,500 | |
| Remuneration, social security and pensions | 62 | €90,175 | €102,594 | +€12,420 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,828 | €37,646 | -€1,182 | -3.0% |
| Other operating charges | 640/8 | €6,272 | €5,883 | -€389 | -6.2% |
| Non-recurring operating charges | 66A | - | €22,715 | +€22,715 | |
| Gross operating margin | 9900 | €167,463 | €237,220 | +€69,756 | +41.7% |
| Operating profit (loss) | 9901 | €32,188 | €68,381 | +€36,192 | +112% |
| Financial income | 75/76B | €137 | €237 | +€100 | +73.5% |
| Recurring financial income | 75 | €137 | €237 | +€100 | +73.5% |
| Financial charges | 65/66B | €8,229 | €9,763 | +€1,534 | +18.6% |
| Recurring financial charges | 65 | €8,229 | €9,763 | +€1,534 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €24,096 | €58,855 | +€34,759 | +144% |
| Income taxes | 67/77 | €7,719 | €18,091 | +€10,372 | +134% |
| Profit (loss) for the period | 9904 | €16,377 | €40,764 | +€24,387 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €16,377 | €40,764 | +€24,387 | +149% |
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 27 October 2026 via checked.be.