NEW STEP 16: 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.
NEW STEP 16
Largest movements
- Receivables within one year +€23,761
up €23,761 (+349%), from €6,817 to €30,578
- Tangible fixed assets -€14,609
down €14,609 (-56.7%), from €25,762 to €11,153
of which Other tangible fixed assets: -€15,882
- Cash -€8,938
down €8,938 (-42.3%), from €21,150 to €12,212
mainly Receivables within one year (-€23,761) and Trade debts (-€21,318)
- Stocks and contracts -€7,097
down €7,097 (-2.0%), from €363,598 to €356,501
- Reserves +€34,093
up €34,093 (+42.9%), from €79,500 to €113,593
- Trade debts -€21,318
down €21,318 (-19.3%), from €110,543 to €89,225
- Other debts -€14,404
down €14,404 (-12.4%), from €116,474 to €102,069
- Short-term financial debts -€10,000
down €10,000 (-11.8%), from €85,000 to €75,000
- Advances received +€6,500
new in 2025: €6,500
- Gross operating margin +€21,676
up €21,676 (+27.3%), from €79,443 to €101,119
- Financial charges +€6,805
up €6,805 (+61.2%), from €11,119 to €17,924
- Taxes +€3,087
up €3,087 (+30.9%), from €10,004 to €13,092
- Staff costs +€1,731
up €1,731 (+23.9%), from €7,245 to €8,977
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 | €430,963 | €421,894 | -€9,068 | -2.1% |
| Fixed assets | 21/28 | €27,928 | €11,319 | -€16,609 | -59.5% |
| Intangible fixed assets | 21 | €2,166 | €166 | -€2,000 | -92.3% |
| Tangible fixed assets | 22/27 | €25,762 | €11,153 | -€14,609 | -56.7% |
| Plant, machinery and equipment | 23 | €689 | €1,304 | +€615 | +89.2% |
| Furniture and vehicles | 24 | - | €658 | +€658 | |
| Other tangible fixed assets | 26 | €25,073 | €9,191 | -€15,882 | -63.3% |
| Current assets | 29/58 | €403,034 | €410,575 | +€7,541 | +1.9% |
| Stocks and contracts in progress | 3 | €363,598 | €356,501 | -€7,097 | -2.0% |
| Stocks | 30/36 | €363,598 | €356,501 | -€7,097 | -2.0% |
| Amounts receivable within one year | 40/41 | €6,817 | €30,578 | +€23,761 | +349% |
| Trade receivables | 40 | €6,817 | €30,578 | +€23,761 | +349% |
| Cash at bank and in hand | 54/58 | €21,150 | €12,212 | -€8,938 | -42.3% |
| Deferred charges and accrued income | 490/1 | €11,469 | €11,285 | -€185 | -1.6% |
| Total equity and liabilities | 10/49 | €430,963 | €421,894 | -€9,068 | -2.1% |
| Equity | 10/15 | €99,500 | €133,593 | +€34,093 | +34.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €79,500 | €113,593 | +€34,093 | +42.9% |
| Distributable reserves | 133 | €79,500 | €113,593 | +€34,093 | +42.9% |
| Amounts payable | 17/49 | €331,463 | €288,301 | -€43,162 | -13.0% |
| Amounts payable within one year | 42/48 | €331,324 | €288,301 | -€43,023 | -13.0% |
| Financial debts | 43 | €85,000 | €75,000 | -€10,000 | -11.8% |
| Credit institutions | 430/8 | €85,000 | €75,000 | -€10,000 | -11.8% |
| Trade debts | 44 | €110,543 | €89,225 | -€21,318 | -19.3% |
| Suppliers | 440/4 | €110,543 | €89,225 | -€21,318 | -19.3% |
| Advances received on contracts in progress | 46 | - | €6,500 | +€6,500 | |
| Taxes, remuneration and social security | 45 | €19,307 | €15,506 | -€3,800 | -19.7% |
| Taxes | 450/3 | €18,331 | €15,506 | -€2,825 | -15.4% |
| Remuneration and social security | 454/9 | €975 | - | -€975 | |
| Other amounts payable | 47/48 | €116,474 | €102,069 | -€14,404 | -12.4% |
| Accrued charges and deferred income | 492/3 | €139 | - | -€139 | |
| Remuneration, social security and pensions | 62 | €7,245 | €8,977 | +€1,731 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,880 | €24,644 | +€764 | +3.2% |
| Other operating charges | 640/8 | €2,798 | €2,879 | +€80 | +2.9% |
| Gross operating margin | 9900 | €79,443 | €101,119 | +€21,676 | +27.3% |
| Operating profit (loss) | 9901 | €45,519 | €64,619 | +€19,100 | +42.0% |
| Financial income | 75/76B | €14 | €489 | +€475 | +3,371% |
| Recurring financial income | 75 | €14 | €489 | +€475 | +3,371% |
| Financial charges | 65/66B | €11,119 | €17,924 | +€6,805 | +61.2% |
| Recurring financial charges | 65 | €11,119 | €17,924 | +€6,805 | +61.2% |
| Profit (loss) for the period before taxes | 9903 | €34,414 | €47,185 | +€12,771 | +37.1% |
| Income taxes | 67/77 | €10,004 | €13,092 | +€3,087 | +30.9% |
| Profit (loss) for the period | 9904 | €24,410 | €34,093 | +€9,684 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,410 | €34,093 | +€9,684 | +39.7% |
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 18 October 2026 via checked.be.