Next Gear: 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.
Next Gear
Largest movements
- Receivables after one year +€526,155
up €526,155 (+322%), from €163,234 to €689,389
- Receivables within one year +€118,628
up €118,628 (+23.3%), from €508,749 to €627,377
of which Other amounts receivable: +€99,170
- Tangible fixed assets +€80,077
up €80,077 (+83.0%), from €96,440 to €176,517
of which Furniture and vehicles: +€89,550
- Other debts +€517,734
up €517,734 (+57.1%), from €907,020 to €1.4m
- Reserves +€140,726
up €140,726 (+61.1%), from €230,362 to €371,088
of which Distributable reserves: +€140,726
- Gross operating margin +€186,188
up €186,188 (+241%), from €77,250 to €263,437
- Financial income +€67,654
up €67,654 (+260%), from €26,033 to €93,686
- Taxes +€64,866
up €64,866 (+304%), from €21,359 to €86,226
- Financial charges +€12,974
up €12,974 (+29.1%), from €44,551 to €57,525
- Depreciation +€2,863
up €2,863 (+10.4%), from €27,409 to €30,271
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 | €1,992,948 | €2,694,365 | +€701,417 | +35.2% |
| Fixed assets | 21/28 | €1,293,039 | €1,373,116 | +€80,077 | +6.2% |
| Tangible fixed assets | 22/27 | €96,440 | €176,517 | +€80,077 | +83.0% |
| Land and buildings | 22 | €34,901 | €25,428 | -€9,473 | -27.1% |
| Furniture and vehicles | 24 | €60,999 | €150,549 | +€89,550 | +147% |
| Other tangible fixed assets | 26 | €540 | €540 | = | 0.0% |
| Financial fixed assets | 28 | €1,196,599 | €1,196,599 | = | 0.0% |
| Current assets | 29/58 | €699,908 | €1,321,249 | +€621,341 | +88.8% |
| Amounts receivable after more than one year | 29 | €163,234 | €689,389 | +€526,155 | +322% |
| Other amounts receivable | 291 | €163,234 | €689,389 | +€526,155 | +322% |
| Amounts receivable within one year | 40/41 | €508,749 | €627,377 | +€118,628 | +23.3% |
| Trade receivables | 40 | €41,339 | €60,797 | +€19,458 | +47.1% |
| Other amounts receivable | 41 | €467,410 | €566,580 | +€99,170 | +21.2% |
| Cash at bank and in hand | 54/58 | €3,945 | €445 | -€3,500 | -88.7% |
| Deferred charges and accrued income | 490/1 | €23,981 | €4,038 | -€19,942 | -83.2% |
| Total equity and liabilities | 10/49 | €1,992,948 | €2,694,365 | +€701,417 | +35.2% |
| Equity | 10/15 | €242,912 | €384,995 | +€142,084 | +58.5% |
| Contributions | 10/11 | €12,550 | €12,550 | = | 0.0% |
| Reserves | 13 | €230,362 | €371,088 | +€140,726 | +61.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €228,502 | €369,228 | +€140,726 | +61.6% |
| Profit (loss) carried forward | 14 | €0 | €1,357 | +€1,357 | |
| Amounts payable | 17/49 | €1,750,036 | €2,309,370 | +€559,334 | +32.0% |
| Amounts payable after more than one year | 17 | €628,827 | €652,006 | +€23,179 | +3.7% |
| Financial debts | 170/4 | €628,827 | €652,006 | +€23,179 | +3.7% |
| Amounts payable within one year | 42/48 | €1,115,341 | €1,650,302 | +€534,961 | +48.0% |
| Current portion of amounts payable after more than one year | 42 | €124,960 | €146,474 | +€21,514 | +17.2% |
| Financial debts | 43 | €21,753 | €34,909 | +€13,156 | +60.5% |
| Credit institutions | 430/8 | €21,753 | €34,909 | +€13,156 | +60.5% |
| Trade debts | 44 | €18,814 | €11,665 | -€7,149 | -38.0% |
| Suppliers | 440/4 | €18,814 | €11,665 | -€7,149 | -38.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €42,793 | €32,499 | -€10,294 | -24.1% |
| Taxes | 450/3 | €42,793 | €32,499 | -€10,294 | -24.1% |
| Other amounts payable | 47/48 | €907,020 | €1,424,755 | +€517,734 | +57.1% |
| Accrued charges and deferred income | 492/3 | €5,868 | €7,062 | +€1,194 | +20.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,409 | €30,271 | +€2,863 | +10.4% |
| Other operating charges | 640/8 | €1,108 | €1,745 | +€637 | +57.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €77,250 | €263,437 | +€186,188 | +241% |
| Operating profit (loss) | 9901 | €48,733 | €231,421 | +€182,688 | +375% |
| Financial income | 75/76B | €26,033 | €93,686 | +€67,654 | +260% |
| Recurring financial income | 75 | €26,033 | €93,686 | +€67,654 | +260% |
| Financial charges | 65/66B | €44,551 | €57,525 | +€12,974 | +29.1% |
| Recurring financial charges | 65 | €44,551 | €57,525 | +€12,974 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €30,215 | €267,583 | +€237,368 | +786% |
| Income taxes | 67/77 | €21,359 | €86,226 | +€64,866 | +304% |
| Profit (loss) for the period | 9904 | €8,855 | €181,357 | +€172,502 | +1,948% |
| Profit (loss) for the period to be appropriated | 9905 | €8,855 | €181,357 | +€172,502 | +1,948% |
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 20 October 2026 via checked.be.