Nine: what changed
Nine
Largest movements
- Tangible fixed assets -€42,842
down €42,842 (-20.6%), from €208,370 to €165,529
- Receivables within one year -€28,405
down €28,405 (-75.5%), from €37,603 to €9,197
of which Other amounts receivable: -€28,405
- Cash +€20,748
up €20,748 (+99.4%), from €20,879 to €41,627
mainly Depreciation (+€48,962) and Receivables within one year (+€28,405)
- Debts after one year -€48,306
down €48,306 (-60.4%), from €79,973 to €31,667
- Trade debts -€45,557
down €45,557 (-56.8%), from €80,260 to €34,703
- Reserves +€25,102
up €25,102 (+287%), from €8,759 to €33,861
of which Distributable reserves: +€25,102
- Tax, wage and social debts +€14,291
up €14,291 (+52.7%), from €27,096 to €41,387
of which Remuneration and social security: +€9,143
- Staff costs -€41,046
down €41,046 (-16.7%), from €245,501 to €204,455
- Gross operating margin -€9,419
down €9,419 (-3.2%), from €294,953 to €285,534
- Depreciation -€5,174
down €5,174 (-9.6%), from €54,135 to €48,962
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,894 | €233,492 | -€53,402 | -18.6% |
| Fixed assets | 21/28 | €214,912 | €171,107 | -€43,804 | -20.4% |
| Intangible fixed assets | 21 | €6,346 | €5,384 | -€963 | -15.2% |
| Tangible fixed assets | 22/27 | €208,370 | €165,529 | -€42,842 | -20.6% |
| Plant, machinery and equipment | 23 | €92,876 | €72,769 | -€20,107 | -21.6% |
| Furniture and vehicles | 24 | €3,817 | €1,910 | -€1,907 | -50.0% |
| Other tangible fixed assets | 26 | €111,678 | €90,850 | -€20,827 | -18.6% |
| Financial fixed assets | 28 | €195 | €195 | = | 0.0% |
| Current assets | 29/58 | €71,982 | €62,385 | -€9,598 | -13.3% |
| Stocks and contracts in progress | 3 | €11,000 | €10,000 | -€1,000 | -9.1% |
| Stocks | 30/36 | €11,000 | €10,000 | -€1,000 | -9.1% |
| Amounts receivable within one year | 40/41 | €37,603 | €9,197 | -€28,405 | -75.5% |
| Trade receivables | 40 | €828 | €828 | = | 0.0% |
| Other amounts receivable | 41 | €36,775 | €8,370 | -€28,405 | -77.2% |
| Cash at bank and in hand | 54/58 | €20,879 | €41,627 | +€20,748 | +99.4% |
| Deferred charges and accrued income | 490/1 | €2,501 | €1,560 | -€941 | -37.6% |
| Total equity and liabilities | 10/49 | €286,894 | €233,492 | -€53,402 | -18.6% |
| Equity | 10/15 | €58,759 | €83,861 | +€25,102 | +42.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €8,759 | €33,861 | +€25,102 | +287% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €3,759 | €28,861 | +€25,102 | +668% |
| Amounts payable | 17/49 | €228,135 | €149,631 | -€78,504 | -34.4% |
| Amounts payable after more than one year | 17 | €79,973 | €31,667 | -€48,306 | -60.4% |
| Financial debts | 170/4 | €79,973 | €31,667 | -€48,306 | -60.4% |
| Amounts payable within one year | 42/48 | €148,162 | €117,964 | -€30,198 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €40,807 | €41,840 | +€1,033 | +2.5% |
| Trade debts | 44 | €80,260 | €34,703 | -€45,557 | -56.8% |
| Suppliers | 440/4 | €80,260 | €34,703 | -€45,557 | -56.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,096 | €41,387 | +€14,291 | +52.7% |
| Taxes | 450/3 | €11,982 | €17,131 | +€5,148 | +43.0% |
| Remuneration and social security | 454/9 | €15,113 | €24,256 | +€9,143 | +60.5% |
| Other amounts payable | 47/48 | - | €35 | +€35 | |
| Remuneration, social security and pensions | 62 | €245,501 | €204,455 | -€41,046 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,135 | €48,962 | -€5,174 | -9.6% |
| Other operating charges | 640/8 | €5,553 | €4,241 | -€1,312 | -23.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €294,953 | €285,534 | -€9,419 | -3.2% |
| Operating profit (loss) | 9901 | -€10,237 | €27,877 | +€38,113 | |
| Financial income | 75/76B | €108 | €0 | -€108 | -99.8% |
| Recurring financial income | 75 | €108 | €0 | -€108 | -99.8% |
| Financial charges | 65/66B | €2,783 | €2,775 | -€9 | -0.3% |
| Recurring financial charges | 65 | €2,783 | €2,775 | -€9 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,912 | €25,102 | +€38,014 | |
| Profit (loss) for the period | 9904 | -€12,912 | €25,102 | +€38,014 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,912 | €25,102 | +€38,014 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.