NUMEROS 2: 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.
NUMEROS 2
Largest movements
- Stocks and contracts +€102,536
up €102,536 (+22.2%), from €462,017 to €564,554
- Tangible fixed assets +€66,589
up €66,589 (+100.6%), from €66,224 to €132,813
of which Plant, machinery and equipment: +€67,601
- Cash +€46,802
up €46,802 (+19.7%), from €237,692 to €284,494
mainly Net result for the year (+€78,307) and Trade debts (+€70,777)
- Reserves +€78,307
up €78,307 (+42.8%), from €182,893 to €261,200
- Trade debts +€70,777
up €70,777 (+56.7%), from €124,909 to €195,687
- Debts after one year +€53,930
new in 2025: €53,930
- Current portion of long-term debt +€20,094
up €20,094 (+312.2%), from €6,436 to €26,530
- Gross operating margin +€35,557
up €35,557 (+9.2%), from €386,279 to €421,837
- Staff costs +€22,683
up €22,683 (+8.7%), from €260,343 to €283,025
- Financial charges +€7,380
up €7,380 (+70.2%), from €10,513 to €17,892
- Taxes -€6,937
down €6,937 (-17.5%), from €39,615 to €32,678
- Depreciation +€6,001
up €6,001 (+43.0%), from €13,964 to €19,966
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.
Cash bridge derived
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 | €802,239 | €1,029,229 | +€226,990 | +28.3% |
| Fixed assets | 21/28 | €70,130 | €135,828 | +€65,698 | +93.7% |
| Intangible fixed assets | 21 | €3,856 | €2,965 | -€890 | -23.1% |
| Tangible fixed assets | 22/27 | €66,224 | €132,813 | +€66,589 | +100.6% |
| Plant, machinery and equipment | 23 | €52,914 | €120,515 | +€67,601 | +127.8% |
| Furniture and vehicles | 24 | €8,810 | €7,798 | -€1,012 | -11.5% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €732,110 | €893,401 | +€161,292 | +22.0% |
| Stocks and contracts in progress | 3 | €462,017 | €564,554 | +€102,536 | +22.2% |
| Stocks | 30/36 | €462,017 | €564,554 | +€102,536 | +22.2% |
| Amounts receivable within one year | 40/41 | €22,568 | €24,684 | +€2,116 | +9.4% |
| Trade receivables | 40 | €14,308 | €16,424 | +€2,116 | +14.8% |
| Other amounts receivable | 41 | €8,260 | €8,260 | = | 0.0% |
| Current investments | 50/53 | €6,356 | €16,009 | +€9,653 | +151.9% |
| Cash at bank and in hand | 54/58 | €237,692 | €284,494 | +€46,802 | +19.7% |
| Deferred charges and accrued income | 490/1 | €3,476 | €3,661 | +€185 | +5.3% |
| Total equity and liabilities | 10/49 | €802,239 | €1,029,229 | +€226,990 | +28.3% |
| Equity | 10/15 | €334,922 | €413,230 | +€78,307 | +23.4% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €182,893 | €261,200 | +€78,307 | +42.8% |
| Distributable reserves | 133 | €182,893 | €261,200 | +€78,307 | +42.8% |
| Profit (loss) carried forward | 14 | €119,030 | €119,030 | = | 0.0% |
| Amounts payable | 17/49 | €467,317 | €616,000 | +€148,683 | +31.8% |
| Amounts payable after more than one year | 17 | - | €53,930 | +€53,930 | |
| Financial debts | 170/4 | - | €53,930 | +€53,930 | |
| Amounts payable within one year | 42/48 | €461,632 | €552,684 | +€91,052 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €6,436 | €26,530 | +€20,094 | +312.2% |
| Trade debts | 44 | €124,909 | €195,687 | +€70,777 | +56.7% |
| Suppliers | 440/4 | €124,909 | €195,687 | +€70,777 | +56.7% |
| Taxes, remuneration and social security | 45 | €150,260 | €152,907 | +€2,647 | +1.8% |
| Taxes | 450/3 | €123,254 | €121,568 | -€1,686 | -1.4% |
| Remuneration and social security | 454/9 | €27,006 | €31,338 | +€4,332 | +16.0% |
| Other amounts payable | 47/48 | €180,027 | €177,561 | -€2,466 | -1.4% |
| Accrued charges and deferred income | 492/3 | €5,685 | €9,385 | +€3,700 | +65.1% |
| Non-recurring operating income | 76A | €1,077 | - | -€1,077 | |
| Remuneration, social security and pensions | 62 | €260,343 | €283,025 | +€22,683 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,964 | €19,966 | +€6,001 | +43.0% |
| Other operating charges | 640/8 | €2,031 | €2,224 | +€193 | +9.5% |
| Gross operating margin | 9900 | €386,279 | €421,837 | +€35,557 | +9.2% |
| Operating profit (loss) | 9901 | €109,941 | €116,622 | +€6,681 | +6.1% |
| Financial income | 75/76B | €13,080 | €12,256 | -€823 | -6.3% |
| Recurring financial income | 75 | €13,080 | €12,256 | -€823 | -6.3% |
| Financial charges | 65/66B | €10,513 | €17,892 | +€7,380 | +70.2% |
| Recurring financial charges | 65 | €10,513 | €17,892 | +€7,380 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €112,508 | €110,986 | -€1,523 | -1.4% |
| Income taxes | 67/77 | €39,615 | €32,678 | -€6,937 | -17.5% |
| Profit (loss) for the period | 9904 | €72,893 | €78,307 | +€5,415 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,893 | €78,307 | +€5,415 | +7.4% |
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 11 October 2026 via checked.be.