NYSE: 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.
NYSE
Largest movements
- Tangible fixed assets -€13,007
down €13,007 (-2.9%), from €443,382 to €430,375
of which Land and buildings: -€12,204
- Stocks and contracts +€12,480
new in 2025: €12,480
- Cash -€4,958
down €4,958 (-97.3%), from €5,096 to €138
mainly Stocks and contracts (-€12,480) and Debts after one year (-€12,296)
- Reserves +€30,311
up €30,311 (+17.7%), from €171,424 to €201,735
- Debts after one year -€12,296
down €12,296 (-5.7%), from €214,686 to €202,390
- Tax, wage and social debts -€11,704
down €11,704 (-33.6%), from €34,829 to €23,125
of which Taxes: -€11,704
- Other debts -€8,906
down €8,906 (-92.5%), from €9,626 to €720
- Gross operating margin +€33,514
up €33,514 (+86.4%), from €38,791 to €72,305
- Taxes +€9,693
up €9,693 (+275%), from €3,531 to €13,224
- Other operating charges +€1,990
up €1,990 (+46.4%), from €4,291 to €6,281
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 | €454,588 | €450,808 | -€3,780 | -0.8% |
| Fixed assets | 21/28 | €443,425 | €430,418 | -€13,007 | -2.9% |
| Tangible fixed assets | 22/27 | €443,382 | €430,375 | -€13,007 | -2.9% |
| Land and buildings | 22 | €435,766 | €423,562 | -€12,204 | -2.8% |
| Furniture and vehicles | 24 | €7,616 | €6,813 | -€803 | -10.5% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €11,163 | €20,390 | +€9,227 | +82.7% |
| Stocks and contracts in progress | 3 | - | €12,480 | +€12,480 | |
| Stocks | 30/36 | - | €12,480 | +€12,480 | |
| Amounts receivable within one year | 40/41 | €6,067 | €7,126 | +€1,059 | +17.5% |
| Trade receivables | 40 | €6,067 | €3,118 | -€2,949 | -48.6% |
| Other amounts receivable | 41 | - | €4,008 | +€4,008 | |
| Cash at bank and in hand | 54/58 | €5,096 | €138 | -€4,958 | -97.3% |
| Deferred charges and accrued income | 490/1 | - | €646 | +€646 | |
| Total equity and liabilities | 10/49 | €454,588 | €450,808 | -€3,780 | -0.8% |
| Equity | 10/15 | €173,924 | €204,235 | +€30,311 | +17.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €171,424 | €201,735 | +€30,311 | +17.7% |
| Distributable reserves | 133 | €171,424 | €201,735 | +€30,311 | +17.7% |
| Amounts payable | 17/49 | €280,664 | €246,573 | -€34,091 | -12.1% |
| Amounts payable after more than one year | 17 | €214,686 | €202,390 | -€12,296 | -5.7% |
| Financial debts | 170/4 | €214,686 | €202,390 | -€12,296 | -5.7% |
| Amounts payable within one year | 42/48 | €65,978 | €44,183 | -€21,795 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €11,940 | €12,296 | +€356 | +3.0% |
| Financial debts | 43 | - | €1,907 | +€1,907 | |
| Other loans | 439 | - | €1,907 | +€1,907 | |
| Trade debts | 44 | €9,583 | €6,135 | -€3,448 | -36.0% |
| Suppliers | 440/4 | €9,583 | €6,135 | -€3,448 | -36.0% |
| Taxes, remuneration and social security | 45 | €34,829 | €23,125 | -€11,704 | -33.6% |
| Taxes | 450/3 | €32,329 | €20,625 | -€11,704 | -36.2% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €9,626 | €720 | -€8,906 | -92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,008 | €15,052 | +€44 | +0.3% |
| Other operating charges | 640/8 | €4,291 | €6,281 | +€1,990 | +46.4% |
| Gross operating margin | 9900 | €38,791 | €72,305 | +€33,514 | +86.4% |
| Operating profit (loss) | 9901 | €19,492 | €50,972 | +€31,480 | +162% |
| Financial income | 75/76B | €49 | €21 | -€28 | -57.1% |
| Recurring financial income | 75 | €49 | €21 | -€28 | -57.1% |
| Financial charges | 65/66B | €7,594 | €7,458 | -€136 | -1.8% |
| Recurring financial charges | 65 | €7,594 | €7,458 | -€136 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €11,947 | €43,535 | +€31,588 | +264% |
| Income taxes | 67/77 | €3,531 | €13,224 | +€9,693 | +275% |
| Profit (loss) for the period | 9904 | €8,416 | €30,311 | +€21,895 | +260% |
| Profit (loss) for the period to be appropriated | 9905 | €8,416 | €30,311 | +€21,895 | +260% |
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 26 October 2026 via checked.be.