OBJECTIFS +: what changed
Two fiscal 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.
OBJECTIFS +
Largest movements
- Receivables within one year -€8,946
down €8,946 (-49.2%), from €18,197 to €9,251
of which Trade receivables: -€18,103
- Cash +€5,654
up €5,654 (+169.3%), from €3,340 to €8,994
mainly Depreciation (+€20,998) and Net result for the year (+€15,592)
- Stocks and contracts -€5,530
no longer reported in 2025 (was €5,530)
- Debts after one year -€16,574
down €16,574 (-7.8%), from €212,921 to €196,347
- Reserves +€15,592
up €15,592 (+21.7%), from €71,740 to €87,332
- Trade debts -€4,880
down €4,880 (-97.4%), from €5,012 to €132
- Depreciation -€2,820
down €2,820 (-11.8%), from €23,818 to €20,998
- Gross operating margin -€2,062
down €2,062 (-3.9%), from €53,537 to €51,475
- Financial charges +€1,963
up €1,963 (+45.3%), from €4,334 to €6,297
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 | €337,449 | €327,680 | -€9,769 | -2.9% |
| Fixed assets | 21/28 | €307,752 | €308,727 | +€975 | +0.3% |
| Tangible fixed assets | 22/27 | €306,085 | €307,060 | +€975 | +0.3% |
| Land and buildings | 22 | €303,331 | €304,738 | +€1,407 | +0.5% |
| Furniture and vehicles | 24 | €2,754 | €2,322 | -€431 | -15.7% |
| Financial fixed assets | 28 | €1,667 | €1,667 | = | 0.0% |
| Current assets | 29/58 | €29,697 | €18,953 | -€10,744 | -36.2% |
| Stocks and contracts in progress | 3 | €5,530 | - | -€5,530 | |
| Contracts in progress | 37 | €5,530 | - | -€5,530 | |
| Amounts receivable within one year | 40/41 | €18,197 | €9,251 | -€8,946 | -49.2% |
| Trade receivables | 40 | €18,163 | €61 | -€18,103 | -99.7% |
| Other amounts receivable | 41 | €34 | €9,191 | +€9,157 | +27075.1% |
| Cash at bank and in hand | 54/58 | €3,340 | €8,994 | +€5,654 | +169.3% |
| Deferred charges and accrued income | 490/1 | €2,631 | €708 | -€1,923 | -73.1% |
| Total equity and liabilities | 10/49 | €337,449 | €327,680 | -€9,769 | -2.9% |
| Equity | 10/15 | €84,140 | €99,732 | +€15,592 | +18.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €71,740 | €87,332 | +€15,592 | +21.7% |
| Distributable reserves | 133 | €71,740 | €87,332 | +€15,592 | +21.7% |
| Amounts payable | 17/49 | €253,309 | €227,948 | -€25,360 | -10.0% |
| Amounts payable after more than one year | 17 | €212,921 | €196,347 | -€16,574 | -7.8% |
| Financial debts | 170/4 | €212,921 | €196,347 | -€16,574 | -7.8% |
| Amounts payable within one year | 42/48 | €38,870 | €30,102 | -€8,768 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €19,121 | €19,440 | +€319 | +1.7% |
| Trade debts | 44 | €5,012 | €132 | -€4,880 | -97.4% |
| Suppliers | 440/4 | €5,012 | €132 | -€4,880 | -97.4% |
| Taxes, remuneration and social security | 45 | €13,530 | €10,530 | -€3,001 | -22.2% |
| Taxes | 450/3 | €13,530 | €10,530 | -€3,001 | -22.2% |
| Other amounts payable | 47/48 | €1,207 | - | -€1,207 | |
| Accrued charges and deferred income | 492/3 | €1,518 | €1,500 | -€18 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,818 | €20,998 | -€2,820 | -11.8% |
| Other operating charges | 640/8 | €3,210 | €2,774 | -€436 | -13.6% |
| Gross operating margin | 9900 | €53,537 | €51,475 | -€2,062 | -3.9% |
| Operating profit (loss) | 9901 | €26,510 | €27,704 | +€1,195 | +4.5% |
| Financial income | 75/76B | €125 | €245 | +€120 | +96.3% |
| Recurring financial income | 75 | €125 | €245 | +€120 | +96.3% |
| Financial charges | 65/66B | €4,334 | €6,297 | +€1,963 | +45.3% |
| Recurring financial charges | 65 | €4,334 | €6,297 | +€1,963 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €22,300 | €21,652 | -€648 | -2.9% |
| Income taxes | 67/77 | €5,692 | €6,060 | +€368 | +6.5% |
| Profit (loss) for the period | 9904 | €16,608 | €15,592 | -€1,016 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,608 | €15,592 | -€1,016 | -6.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.