OBJECTIVE: 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.
OBJECTIVE
Largest movements
- Receivables within one year +€5.1m
up €5.1m (+68.4%), from €7.5m to €12.6m
of which Trade receivables: +€5.1m
- Other debts +€2.2m
up €2.2m (+97.3%), from €2.2m to €4.4m
- Profit (loss) carried forward +€1.0m
up €1.0m (+80.8%), from €1.3m to €2.3m
- Trade debts +€998,156
up €998,156 (+62.5%), from €1.6m to €2.6m
- Tax, wage and social debts +€925,571
up €925,571 (+57.7%), from €1.6m to €2.5m
of which Taxes: +€943,818
- Staff costs -€214,391
down €214,391 (-32.2%), from €665,951 to €451,560
- Financial income +€145,575
up €145,575 (+81.9%), from €177,792 to €323,368
- Taxes -€46,109
down €46,109 (-12.2%), from €378,964 to €332,855
- Purchases and services -€40,524
down €40,524 (-10.2%), from €398,302 to €357,778
- Financial charges -€31,508
down €31,508 (-20.7%), from €151,894 to €120,386
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 | €8,799,800 | €13,857,884 | +€5.1m | +57.5% |
| Fixed assets | 21/28 | €1,282,437 | €1,203,794 | -€78,643 | -6.1% |
| Tangible fixed assets | 22/27 | €582,437 | €503,794 | -€78,643 | -13.5% |
| Plant, machinery and equipment | 23 | - | €1,656 | +€1,656 | |
| Leasing and similar rights | 25 | €582,437 | €502,138 | -€80,299 | -13.8% |
| Financial fixed assets | 28 | €700,000 | €700,000 | = | 0.0% |
| Current assets | 29/58 | €7,517,364 | €12,654,091 | +€5.1m | +68.3% |
| Amounts receivable within one year | 40/41 | €7,505,689 | €12,638,439 | +€5.1m | +68.4% |
| Trade receivables | 40 | €7,495,776 | €12,634,395 | +€5.1m | +68.6% |
| Other amounts receivable | 41 | €9,913 | €4,044 | -€5,869 | -59.2% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €11,674 | €15,652 | +€3,977 | +34.1% |
| Total equity and liabilities | 10/49 | €8,799,800 | €13,857,884 | +€5.1m | +57.5% |
| Equity | 10/15 | €2,843,324 | €3,884,456 | +€1.0m | +36.6% |
| Contributions | 10/11 | €49,979 | €49,979 | = | 0.0% |
| Reserves | 13 | €1,504,998 | €1,504,998 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,998 | €4,998 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,998 | €4,998 | = | 0.0% |
| Distributable reserves | 133 | €1,500,000 | €1,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,288,347 | €2,329,479 | +€1.0m | +80.8% |
| Amounts payable | 17/49 | €5,956,476 | €9,973,429 | +€4.0m | +67.4% |
| Amounts payable after more than one year | 17 | €445,278 | €376,655 | -€68,623 | -15.4% |
| Financial debts | 170/4 | €445,278 | €376,655 | -€68,623 | -15.4% |
| Amounts payable within one year | 42/48 | €5,501,239 | €9,596,773 | +€4.1m | +74.4% |
| Current portion of amounts payable after more than one year | 42 | €67,658 | €68,623 | +€965 | +1.4% |
| Trade debts | 44 | €1,598,295 | €2,596,451 | +€998,156 | +62.5% |
| Suppliers | 440/4 | €1,598,295 | €2,596,451 | +€998,156 | +62.5% |
| Taxes, remuneration and social security | 45 | €1,604,452 | €2,530,022 | +€925,571 | +57.7% |
| Taxes | 450/3 | €1,527,414 | €2,471,232 | +€943,818 | +61.8% |
| Remuneration and social security | 454/9 | €77,038 | €58,790 | -€18,247 | -23.7% |
| Other amounts payable | 47/48 | €2,230,834 | €4,401,677 | +€2.2m | +97.3% |
| Accrued charges and deferred income | 492/3 | €9,959 | €1 | -€9,958 | -100.0% |
| Turnover | 70 | €2,032,729 | €2,025,240 | -€7,489 | -0.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €398,302 | €357,778 | -€40,524 | -10.2% |
| Remuneration, social security and pensions | 62 | €665,951 | €451,560 | -€214,391 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,299 | €80,396 | +€97 | +0.1% |
| Other operating charges | 640/8 | €14,597 | €2,391 | -€12,206 | -83.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,699,841 | €1,705,352 | +€5,511 | +0.3% |
| Operating profit (loss) | 9901 | €938,994 | €1,171,005 | +€232,011 | +24.7% |
| Financial income | 75/76B | €177,792 | €323,368 | +€145,575 | +81.9% |
| Recurring financial income | 75 | €177,792 | €323,368 | +€145,575 | +81.9% |
| Financial charges | 65/66B | €151,894 | €120,386 | -€31,508 | -20.7% |
| Recurring financial charges | 65 | €151,894 | €120,386 | -€31,508 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €964,892 | €1,373,986 | +€409,094 | +42.4% |
| Income taxes | 67/77 | €378,964 | €332,855 | -€46,109 | -12.2% |
| Profit (loss) for the period | 9904 | €585,928 | €1,041,131 | +€455,203 | +77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €585,928 | €1,041,131 | +€455,203 | +77.7% |
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 3 October 2026 via checked.be.