Oblique: 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.
Oblique
Largest movements
- Tangible fixed assets -€28,963
down €28,963 (-22.1%), from €131,237 to €102,273
- Receivables within one year +€9,935
up €9,935 (+2.7%), from €366,041 to €375,977
of which Other amounts receivable: +€48,408
- Debts after one year -€38,635
down €38,635 (-33.1%), from €116,805 to €78,170
- Reserves +€18,000
up €18,000 (+947.4%), from €1,900 to €19,900
of which Distributable reserves: +€18,000
- Trade debts -€17,278
down €17,278 (-9.4%), from €184,162 to €166,884
- Tax, wage and social debts +€9,206
up €9,206 (+8.9%), from €103,524 to €112,730
of which Taxes: +€10,027
- Current portion of long-term debt +€8,026
up €8,026 (+18.8%), from €42,687 to €50,713
- Gross operating margin +€30,540
up €30,540 (+8.6%), from €356,482 to €387,022
- Staff costs +€17,244
up €17,244 (+6.5%), from €263,627 to €280,871
- Financial charges +€6,908
up €6,908 (+28.5%), from €24,270 to €31,178
- Depreciation +€4,026
up €4,026 (+12.8%), from €31,356 to €35,382
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 | €639,060 | €625,193 | -€13,866 | -2.2% |
| Fixed assets | 21/28 | €131,945 | €102,981 | -€28,963 | -22.0% |
| Tangible fixed assets | 22/27 | €131,237 | €102,273 | -€28,963 | -22.1% |
| Land and buildings | 22 | €44,920 | €36,262 | -€8,658 | -19.3% |
| Plant, machinery and equipment | 23 | €49,982 | €41,105 | -€8,876 | -17.8% |
| Furniture and vehicles | 24 | €34,168 | €23,823 | -€10,346 | -30.3% |
| Leasing and similar rights | 25 | €2,166 | €1,083 | -€1,083 | -50.0% |
| Financial fixed assets | 28 | €708 | €708 | = | 0.0% |
| Current assets | 29/58 | €507,115 | €522,212 | +€15,097 | +3.0% |
| Stocks and contracts in progress | 3 | €23,100 | €22,350 | -€750 | -3.2% |
| Stocks | 30/36 | €23,100 | €22,350 | -€750 | -3.2% |
| Amounts receivable within one year | 40/41 | €366,041 | €375,977 | +€9,935 | +2.7% |
| Trade receivables | 40 | €175,438 | €136,966 | -€38,472 | -21.9% |
| Other amounts receivable | 41 | €190,603 | €239,011 | +€48,408 | +25.4% |
| Cash at bank and in hand | 54/58 | €110,070 | €116,187 | +€6,117 | +5.6% |
| Deferred charges and accrued income | 490/1 | €7,904 | €7,699 | -€205 | -2.6% |
| Total equity and liabilities | 10/49 | €639,060 | €625,193 | -€13,866 | -2.2% |
| Equity | 10/15 | €179,382 | €198,197 | +€18,815 | +10.5% |
| Contributions | 10/11 | €139,000 | €139,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €19,900 | +€18,000 | +947.4% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | - | €18,000 | +€18,000 | |
| Profit (loss) carried forward | 14 | €38,482 | €39,297 | +€815 | +2.1% |
| Amounts payable | 17/49 | €459,678 | €426,997 | -€32,681 | -7.1% |
| Amounts payable after more than one year | 17 | €116,805 | €78,170 | -€38,635 | -33.1% |
| Financial debts | 170/4 | €116,805 | €78,170 | -€38,635 | -33.1% |
| Amounts payable within one year | 42/48 | €342,873 | €348,826 | +€5,954 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €42,687 | €50,713 | +€8,026 | +18.8% |
| Financial debts | 43 | €12,500 | €12,500 | = | 0.0% |
| Credit institutions | 430/8 | €12,500 | €12,500 | = | 0.0% |
| Trade debts | 44 | €184,162 | €166,884 | -€17,278 | -9.4% |
| Suppliers | 440/4 | €184,162 | €166,884 | -€17,278 | -9.4% |
| Taxes, remuneration and social security | 45 | €103,524 | €112,730 | +€9,206 | +8.9% |
| Taxes | 450/3 | €81,866 | €91,893 | +€10,027 | +12.2% |
| Remuneration and social security | 454/9 | €21,659 | €20,837 | -€821 | -3.8% |
| Other amounts payable | 47/48 | - | €6,000 | +€6,000 | |
| Non-recurring operating income | 76A | - | €3,500 | +€3,500 | |
| Remuneration, social security and pensions | 62 | €263,627 | €280,871 | +€17,244 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,356 | €35,382 | +€4,026 | +12.8% |
| Other operating charges | 640/8 | €18,261 | €17,661 | -€601 | -3.3% |
| Non-recurring operating charges | 66A | €2,100 | €0 | -€2,100 | -100.0% |
| Gross operating margin | 9900 | €356,482 | €387,022 | +€30,540 | +8.6% |
| Operating profit (loss) | 9901 | €41,138 | €53,109 | +€11,970 | +29.1% |
| Financial income | 75/76B | €6,356 | €6,110 | -€246 | -3.9% |
| Recurring financial income | 75 | €6,356 | €6,110 | -€246 | -3.9% |
| Financial charges | 65/66B | €24,270 | €31,178 | +€6,908 | +28.5% |
| Recurring financial charges | 65 | €24,270 | €31,178 | +€6,908 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €23,225 | €28,041 | +€4,817 | +20.7% |
| Income taxes | 67/77 | €8,737 | €9,227 | +€490 | +5.6% |
| Profit (loss) for the period | 9904 | €14,488 | €18,815 | +€4,327 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,488 | €18,815 | +€4,327 | +29.9% |
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.