Olivier SCHEUER: 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.
Olivier SCHEUER
Largest movements
- Cash +€19,484
up €19,484 (+9.8%), from €199,835 to €219,319
mainly Net result for the year (+€117,731) and Investment in fixed assets (net) (+€1,221)
- Receivables within one year +€9,188
up €9,188 (+2.0%), from €462,584 to €471,772
of which Trade receivables: +€137,106
- Profit (loss) carried forward +€46,301
up €46,301 (+12.5%), from €369,991 to €416,292
- Other debts -€18,570
down €18,570 (-20.6%), from €90,000 to €71,430
- Purchases and services +€98,907
new in 2025: €98,907
- Gross operating margin +€48,122
up €48,122 (+29.9%), from €160,789 to €208,911
- Taxes +€30,086
up €30,086 (+59.8%), from €50,340 to €80,426
- Write-downs +€5,965
new in 2025: €5,965
- Financial income -€3,845
no longer reported in 2025 (was €3,845)
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 | €714,358 | €741,238 | +€26,880 | +3.8% |
| Fixed assets | 21/28 | €51,940 | €50,147 | -€1,793 | -3.5% |
| Tangible fixed assets | 22/27 | €21,940 | €20,147 | -€1,793 | -8.2% |
| Plant, machinery and equipment | 23 | - | €2,686 | +€2,686 | |
| Furniture and vehicles | 24 | €21,940 | €17,461 | -€4,479 | -20.4% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €662,419 | €691,091 | +€28,673 | +4.3% |
| Amounts receivable within one year | 40/41 | €462,584 | €471,772 | +€9,188 | +2.0% |
| Trade receivables | 40 | €285,854 | €422,960 | +€137,106 | +48.0% |
| Other amounts receivable | 41 | €176,730 | €48,812 | -€127,917 | -72.4% |
| Cash at bank and in hand | 54/58 | €199,835 | €219,319 | +€19,484 | +9.8% |
| Total equity and liabilities | 10/49 | €714,358 | €741,238 | +€26,880 | +3.8% |
| Equity | 10/15 | €623,507 | €669,808 | +€46,301 | +7.4% |
| Contributions | 10/11 | €151,766 | €151,766 | = | 0.0% |
| Reserves | 13 | €101,750 | €101,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €101,750 | €101,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €369,991 | €416,292 | +€46,301 | +12.5% |
| Amounts payable | 17/49 | €90,851 | €71,430 | -€19,421 | -21.4% |
| Amounts payable within one year | 42/48 | €90,851 | €71,430 | -€19,421 | -21.4% |
| Trade debts | 44 | €851 | - | -€851 | |
| Suppliers | 440/4 | €851 | - | -€851 | |
| Other amounts payable | 47/48 | €90,000 | €71,430 | -€18,570 | -20.6% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €98,907 | +€98,907 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,568 | €572 | -€996 | -63.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,965 | +€5,965 | |
| Other operating charges | 640/8 | €4,559 | €3,040 | -€1,519 | -33.3% |
| Gross operating margin | 9900 | €160,789 | €208,911 | +€48,122 | +29.9% |
| Operating profit (loss) | 9901 | €154,661 | €199,333 | +€44,672 | +28.9% |
| Financial income | 75/76B | €3,845 | - | -€3,845 | |
| Recurring financial income | 75 | €3,845 | - | -€3,845 | |
| Financial charges | 65/66B | €6 | €1,176 | +€1,170 | +19,497% |
| Recurring financial charges | 65 | €6 | €1,176 | +€1,170 | +19,497% |
| Profit (loss) for the period before taxes | 9903 | €158,500 | €198,157 | +€39,657 | +25.0% |
| Income taxes | 67/77 | €50,340 | €80,426 | +€30,086 | +59.8% |
| Profit (loss) for the period | 9904 | €108,160 | €117,731 | +€9,571 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,160 | €117,731 | +€9,571 | +8.8% |
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 28 October 2026 via checked.be.