ON LINE: 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.
ON LINE
Largest movements
- Receivables within one year +€26,476
up €26,476 (+472.6%), from €5,602 to €32,079
of which Trade receivables: +€27,269
- Cash -€26,348
down €26,348 (-54.1%), from €48,691 to €22,343
mainly Receivables within one year (-€26,476) and Debts after one year (-€12,620)
- Stocks and contracts +€12,071
up €12,071 (+9.3%), from €129,782 to €141,853
- Tangible fixed assets -€5,491
down €5,491 (-12.5%), from €44,056 to €38,565
of which Plant, machinery and equipment: -€3,937
- Debts after one year -€12,620
down €12,620 (-43.3%), from €29,177 to €16,556
- Reserves +€10,480
up €10,480 (+563.4%), from €1,860 to €12,340
- Other debts +€7,695
up €7,695 (+11.8%), from €65,401 to €73,096
- Gross operating margin +€9,191
up €9,191 (+41.4%), from €22,190 to €31,380
- Taxes +€3,330
up €3,330 (+166.1%), from €2,005 to €5,334
- Depreciation +€1,341
up €1,341 (+15.3%), from €8,779 to €10,119
- Financial charges -€1,124
down €1,124 (-31.6%), from €3,555 to €2,431
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 | €235,699 | €243,281 | +€7,581 | +3.2% |
| Fixed assets | 21/28 | €44,056 | €38,565 | -€5,491 | -12.5% |
| Tangible fixed assets | 22/27 | €44,056 | €38,565 | -€5,491 | -12.5% |
| Plant, machinery and equipment | 23 | €28,709 | €24,772 | -€3,937 | -13.7% |
| Furniture and vehicles | 24 | €15,347 | €13,792 | -€1,555 | -10.1% |
| Current assets | 29/58 | €191,643 | €204,716 | +€13,073 | +6.8% |
| Stocks and contracts in progress | 3 | €129,782 | €141,853 | +€12,071 | +9.3% |
| Stocks | 30/36 | €129,782 | €141,853 | +€12,071 | +9.3% |
| Amounts receivable within one year | 40/41 | €5,602 | €32,079 | +€26,476 | +472.6% |
| Trade receivables | 40 | - | €27,269 | +€27,269 | |
| Other amounts receivable | 41 | €5,602 | €4,809 | -€793 | -14.2% |
| Cash at bank and in hand | 54/58 | €48,691 | €22,343 | -€26,348 | -54.1% |
| Deferred charges and accrued income | 490/1 | €7,568 | €8,441 | +€873 | +11.5% |
| Total equity and liabilities | 10/49 | €235,699 | €243,281 | +€7,581 | +3.2% |
| Equity | 10/15 | €126,768 | €137,248 | +€10,480 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €12,340 | +€10,480 | +563.4% |
| Distributable reserves | 133 | €1,860 | €12,340 | +€10,480 | +563.4% |
| Profit (loss) carried forward | 14 | €106,308 | €106,308 | +€0 | 0.0% |
| Amounts payable | 17/49 | €108,931 | €106,032 | -€2,899 | -2.7% |
| Amounts payable after more than one year | 17 | €29,177 | €16,556 | -€12,620 | -43.3% |
| Financial debts | 170/4 | €29,177 | €16,556 | -€12,620 | -43.3% |
| Amounts payable within one year | 42/48 | €79,754 | €89,476 | +€9,721 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €12,090 | €12,620 | +€530 | +4.4% |
| Financial debts | 43 | €120 | €357 | +€237 | +198.7% |
| Credit institutions | 430/8 | €120 | €357 | +€237 | +198.7% |
| Trade debts | 44 | €2,080 | €2,276 | +€196 | +9.4% |
| Suppliers | 440/4 | €2,080 | €2,276 | +€196 | +9.4% |
| Taxes, remuneration and social security | 45 | €64 | €1,127 | +€1,063 | +1660.9% |
| Taxes | 450/3 | €64 | €1,127 | +€1,063 | +1660.9% |
| Other amounts payable | 47/48 | €65,401 | €73,096 | +€7,695 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,779 | €10,119 | +€1,341 | +15.3% |
| Other operating charges | 640/8 | €2,746 | €3,056 | +€311 | +11.3% |
| Non-recurring operating charges | 66A | €350 | - | -€350 | |
| Gross operating margin | 9900 | €22,190 | €31,380 | +€9,191 | +41.4% |
| Operating profit (loss) | 9901 | €10,315 | €18,205 | +€7,889 | +76.5% |
| Financial income | 75/76B | - | €40 | +€40 | |
| Recurring financial income | 75 | - | €40 | +€40 | |
| Financial charges | 65/66B | €3,555 | €2,431 | -€1,124 | -31.6% |
| Recurring financial charges | 65 | €3,555 | €2,431 | -€1,124 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €6,761 | €15,814 | +€9,054 | +133.9% |
| Income taxes | 67/77 | €2,005 | €5,334 | +€3,330 | +166.1% |
| Profit (loss) for the period | 9904 | €4,756 | €10,480 | +€5,724 | +120.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,756 | €10,480 | +€5,724 | +120.4% |
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 9 October 2026 via checked.be.