One-stop: 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.
One-stop
Largest movements
- Cash +€390,537
up €390,537 (+356.2%), from €109,649 to €500,186
mainly Net result for the year (+€429,253) and Current investments (+€300,000)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Tangible fixed assets +€257,901
up €257,901 (+19.2%), from €1.3m to €1.6m
of which Plant, machinery and equipment: +€185,922
- Receivables within one year -€67,078
down €67,078 (-8.0%), from €839,215 to €772,137
of which Trade receivables: -€69,932
- Stocks and contracts -€45,167
down €45,167 (-12.3%), from €366,077 to €320,911
of which Stocks: -€50,858
- Reserves +€429,253
up €429,253 (+34.3%), from €1.3m to €1.7m
of which Distributable reserves: +€429,253
- Debts after one year -€107,513
down €107,513 (-15.5%), from €694,470 to €586,957
- Trade debts -€49,790
down €49,790 (-10.1%), from €491,187 to €441,396
- Gross operating margin +€146,283
up €146,283 (+7.8%), from €1.9m to €2.0m
- Staff costs +€55,432
up €55,432 (+4.7%), from €1.2m to €1.2m
- Depreciation +€27,987
up €27,987 (+19.9%), from €140,396 to €168,383
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 | €3,015,602 | €3,278,037 | +€262,435 | +8.7% |
| Fixed assets | 21/28 | €1,343,482 | €1,643,384 | +€299,901 | +22.3% |
| Tangible fixed assets | 22/27 | €1,343,212 | €1,601,114 | +€257,901 | +19.2% |
| Land and buildings | 22 | €1,063,684 | €1,105,247 | +€41,563 | +3.9% |
| Plant, machinery and equipment | 23 | €143,767 | €329,689 | +€185,922 | +129.3% |
| Furniture and vehicles | 24 | €129,262 | €159,678 | +€30,416 | +23.5% |
| Other tangible fixed assets | 26 | €6,500 | €6,500 | = | 0.0% |
| Financial fixed assets | 28 | €270 | €42,270 | +€42,000 | +15555.6% |
| Current assets | 29/58 | €1,672,120 | €1,634,654 | -€37,467 | -2.2% |
| Stocks and contracts in progress | 3 | €366,077 | €320,911 | -€45,167 | -12.3% |
| Stocks | 30/36 | €311,286 | €260,428 | -€50,858 | -16.3% |
| Contracts in progress | 37 | €54,791 | €60,482 | +€5,691 | +10.4% |
| Amounts receivable within one year | 40/41 | €839,215 | €772,137 | -€67,078 | -8.0% |
| Trade receivables | 40 | €792,256 | €722,324 | -€69,932 | -8.8% |
| Other amounts receivable | 41 | €46,959 | €49,813 | +€2,854 | +6.1% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €109,649 | €500,186 | +€390,537 | +356.2% |
| Deferred charges and accrued income | 490/1 | €57,179 | €41,419 | -€15,759 | -27.6% |
| Total equity and liabilities | 10/49 | €3,015,602 | €3,278,037 | +€262,435 | +8.7% |
| Equity | 10/15 | €1,504,888 | €1,934,141 | +€429,253 | +28.5% |
| Contributions | 10/11 | €253,000 | €253,000 | = | 0.0% |
| Capital | 10 | €253,000 | €253,000 | = | 0.0% |
| Issued capital | 100 | €253,000 | €253,000 | = | 0.0% |
| Reserves | 13 | €1,251,888 | €1,681,141 | +€429,253 | +34.3% |
| Non-distributable reserves | 130/1 | €25,300 | €25,300 | = | 0.0% |
| Legal reserve | 130 | €25,300 | €25,300 | = | 0.0% |
| Distributable reserves | 133 | €1,226,588 | €1,655,841 | +€429,253 | +35.0% |
| Amounts payable | 17/49 | €1,510,715 | €1,343,897 | -€166,818 | -11.0% |
| Amounts payable after more than one year | 17 | €694,470 | €586,957 | -€107,513 | -15.5% |
| Financial debts | 170/4 | €694,470 | €586,957 | -€107,513 | -15.5% |
| Amounts payable within one year | 42/48 | €816,245 | €756,940 | -€59,305 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €126,866 | €107,513 | -€19,352 | -15.3% |
| Trade debts | 44 | €491,187 | €441,396 | -€49,790 | -10.1% |
| Suppliers | 440/4 | €491,187 | €441,396 | -€49,790 | -10.1% |
| Taxes, remuneration and social security | 45 | €198,193 | €208,030 | +€9,838 | +5.0% |
| Taxes | 450/3 | €62,158 | €68,972 | +€6,814 | +11.0% |
| Remuneration and social security | 454/9 | €136,035 | €139,058 | +€3,024 | +2.2% |
| Remuneration, social security and pensions | 62 | €1,185,631 | €1,241,063 | +€55,432 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,396 | €168,383 | +€27,987 | +19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,240 | €10,600 | +€18,840 | |
| Other operating charges | 640/8 | €25,040 | €21,016 | -€4,024 | -16.1% |
| Non-recurring operating charges | 66A | - | €1,206 | +€1,206 | |
| Gross operating margin | 9900 | €1,880,144 | €2,026,427 | +€146,283 | +7.8% |
| Operating profit (loss) | 9901 | €537,316 | €584,159 | +€46,843 | +8.7% |
| Financial income | 75/76B | €7,847 | €6,253 | -€1,594 | -20.3% |
| Recurring financial income | 75 | €7,847 | €6,253 | -€1,594 | -20.3% |
| Financial charges | 65/66B | €30,243 | €23,787 | -€6,456 | -21.3% |
| Recurring financial charges | 65 | €30,243 | €23,787 | -€6,456 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €514,920 | €566,625 | +€51,704 | +10.0% |
| Income taxes | 67/77 | €130,824 | €137,372 | +€6,547 | +5.0% |
| Profit (loss) for the period | 9904 | €384,096 | €429,253 | +€45,157 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €384,096 | €429,253 | +€45,157 | +11.8% |
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 11 October 2026 via checked.be.