ONE TWENTY ONE: 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 TWENTY ONE
Largest movements
- Receivables within one year -€197,161
down €197,161 (-46.0%), from €429,020 to €231,858
of which Trade receivables: -€196,719
- Tangible fixed assets +€167,540
up €167,540 (+61.5%), from €272,366 to €439,906
of which Land and buildings: +€191,266
- Receivables after one year +€146,006
up €146,006 (+171.9%), from €84,936 to €230,942
- Cash -€37,492
down €37,492 (-82.5%), from €45,446 to €7,954
mainly Investment in fixed assets (net) (-€206,218) and Receivables after one year (-€146,006)
- Debts after one year +€178,690
up €178,690 (+127.0%), from €140,756 to €319,446
of which Financial debts: +€178,690
- Trade debts -€104,635
down €104,635 (-54.0%), from €193,664 to €89,029
- Reserves +€57,075
up €57,075 (+3068.6%), from €1,860 to €58,935
of which Distributable reserves: +€57,075
- Current portion of long-term debt -€27,140
down €27,140 (-41.2%), from €65,907 to €38,766
- Other debts -€25,500
no longer reported in 2025 (was €25,500)
- Gross operating margin -€33,337
down €33,337 (-15.4%), from €216,337 to €183,000
- Taxes -€16,700
down €16,700 (-43.2%), from €38,625 to €21,926
- Other operating charges +€16,631
up €16,631 (+142.1%), from €11,704 to €28,335
- Financial charges -€12,817
down €12,817 (-65.1%), from €19,698 to €6,881
- Depreciation +€10,257
up €10,257 (+36.1%), from €28,401 to €38,658
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 | €834,319 | €916,144 | +€81,825 | +9.8% |
| Fixed assets | 21/28 | €273,766 | €441,326 | +€167,560 | +61.2% |
| Tangible fixed assets | 22/27 | €272,366 | €439,906 | +€167,540 | +61.5% |
| Land and buildings | 22 | €186,651 | €377,917 | +€191,266 | +102.5% |
| Plant, machinery and equipment | 23 | €4,378 | €3,807 | -€570 | -13.0% |
| Furniture and vehicles | 24 | €81,338 | €58,183 | -€23,156 | -28.5% |
| Financial fixed assets | 28 | €1,400 | €1,420 | +€20 | +1.4% |
| Current assets | 29/58 | €560,552 | €474,817 | -€85,735 | -15.3% |
| Amounts receivable after more than one year | 29 | €84,936 | €230,942 | +€146,006 | +171.9% |
| Trade receivables | 290 | €84,936 | €230,942 | +€146,006 | +171.9% |
| Amounts receivable within one year | 40/41 | €429,020 | €231,858 | -€197,161 | -46.0% |
| Trade receivables | 40 | €421,634 | €224,915 | -€196,719 | -46.7% |
| Other amounts receivable | 41 | €7,385 | €6,943 | -€442 | -6.0% |
| Cash at bank and in hand | 54/58 | €45,446 | €7,954 | -€37,492 | -82.5% |
| Deferred charges and accrued income | 490/1 | €1,152 | €4,064 | +€2,912 | +252.9% |
| Total equity and liabilities | 10/49 | €834,319 | €916,144 | +€81,825 | +9.8% |
| Equity | 10/15 | €387,830 | €444,905 | +€57,075 | +14.7% |
| Contributions | 10/11 | €14,880 | €14,880 | = | 0.0% |
| Reserves | 13 | €1,860 | €58,935 | +€57,075 | +3068.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €57,075 | +€57,075 | |
| Profit (loss) carried forward | 14 | €371,090 | €371,090 | = | 0.0% |
| Amounts payable | 17/49 | €446,489 | €471,238 | +€24,750 | +5.5% |
| Amounts payable after more than one year | 17 | €140,756 | €319,446 | +€178,690 | +127.0% |
| Financial debts | 170/4 | €135,206 | €313,896 | +€178,690 | +132.2% |
| Advances received on contracts in progress | 176 | €5,550 | €5,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €305,733 | €151,792 | -€153,941 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €65,907 | €38,766 | -€27,140 | -41.2% |
| Financial debts | 43 | €761 | €6,486 | +€5,725 | +752.4% |
| Credit institutions | 430/8 | €761 | €6,486 | +€5,725 | +752.4% |
| Trade debts | 44 | €193,664 | €89,029 | -€104,635 | -54.0% |
| Suppliers | 440/4 | €193,664 | €89,029 | -€104,635 | -54.0% |
| Taxes, remuneration and social security | 45 | €19,901 | €17,510 | -€2,391 | -12.0% |
| Taxes | 450/3 | €16,173 | €13,687 | -€2,485 | -15.4% |
| Remuneration and social security | 454/9 | €3,728 | €3,823 | +€95 | +2.5% |
| Other amounts payable | 47/48 | €25,500 | - | -€25,500 | |
| Remuneration, social security and pensions | 62 | €38,286 | €36,954 | -€1,333 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,401 | €38,658 | +€10,257 | +36.1% |
| Other operating charges | 640/8 | €11,704 | €28,335 | +€16,631 | +142.1% |
| Gross operating margin | 9900 | €216,337 | €183,000 | -€33,337 | -15.4% |
| Operating profit (loss) | 9901 | €137,946 | €79,054 | -€58,892 | -42.7% |
| Financial income | 75/76B | €3,183 | €6,828 | +€3,646 | +114.5% |
| Recurring financial income | 75 | €3,183 | €6,828 | +€3,646 | +114.5% |
| Financial charges | 65/66B | €19,698 | €6,881 | -€12,817 | -65.1% |
| Recurring financial charges | 65 | €19,698 | €6,881 | -€12,817 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €121,430 | €79,001 | -€42,430 | -34.9% |
| Income taxes | 67/77 | €38,625 | €21,926 | -€16,700 | -43.2% |
| Profit (loss) for the period | 9904 | €82,805 | €57,075 | -€25,730 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,805 | €57,075 | -€25,730 | -31.1% |
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 12 October 2026 via checked.be.