One Two Four: 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 Two Four
Largest movements
- Tangible fixed assets -€44,867
down €44,867 (-7.8%), from €575,123 to €530,256
- Receivables within one year -€37,680
down €37,680 (-39.1%), from €96,286 to €58,606
of which Other amounts receivable: -€35,433
- Cash +€11,727
up €11,727 (+32.4%), from €36,249 to €47,975
mainly Depreciation (+€94,137) and Receivables within one year (+€37,680)
- Intangible fixed assets -€9,821
down €9,821 (-75.8%), from €12,955 to €3,134
- Debts after one year -€75,643
down €75,643 (-17.5%), from €431,452 to €355,810
of which Financial debts: -€43,184
- Other debts -€60,060
down €60,060 (-52.4%), from €114,688 to €54,629
- Advances received +€31,027
up €31,027 (+77.7%), from €39,923 to €70,950
- Trade debts +€16,886
up €16,886 (+45.6%), from €37,066 to €53,951
- Reserves +€16,199
up €16,199 (+39.6%), from €40,953 to €57,152
- Staff costs +€39,050
up €39,050 (+18.4%), from €212,788 to €251,837
- Gross operating margin -€22,011
down €22,011 (-5.2%), from €426,436 to €404,425
- Financial charges +€7,139
up €7,139 (+23.9%), from €29,898 to €37,037
- Depreciation +€4,520
up €4,520 (+5.0%), from €89,617 to €94,137
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 | €760,031 | €680,338 | -€79,693 | -10.5% |
| Fixed assets | 21/28 | €606,078 | €551,390 | -€54,688 | -9.0% |
| Intangible fixed assets | 21 | €12,955 | €3,134 | -€9,821 | -75.8% |
| Tangible fixed assets | 22/27 | €575,123 | €530,256 | -€44,867 | -7.8% |
| Plant, machinery and equipment | 23 | €109,271 | €93,543 | -€15,728 | -14.4% |
| Furniture and vehicles | 24 | €110,096 | €95,120 | -€14,976 | -13.6% |
| Other tangible fixed assets | 26 | €355,755 | €341,593 | -€14,163 | -4.0% |
| Financial fixed assets | 28 | €18,000 | €18,000 | = | 0.0% |
| Current assets | 29/58 | €153,953 | €128,949 | -€25,005 | -16.2% |
| Stocks and contracts in progress | 3 | €13,158 | €10,273 | -€2,886 | -21.9% |
| Stocks | 30/36 | €13,158 | €10,273 | -€2,886 | -21.9% |
| Amounts receivable within one year | 40/41 | €96,286 | €58,606 | -€37,680 | -39.1% |
| Trade receivables | 40 | €2,504 | €257 | -€2,247 | -89.8% |
| Other amounts receivable | 41 | €93,782 | €58,349 | -€35,433 | -37.8% |
| Cash at bank and in hand | 54/58 | €36,249 | €47,975 | +€11,727 | +32.4% |
| Deferred charges and accrued income | 490/1 | €8,260 | €12,095 | +€3,835 | +46.4% |
| Total equity and liabilities | 10/49 | €760,031 | €680,338 | -€79,693 | -10.5% |
| Equity | 10/15 | €59,553 | €75,752 | +€16,199 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,953 | €57,152 | +€16,199 | +39.6% |
| Distributable reserves | 133 | €40,953 | €57,152 | +€16,199 | +39.6% |
| Amounts payable | 17/49 | €700,478 | €604,587 | -€95,892 | -13.7% |
| Amounts payable after more than one year | 17 | €431,452 | €355,810 | -€75,643 | -17.5% |
| Financial debts | 170/4 | €263,160 | €219,976 | -€43,184 | -16.4% |
| Other amounts payable | 178/9 | €168,292 | €135,833 | -€32,459 | -19.3% |
| Amounts payable within one year | 42/48 | €254,122 | €238,750 | -€15,372 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €41,687 | €43,184 | +€1,497 | +3.6% |
| Trade debts | 44 | €37,066 | €53,951 | +€16,886 | +45.6% |
| Suppliers | 440/4 | €37,066 | €53,951 | +€16,886 | +45.6% |
| Advances received on contracts in progress | 46 | €39,923 | €70,950 | +€31,027 | +77.7% |
| Taxes, remuneration and social security | 45 | €20,758 | €16,036 | -€4,722 | -22.7% |
| Taxes | 450/3 | €3,638 | €3,644 | +€6 | +0.2% |
| Remuneration and social security | 454/9 | €17,119 | €12,392 | -€4,727 | -27.6% |
| Other amounts payable | 47/48 | €114,688 | €54,629 | -€60,060 | -52.4% |
| Accrued charges and deferred income | 492/3 | €14,904 | €10,026 | -€4,877 | -32.7% |
| Non-recurring operating income | 76A | €24,490 | €1,470 | -€23,020 | -94.0% |
| Remuneration, social security and pensions | 62 | €212,788 | €251,837 | +€39,050 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,617 | €94,137 | +€4,520 | +5.0% |
| Other operating charges | 640/8 | €1,615 | €913 | -€701 | -43.4% |
| Non-recurring operating charges | 66A | €53,008 | €2,732 | -€50,276 | -94.8% |
| Gross operating margin | 9900 | €426,436 | €404,425 | -€22,011 | -5.2% |
| Operating profit (loss) | 9901 | €69,409 | €54,806 | -€14,603 | -21.0% |
| Financial income | 75/76B | €152 | €1,455 | +€1,302 | +854% |
| Recurring financial income | 75 | €152 | €1,455 | +€1,302 | +854% |
| Financial charges | 65/66B | €29,898 | €37,037 | +€7,139 | +23.9% |
| Recurring financial charges | 65 | €29,898 | €37,037 | +€7,139 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €39,663 | €19,223 | -€20,439 | -51.5% |
| Income taxes | 67/77 | €3,606 | €3,024 | -€581 | -16.1% |
| Profit (loss) for the period | 9904 | €36,057 | €16,199 | -€19,858 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,057 | €16,199 | -€19,858 | -55.1% |
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 16 October 2026 via checked.be.