OPEN SOON: 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.
OPEN SOON
Largest movements
- Tangible fixed assets +€178,763
up €178,763 (+227%), from €78,579 to €257,342
of which Plant, machinery and equipment: +€206,508
- Stocks and contracts -€113,263
down €113,263 (-36.7%), from €308,628 to €195,365
- Cash +€53,557
up €53,557 (+65.7%), from €81,543 to €135,100
mainly Trade debts (+€250,003) and Net result for the year (+€172,114)
- Receivables within one year +€44,965
up €44,965 (+5.4%), from €839,203 to €884,168
of which Trade receivables: +€103,875
- Trade debts +€250,003
up €250,003 (+114%), from €218,755 to €468,758
- Other debts -€145,000
down €145,000 (-48.0%), from €302,253 to €157,253
- Current portion of long-term debt +€42,962
up €42,962 (+72.5%), from €59,257 to €102,220
- Staff costs +€142,815
up €142,815 (+19.5%), from €732,252 to €875,067
- Gross operating margin +€84,914
up €84,914 (+6.9%), from €1.2m to €1.3m
- Taxes +€32,940
up €32,940 (+76.0%), from €43,330 to €76,270
- Financial charges -€25,554
down €25,554 (-43.6%), from €58,597 to €33,044
- Write-downs +€15,787
up €15,787 (+105%), from €15,000 to €30,787
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 | €1,316,048 | €1,479,269 | +€163,221 | +12.4% |
| Fixed assets | 21/28 | €78,579 | €257,342 | +€178,763 | +227% |
| Tangible fixed assets | 22/27 | €78,579 | €257,342 | +€178,763 | +227% |
| Plant, machinery and equipment | 23 | €20,520 | €227,028 | +€206,508 | +1,006% |
| Furniture and vehicles | 24 | €39,356 | €21,266 | -€18,089 | -46.0% |
| Other tangible fixed assets | 26 | €18,703 | €9,048 | -€9,655 | -51.6% |
| Current assets | 29/58 | €1,237,468 | €1,221,926 | -€15,542 | -1.3% |
| Stocks and contracts in progress | 3 | €308,628 | €195,365 | -€113,263 | -36.7% |
| Stocks | 30/36 | €308,628 | €195,365 | -€113,263 | -36.7% |
| Amounts receivable within one year | 40/41 | €839,203 | €884,168 | +€44,965 | +5.4% |
| Trade receivables | 40 | €597,505 | €701,380 | +€103,875 | +17.4% |
| Other amounts receivable | 41 | €241,698 | €182,788 | -€58,910 | -24.4% |
| Cash at bank and in hand | 54/58 | €81,543 | €135,100 | +€53,557 | +65.7% |
| Deferred charges and accrued income | 490/1 | €8,095 | €7,294 | -€801 | -9.9% |
| Total equity and liabilities | 10/49 | €1,316,048 | €1,479,269 | +€163,221 | +12.4% |
| Equity | 10/15 | €638,672 | €645,786 | +€7,114 | +1.1% |
| Contributions | 10/11 | €185,947 | €185,947 | = | 0.0% |
| Capital | 10 | €185,947 | €185,947 | = | 0.0% |
| Issued capital | 100 | €185,947 | €185,947 | = | 0.0% |
| Reserves | 13 | €452,725 | €459,839 | +€7,114 | +1.6% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €427,935 | €435,050 | +€7,114 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €677,376 | €833,483 | +€156,107 | +23.0% |
| Amounts payable after more than one year | 17 | €27,802 | €31,426 | +€3,624 | +13.0% |
| Financial debts | 170/4 | €27,802 | €31,426 | +€3,624 | +13.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €649,574 | €802,057 | +€152,483 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €59,257 | €102,220 | +€42,962 | +72.5% |
| Financial debts | 43 | €1,185 | €2,203 | +€1,019 | +86.0% |
| Credit institutions | 430/8 | €1,185 | €0 | -€1,185 | -100% |
| Other loans | 439 | - | €2,203 | +€2,203 | |
| Trade debts | 44 | €218,755 | €468,758 | +€250,003 | +114% |
| Suppliers | 440/4 | €218,755 | €468,758 | +€250,003 | +114% |
| Taxes, remuneration and social security | 45 | €68,124 | €71,623 | +€3,499 | +5.1% |
| Taxes | 450/3 | €2,321 | €0 | -€2,321 | -100% |
| Remuneration and social security | 454/9 | €65,803 | €71,623 | +€5,820 | +8.8% |
| Other amounts payable | 47/48 | €302,253 | €157,253 | -€145,000 | -48.0% |
| Non-recurring operating income | 76A | €6,139 | €1,439 | -€4,699 | -76.6% |
| Remuneration, social security and pensions | 62 | €732,252 | €875,067 | +€142,815 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,937 | €47,706 | +€12,769 | +36.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,000 | €30,787 | +€15,787 | +105% |
| Other operating charges | 640/8 | €5,536 | €11,605 | +€6,069 | +110% |
| Non-recurring operating charges | 66A | - | €66,521 | +€66,521 | |
| Gross operating margin | 9900 | €1,228,021 | €1,312,934 | +€84,914 | +6.9% |
| Operating profit (loss) | 9901 | €440,295 | €281,248 | -€159,047 | -36.1% |
| Financial income | 75/76B | €4,797 | €180 | -€4,616 | -96.2% |
| Recurring financial income | 75 | €4,797 | €180 | -€4,616 | -96.2% |
| Financial charges | 65/66B | €58,597 | €33,044 | -€25,554 | -43.6% |
| Recurring financial charges | 65 | €58,597 | €33,044 | -€25,554 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €386,494 | €248,385 | -€138,109 | -35.7% |
| Income taxes | 67/77 | €43,330 | €76,270 | +€32,940 | +76.0% |
| Profit (loss) for the period | 9904 | €343,164 | €172,114 | -€171,050 | -49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €343,164 | €172,114 | -€171,050 | -49.8% |
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 15 October 2026 via checked.be.