ORIGINAL: what changed
Two fiscal 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.
ORIGINAL
Largest movements
- Financial fixed assets +€1.0m
up €1.0m (+47.7%), from €2.1m to €3.1m
- Receivables within one year +€570,364
up €570,364 (+24.8%), from €2.3m to €2.9m
of which Other amounts receivable: +€587,072
- Stocks and contracts -€173,503
down €173,503 (-13.1%), from €1.3m to €1.2m
- Reserves +€1.0m
up €1.0m (+2483.5%), from €41,119 to €1.1m
of which Distributable reserves: +€1.0m
- Tax, wage and social debts +€646,622
up €646,622 (+85.8%), from €753,460 to €1.4m
of which Taxes: +€641,770
- Trade debts -€164,918
down €164,918 (-16.4%), from €1.0m to €840,164
- Gross operating margin +€640,223
up €640,223 (+52.1%), from €1.2m to €1.9m
- Taxes +€316,126
up €316,126 (+149.8%), from €211,052 to €527,178
- Financial income +€111,388
up €111,388 (+328.6%), from €33,896 to €145,284
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 | €8,603,344 | €10,100,597 | +€1.5m | +17.4% |
| Fixed assets | 21/28 | €2,720,689 | €3,735,134 | +€1.0m | +37.3% |
| Tangible fixed assets | 22/27 | €622,911 | €636,315 | +€13,404 | +2.2% |
| Land and buildings | 22 | €602,099 | €558,758 | -€43,341 | -7.2% |
| Plant, machinery and equipment | 23 | €1,955 | €24,850 | +€22,895 | +1171.3% |
| Furniture and vehicles | 24 | €18,857 | €52,707 | +€33,850 | +179.5% |
| Financial fixed assets | 28 | €2,097,778 | €3,098,819 | +€1.0m | +47.7% |
| Current assets | 29/58 | €5,882,655 | €6,365,464 | +€482,809 | +8.2% |
| Stocks and contracts in progress | 3 | €1,328,412 | €1,154,909 | -€173,503 | -13.1% |
| Stocks | 30/36 | €1,328,412 | €1,154,909 | -€173,503 | -13.1% |
| Amounts receivable within one year | 40/41 | €2,301,730 | €2,872,094 | +€570,364 | +24.8% |
| Trade receivables | 40 | €1,683,495 | €1,666,788 | -€16,708 | -1.0% |
| Other amounts receivable | 41 | €618,235 | €1,205,307 | +€587,072 | +95.0% |
| Cash at bank and in hand | 54/58 | €2,228,550 | €2,313,271 | +€84,721 | +3.8% |
| Deferred charges and accrued income | 490/1 | €23,963 | €25,189 | +€1,226 | +5.1% |
| Total equity and liabilities | 10/49 | €8,603,344 | €10,100,597 | +€1.5m | +17.4% |
| Equity | 10/15 | €6,838,966 | €7,860,157 | +€1.0m | +14.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €41,119 | €1,062,309 | +€1.0m | +2483.5% |
| Tax-exempt reserves | 132 | €135 | €135 | = | 0.0% |
| Distributable reserves | 133 | €40,984 | €1,062,175 | +€1.0m | +2491.7% |
| Profit (loss) carried forward | 14 | €6,779,255 | €6,779,255 | = | 0.0% |
| Amounts payable | 17/49 | €1,764,377 | €2,240,441 | +€476,063 | +27.0% |
| Amounts payable within one year | 42/48 | €1,764,377 | €2,240,441 | +€476,063 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,005,083 | €840,164 | -€164,918 | -16.4% |
| Suppliers | 440/4 | €1,005,083 | €840,164 | -€164,918 | -16.4% |
| Taxes, remuneration and social security | 45 | €753,460 | €1,400,082 | +€646,622 | +85.8% |
| Taxes | 450/3 | €730,870 | €1,372,640 | +€641,770 | +87.8% |
| Remuneration and social security | 454/9 | €22,590 | €27,442 | +€4,852 | +21.5% |
| Other amounts payable | 47/48 | €5,835 | €194 | -€5,641 | -96.7% |
| Non-recurring operating income | 76A | €89,290 | €26,537 | -€62,753 | -70.3% |
| Remuneration, social security and pensions | 62 | €367,134 | €377,921 | +€10,787 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,076 | €58,943 | -€7,132 | -10.8% |
| Other operating charges | 640/8 | €24,780 | €25,093 | +€313 | +1.3% |
| Gross operating margin | 9900 | €1,228,369 | €1,868,592 | +€640,223 | +52.1% |
| Operating profit (loss) | 9901 | €770,379 | €1,406,635 | +€636,256 | +82.6% |
| Financial income | 75/76B | €33,896 | €145,284 | +€111,388 | +328.6% |
| Recurring financial income | 75 | €33,896 | €145,284 | +€111,388 | +328.6% |
| Financial charges | 65/66B | €3,172 | €3,550 | +€378 | +11.9% |
| Recurring financial charges | 65 | €3,172 | €3,550 | +€378 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €801,103 | €1,548,369 | +€747,265 | +93.3% |
| Income taxes | 67/77 | €211,052 | €527,178 | +€316,126 | +149.8% |
| Profit (loss) for the period | 9904 | €590,051 | €1,021,190 | +€431,139 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €590,051 | €1,021,190 | +€431,139 | +73.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.