OUT-STANDING: 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.
OUT-STANDING
Largest movements
- Cash +€72,459
up €72,459 (+203%), from €35,607 to €108,066
mainly Receivables after one year (+€40,072) and Net result for the year (+€35,955)
- Receivables after one year -€40,072
no longer reported in 2025 (was €40,072)
- Stocks and contracts -€27,346
down €27,346 (-19.3%), from €141,685 to €114,339
- Receivables within one year +€10,894
up €10,894 (+54.4%), from €20,035 to €30,929
of which Trade receivables: +€8,969
- Tangible fixed assets +€3,123
up €3,123 (+38.3%), from €8,155 to €11,278
of which Furniture and vehicles: +€4,871
- Trade debts -€39,101
down €39,101 (-45.9%), from €85,240 to €46,139
- Reserves +€30,241
up €30,241 (+25.5%), from €118,512 to €148,753
of which Distributable reserves: +€30,241
- Short-term financial debts +€30,000
new in 2025: €30,000
- Advances received -€6,053
no longer reported in 2025 (was €6,053)
- Gross operating margin +€41,376
up €41,376 (+30.9%), from €133,982 to €175,358
- Staff costs +€18,701
up €18,701 (+19.4%), from €96,310 to €115,011
- Taxes +€7,214
up €7,214 (+114%), from €6,310 to €13,524
- Financial charges +€1,879
up €1,879 (+105%), from €1,793 to €3,672
of which Non-recurring financial charges: +€1,930
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 | €245,555 | €264,612 | +€19,057 | +7.8% |
| Fixed assets | 21/28 | €8,155 | €11,278 | +€3,123 | +38.3% |
| Tangible fixed assets | 22/27 | €8,155 | €11,278 | +€3,123 | +38.3% |
| Plant, machinery and equipment | 23 | €4,530 | €3,098 | -€1,432 | -31.6% |
| Furniture and vehicles | 24 | €1,713 | €6,584 | +€4,871 | +284% |
| Other tangible fixed assets | 26 | €1,912 | €1,596 | -€316 | -16.5% |
| Current assets | 29/58 | €237,400 | €253,334 | +€15,934 | +6.7% |
| Amounts receivable after more than one year | 29 | €40,072 | - | -€40,072 | |
| Other amounts receivable | 291 | €40,072 | - | -€40,072 | |
| Stocks and contracts in progress | 3 | €141,685 | €114,339 | -€27,346 | -19.3% |
| Stocks | 30/36 | €141,685 | €114,339 | -€27,346 | -19.3% |
| Amounts receivable within one year | 40/41 | €20,035 | €30,929 | +€10,894 | +54.4% |
| Trade receivables | 40 | €1,306 | €10,275 | +€8,969 | +687% |
| Other amounts receivable | 41 | €18,730 | €20,654 | +€1,925 | +10.3% |
| Cash at bank and in hand | 54/58 | €35,607 | €108,066 | +€72,459 | +203% |
| Total equity and liabilities | 10/49 | €245,555 | €264,612 | +€19,057 | +7.8% |
| Equity | 10/15 | €137,112 | €167,353 | +€30,241 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,512 | €148,753 | +€30,241 | +25.5% |
| Tax-exempt reserves | 132 | €30,349 | €30,349 | = | 0.0% |
| Distributable reserves | 133 | €88,163 | €118,404 | +€30,241 | +34.3% |
| Amounts payable | 17/49 | €108,443 | €97,259 | -€11,184 | -10.3% |
| Amounts payable after more than one year | 17 | €109 | - | -€109 | |
| Financial debts | 170/4 | €109 | - | -€109 | |
| Amounts payable within one year | 42/48 | €108,335 | €97,259 | -€11,075 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €647 | €109 | -€538 | -83.2% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €85,240 | €46,139 | -€39,101 | -45.9% |
| Suppliers | 440/4 | €85,240 | €46,139 | -€39,101 | -45.9% |
| Advances received on contracts in progress | 46 | €6,053 | - | -€6,053 | |
| Taxes, remuneration and social security | 45 | €16,394 | €18,385 | +€1,991 | +12.1% |
| Taxes | 450/3 | €4,093 | €1,401 | -€2,692 | -65.8% |
| Remuneration and social security | 454/9 | €12,302 | €16,985 | +€4,683 | +38.1% |
| Other amounts payable | 47/48 | - | €2,626 | +€2,626 | |
| Remuneration, social security and pensions | 62 | €96,310 | €115,011 | +€18,701 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,061 | €3,970 | -€90 | -2.2% |
| Other operating charges | 640/8 | €2,266 | €3,243 | +€977 | +43.1% |
| Gross operating margin | 9900 | €133,982 | €175,358 | +€41,376 | +30.9% |
| Operating profit (loss) | 9901 | €31,345 | €53,134 | +€21,788 | +69.5% |
| Financial income | 75/76B | €0 | €18 | +€18 | +7,088% |
| Recurring financial income | 75 | €0 | €18 | +€18 | +7,088% |
| Financial charges | 65/66B | €1,793 | €3,672 | +€1,879 | +105% |
| Recurring financial charges | 65 | €1,793 | €1,742 | -€51 | -2.9% |
| Non-recurring financial charges | 66B | - | €1,930 | +€1,930 | |
| Profit (loss) for the period before taxes | 9903 | €29,552 | €49,479 | +€19,927 | +67.4% |
| Income taxes | 67/77 | €6,310 | €13,524 | +€7,214 | +114% |
| Profit (loss) for the period | 9904 | €23,242 | €35,955 | +€12,714 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,242 | €35,955 | +€12,714 | +54.7% |
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 17 October 2026 via checked.be.