P: 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.
P
Largest movements
- Cash +€38,709
up €38,709 (+43.7%), from €88,678 to €127,387
mainly Other debts (+€50,109) and Net result for the year (+€21,391)
- Tangible fixed assets +€18,653
up €18,653 (+7.1%), from €261,849 to €280,502
of which Furniture and vehicles: +€25,643
- Receivables within one year -€13,382
down €13,382 (-19.8%), from €67,524 to €54,142
of which Trade receivables: -€45,831
- Other debts +€50,109
up €50,109 (+105%), from €47,511 to €97,621
- Debts after one year -€19,034
down €19,034 (-9.2%), from €206,895 to €187,861
- Reserves +€8,860
up €8,860 (+7.9%), from €112,070 to €120,930
- Gross operating margin +€24,514
up €24,514 (+78.7%), from €31,134 to €55,648
- Taxes +€5,547
up €5,547 (+110%), from €5,055 to €10,602
- Depreciation +€2,515
up €2,515 (+24.4%), from €10,319 to €12,834
- Financial charges -€672
down €672 (-6.4%), from €10,493 to €9,820
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 | €418,051 | €462,031 | +€43,980 | +10.5% |
| Fixed assets | 21/28 | €261,849 | €280,502 | +€18,653 | +7.1% |
| Tangible fixed assets | 22/27 | €261,849 | €280,502 | +€18,653 | +7.1% |
| Land and buildings | 22 | €250,545 | €243,424 | -€7,121 | -2.8% |
| Plant, machinery and equipment | 23 | €3,488 | €4,869 | +€1,381 | +39.6% |
| Furniture and vehicles | 24 | €556 | €26,198 | +€25,643 | +4,616% |
| Other tangible fixed assets | 26 | €7,261 | €6,011 | -€1,250 | -17.2% |
| Current assets | 29/58 | €156,202 | €181,529 | +€25,327 | +16.2% |
| Amounts receivable within one year | 40/41 | €67,524 | €54,142 | -€13,382 | -19.8% |
| Trade receivables | 40 | €52,524 | €6,693 | -€45,831 | -87.3% |
| Other amounts receivable | 41 | €15,000 | €47,449 | +€32,449 | +216% |
| Cash at bank and in hand | 54/58 | €88,678 | €127,387 | +€38,709 | +43.7% |
| Total equity and liabilities | 10/49 | €418,051 | €462,031 | +€43,980 | +10.5% |
| Equity | 10/15 | €130,620 | €139,480 | +€8,860 | +6.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €112,070 | €120,930 | +€8,860 | +7.9% |
| Distributable reserves | 133 | €112,070 | €120,930 | +€8,860 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €287,431 | €322,551 | +€35,120 | +12.2% |
| Amounts payable after more than one year | 17 | €206,895 | €187,861 | -€19,034 | -9.2% |
| Financial debts | 170/4 | €206,895 | €187,861 | -€19,034 | -9.2% |
| Amounts payable within one year | 42/48 | €80,537 | €134,690 | +€54,154 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | €18,215 | €19,034 | +€819 | +4.5% |
| Trade debts | 44 | €12,987 | €14,186 | +€1,199 | +9.2% |
| Suppliers | 440/4 | €12,987 | €14,186 | +€1,199 | +9.2% |
| Taxes, remuneration and social security | 45 | €1,823 | €3,850 | +€2,027 | +111% |
| Taxes | 450/3 | €1,823 | €3,850 | +€2,027 | +111% |
| Other amounts payable | 47/48 | €47,511 | €97,621 | +€50,109 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,319 | €12,834 | +€2,515 | +24.4% |
| Other operating charges | 640/8 | €1,198 | €1,300 | +€103 | +8.6% |
| Gross operating margin | 9900 | €31,134 | €55,648 | +€24,514 | +78.7% |
| Operating profit (loss) | 9901 | €19,618 | €41,514 | +€21,896 | +112% |
| Financial income | 75/76B | €161 | €300 | +€138 | +85.7% |
| Recurring financial income | 75 | €161 | €300 | +€138 | +85.7% |
| Financial charges | 65/66B | €10,493 | €9,820 | -€672 | -6.4% |
| Recurring financial charges | 65 | €10,493 | €9,820 | -€672 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €9,286 | €31,993 | +€22,707 | +245% |
| Income taxes | 67/77 | €5,055 | €10,602 | +€5,547 | +110% |
| Profit (loss) for the period | 9904 | €4,231 | €21,391 | +€17,160 | +406% |
| Profit (loss) for the period to be appropriated | 9905 | €4,231 | €21,391 | +€17,160 | +406% |
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.