P&L Management: 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&L Management
Largest movements
- Tangible fixed assets -€51,032
down €51,032 (-5.2%), from €977,348 to €926,317
of which Land and buildings: -€27,676
- Cash -€46,159
down €46,159 (-84.3%), from €54,734 to €8,575
mainly Debts after one year (-€92,865) and Investment in fixed assets (net) (-€71,992)
- Financial fixed assets +€42,580
up €42,580 (+6.0%), from €712,899 to €755,479
- Receivables after one year -€29,796
no longer reported in 2025 (was €29,796)
- Debts after one year -€92,865
down €92,865 (-10.3%), from €900,346 to €807,481
of which Financial debts: -€119,241
- Reserves +€73,570
up €73,570 (+12.5%), from €587,520 to €661,090
of which Distributable reserves: +€231,445
- Current portion of long-term debt -€45,050
down €45,050 (-20.6%), from €218,529 to €173,479
- Depreciation +€24,399
up €24,399 (+43.5%), from €56,044 to €80,444
- Other operating charges -€16,405
down €16,405 (-77.8%), from €21,085 to €4,680
- Gross operating margin -€13,479
down €13,479 (-5.4%), from €249,115 to €235,636
- Write-downs +€3,200
new in 2025: €3,200
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 | €1,826,676 | €1,740,183 | -€86,493 | -4.7% |
| Fixed assets | 21/28 | €1,690,247 | €1,681,795 | -€8,452 | -0.5% |
| Tangible fixed assets | 22/27 | €977,348 | €926,317 | -€51,032 | -5.2% |
| Land and buildings | 22 | €861,248 | €833,571 | -€27,676 | -3.2% |
| Plant, machinery and equipment | 23 | €43 | - | -€43 | |
| Furniture and vehicles | 24 | €114,602 | €91,584 | -€23,017 | -20.1% |
| Other tangible fixed assets | 26 | €1,456 | €1,161 | -€295 | -20.2% |
| Financial fixed assets | 28 | €712,899 | €755,479 | +€42,580 | +6.0% |
| Current assets | 29/58 | €136,429 | €58,387 | -€78,041 | -57.2% |
| Amounts receivable after more than one year | 29 | €29,796 | - | -€29,796 | |
| Other amounts receivable | 291 | €29,796 | - | -€29,796 | |
| Amounts receivable within one year | 40/41 | €49,628 | €46,714 | -€2,914 | -5.9% |
| Trade receivables | 40 | €49,621 | €46,707 | -€2,914 | -5.9% |
| Other amounts receivable | 41 | €7 | €7 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €54,734 | €8,575 | -€46,159 | -84.3% |
| Deferred charges and accrued income | 490/1 | €2,270 | €3,098 | +€828 | +36.5% |
| Total equity and liabilities | 10/49 | €1,826,676 | €1,740,183 | -€86,493 | -4.7% |
| Equity | 10/15 | €598,572 | €672,142 | +€73,570 | +12.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €587,520 | €661,090 | +€73,570 | +12.5% |
| Tax-exempt reserves | 132 | €303,120 | €145,245 | -€157,875 | -52.1% |
| Distributable reserves | 133 | €284,400 | €515,845 | +€231,445 | +81.4% |
| Profit (loss) carried forward | 14 | €1,052 | €1,052 | = | 0.0% |
| Amounts payable | 17/49 | €1,228,103 | €1,068,040 | -€160,063 | -13.0% |
| Amounts payable after more than one year | 17 | €900,346 | €807,481 | -€92,865 | -10.3% |
| Financial debts | 170/4 | €880,139 | €760,898 | -€119,241 | -13.5% |
| Other amounts payable | 178/9 | €20,207 | €46,583 | +€26,376 | +131% |
| Amounts payable within one year | 42/48 | €327,757 | €259,160 | -€68,598 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €218,529 | €173,479 | -€45,050 | -20.6% |
| Trade debts | 44 | €31,209 | €18,855 | -€12,354 | -39.6% |
| Suppliers | 440/4 | €31,209 | €18,855 | -€12,354 | -39.6% |
| Taxes, remuneration and social security | 45 | €78,019 | €66,826 | -€11,194 | -14.3% |
| Taxes | 450/3 | €76,019 | €64,826 | -€11,194 | -14.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,400 | +€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,044 | €80,444 | +€24,399 | +43.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,200 | +€3,200 | |
| Other operating charges | 640/8 | €21,085 | €4,680 | -€16,405 | -77.8% |
| Gross operating margin | 9900 | €249,115 | €235,636 | -€13,479 | -5.4% |
| Operating profit (loss) | 9901 | €171,985 | €147,312 | -€24,673 | -14.3% |
| Financial income | 75/76B | €1,753 | €1,116 | -€636 | -36.3% |
| Recurring financial income | 75 | €1,753 | €1,116 | -€636 | -36.3% |
| Financial charges | 65/66B | €24,920 | €23,219 | -€1,701 | -6.8% |
| Recurring financial charges | 65 | €24,920 | €23,219 | -€1,701 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €148,818 | €125,210 | -€23,609 | -15.9% |
| Income taxes | 67/77 | €52,940 | €51,640 | -€1,300 | -2.5% |
| Profit (loss) for the period | 9904 | €95,878 | €73,570 | -€22,309 | -23.3% |
| Transfer to tax-exempt reserves | 689 | €46,310 | €52,625 | +€6,315 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,568 | €20,945 | -€28,624 | -57.7% |
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 15 October 2026 via checked.be.