P & SI: 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 & SI
Largest movements
- Cash +€38,790
up €38,790 (+80.7%), from €48,089 to €86,879
mainly Net result for the year (+€56,060) and Depreciation (+€16,911)
- Receivables within one year -€8,325
down €8,325 (-8.3%), from €100,622 to €92,298
of which Trade receivables: -€7,103
- Tangible fixed assets +€4,506
up €4,506 (+3.4%), from €130,786 to €135,292
of which Assets under construction and advance payments: +€16,250
- Reserves +€21,693
up €21,693 (+24.9%), from €87,032 to €108,725
- Other debts +€13,520
up €13,520 (+24.1%), from €56,105 to €69,625
- Debts after one year -€8,691
down €8,691 (-13.0%), from €67,108 to €58,417
- Trade debts +€5,981
up €5,981 (+15.9%), from €37,681 to €43,662
- Staff costs +€83,262
up €83,262 (+90.3%), from €92,238 to €175,500
- Gross operating margin +€38,470
up €38,470 (+16.2%), from €237,815 to €276,285
- Taxes -€8,959
down €8,959 (-28.0%), from €31,945 to €22,986
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 | €296,756 | €330,598 | +€33,842 | +11.4% |
| Fixed assets | 21/28 | €131,286 | €136,764 | +€5,478 | +4.2% |
| Intangible fixed assets | 21 | - | €972 | +€972 | |
| Tangible fixed assets | 22/27 | €130,786 | €135,292 | +€4,506 | +3.4% |
| Land and buildings | 22 | €117,387 | €109,223 | -€8,164 | -7.0% |
| Plant, machinery and equipment | 23 | €6,035 | €3,260 | -€2,775 | -46.0% |
| Furniture and vehicles | 24 | €7,364 | €6,559 | -€805 | -10.9% |
| Assets under construction and advance payments | 27 | - | €16,250 | +€16,250 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €165,470 | €193,834 | +€28,364 | +17.1% |
| Stocks and contracts in progress | 3 | €11,573 | €12,241 | +€668 | +5.8% |
| Stocks | 30/36 | €11,573 | €12,241 | +€668 | +5.8% |
| Amounts receivable within one year | 40/41 | €100,622 | €92,298 | -€8,325 | -8.3% |
| Trade receivables | 40 | €97,120 | €90,017 | -€7,103 | -7.3% |
| Other amounts receivable | 41 | €3,503 | €2,281 | -€1,222 | -34.9% |
| Cash at bank and in hand | 54/58 | €48,089 | €86,879 | +€38,790 | +80.7% |
| Deferred charges and accrued income | 490/1 | €5,186 | €2,416 | -€2,770 | -53.4% |
| Total equity and liabilities | 10/49 | €296,756 | €330,598 | +€33,842 | +11.4% |
| Equity | 10/15 | €88,224 | €108,725 | +€20,501 | +23.2% |
| Reserves | 13 | €87,032 | €108,725 | +€21,693 | +24.9% |
| Distributable reserves | 133 | €87,032 | €108,725 | +€21,693 | +24.9% |
| Profit (loss) carried forward | 14 | €1,192 | - | -€1,192 | |
| Amounts payable | 17/49 | €208,532 | €221,873 | +€13,341 | +6.4% |
| Amounts payable after more than one year | 17 | €67,108 | €58,417 | -€8,691 | -13.0% |
| Financial debts | 170/4 | €67,108 | €58,417 | -€8,691 | -13.0% |
| Amounts payable within one year | 42/48 | €141,424 | €163,456 | +€22,032 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €8,381 | €8,691 | +€310 | +3.7% |
| Trade debts | 44 | €37,681 | €43,662 | +€5,981 | +15.9% |
| Suppliers | 440/4 | €37,681 | €43,662 | +€5,981 | +15.9% |
| Taxes, remuneration and social security | 45 | €39,257 | €41,477 | +€2,221 | +5.7% |
| Taxes | 450/3 | €27,836 | €21,752 | -€6,085 | -21.9% |
| Remuneration and social security | 454/9 | €11,420 | €19,725 | +€8,305 | +72.7% |
| Other amounts payable | 47/48 | €56,105 | €69,625 | +€13,520 | +24.1% |
| Remuneration, social security and pensions | 62 | €92,238 | €175,500 | +€83,262 | +90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,748 | €16,911 | +€163 | +1.0% |
| Other operating charges | 640/8 | €1,131 | €1,694 | +€564 | +49.9% |
| Gross operating margin | 9900 | €237,815 | €276,285 | +€38,470 | +16.2% |
| Operating profit (loss) | 9901 | €127,698 | €82,180 | -€45,519 | -35.6% |
| Financial income | 75/76B | €29 | €1,296 | +€1,268 | +4,449% |
| Recurring financial income | 75 | €29 | €1,296 | +€1,268 | +4,449% |
| Financial charges | 65/66B | €4,814 | €4,430 | -€384 | -8.0% |
| Recurring financial charges | 65 | €4,814 | €4,430 | -€384 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €122,913 | €79,046 | -€43,867 | -35.7% |
| Income taxes | 67/77 | €31,945 | €22,986 | -€8,959 | -28.0% |
| Profit (loss) for the period | 9904 | €90,968 | €56,060 | -€34,908 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €90,968 | €56,060 | -€34,908 | -38.4% |
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.