P. SIGNALISATION: 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. SIGNALISATION
Largest movements
- Receivables within one year +€100,178
up €100,178 (+34.0%), from €294,874 to €395,052
of which Trade receivables: +€102,257
- Tangible fixed assets +€73,607
up €73,607 (+331%), from €22,216 to €95,823
of which Furniture and vehicles: +€60,286
- Stocks and contracts -€57,418
down €57,418 (-47.7%), from €120,361 to €62,943
- Cash +€15,663
up €15,663 (+22.6%), from €69,303 to €84,967
mainly Net result for the year (+€191,246) and Other debts (+€96,857)
- Trade debts -€125,419
down €125,419 (-57.9%), from €216,477 to €91,058
- Other debts +€96,857
up €96,857 (+219%), from €44,221 to €141,078
- Profit (loss) carried forward +€56,246
up €56,246 (+30.9%), from €182,004 to €238,250
- Current portion of long-term debt +€53,857
up €53,857 (+1,408%), from €3,825 to €57,683
- Debts after one year +€52,120
up €52,120 (+328%), from €15,913 to €68,033
- Gross operating margin +€251,014
up €251,014 (+129%), from €194,350 to €445,364
- Staff costs +€56,442
up €56,442 (+49.2%), from €114,636 to €171,078
- Taxes +€46,621
up €46,621 (+266%), from €17,531 to €64,152
- Depreciation +€9,774
up €9,774 (+458%), from €2,132 to €11,906
- Financial charges +€4,821
up €4,821 (+464%), from €1,039 to €5,860
of which Financial charges: +€4,383
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 | €510,986 | €643,709 | +€132,723 | +26.0% |
| Fixed assets | 21/28 | €24,688 | €98,030 | +€73,342 | +297% |
| Intangible fixed assets | 21 | €684 | €419 | -€265 | -38.7% |
| Tangible fixed assets | 22/27 | €22,216 | €95,823 | +€73,607 | +331% |
| Plant, machinery and equipment | 23 | €1,282 | €34,239 | +€32,957 | +2,570% |
| Furniture and vehicles | 24 | €1,298 | €61,584 | +€60,286 | +4,645% |
| Leasing and similar rights | 25 | €19,636 | - | -€19,636 | |
| Financial fixed assets | 28 | €1,788 | €1,788 | = | 0.0% |
| Current assets | 29/58 | €486,298 | €545,679 | +€59,380 | +12.2% |
| Stocks and contracts in progress | 3 | €120,361 | €62,943 | -€57,418 | -47.7% |
| Stocks | 30/36 | €120,361 | €62,943 | -€57,418 | -47.7% |
| Amounts receivable within one year | 40/41 | €294,874 | €395,052 | +€100,178 | +34.0% |
| Trade receivables | 40 | €252,783 | €355,041 | +€102,257 | +40.5% |
| Other amounts receivable | 41 | €42,090 | €40,011 | -€2,079 | -4.9% |
| Cash at bank and in hand | 54/58 | €69,303 | €84,967 | +€15,663 | +22.6% |
| Deferred charges and accrued income | 490/1 | €1,760 | €2,718 | +€957 | +54.4% |
| Total equity and liabilities | 10/49 | €510,986 | €643,709 | +€132,723 | +26.0% |
| Equity | 10/15 | €195,738 | €251,983 | +€56,246 | +28.7% |
| Contributions | 10/11 | €4,263 | €4,263 | = | 0.0% |
| Reserves | 13 | €9,470 | €9,470 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,278 | €1,278 | = | 0.0% |
| Own shares acquired | 1312 | €1,278 | €1,278 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,193 | €8,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,004 | €238,250 | +€56,246 | +30.9% |
| Amounts payable | 17/49 | €315,249 | €391,726 | +€76,477 | +24.3% |
| Amounts payable after more than one year | 17 | €15,913 | €68,033 | +€52,120 | +328% |
| Financial debts | 170/4 | €15,913 | €68,033 | +€52,120 | +328% |
| Amounts payable within one year | 42/48 | €299,336 | €323,693 | +€24,357 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €3,825 | €57,683 | +€53,857 | +1,408% |
| Trade debts | 44 | €216,477 | €91,058 | -€125,419 | -57.9% |
| Suppliers | 440/4 | €216,477 | €91,058 | -€125,419 | -57.9% |
| Advances received on contracts in progress | 46 | €6,578 | €6,578 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €28,234 | €27,297 | -€938 | -3.3% |
| Taxes | 450/3 | €19,993 | €11,856 | -€8,138 | -40.7% |
| Remuneration and social security | 454/9 | €8,241 | €15,441 | +€7,200 | +87.4% |
| Other amounts payable | 47/48 | €44,221 | €141,078 | +€96,857 | +219% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €114,636 | €171,078 | +€56,442 | +49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,132 | €11,906 | +€9,774 | +458% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,258 | - | -€4,258 | |
| Other operating charges | 640/8 | €1,398 | €2,582 | +€1,184 | +84.7% |
| Gross operating margin | 9900 | €194,350 | €445,364 | +€251,014 | +129% |
| Operating profit (loss) | 9901 | €71,926 | €259,799 | +€187,872 | +261% |
| Financial income | 75/76B | €383 | €1,458 | +€1,076 | +281% |
| Recurring financial income | 75 | €383 | €1,458 | +€1,076 | +281% |
| Financial charges | 65/66B | €1,039 | €5,860 | +€4,821 | +464% |
| Recurring financial charges | 65 | €1,039 | €5,422 | +€4,383 | +422% |
| Non-recurring financial charges | 66B | - | €438 | +€438 | |
| Profit (loss) for the period before taxes | 9903 | €71,270 | €255,397 | +€184,127 | +258% |
| Income taxes | 67/77 | €17,531 | €64,152 | +€46,621 | +266% |
| Profit (loss) for the period | 9904 | €53,739 | €191,246 | +€137,507 | +256% |
| Profit (loss) for the period to be appropriated | 9905 | €53,739 | €191,246 | +€137,507 | +256% |
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 24 October 2026 via checked.be.