P. SNELS: 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. SNELS
Largest movements
- Receivables within one year +€346,442
up €346,442 (+29.0%), from €1.2m to €1.5m
of which Other amounts receivable: +€197,624
- Cash -€92,679
down €92,679 (-84.7%), from €109,403 to €16,724
mainly Receivables within one year (-€346,442) and Investment in fixed assets (net) (-€129,385)
- Reserves +€272,072
up €272,072 (+14.2%), from €1.9m to €2.2m
- Debts after one year -€67,063
down €67,063 (-17.3%), from €387,644 to €320,581
- Short-term financial debts +€57,500
up €57,500 (+23.7%), from €242,500 to €300,000
- Gross operating margin +€25,980
up €25,980 (+4.2%), from €616,260 to €642,240
- Depreciation +€12,533
up €12,533 (+9.3%), from €134,368 to €146,901
- Financial charges -€10,535
down €10,535 (-30.6%), from €34,451 to €23,917
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 | €3,199,401 | €3,442,856 | +€243,455 | +7.6% |
| Fixed assets | 21/28 | €1,333,377 | €1,315,861 | -€17,515 | -1.3% |
| Tangible fixed assets | 22/27 | €1,333,377 | €1,315,861 | -€17,515 | -1.3% |
| Land and buildings | 22 | €936,622 | €987,255 | +€50,633 | +5.4% |
| Plant, machinery and equipment | 23 | €169,784 | €196,387 | +€26,603 | +15.7% |
| Furniture and vehicles | 24 | €226,970 | €132,220 | -€94,751 | -41.7% |
| Current assets | 29/58 | €1,866,024 | €2,126,995 | +€260,971 | +14.0% |
| Stocks and contracts in progress | 3 | €562,960 | €570,167 | +€7,207 | +1.3% |
| Stocks | 30/36 | €562,960 | €570,167 | +€7,207 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,193,661 | €1,540,103 | +€346,442 | +29.0% |
| Trade receivables | 40 | €945,586 | €1,094,404 | +€148,819 | +15.7% |
| Other amounts receivable | 41 | €248,075 | €445,699 | +€197,624 | +79.7% |
| Cash at bank and in hand | 54/58 | €109,403 | €16,724 | -€92,679 | -84.7% |
| Total equity and liabilities | 10/49 | €3,199,401 | €3,442,856 | +€243,455 | +7.6% |
| Equity | 10/15 | €1,929,351 | €2,201,423 | +€272,072 | +14.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,910,759 | €2,182,831 | +€272,072 | +14.2% |
| Distributable reserves | 133 | €1,910,759 | €2,182,831 | +€272,072 | +14.2% |
| Amounts payable | 17/49 | €1,270,050 | €1,241,433 | -€28,616 | -2.3% |
| Amounts payable after more than one year | 17 | €387,644 | €320,581 | -€67,063 | -17.3% |
| Financial debts | 170/4 | €387,644 | €320,581 | -€67,063 | -17.3% |
| Amounts payable within one year | 42/48 | €882,406 | €920,852 | +€38,446 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €149,977 | €134,640 | -€15,337 | -10.2% |
| Financial debts | 43 | €242,500 | €300,000 | +€57,500 | +23.7% |
| Other loans | 439 | €242,500 | €300,000 | +€57,500 | +23.7% |
| Trade debts | 44 | €429,873 | €423,762 | -€6,111 | -1.4% |
| Suppliers | 440/4 | €429,873 | €423,762 | -€6,111 | -1.4% |
| Taxes, remuneration and social security | 45 | €5,095 | €5,526 | +€431 | +8.5% |
| Remuneration and social security | 454/9 | €5,095 | €5,526 | +€431 | +8.5% |
| Other amounts payable | 47/48 | €54,961 | €56,924 | +€1,963 | +3.6% |
| Remuneration, social security and pensions | 62 | €63,168 | €64,014 | +€847 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,368 | €146,901 | +€12,533 | +9.3% |
| Other operating charges | 640/8 | €16,306 | €14,574 | -€1,732 | -10.6% |
| Gross operating margin | 9900 | €616,260 | €642,240 | +€25,980 | +4.2% |
| Operating profit (loss) | 9901 | €402,419 | €416,751 | +€14,332 | +3.6% |
| Financial income | 75/76B | €7 | €21 | +€14 | +211% |
| Recurring financial income | 75 | €7 | €21 | +€14 | +211% |
| Financial charges | 65/66B | €34,451 | €23,917 | -€10,535 | -30.6% |
| Recurring financial charges | 65 | €34,451 | €23,917 | -€10,535 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €367,974 | €392,855 | +€24,881 | +6.8% |
| Income taxes | 67/77 | €115,094 | €120,784 | +€5,690 | +4.9% |
| Profit (loss) for the period | 9904 | €252,880 | €272,072 | +€19,191 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €252,880 | €272,072 | +€19,191 | +7.6% |
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 18 October 2026 via checked.be.