P18: what changed
Two fiscal 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.
P18
Largest movements
- Tangible fixed assets +€503,144
up €503,144 (+1438.3%), from €34,982 to €538,126
of which Land and buildings: +€455,011
- Receivables within one year -€308,253
down €308,253 (-86.4%), from €356,915 to €48,662
of which Trade receivables: -€182,575
- Cash +€199,682
up €199,682 (+96.3%), from €207,442 to €407,124
mainly Debts after one year (+€392,032) and Receivables within one year (+€308,253)
- Stocks and contracts +€26,232
up €26,232 (+130.1%), from €20,163 to €46,395
- Debts after one year +€392,032
new in 2025: €392,032
- Reserves +€93,660
up €93,660 (+27.6%), from €338,774 to €432,435
of which Distributable reserves: +€51,560
- Advances received -€92,525
down €92,525 (-100.0%), from €92,525 to €0
- Other debts +€82,259
up €82,259 (+2329.3%), from €3,531 to €85,791
- Tax, wage and social debts -€46,481
down €46,481 (-66.2%), from €70,202 to €23,721
- Depreciation +€77,618
up €77,618 (+1099.1%), from €7,062 to €84,680
- Taxes -€28,598
down €28,598 (-52.1%), from €54,913 to €26,315
- Gross operating margin -€21,092
down €21,092 (-8.4%), from €250,104 to €229,012
- Financial charges +€18,292
up €18,292 (+359.7%), from €5,086 to €23,378
of which Financial charges: +€18,292
- Staff costs -€10,983
down €10,983 (-100.0%), from €10,983 to €0
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.
Cash bridge derived
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 | €629,502 | €1,040,725 | +€411,224 | +65.3% |
| Fixed assets | 21/28 | €34,982 | €538,126 | +€503,144 | +1438.3% |
| Tangible fixed assets | 22/27 | €34,982 | €538,126 | +€503,144 | +1438.3% |
| Land and buildings | 22 | - | €455,011 | +€455,011 | |
| Plant, machinery and equipment | 23 | €7,981 | €6,720 | -€1,261 | -15.8% |
| Furniture and vehicles | 24 | €14,497 | €26,440 | +€11,944 | +82.4% |
| Other tangible fixed assets | 26 | €12,505 | €49,955 | +€37,450 | +299.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €594,519 | €502,599 | -€91,920 | -15.5% |
| Stocks and contracts in progress | 3 | €20,163 | €46,395 | +€26,232 | +130.1% |
| Stocks | 30/36 | €20,163 | €46,395 | +€26,232 | +130.1% |
| Amounts receivable within one year | 40/41 | €356,915 | €48,662 | -€308,253 | -86.4% |
| Trade receivables | 40 | €207,998 | €25,423 | -€182,575 | -87.8% |
| Other amounts receivable | 41 | €148,917 | €23,239 | -€125,678 | -84.4% |
| Cash at bank and in hand | 54/58 | €207,442 | €407,124 | +€199,682 | +96.3% |
| Deferred charges and accrued income | 490/1 | €10,000 | €418 | -€9,582 | -95.8% |
| Total equity and liabilities | 10/49 | €629,502 | €1,040,725 | +€411,224 | +65.3% |
| Equity | 10/15 | €348,774 | €442,435 | +€93,660 | +26.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €338,774 | €432,435 | +€93,660 | +27.6% |
| Tax-exempt reserves | 132 | €84,200 | €126,300 | +€42,100 | +50.0% |
| Distributable reserves | 133 | €254,574 | €306,135 | +€51,560 | +20.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €280,727 | €598,291 | +€317,563 | +113.1% |
| Amounts payable after more than one year | 17 | - | €392,032 | +€392,032 | |
| Financial debts | 170/4 | - | €392,032 | +€392,032 | |
| Amounts payable within one year | 42/48 | €192,551 | €127,512 | -€65,039 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | - | €15,860 | +€15,860 | |
| Financial debts | 43 | €0 | €198 | +€198 | |
| Credit institutions | 430/8 | €0 | €198 | +€198 | |
| Trade debts | 44 | €26,292 | €1,942 | -€24,350 | -92.6% |
| Suppliers | 440/4 | €26,292 | €1,942 | -€24,350 | -92.6% |
| Advances received on contracts in progress | 46 | €92,525 | €0 | -€92,525 | -100.0% |
| Taxes, remuneration and social security | 45 | €70,202 | €23,721 | -€46,481 | -66.2% |
| Taxes | 450/3 | €70,202 | €23,721 | -€46,481 | -66.2% |
| Other amounts payable | 47/48 | €3,531 | €85,791 | +€82,259 | +2329.3% |
| Accrued charges and deferred income | 492/3 | €88,177 | €78,747 | -€9,429 | -10.7% |
| Non-recurring operating income | 76A | €0 | €6,991 | +€6,991 | |
| Remuneration, social security and pensions | 62 | €10,983 | €0 | -€10,983 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,062 | €84,680 | +€77,618 | +1099.1% |
| Other operating charges | 640/8 | €3,878 | €3,446 | -€431 | -11.1% |
| Gross operating margin | 9900 | €250,104 | €229,012 | -€21,092 | -8.4% |
| Operating profit (loss) | 9901 | €228,182 | €140,886 | -€87,297 | -38.3% |
| Financial income | 75/76B | €6,353 | €4,134 | -€2,220 | -34.9% |
| Recurring financial income | 75 | €6,353 | €4,134 | -€2,220 | -34.9% |
| Financial charges | 65/66B | €5,086 | €23,378 | +€18,292 | +359.7% |
| Recurring financial charges | 65 | €5,086 | €23,378 | +€18,292 | +359.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €229,450 | €121,641 | -€107,808 | -47.0% |
| Income taxes | 67/77 | €54,913 | €26,315 | -€28,598 | -52.1% |
| Profit (loss) for the period | 9904 | €174,537 | €95,326 | -€79,210 | -45.4% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €42,100 | -€42,100 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,337 | €53,226 | -€37,110 | -41.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.