PARAGRAPH: 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.
PARAGRAPH
Largest movements
- Receivables within one year +€23,497
up €23,497 (+55.3%), from €42,472 to €65,969
of which Trade receivables: +€23,497
- Cash -€21,698
down €21,698 (-37.8%), from €57,461 to €35,764
mainly Receivables within one year (-€23,497) and Tax, wage and social debts (-€21,001)
- Stocks and contracts -€9,251
down €9,251 (-17.7%), from €52,149 to €42,898
- Tangible fixed assets -€5,593
down €5,593 (-10.2%), from €55,083 to €49,489
of which Land and buildings: -€3,720
- Deferred charges and accrued income +€4,803
up €4,803 (+615.6%), from €780 to €5,583
- Tax, wage and social debts -€21,001
down €21,001 (-50.5%), from €41,565 to €20,563
of which Remuneration and social security: -€11,881
- Trade debts +€19,880
up €19,880 (+37.5%), from €52,951 to €72,830
- Debts after one year -€9,674
down €9,674 (-62.5%), from €15,472 to €5,798
- Current portion of long-term debt +€2,967
up €2,967 (+32.0%), from €9,268 to €12,235
- Gross operating margin -€30,434
down €30,434 (-20.2%), from €150,958 to €120,524
- Staff costs -€14,630
down €14,630 (-13.9%), from €105,608 to €90,977
- Other operating charges -€5,529
down €5,529 (-26.7%), from €20,679 to €15,149
- Write-downs +€1,642
new in 2025: €1,642
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 | €208,311 | €200,069 | -€8,242 | -4.0% |
| Fixed assets | 21/28 | €55,263 | €49,669 | -€5,593 | -10.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €55,083 | €49,489 | -€5,593 | -10.2% |
| Land and buildings | 22 | €50,289 | €46,569 | -€3,720 | -7.4% |
| Plant, machinery and equipment | 23 | €3,396 | €893 | -€2,503 | -73.7% |
| Furniture and vehicles | 24 | €1,397 | €2,027 | +€630 | +45.1% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €153,048 | €150,400 | -€2,648 | -1.7% |
| Stocks and contracts in progress | 3 | €52,149 | €42,898 | -€9,251 | -17.7% |
| Stocks | 30/36 | €52,149 | €42,898 | -€9,251 | -17.7% |
| Amounts receivable within one year | 40/41 | €42,472 | €65,969 | +€23,497 | +55.3% |
| Trade receivables | 40 | €40,761 | €64,258 | +€23,497 | +57.6% |
| Other amounts receivable | 41 | €1,711 | €1,711 | = | 0.0% |
| Current investments | 50/53 | €186 | €186 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,461 | €35,764 | -€21,698 | -37.8% |
| Deferred charges and accrued income | 490/1 | €780 | €5,583 | +€4,803 | +615.6% |
| Total equity and liabilities | 10/49 | €208,311 | €200,069 | -€8,242 | -4.0% |
| Equity | 10/15 | €48,777 | €48,954 | +€177 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,860 | €31,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,236 | -€1,506 | +€730 | +32.7% |
| Investment grants | 15 | €553 | €0 | -€553 | -100.0% |
| Provisions and deferred taxes | 16 | €285 | €0 | -€285 | -100.0% |
| Deferred taxes | 168 | €285 | €0 | -€285 | -100.0% |
| Amounts payable | 17/49 | €159,249 | €151,115 | -€8,135 | -5.1% |
| Amounts payable after more than one year | 17 | €15,472 | €5,798 | -€9,674 | -62.5% |
| Financial debts | 170/4 | €15,472 | €5,798 | -€9,674 | -62.5% |
| Amounts payable within one year | 42/48 | €143,778 | €145,317 | +€1,539 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €9,268 | €12,235 | +€2,967 | +32.0% |
| Financial debts | 43 | €35,800 | €35,800 | = | 0.0% |
| Credit institutions | 430/8 | €35,800 | €35,800 | = | 0.0% |
| Trade debts | 44 | €52,951 | €72,830 | +€19,880 | +37.5% |
| Suppliers | 440/4 | €52,951 | €72,830 | +€19,880 | +37.5% |
| Taxes, remuneration and social security | 45 | €41,565 | €20,563 | -€21,001 | -50.5% |
| Taxes | 450/3 | €14,695 | €5,575 | -€9,120 | -62.1% |
| Remuneration and social security | 454/9 | €26,870 | €14,988 | -€11,881 | -44.2% |
| Other amounts payable | 47/48 | €4,194 | €3,889 | -€306 | -7.3% |
| Remuneration, social security and pensions | 62 | €105,608 | €90,977 | -€14,630 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,801 | €6,921 | -€880 | -11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,642 | +€1,642 | |
| Other operating charges | 640/8 | €20,679 | €15,149 | -€5,529 | -26.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €150,958 | €120,524 | -€30,434 | -20.2% |
| Operating profit (loss) | 9901 | €16,870 | €5,835 | -€11,036 | -65.4% |
| Financial income | 75/76B | €703 | €2,113 | +€1,410 | +200.5% |
| Recurring financial income | 75 | €703 | €2,113 | +€1,410 | +200.5% |
| Financial charges | 65/66B | €7,908 | €6,700 | -€1,207 | -15.3% |
| Recurring financial charges | 65 | €7,908 | €6,700 | -€1,207 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €9,666 | €1,248 | -€8,418 | -87.1% |
| Transfer from deferred taxes | 780 | €352 | €285 | -€67 | -19.1% |
| Income taxes | 67/77 | €4 | €802 | +€798 | +18380.9% |
| Profit (loss) for the period | 9904 | €10,014 | €730 | -€9,283 | -92.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,014 | €730 | -€9,283 | -92.7% |
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 1 October 2026 via checked.be.