PAROLE D'ETRE: 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.
PAROLE D'ETRE
Largest movements
- Receivables within one year +€44,013
up €44,013 (+58.4%), from €75,422 to €119,434
of which Trade receivables: +€33,737
- Deferred charges and accrued income -€13,266
down €13,266 (-87.8%), from €15,102 to €1,836
- Reserves +€35,196
up €35,196 (+30.4%), from €115,632 to €150,827
- Trade debts -€6,434
down €6,434 (-47.8%), from €13,473 to €7,038
- Gross operating margin -€2,847
down €2,847 (-4.5%), from €62,741 to €59,894
- Financial charges -€1,863
down €1,863 (-47.4%), from €3,933 to €2,070
- Other operating charges -€1,483
down €1,483 (-47.9%), from €3,096 to €1,613
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 | €301,353 | €328,601 | +€27,248 | +9.0% |
| Fixed assets | 21/28 | €10,388 | €9,446 | -€942 | -9.1% |
| Tangible fixed assets | 22/27 | €10,388 | €9,446 | -€942 | -9.1% |
| Plant, machinery and equipment | 23 | €390 | €842 | +€453 | +116% |
| Furniture and vehicles | 24 | €7,598 | €6,203 | -€1,395 | -18.4% |
| Other tangible fixed assets | 26 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €290,965 | €319,155 | +€28,190 | +9.7% |
| Amounts receivable within one year | 40/41 | €75,422 | €119,434 | +€44,013 | +58.4% |
| Trade receivables | 40 | €38,046 | €71,783 | +€33,737 | +88.7% |
| Other amounts receivable | 41 | €37,376 | €47,651 | +€10,275 | +27.5% |
| Cash at bank and in hand | 54/58 | €200,442 | €197,885 | -€2,557 | -1.3% |
| Deferred charges and accrued income | 490/1 | €15,102 | €1,836 | -€13,266 | -87.8% |
| Total equity and liabilities | 10/49 | €301,353 | €328,601 | +€27,248 | +9.0% |
| Equity | 10/15 | €134,224 | €169,419 | +€35,196 | +26.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €115,632 | €150,827 | +€35,196 | +30.4% |
| Distributable reserves | 133 | €115,632 | €150,827 | +€35,196 | +30.4% |
| Amounts payable | 17/49 | €167,130 | €159,182 | -€7,948 | -4.8% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,130 | €59,182 | -€7,948 | -11.8% |
| Trade debts | 44 | €13,473 | €7,038 | -€6,434 | -47.8% |
| Suppliers | 440/4 | €13,473 | €7,038 | -€6,434 | -47.8% |
| Taxes, remuneration and social security | 45 | €1,112 | - | -€1,112 | |
| Taxes | 450/3 | €1,112 | - | -€1,112 | |
| Other amounts payable | 47/48 | €52,545 | €52,143 | -€402 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,466 | €1,724 | +€258 | +17.6% |
| Other operating charges | 640/8 | €3,096 | €1,613 | -€1,483 | -47.9% |
| Non-recurring operating charges | 66A | €9,204 | - | -€9,204 | |
| Gross operating margin | 9900 | €62,741 | €59,894 | -€2,847 | -4.5% |
| Operating profit (loss) | 9901 | €48,975 | €56,558 | +€7,583 | +15.5% |
| Financial income | 75/76B | €103 | €37 | -€66 | -64.1% |
| Recurring financial income | 75 | €103 | €37 | -€66 | -64.1% |
| Financial charges | 65/66B | €3,933 | €2,070 | -€1,863 | -47.4% |
| Recurring financial charges | 65 | €3,933 | €2,070 | -€1,863 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €45,145 | €54,525 | +€9,380 | +20.8% |
| Income taxes | 67/77 | €19,209 | €19,329 | +€120 | +0.6% |
| Profit (loss) for the period | 9904 | €25,936 | €35,196 | +€9,260 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,936 | €35,196 | +€9,260 | +35.7% |
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 25 October 2026 via checked.be.