PARSE II: 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.
PARSE II
Largest movements
- Tangible fixed assets +€113,671
up €113,671 (+77.3%), from €147,017 to €260,688
of which Plant, machinery and equipment: +€94,582
- Cash -€48,501
down €48,501 (-35.2%), from €137,965 to €89,464
mainly Investment in fixed assets (net) (-€132,264) and Contributions, distributions and other (-€27,763)
- Receivables within one year +€16,145
up €16,145 (+22.0%), from €73,506 to €89,650
of which Other amounts receivable: +€27,158
- Intangible fixed assets -€12,887
down €12,887 (-13.3%), from €96,708 to €83,820
- Stocks and contracts -€10,403
down €10,403 (-12.3%), from €84,669 to €74,266
- Debts after one year +€35,163
up €35,163 (+27.8%), from €126,569 to €161,732
- Current portion of long-term debt +€17,649
up €17,649 (+36.7%), from €48,117 to €65,766
- Other debts +€9,046
new in 2025: €9,046
- Short-term financial debts -€8,526
no longer reported in 2025 (was €8,526)
- Reserves +€8,393
up €8,393 (+7.2%), from €116,270 to €124,663
of which Distributable reserves: +€8,393
- Gross operating margin -€79,950
down €79,950 (-34.4%), from €232,627 to €152,678
- Taxes -€23,806
down €23,806 (-67.2%), from €35,418 to €11,613
- Staff costs -€10,089
down €10,089 (-13.5%), from €74,472 to €64,384
- Depreciation +€3,344
up €3,344 (+11.9%), from €28,136 to €31,480
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 | €545,067 | €603,021 | +€57,954 | +10.6% |
| Fixed assets | 21/28 | €248,858 | €349,641 | +€100,783 | +40.5% |
| Intangible fixed assets | 21 | €96,708 | €83,820 | -€12,887 | -13.3% |
| Tangible fixed assets | 22/27 | €147,017 | €260,688 | +€113,671 | +77.3% |
| Land and buildings | 22 | - | €18,043 | +€18,043 | |
| Plant, machinery and equipment | 23 | €146,761 | €241,343 | +€94,582 | +64.4% |
| Furniture and vehicles | 24 | €256 | €1,301 | +€1,046 | +408.8% |
| Financial fixed assets | 28 | €5,133 | €5,133 | = | 0.0% |
| Current assets | 29/58 | €296,210 | €253,380 | -€42,830 | -14.5% |
| Stocks and contracts in progress | 3 | €84,669 | €74,266 | -€10,403 | -12.3% |
| Stocks | 30/36 | €84,669 | €74,266 | -€10,403 | -12.3% |
| Amounts receivable within one year | 40/41 | €73,506 | €89,650 | +€16,145 | +22.0% |
| Trade receivables | 40 | €11,014 | - | -€11,014 | |
| Other amounts receivable | 41 | €62,492 | €89,650 | +€27,158 | +43.5% |
| Cash at bank and in hand | 54/58 | €137,965 | €89,464 | -€48,501 | -35.2% |
| Deferred charges and accrued income | 490/1 | €70 | - | -€70 | |
| Total equity and liabilities | 10/49 | €545,067 | €603,021 | +€57,954 | +10.6% |
| Equity | 10/15 | €134,870 | €143,263 | +€8,393 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116,270 | €124,663 | +€8,393 | +7.2% |
| 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 | €114,410 | €122,803 | +€8,393 | +7.3% |
| Amounts payable | 17/49 | €410,197 | €459,758 | +€49,561 | +12.1% |
| Amounts payable after more than one year | 17 | €126,569 | €161,732 | +€35,163 | +27.8% |
| Financial debts | 170/4 | €126,569 | €161,732 | +€35,163 | +27.8% |
| Amounts payable within one year | 42/48 | €283,628 | €298,026 | +€14,398 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €48,117 | €65,766 | +€17,649 | +36.7% |
| Financial debts | 43 | €8,526 | - | -€8,526 | |
| Credit institutions | 430/8 | €8,526 | - | -€8,526 | |
| Trade debts | 44 | €202,817 | €198,080 | -€4,737 | -2.3% |
| Suppliers | 440/4 | €202,817 | €198,080 | -€4,737 | -2.3% |
| Taxes, remuneration and social security | 45 | €24,167 | €25,133 | +€967 | +4.0% |
| Taxes | 450/3 | €23,813 | €22,881 | -€931 | -3.9% |
| Remuneration and social security | 454/9 | €354 | €2,252 | +€1,898 | +535.8% |
| Other amounts payable | 47/48 | - | €9,046 | +€9,046 | |
| Non-recurring operating income | 76A | - | €57 | +€57 | |
| Remuneration, social security and pensions | 62 | €74,472 | €64,384 | -€10,089 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,136 | €31,480 | +€3,344 | +11.9% |
| Other operating charges | 640/8 | €50 | - | -€50 | |
| Gross operating margin | 9900 | €232,627 | €152,678 | -€79,950 | -34.4% |
| Operating profit (loss) | 9901 | €129,969 | €56,814 | -€73,155 | -56.3% |
| Financial income | 75/76B | €2,947 | €3,220 | +€274 | +9.3% |
| Recurring financial income | 75 | €2,947 | €3,220 | +€274 | +9.3% |
| Financial charges | 65/66B | €13,439 | €12,265 | -€1,173 | -8.7% |
| Recurring financial charges | 65 | €13,439 | €12,265 | -€1,173 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €119,477 | €47,769 | -€71,708 | -60.0% |
| Income taxes | 67/77 | €35,418 | €11,613 | -€23,806 | -67.2% |
| Profit (loss) for the period | 9904 | €84,059 | €36,156 | -€47,903 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,059 | €36,156 | -€47,903 | -57.0% |
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 5 October 2026 via checked.be.