PARTNER: 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.
PARTNER
Largest movements
- Tangible fixed assets +€670,502
up €670,502 (+15.9%), from €4.2m to €4.9m
of which Land and buildings: +€1.4m
- Cash -€628,191
down €628,191 (-86.7%), from €724,494 to €96,302
mainly Investment in fixed assets (net) (-€959,492) and Net result for the year (-€777,148)
- Receivables within one year +€353,744
up €353,744 (+48.9%), from €722,865 to €1.1m
of which Trade receivables: +€247,026
- Debts after one year +€945,677
up €945,677 (+1737.1%), from €54,440 to €1.0m
- Reserves -€773,024
down €773,024 (-31.8%), from €2.4m to €1.7m
of which Tax-exempt reserves: -€773,024
- Trade debts +€284,073
up €284,073 (+215.6%), from €131,760 to €415,833
- Provisions -€257,675
down €257,675 (-26.4%), from €977,601 to €719,927
- Current portion of long-term debt +€126,269
up €126,269 (+927.8%), from €13,610 to €139,879
- Gross operating margin -€139,455
down €139,455 (-34.5%), from €404,193 to €264,737
- Depreciation +€56,043
up €56,043 (+20.3%), from €276,231 to €332,274
- Financial charges +€35,492
up €35,492 (+87.7%), from €40,468 to €75,961
- Staff costs +€15,362
up €15,362 (+2.9%), from €525,372 to €540,733
- Write-downs +€7,307
no longer reported in 2024 (was -€7,307)
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,373,945 | €6,732,275 | +€358,331 | +5.6% |
| Fixed assets | 21/28 | €4,900,591 | €5,527,808 | +€627,217 | +12.8% |
| Intangible fixed assets | 21 | €181,137 | €135,853 | -€45,284 | -25.0% |
| Tangible fixed assets | 22/27 | €4,219,454 | €4,889,956 | +€670,502 | +15.9% |
| Land and buildings | 22 | €3,190,515 | €4,614,405 | +€1.4m | +44.6% |
| Plant, machinery and equipment | 23 | €80,389 | €116,673 | +€36,285 | +45.1% |
| Furniture and vehicles | 24 | €51,248 | €105,951 | +€54,703 | +106.7% |
| Assets under construction and advance payments | 27 | €897,302 | €52,927 | -€844,375 | -94.1% |
| Financial fixed assets | 28 | €500,000 | €502,000 | +€2,000 | +0.4% |
| Current assets | 29/58 | €1,473,354 | €1,204,467 | -€268,887 | -18.2% |
| Amounts receivable within one year | 40/41 | €722,865 | €1,076,609 | +€353,744 | +48.9% |
| Trade receivables | 40 | €371,413 | €618,439 | +€247,026 | +66.5% |
| Other amounts receivable | 41 | €351,452 | €458,170 | +€106,718 | +30.4% |
| Cash at bank and in hand | 54/58 | €724,494 | €96,302 | -€628,191 | -86.7% |
| Deferred charges and accrued income | 490/1 | €25,996 | €31,556 | +€5,561 | +21.4% |
| Total equity and liabilities | 10/49 | €6,373,945 | €6,732,275 | +€358,331 | +5.6% |
| Equity | 10/15 | €3,938,318 | €3,161,170 | -€777,148 | -19.7% |
| Contributions | 10/11 | €1,675,000 | €1,675,000 | = | 0.0% |
| Capital | 10 | €1,675,000 | €1,675,000 | = | 0.0% |
| Issued capital | 100 | €1,675,000 | €1,675,000 | = | 0.0% |
| Reserves | 13 | €2,431,077 | €1,658,052 | -€773,024 | -31.8% |
| Non-distributable reserves | 130/1 | €167,500 | €167,500 | = | 0.0% |
| Legal reserve | 130 | €167,500 | €167,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,263,577 | €1,490,552 | -€773,024 | -34.2% |
| Profit (loss) carried forward | 14 | -€167,759 | -€171,883 | -€4,124 | -2.5% |
| Provisions and deferred taxes | 16 | €977,601 | €719,927 | -€257,675 | -26.4% |
| Deferred taxes | 168 | €977,601 | €719,927 | -€257,675 | -26.4% |
| Amounts payable | 17/49 | €1,458,025 | €2,851,179 | +€1.4m | +95.6% |
| Amounts payable after more than one year | 17 | €54,440 | €1,000,117 | +€945,677 | +1737.1% |
| Financial debts | 170/4 | €54,440 | €1,000,117 | +€945,677 | +1737.1% |
| Amounts payable within one year | 42/48 | €1,398,406 | €1,843,501 | +€445,096 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €13,610 | €139,879 | +€126,269 | +927.8% |
| Financial debts | 43 | €1,151,700 | €1,151,660 | -€39 | 0.0% |
| Credit institutions | 430/8 | €1,151,700 | €1,151,660 | -€39 | 0.0% |
| Trade debts | 44 | €131,760 | €415,833 | +€284,073 | +215.6% |
| Suppliers | 440/4 | €131,760 | €415,833 | +€284,073 | +215.6% |
| Taxes, remuneration and social security | 45 | €98,886 | €128,972 | +€30,086 | +30.4% |
| Taxes | 450/3 | €15,703 | €11,771 | -€3,932 | -25.0% |
| Remuneration and social security | 454/9 | €83,183 | €117,201 | +€34,018 | +40.9% |
| Other amounts payable | 47/48 | €2,450 | €7,157 | +€4,707 | +192.1% |
| Accrued charges and deferred income | 492/3 | €5,180 | €7,561 | +€2,381 | +46.0% |
| Non-recurring operating income | 76A | €1,041 | €135,377 | +€134,336 | +12904.9% |
| Remuneration, social security and pensions | 62 | €525,372 | €540,733 | +€15,362 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276,231 | €332,274 | +€56,043 | +20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,307 | - | +€7,307 | |
| Other operating charges | 640/8 | €73,875 | €79,256 | +€5,381 | +7.3% |
| Non-recurring operating charges | 66A | - | €271,523 | +€271,523 | |
| Gross operating margin | 9900 | €404,193 | €264,737 | -€139,455 | -34.5% |
| Operating profit (loss) | 9901 | -€463,979 | -€959,049 | -€495,070 | -106.7% |
| Financial income | 75/76B | €650 | €871 | +€221 | +34.0% |
| Recurring financial income | 75 | €650 | €871 | +€221 | +34.0% |
| Financial charges | 65/66B | €40,468 | €75,961 | +€35,492 | +87.7% |
| Recurring financial charges | 65 | €40,468 | €75,961 | +€35,492 | +87.7% |
| Profit (loss) for the period before taxes | 9903 | -€503,797 | -€1,034,139 | -€530,342 | -105.3% |
| Transfer from deferred taxes | 780 | €35,985 | €257,675 | +€221,690 | +616.1% |
| Income taxes | 67/77 | €590 | €684 | +€94 | +15.9% |
| Profit (loss) for the period | 9904 | -€468,403 | -€777,148 | -€308,746 | -65.9% |
| Transfer from tax-exempt reserves | 789 | €107,954 | €773,024 | +€665,070 | +616.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€360,449 | -€4,124 | +€356,325 | +98.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.