PARTNERS EXPERTISE: 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.
PARTNERS EXPERTISE
Largest movements
- Stocks and contracts -€175,949
no longer reported in 2025 (was €175,949)
- Tangible fixed assets +€169,897
up €169,897 (+6.7%), from €2.5m to €2.7m
of which Land and buildings: +€182,243
- Cash -€40,561
down €40,561 (-18.0%), from €225,400 to €184,839
mainly Investment in fixed assets (net) (-€385,751) and Contributions, distributions and other (-€122,205)
- Other debts +€49,359
up €49,359 (+105%), from €46,930 to €96,289
- Tax, wage and social debts -€40,977
down €40,977 (-76.4%), from €53,636 to €12,659
- Depreciation +€41,999
up €41,999 (+24.2%), from €173,855 to €215,854
- Financial charges -€34,293
down €34,293 (-37.0%), from €92,773 to €58,480
- Gross operating margin +€7,308
up €7,308 (+1.6%), from €457,417 to €464,725
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 | €3,049,605 | €3,042,513 | -€7,092 | -0.2% |
| Fixed assets | 21/28 | €2,543,854 | €2,713,752 | +€169,897 | +6.7% |
| Tangible fixed assets | 22/27 | €2,543,854 | €2,713,752 | +€169,897 | +6.7% |
| Land and buildings | 22 | €2,525,536 | €2,707,779 | +€182,243 | +7.2% |
| Furniture and vehicles | 24 | €18,318 | €5,972 | -€12,346 | -67.4% |
| Current assets | 29/58 | €505,751 | €328,761 | -€176,989 | -35.0% |
| Stocks and contracts in progress | 3 | €175,949 | - | -€175,949 | |
| Stocks | 30/36 | €175,949 | - | -€175,949 | |
| Amounts receivable within one year | 40/41 | €102,319 | €118,923 | +€16,603 | +16.2% |
| Trade receivables | 40 | €99,395 | €108,450 | +€9,055 | +9.1% |
| Other amounts receivable | 41 | €2,924 | €10,473 | +€7,549 | +258% |
| Current investments | 50/53 | €2,083 | €25,000 | +€22,917 | +1,100% |
| Cash at bank and in hand | 54/58 | €225,400 | €184,839 | -€40,561 | -18.0% |
| Total equity and liabilities | 10/49 | €3,049,605 | €3,042,513 | -€7,092 | -0.2% |
| Equity | 10/15 | €991,414 | €995,431 | +€4,017 | +0.4% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €824,330 | €831,500 | +€7,170 | +0.9% |
| Distributable reserves | 133 | €824,330 | €831,500 | +€7,170 | +0.9% |
| Profit (loss) carried forward | 14 | €43,361 | €49,583 | +€6,222 | +14.4% |
| Investment grants | 15 | €55,523 | €46,148 | -€9,375 | -16.9% |
| Amounts payable | 17/49 | €2,058,191 | €2,047,082 | -€11,109 | -0.5% |
| Amounts payable after more than one year | 17 | €1,665,889 | €1,648,088 | -€17,801 | -1.1% |
| Financial debts | 170/4 | €1,556,914 | €1,627,088 | +€70,174 | +4.5% |
| Other amounts payable | 178/9 | €108,975 | €21,000 | -€87,975 | -80.7% |
| Amounts payable within one year | 42/48 | €392,303 | €398,994 | +€6,691 | +1.7% |
| Financial debts | 43 | €264,265 | €272,139 | +€7,874 | +3.0% |
| Credit institutions | 430/8 | €264,265 | €272,139 | +€7,874 | +3.0% |
| Trade debts | 44 | €25,371 | €15,807 | -€9,564 | -37.7% |
| Suppliers | 440/4 | €25,371 | €15,807 | -€9,564 | -37.7% |
| Advances received on contracts in progress | 46 | €2,100 | €2,100 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €53,636 | €12,659 | -€40,977 | -76.4% |
| Taxes | 450/3 | €53,636 | €12,659 | -€40,977 | -76.4% |
| Other amounts payable | 47/48 | €46,930 | €96,289 | +€49,359 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,855 | €215,854 | +€41,999 | +24.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,412 | +€1,412 | |
| Other operating charges | 640/8 | €17,248 | €17,785 | +€538 | +3.1% |
| Gross operating margin | 9900 | €457,417 | €464,725 | +€7,308 | +1.6% |
| Operating profit (loss) | 9901 | €266,315 | €229,673 | -€36,641 | -13.8% |
| Financial income | 75/76B | €10,255 | €9,558 | -€697 | -6.8% |
| Recurring financial income | 75 | €10,255 | €9,558 | -€697 | -6.8% |
| Financial charges | 65/66B | €92,773 | €58,480 | -€34,293 | -37.0% |
| Recurring financial charges | 65 | €92,773 | €58,480 | -€34,293 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €183,797 | €180,752 | -€3,045 | -1.7% |
| Income taxes | 67/77 | €54,959 | €54,530 | -€429 | -0.8% |
| Profit (loss) for the period | 9904 | €128,838 | €126,222 | -€2,616 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,838 | €126,222 | -€2,616 | -2.0% |
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 30 October 2026 via checked.be.