PERFECT MATCH: 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.
PERFECT MATCH
Largest movements
- Tangible fixed assets +€398,952
up €398,952 (+290%), from €137,581 to €536,533
of which Land and buildings: +€370,104
- Cash -€151,243
down €151,243 (-43.4%), from €348,357 to €197,114
mainly Investment in fixed assets (net) (-€422,232) and Other debts (-€32,507)
- Debts after one year +€178,815
up €178,815 (+183%), from €97,962 to €276,777
- Reserves +€81,982
up €81,982 (+103%), from €79,222 to €161,203
of which Distributable reserves: +€81,982
- Other debts -€32,507
down €32,507 (-15.0%), from €217,011 to €184,504
- Current portion of long-term debt +€19,755
up €19,755 (+348%), from €5,672 to €25,427
- Tax, wage and social debts -€14,144
down €14,144 (-15.3%), from €92,666 to €78,522
- Gross operating margin +€28,070
up €28,070 (+20.9%), from €134,605 to €162,675
- Depreciation +€19,956
up €19,956 (+600%), from €3,325 to €23,280
- Financial charges +€5,865
up €5,865 (+102%), from €5,757 to €11,622
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 | €514,191 | €758,494 | +€244,302 | +47.5% |
| Fixed assets | 21/28 | €137,581 | €536,533 | +€398,952 | +290% |
| Tangible fixed assets | 22/27 | €137,581 | €536,533 | +€398,952 | +290% |
| Land and buildings | 22 | €125,000 | €495,104 | +€370,104 | +296% |
| Plant, machinery and equipment | 23 | €8,214 | €39,820 | +€31,606 | +385% |
| Furniture and vehicles | 24 | €4,367 | €1,609 | -€2,758 | -63.2% |
| Current assets | 29/58 | €376,610 | €221,960 | -€154,650 | -41.1% |
| Amounts receivable within one year | 40/41 | €25,490 | €22,606 | -€2,884 | -11.3% |
| Trade receivables | 40 | €25,490 | €22,606 | -€2,884 | -11.3% |
| Cash at bank and in hand | 54/58 | €348,357 | €197,114 | -€151,243 | -43.4% |
| Deferred charges and accrued income | 490/1 | €2,764 | €2,240 | -€524 | -18.9% |
| Total equity and liabilities | 10/49 | €514,191 | €758,494 | +€244,302 | +47.5% |
| Equity | 10/15 | €97,822 | €179,803 | +€81,982 | +83.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,222 | €161,203 | +€81,982 | +103% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €79,172 | €161,153 | +€81,982 | +104% |
| Amounts payable | 17/49 | €416,370 | €578,690 | +€162,321 | +39.0% |
| Amounts payable after more than one year | 17 | €97,962 | €276,777 | +€178,815 | +183% |
| Financial debts | 170/4 | €97,962 | €276,777 | +€178,815 | +183% |
| Amounts payable within one year | 42/48 | €318,408 | €301,418 | -€16,990 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €5,672 | €25,427 | +€19,755 | +348% |
| Trade debts | 44 | €3,059 | €12,965 | +€9,906 | +324% |
| Suppliers | 440/4 | €3,059 | €12,965 | +€9,906 | +324% |
| Taxes, remuneration and social security | 45 | €92,666 | €78,522 | -€14,144 | -15.3% |
| Taxes | 450/3 | €92,666 | €78,522 | -€14,144 | -15.3% |
| Other amounts payable | 47/48 | €217,011 | €184,504 | -€32,507 | -15.0% |
| Accrued charges and deferred income | 492/3 | - | €495 | +€495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,325 | €23,280 | +€19,956 | +600% |
| Other operating charges | 640/8 | €2,469 | €2,121 | -€349 | -14.1% |
| Gross operating margin | 9900 | €134,605 | €162,675 | +€28,070 | +20.9% |
| Operating profit (loss) | 9901 | €128,811 | €137,274 | +€8,463 | +6.6% |
| Financial income | 75/76B | €8 | €0 | -€8 | -98.4% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -98.4% |
| Financial charges | 65/66B | €5,757 | €11,622 | +€5,865 | +102% |
| Recurring financial charges | 65 | €5,757 | €11,622 | +€5,865 | +102% |
| Profit (loss) for the period before taxes | 9903 | €123,062 | €125,652 | +€2,590 | +2.1% |
| Income taxes | 67/77 | €43,891 | €43,671 | -€220 | -0.5% |
| Profit (loss) for the period | 9904 | €79,172 | €81,982 | +€2,810 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €79,172 | €81,982 | +€2,810 | +3.5% |
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 13 October 2026 via checked.be.