PERFORMANCE: 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.
PERFORMANCE
Largest movements
- Tangible fixed assets -€65,609
down €65,609 (-25.2%), from €260,688 to €195,079
of which Plant, machinery and equipment: -€56,118
- Receivables within one year +€61,821
up €61,821 (+74.2%), from €83,305 to €145,126
of which Other amounts receivable: +€62,366
- Cash +€28,575
up €28,575 (+21.4%), from €133,391 to €161,966
mainly Investment in fixed assets (net) (+€48,133) and Net result for the year (+€36,874)
- Reserves +€93,250
up €93,250 (+293%), from €31,860 to €125,110
- Profit (loss) carried forward -€56,376
no longer reported in 2025 (was €56,376)
- Debts after one year -€31,577
down €31,577 (-17.5%), from €180,185 to €148,608
of which Other amounts payable: -€16,000
- Accrued charges and deferred income +€20,658
up €20,658 (+798%), from €2,589 to €23,247
- Short-term financial debts +€20,000
new in 2025: €20,000
- Gross operating margin +€114,143
up €114,143 (+26.3%), from €434,662 to €548,805
- Staff costs +€109,982
up €109,982 (+42.1%), from €261,074 to €371,056
- Other operating charges -€20,938
down €20,938 (-53.1%), from €39,467 to €18,529
- Depreciation -€18,920
down €18,920 (-51.5%), from €36,726 to €17,806
- Taxes +€8,111
up €8,111 (+38.5%), from €21,053 to €29,164
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €482,893 | €509,736 | +€26,843 | +5.6% |
| Fixed assets | 21/28 | €261,844 | €195,905 | -€65,939 | -25.2% |
| Intangible fixed assets | 21 | €710 | €426 | -€284 | -40.0% |
| Tangible fixed assets | 22/27 | €260,688 | €195,079 | -€65,609 | -25.2% |
| Land and buildings | 22 | €178,742 | €173,342 | -€5,400 | -3.0% |
| Plant, machinery and equipment | 23 | €58,696 | €2,578 | -€56,118 | -95.6% |
| Furniture and vehicles | 24 | €23,250 | €19,158 | -€4,091 | -17.6% |
| Financial fixed assets | 28 | €446 | €400 | -€46 | -10.3% |
| Current assets | 29/58 | €221,049 | €313,831 | +€92,782 | +42.0% |
| Amounts receivable within one year | 40/41 | €83,305 | €145,126 | +€61,821 | +74.2% |
| Trade receivables | 40 | €48,938 | €48,393 | -€545 | -1.1% |
| Other amounts receivable | 41 | €34,367 | €96,733 | +€62,366 | +181% |
| Cash at bank and in hand | 54/58 | €133,391 | €161,966 | +€28,575 | +21.4% |
| Deferred charges and accrued income | 490/1 | €4,353 | €6,739 | +€2,386 | +54.8% |
| Total equity and liabilities | 10/49 | €482,893 | €509,736 | +€26,843 | +5.6% |
| Equity | 10/15 | €94,436 | €131,310 | +€36,874 | +39.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,860 | €125,110 | +€93,250 | +293% |
| Distributable reserves | 133 | €31,860 | €125,110 | +€93,250 | +293% |
| Profit (loss) carried forward | 14 | €56,376 | - | -€56,376 | |
| Amounts payable | 17/49 | €388,457 | €378,426 | -€10,031 | -2.6% |
| Amounts payable after more than one year | 17 | €180,185 | €148,608 | -€31,577 | -17.5% |
| Financial debts | 170/4 | €160,195 | €144,619 | -€15,577 | -9.7% |
| Other amounts payable | 178/9 | €19,990 | €3,990 | -€16,000 | -80.0% |
| Amounts payable within one year | 42/48 | €205,683 | €206,570 | +€888 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €23,596 | €10,233 | -€13,363 | -56.6% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €39,258 | €33,597 | -€5,661 | -14.4% |
| Suppliers | 440/4 | €39,258 | €33,597 | -€5,661 | -14.4% |
| Advances received on contracts in progress | 46 | €74,659 | €72,085 | -€2,574 | -3.4% |
| Taxes, remuneration and social security | 45 | €68,170 | €70,655 | +€2,485 | +3.6% |
| Taxes | 450/3 | €61,686 | €39,365 | -€22,321 | -36.2% |
| Remuneration and social security | 454/9 | €6,484 | €31,290 | +€24,806 | +383% |
| Accrued charges and deferred income | 492/3 | €2,589 | €23,247 | +€20,658 | +798% |
| Remuneration, social security and pensions | 62 | €261,074 | €371,056 | +€109,982 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,726 | €17,806 | -€18,920 | -51.5% |
| Other operating charges | 640/8 | €39,467 | €18,529 | -€20,938 | -53.1% |
| Non-recurring operating charges | 66A | €47,919 | €60,261 | +€12,342 | +25.8% |
| Gross operating margin | 9900 | €434,662 | €548,805 | +€114,143 | +26.3% |
| Operating profit (loss) | 9901 | €49,476 | €81,154 | +€31,678 | +64.0% |
| Financial income | 75/76B | €52 | €69 | +€17 | +33.8% |
| Recurring financial income | 75 | €52 | €69 | +€17 | +33.8% |
| Financial charges | 65/66B | €7,782 | €15,185 | +€7,403 | +95.1% |
| Recurring financial charges | 65 | €7,782 | €15,185 | +€7,403 | +95.1% |
| Profit (loss) for the period before taxes | 9903 | €41,746 | €66,038 | +€24,292 | +58.2% |
| Income taxes | 67/77 | €21,053 | €29,164 | +€8,111 | +38.5% |
| Profit (loss) for the period | 9904 | €20,693 | €36,874 | +€16,181 | +78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,693 | €36,874 | +€16,181 | +78.2% |
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 16 October 2026 via checked.be.