PERSPECTIVE BUILD: 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.
PERSPECTIVE BUILD
Largest movements
- Tangible fixed assets +€9.6m
up €9.6m (+3845.0%), from €250,313 to €9.9m
of which Leasing and similar rights: +€7.8m
- Financial fixed assets -€699,500
down €699,500 (-99.9%), from €700,000 to €500
- Receivables within one year -€216,485
down €216,485 (-23.8%), from €910,957 to €694,472
of which Trade receivables: -€183,979
- Debts after one year +€6.8m
up €6.8m (+603.5%), from €1.1m to €8.0m
- Trade debts +€821,735
up €821,735 (+502.9%), from €163,384 to €985,120
- Short-term financial debts +€375,175
new in 2025: €375,175
- Current portion of long-term debt +€372,953
up €372,953 (+671.3%), from €55,560 to €428,513
- Other debts +€143,054
up €143,054 (+50433.3%), from €284 to €143,338
- Depreciation +€270,966
up €270,966 (+8076.7%), from €3,355 to €274,321
- Gross operating margin +€158,391
up €158,391 (+28.7%), from €551,427 to €709,818
- Financial charges -€88,420
down €88,420 (-84.9%), from €104,148 to €15,729
- Taxes -€10,829
down €10,829 (-41.9%), from €25,829 to €15,000
- Staff costs +€9,030
up €9,030 (+2.7%), from €333,286 to €342,316
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 | €1,922,711 | €10,591,066 | +€8.7m | +450.8% |
| Fixed assets | 21/28 | €952,674 | €9,876,769 | +€8.9m | +936.7% |
| Intangible fixed assets | 21 | €2,361 | €1,395 | -€967 | -40.9% |
| Tangible fixed assets | 22/27 | €250,313 | €9,874,875 | +€9.6m | +3845.0% |
| Land and buildings | 22 | €243,153 | €1,941,109 | +€1.7m | +698.3% |
| Furniture and vehicles | 24 | €7,160 | €145,818 | +€138,658 | +1936.6% |
| Leasing and similar rights | 25 | - | €7,787,947 | +€7.8m | |
| Financial fixed assets | 28 | €700,000 | €500 | -€699,500 | -99.9% |
| Current assets | 29/58 | €970,037 | €714,297 | -€255,740 | -26.4% |
| Amounts receivable within one year | 40/41 | €910,957 | €694,472 | -€216,485 | -23.8% |
| Trade receivables | 40 | €827,199 | €643,220 | -€183,979 | -22.2% |
| Other amounts receivable | 41 | €83,758 | €51,251 | -€32,507 | -38.8% |
| Cash at bank and in hand | 54/58 | €55,149 | €9,228 | -€45,920 | -83.3% |
| Deferred charges and accrued income | 490/1 | €3,932 | €10,597 | +€6,666 | +169.5% |
| Total equity and liabilities | 10/49 | €1,922,711 | €10,591,066 | +€8.7m | +450.8% |
| Equity | 10/15 | €535,429 | €602,406 | +€66,977 | +12.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €473,929 | €540,906 | +€66,977 | +14.1% |
| Amounts payable | 17/49 | €1,387,282 | €9,988,661 | +€8.6m | +620.0% |
| Amounts payable after more than one year | 17 | €1,130,849 | €7,955,117 | +€6.8m | +603.5% |
| Financial debts | 170/4 | €1,130,849 | €7,955,117 | +€6.8m | +603.5% |
| Amounts payable within one year | 42/48 | €256,433 | €2,033,544 | +€1.8m | +693.0% |
| Current portion of amounts payable after more than one year | 42 | €55,560 | €428,513 | +€372,953 | +671.3% |
| Financial debts | 43 | - | €375,175 | +€375,175 | |
| Credit institutions | 430/8 | - | €375,175 | +€375,175 | |
| Trade debts | 44 | €163,384 | €985,120 | +€821,735 | +502.9% |
| Suppliers | 440/4 | €163,384 | €985,120 | +€821,735 | +502.9% |
| Taxes, remuneration and social security | 45 | €37,205 | €101,399 | +€64,194 | +172.5% |
| Taxes | 450/3 | €5,722 | €57,025 | +€51,303 | +896.6% |
| Remuneration and social security | 454/9 | €31,483 | €44,374 | +€12,891 | +40.9% |
| Other amounts payable | 47/48 | €284 | €143,338 | +€143,054 | +50433.3% |
| Remuneration, social security and pensions | 62 | €333,286 | €342,316 | +€9,030 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,355 | €274,321 | +€270,966 | +8076.7% |
| Other operating charges | 640/8 | €451 | €5,949 | +€5,498 | +1218.7% |
| Gross operating margin | 9900 | €551,427 | €709,818 | +€158,391 | +28.7% |
| Operating profit (loss) | 9901 | €214,334 | €87,231 | -€127,103 | -59.3% |
| Financial charges | 65/66B | €104,148 | €15,729 | -€88,420 | -84.9% |
| Recurring financial charges | 65 | €104,148 | €15,729 | -€88,420 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €110,186 | €71,503 | -€38,683 | -35.1% |
| Income taxes | 67/77 | €25,829 | €15,000 | -€10,829 | -41.9% |
| Profit (loss) for the period | 9904 | €84,357 | €56,503 | -€27,855 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,357 | €56,503 | -€27,855 | -33.0% |
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 9 October 2026 via checked.be.