Perspectives: what changed
Two fiscal 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.
Perspectives
Largest movements
- Receivables within one year +€50,283
up €50,283 (+9.1%), from €555,023 to €605,306
of which Other amounts receivable: +€49,715
- Tangible fixed assets -€6,662
down €6,662 (-57.1%), from €11,672 to €5,010
- Debts within one year +€100,328
up €100,328 (+21.3%), from €471,813 to €572,141
of which Short-term financial debts: +€196,796
- Accrued charges and deferred income -€64,002
down €64,002 (-74.6%), from €85,793 to €21,791
- Reserves +€9,795
up €9,795 (+44.1%), from €22,195 to €31,990
- Staff costs -€128,135
down €128,135 (-7.9%), from €1.6m to €1.5m
- Gross operating margin -€111,944
down €111,944 (-6.8%), from €1.6m to €1.5m
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 | €583,357 | €627,174 | +€43,817 | +7.5% |
| Fixed assets | 21/28 | €15,182 | €6,913 | -€8,269 | -54.5% |
| Intangible fixed assets | 21 | €2,740 | €1,103 | -€1,637 | -59.7% |
| Tangible fixed assets | 22/27 | €11,672 | €5,010 | -€6,662 | -57.1% |
| Furniture and vehicles | 24 | €11,672 | €5,010 | -€6,662 | -57.1% |
| Financial fixed assets | 28 | €770 | €800 | +€30 | +3.9% |
| Current assets | 29/58 | €568,175 | €620,261 | +€52,086 | +9.2% |
| Amounts receivable within one year | 40/41 | €555,023 | €605,306 | +€50,283 | +9.1% |
| Trade receivables | 40 | €50 | €618 | +€568 | +1136.0% |
| Other amounts receivable | 41 | €554,973 | €604,688 | +€49,715 | +9.0% |
| Cash at bank and in hand | 54/58 | €1,661 | €2,541 | +€880 | +53.0% |
| Deferred charges and accrued income | 490/1 | €11,491 | €12,414 | +€923 | +8.0% |
| Total equity and liabilities | 10/49 | €583,357 | €627,174 | +€43,817 | +7.5% |
| Equity | 10/15 | €25,751 | €33,242 | +€7,491 | +29.1% |
| Reserves | 13 | €22,195 | €31,990 | +€9,795 | +44.1% |
| Investment grants | 15 | €3,556 | €1,252 | -€2,304 | -64.8% |
| Amounts payable | 17/49 | €557,606 | €593,932 | +€36,326 | +6.5% |
| Amounts payable within one year | 42/48 | €471,813 | €572,141 | +€100,328 | +21.3% |
| Financial debts | 43 | - | €196,796 | +€196,796 | |
| Credit institutions | 430/8 | - | €175,000 | +€175,000 | |
| Other loans | 439 | - | €21,796 | +€21,796 | |
| Trade debts | 44 | €66,536 | €103,765 | +€37,229 | +56.0% |
| Suppliers | 440/4 | €66,536 | €103,765 | +€37,229 | +56.0% |
| Taxes, remuneration and social security | 45 | €405,236 | €254,884 | -€150,352 | -37.1% |
| Taxes | 450/3 | €61,023 | €30,576 | -€30,447 | -49.9% |
| Remuneration and social security | 454/9 | €344,213 | €224,308 | -€119,905 | -34.8% |
| Accrued charges and deferred income | 492/3 | €85,793 | €21,791 | -€64,002 | -74.6% |
| Turnover | 70 | €1,397 | €2,827 | +€1,430 | +102.4% |
| Non-recurring operating income | 76A | €360 | €30,836 | +€30,476 | +8465.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €312,640 | €324,063 | +€11,423 | +3.7% |
| Remuneration, social security and pensions | 62 | €1,624,637 | €1,496,502 | -€128,135 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,766 | €8,299 | -€1,467 | -15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,668 | - | -€3,668 | |
| Other operating charges | 640/8 | €558 | €778 | +€220 | +39.4% |
| Non-recurring operating charges | 66A | €2,828 | €15,044 | +€12,216 | +432.0% |
| Gross operating margin | 9900 | €1,643,801 | €1,531,857 | -€111,944 | -6.8% |
| Operating profit (loss) | 9901 | €2,344 | €11,234 | +€8,890 | +379.3% |
| Financial income | 75/76B | €824 | €105 | -€719 | -87.3% |
| Recurring financial income | 75 | €824 | €105 | -€719 | -87.3% |
| Financial charges | 65/66B | €214 | €1,544 | +€1,330 | +621.5% |
| Recurring financial charges | 65 | €214 | €1,544 | +€1,330 | +621.5% |
| Profit (loss) for the period before taxes | 9903 | €2,954 | €9,795 | +€6,841 | +231.6% |
| Profit (loss) for the period | 9904 | €2,954 | €9,795 | +€6,841 | +231.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,954 | €9,795 | +€6,841 | +231.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.