Ph. ALBERT-VANESSE: 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.
Ph. ALBERT-VANESSE
Largest movements
- Receivables within one year +€25,869
up €25,869 (+10.1%), from €257,141 to €283,010
of which Trade receivables: +€17,751
- Intangible fixed assets +€23,391
new in 2025: €23,391
- Tangible fixed assets -€21,061
down €21,061 (-26.7%), from €78,977 to €57,916
of which Leasing and similar rights: -€19,238
- Stocks and contracts +€16,723
up €16,723 (+5.3%), from €315,762 to €332,485
- Deferred charges and accrued income -€11,456
down €11,456 (-39.5%), from €29,027 to €17,571
- Profit (loss) carried forward +€60,784
up €60,784, from -€11,408 to €49,376
- Debts after one year -€41,973
down €41,973 (-30.9%), from €135,724 to €93,751
- Tax, wage and social debts +€20,268
up €20,268 (+15.0%), from €135,188 to €155,456
of which Taxes: +€20,846
- Depreciation -€28,371
down €28,371 (-53.2%), from €53,331 to €24,961
- Gross operating margin -€18,776
down €18,776 (-3.1%), from €604,751 to €585,975
- Taxes +€16,429
up €16,429 (+1,158%), from €1,419 to €17,848
- Staff costs -€16,015
down €16,015 (-3.4%), from €476,063 to €460,049
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 | €849,904 | €889,140 | +€39,236 | +4.6% |
| Fixed assets | 21/28 | €79,673 | €82,003 | +€2,330 | +2.9% |
| Intangible fixed assets | 21 | - | €23,391 | +€23,391 | |
| Tangible fixed assets | 22/27 | €78,977 | €57,916 | -€21,061 | -26.7% |
| Land and buildings | 22 | €33,660 | €32,075 | -€1,586 | -4.7% |
| Plant, machinery and equipment | 23 | €2,496 | €1,631 | -€865 | -34.6% |
| Furniture and vehicles | 24 | €233 | €861 | +€628 | +269% |
| Leasing and similar rights | 25 | €42,588 | €23,350 | -€19,238 | -45.2% |
| Financial fixed assets | 28 | €696 | €696 | = | 0.0% |
| Current assets | 29/58 | €770,231 | €807,137 | +€36,906 | +4.8% |
| Amounts receivable after more than one year | 29 | €15,759 | €15,759 | = | 0.0% |
| Other amounts receivable | 291 | €15,759 | €15,759 | = | 0.0% |
| Stocks and contracts in progress | 3 | €315,762 | €332,485 | +€16,723 | +5.3% |
| Stocks | 30/36 | €315,762 | €332,485 | +€16,723 | +5.3% |
| Amounts receivable within one year | 40/41 | €257,141 | €283,010 | +€25,869 | +10.1% |
| Trade receivables | 40 | €252,518 | €270,270 | +€17,751 | +7.0% |
| Other amounts receivable | 41 | €4,623 | €12,741 | +€8,118 | +176% |
| Cash at bank and in hand | 54/58 | €152,542 | €158,311 | +€5,769 | +3.8% |
| Deferred charges and accrued income | 490/1 | €29,027 | €17,571 | -€11,456 | -39.5% |
| Total equity and liabilities | 10/49 | €849,904 | €889,140 | +€39,236 | +4.6% |
| Equity | 10/15 | €293,227 | €354,010 | +€60,784 | +20.7% |
| Contributions | 10/11 | €233,401 | €233,401 | = | 0.0% |
| Reserves | 13 | €71,234 | €71,234 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,584 | €37,584 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,584 | €37,584 | = | 0.0% |
| Distributable reserves | 133 | €33,650 | €33,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,408 | €49,376 | +€60,784 | |
| Amounts payable | 17/49 | €556,677 | €535,129 | -€21,548 | -3.9% |
| Amounts payable after more than one year | 17 | €135,724 | €93,751 | -€41,973 | -30.9% |
| Financial debts | 170/4 | €135,724 | €93,751 | -€41,973 | -30.9% |
| Amounts payable within one year | 42/48 | €419,277 | €440,405 | +€21,128 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €44,012 | €41,973 | -€2,040 | -4.6% |
| Financial debts | 43 | €20,000 | €19,363 | -€637 | -3.2% |
| Credit institutions | 430/8 | €20,000 | €19,363 | -€637 | -3.2% |
| Trade debts | 44 | €220,076 | €223,613 | +€3,537 | +1.6% |
| Suppliers | 440/4 | €220,076 | €223,613 | +€3,537 | +1.6% |
| Taxes, remuneration and social security | 45 | €135,188 | €155,456 | +€20,268 | +15.0% |
| Taxes | 450/3 | €60,959 | €81,805 | +€20,846 | +34.2% |
| Remuneration and social security | 454/9 | €74,229 | €73,651 | -€578 | -0.8% |
| Accrued charges and deferred income | 492/3 | €1,676 | €974 | -€703 | -41.9% |
| Remuneration, social security and pensions | 62 | €476,063 | €460,049 | -€16,015 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,331 | €24,961 | -€28,371 | -53.2% |
| Other operating charges | 640/8 | €9,639 | €13,166 | +€3,527 | +36.6% |
| Gross operating margin | 9900 | €604,751 | €585,975 | -€18,776 | -3.1% |
| Operating profit (loss) | 9901 | €65,718 | €87,800 | +€22,083 | +33.6% |
| Financial income | 75/76B | €1,101 | €1,794 | +€693 | +62.9% |
| Recurring financial income | 75 | €1,101 | €1,794 | +€693 | +62.9% |
| Financial charges | 65/66B | €11,216 | €10,963 | -€253 | -2.3% |
| Recurring financial charges | 65 | €11,216 | €10,963 | -€253 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €55,603 | €78,632 | +€23,029 | +41.4% |
| Income taxes | 67/77 | €1,419 | €17,848 | +€16,429 | +1,158% |
| Profit (loss) for the period | 9904 | €54,183 | €60,784 | +€6,600 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,183 | €60,784 | +€6,600 | +12.2% |
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 28 October 2026 via checked.be.