PIT STOP: 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.
PIT STOP
Largest movements
- Receivables within one year +€282,846
up €282,846 (+39.5%), from €715,239 to €998,085
of which Trade receivables: +€401,414
- Tangible fixed assets -€56,434
down €56,434 (-4.2%), from €1.3m to €1.3m
of which Land and buildings: -€37,751
- Cash +€43,858
up €43,858 (+24.8%), from €177,096 to €220,954
mainly Advances received (+€425,499) and Depreciation (+€127,089)
- Advances received +€425,499
new in 2025: €425,499
- Profit (loss) carried forward +€77,481
up €77,481 (+13.1%), from €593,221 to €670,702
- Trade debts -€64,537
down €64,537 (-6.6%), from €971,051 to €906,513
- Debts after one year -€60,939
down €60,939 (-32.9%), from €185,465 to €124,526
- Other debts -€53,067
no longer reported in 2025 (was €53,067)
- Gross operating margin +€186,144
up €186,144 (+16.0%), from €1.2m to €1.3m
- Staff costs +€138,474
up €138,474 (+14.6%), from €947,241 to €1.1m
- Taxes -€32,301
down €32,301 (-76.9%), from €42,020 to €9,719
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 | €2,872,907 | €3,142,302 | +€269,394 | +9.4% |
| Fixed assets | 21/28 | €1,337,650 | €1,281,216 | -€56,434 | -4.2% |
| Tangible fixed assets | 22/27 | €1,337,650 | €1,281,216 | -€56,434 | -4.2% |
| Land and buildings | 22 | €962,970 | €925,219 | -€37,751 | -3.9% |
| Plant, machinery and equipment | 23 | €329,102 | €302,079 | -€27,022 | -8.2% |
| Furniture and vehicles | 24 | €21,200 | €18,245 | -€2,955 | -13.9% |
| Other tangible fixed assets | 26 | €24,379 | €35,673 | +€11,294 | +46.3% |
| Current assets | 29/58 | €1,535,257 | €1,861,085 | +€325,828 | +21.2% |
| Stocks and contracts in progress | 3 | €628,783 | €642,046 | +€13,263 | +2.1% |
| Stocks | 30/36 | €628,783 | €642,046 | +€13,263 | +2.1% |
| Amounts receivable within one year | 40/41 | €715,239 | €998,085 | +€282,846 | +39.5% |
| Trade receivables | 40 | - | €401,414 | +€401,414 | |
| Other amounts receivable | 41 | €715,239 | €596,671 | -€118,567 | -16.6% |
| Cash at bank and in hand | 54/58 | €177,096 | €220,954 | +€43,858 | +24.8% |
| Deferred charges and accrued income | 490/1 | €14,139 | - | -€14,139 | |
| Total equity and liabilities | 10/49 | €2,872,907 | €3,142,302 | +€269,394 | +9.4% |
| Equity | 10/15 | €1,491,280 | €1,568,761 | +€77,481 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €879,459 | €879,459 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €877,599 | €877,599 | = | 0.0% |
| Profit (loss) carried forward | 14 | €593,221 | €670,702 | +€77,481 | +13.1% |
| Amounts payable | 17/49 | €1,381,627 | €1,573,540 | +€191,913 | +13.9% |
| Amounts payable after more than one year | 17 | €185,465 | €124,526 | -€60,939 | -32.9% |
| Financial debts | 170/4 | €185,465 | €124,526 | -€60,939 | -32.9% |
| Amounts payable within one year | 42/48 | €1,196,162 | €1,449,015 | +€252,852 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €70,566 | €58,640 | -€11,925 | -16.9% |
| Trade debts | 44 | €971,051 | €906,513 | -€64,537 | -6.6% |
| Suppliers | 440/4 | €971,051 | €906,513 | -€64,537 | -6.6% |
| Advances received on contracts in progress | 46 | - | €425,499 | +€425,499 | |
| Taxes, remuneration and social security | 45 | €101,479 | €58,362 | -€43,116 | -42.5% |
| Taxes | 450/3 | €14,899 | €35,544 | +€20,645 | +138.6% |
| Remuneration and social security | 454/9 | €86,580 | €22,818 | -€63,762 | -73.6% |
| Other amounts payable | 47/48 | €53,067 | - | -€53,067 | |
| Remuneration, social security and pensions | 62 | €947,241 | €1,085,715 | +€138,474 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,693 | €127,089 | +€11,396 | +9.8% |
| Other operating charges | 640/8 | €17,089 | €10,021 | -€7,068 | -41.4% |
| Gross operating margin | 9900 | €1,162,401 | €1,348,545 | +€186,144 | +16.0% |
| Operating profit (loss) | 9901 | €82,378 | €125,721 | +€43,343 | +52.6% |
| Financial charges | 65/66B | €26,731 | €38,521 | +€11,790 | +44.1% |
| Recurring financial charges | 65 | €26,731 | €38,521 | +€11,790 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €55,647 | €87,200 | +€31,553 | +56.7% |
| Income taxes | 67/77 | €42,020 | €9,719 | -€32,301 | -76.9% |
| Profit (loss) for the period | 9904 | €13,626 | €77,481 | +€63,855 | +468.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,626 | €77,481 | +€63,855 | +468.6% |
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 6 October 2026 via checked.be.