PLAN III: 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.
PLAN III
Largest movements
- Stocks and contracts -€299,756
down €299,756 (-32.3%), from €927,448 to €627,692
- Tangible fixed assets -€217,294
down €217,294 (-18.2%), from €1.2m to €978,342
- Other debts -€579,918
down €579,918 (-40.7%), from €1.4m to €843,819
- Debts after one year +€536,595
up €536,595 (+193.9%), from €276,681 to €813,276
- Short-term financial debts -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Current portion of long-term debt +€37,155
up €37,155 (+39.8%), from €93,332 to €130,487
- Profit (loss) carried forward -€25,895
down €25,895 (-8.8%), from -€293,311 to -€319,206
- Financial charges -€29,237
down €29,237 (-34.6%), from €84,384 to €55,148
- Gross operating margin +€24,301
up €24,301 (+35.9%), from €67,741 to €92,041
- Other operating charges -€11,634
down €11,634 (-31.6%), from €36,821 to €25,187
- Depreciation -€7,656
down €7,656 (-16.9%), from €45,258 to €37,601
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 | €2,207,842 | €1,679,553 | -€528,289 | -23.9% |
| Fixed assets | 21/28 | €1,195,636 | €978,342 | -€217,294 | -18.2% |
| Tangible fixed assets | 22/27 | €1,195,636 | €978,342 | -€217,294 | -18.2% |
| Land and buildings | 22 | €1,195,636 | €978,342 | -€217,294 | -18.2% |
| Current assets | 29/58 | €1,012,207 | €701,212 | -€310,995 | -30.7% |
| Stocks and contracts in progress | 3 | €927,448 | €627,692 | -€299,756 | -32.3% |
| Stocks | 30/36 | €927,448 | €627,692 | -€299,756 | -32.3% |
| Amounts receivable within one year | 40/41 | €45,911 | €35,241 | -€10,670 | -23.2% |
| Trade receivables | 40 | €45,911 | €35,241 | -€10,670 | -23.2% |
| Cash at bank and in hand | 54/58 | €13,562 | €15,710 | +€2,148 | +15.8% |
| Deferred charges and accrued income | 490/1 | €25,285 | €22,568 | -€2,717 | -10.7% |
| Total equity and liabilities | 10/49 | €2,207,842 | €1,679,553 | -€528,289 | -23.9% |
| Equity | 10/15 | -€93,311 | -€119,206 | -€25,895 | -27.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€293,311 | -€319,206 | -€25,895 | -8.8% |
| Amounts payable | 17/49 | €2,301,154 | €1,798,759 | -€502,394 | -21.8% |
| Amounts payable after more than one year | 17 | €276,681 | €813,276 | +€536,595 | +193.9% |
| Financial debts | 170/4 | €276,681 | €813,276 | +€536,595 | +193.9% |
| Amounts payable within one year | 42/48 | €2,022,045 | €985,330 | -€1.0m | -51.3% |
| Current portion of amounts payable after more than one year | 42 | €93,332 | €130,487 | +€37,155 | +39.8% |
| Financial debts | 43 | €500,000 | €0 | -€500,000 | -100.0% |
| Credit institutions | 430/8 | €500,000 | €0 | -€500,000 | -100.0% |
| Trade debts | 44 | €4,645 | €7,413 | +€2,769 | +59.6% |
| Suppliers | 440/4 | €4,645 | €7,413 | +€2,769 | +59.6% |
| Taxes, remuneration and social security | 45 | €332 | €3,610 | +€3,279 | +988.7% |
| Taxes | 450/3 | €332 | €3,610 | +€3,279 | +988.7% |
| Other amounts payable | 47/48 | €1,423,737 | €843,819 | -€579,918 | -40.7% |
| Accrued charges and deferred income | 492/3 | €2,427 | €154 | -€2,274 | -93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,258 | €37,601 | -€7,656 | -16.9% |
| Other operating charges | 640/8 | €36,821 | €25,187 | -€11,634 | -31.6% |
| Gross operating margin | 9900 | €67,741 | €92,041 | +€24,301 | +35.9% |
| Operating profit (loss) | 9901 | -€14,338 | €29,253 | +€43,591 | |
| Financial charges | 65/66B | €84,384 | €55,148 | -€29,237 | -34.6% |
| Recurring financial charges | 65 | €84,384 | €55,148 | -€29,237 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | -€98,722 | -€25,895 | +€72,827 | +73.8% |
| Profit (loss) for the period | 9904 | -€98,722 | -€25,895 | +€72,827 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,722 | -€25,895 | +€72,827 | +73.8% |
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 3 October 2026 via checked.be.