Point 2: 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.
Point 2
Largest movements
- Receivables within one year +€133,850
up €133,850 (+702%), from €19,055 to €152,904
of which Trade receivables: +€133,770
- Stocks and contracts +€87,545
up €87,545 (+76.0%), from €115,206 to €202,751
- Tangible fixed assets +€60,573
up €60,573 (+151%), from €40,240 to €100,813
of which Other tangible fixed assets: +€62,179
- Cash -€13,613
down €13,613 (-10.5%), from €129,688 to €116,075
mainly Receivables within one year (-€133,850) and Stocks and contracts (-€87,545)
- Accrued charges and deferred income +€82,408
new in 2025: €82,408
- Debts after one year +€78,377
up €78,377 (+784%), from €10,000 to €88,377
- Reserves +€52,524
up €52,524 (+91.8%), from €57,212 to €109,736
of which Distributable reserves: +€52,524
- Tax, wage and social debts +€40,528
up €40,528 (+121%), from €33,587 to €74,114
of which Taxes: +€38,660
- Current portion of long-term debt +€10,932
up €10,932 (+61.9%), from €17,653 to €28,585
- Gross operating margin +€99,778
up €99,778 (+80.8%), from €123,508 to €223,287
- Staff costs +€28,718
up €28,718 (+31.0%), from €92,537 to €121,255
- Taxes +€19,593
up €19,593 (+20,170%), from €97 to €19,690
- Depreciation -€4,392
down €4,392 (-24.9%), from €17,658 to €13,266
- Other operating charges +€4,158
up €4,158 (+632%), from €658 to €4,815
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 | €318,830 | €586,354 | +€267,524 | +83.9% |
| Fixed assets | 21/28 | €51,871 | €108,105 | +€56,234 | +108% |
| Intangible fixed assets | 21 | €9,632 | €7,293 | -€2,339 | -24.3% |
| Tangible fixed assets | 22/27 | €40,240 | €100,813 | +€60,573 | +151% |
| Plant, machinery and equipment | 23 | €11,468 | €10,232 | -€1,236 | -10.8% |
| Furniture and vehicles | 24 | €3,460 | €3,090 | -€370 | -10.7% |
| Other tangible fixed assets | 26 | €25,312 | €87,491 | +€62,179 | +246% |
| Financial fixed assets | 28 | €2,000 | €0 | -€2,000 | -100% |
| Current assets | 29/58 | €266,959 | €478,248 | +€211,290 | +79.1% |
| Stocks and contracts in progress | 3 | €115,206 | €202,751 | +€87,545 | +76.0% |
| Stocks | 30/36 | €115,206 | €202,751 | +€87,545 | +76.0% |
| Amounts receivable within one year | 40/41 | €19,055 | €152,904 | +€133,850 | +702% |
| Trade receivables | 40 | €6,805 | €140,575 | +€133,770 | +1,966% |
| Other amounts receivable | 41 | €12,249 | €12,329 | +€80 | +0.7% |
| Cash at bank and in hand | 54/58 | €129,688 | €116,075 | -€13,613 | -10.5% |
| Deferred charges and accrued income | 490/1 | €3,009 | €6,517 | +€3,508 | +117% |
| Total equity and liabilities | 10/49 | €318,830 | €586,354 | +€267,524 | +83.9% |
| Equity | 10/15 | €179,039 | €231,563 | +€52,524 | +29.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,212 | €109,736 | +€52,524 | +91.8% |
| Tax-exempt reserves | 132 | €352 | €352 | = | 0.0% |
| Distributable reserves | 133 | €56,860 | €109,384 | +€52,524 | +92.4% |
| Profit (loss) carried forward | 14 | €109,427 | €109,427 | = | 0.0% |
| Amounts payable | 17/49 | €139,791 | €354,791 | +€214,999 | +154% |
| Amounts payable after more than one year | 17 | €10,000 | €88,377 | +€78,377 | +784% |
| Financial debts | 170/4 | €10,000 | €88,377 | +€78,377 | +784% |
| Amounts payable within one year | 42/48 | €129,791 | €184,005 | +€54,214 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €17,653 | €28,585 | +€10,932 | +61.9% |
| Trade debts | 44 | €66,784 | €70,834 | +€4,050 | +6.1% |
| Suppliers | 440/4 | €66,784 | €70,834 | +€4,050 | +6.1% |
| Advances received on contracts in progress | 46 | €11,154 | €9,997 | -€1,157 | -10.4% |
| Taxes, remuneration and social security | 45 | €33,587 | €74,114 | +€40,528 | +121% |
| Taxes | 450/3 | €22,111 | €60,771 | +€38,660 | +175% |
| Remuneration and social security | 454/9 | €11,476 | €13,343 | +€1,867 | +16.3% |
| Other amounts payable | 47/48 | €614 | €476 | -€138 | -22.5% |
| Accrued charges and deferred income | 492/3 | - | €82,408 | +€82,408 | |
| Non-recurring operating income | 76A | - | €1,598 | +€1,598 | |
| Remuneration, social security and pensions | 62 | €92,537 | €121,255 | +€28,718 | +31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,658 | €13,266 | -€4,392 | -24.9% |
| Other operating charges | 640/8 | €658 | €4,815 | +€4,158 | +632% |
| Gross operating margin | 9900 | €123,508 | €223,287 | +€99,778 | +80.8% |
| Operating profit (loss) | 9901 | €12,656 | €83,951 | +€71,295 | +563% |
| Financial income | 75/76B | €833 | €3,862 | +€3,029 | +364% |
| Recurring financial income | 75 | €833 | €3,862 | +€3,029 | +364% |
| Financial charges | 65/66B | €14,223 | €15,599 | +€1,376 | +9.7% |
| Recurring financial charges | 65 | €14,223 | €15,599 | +€1,376 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€734 | €72,214 | +€72,948 | |
| Income taxes | 67/77 | €97 | €19,690 | +€19,593 | +20,170% |
| Profit (loss) for the period | 9904 | -€831 | €52,524 | +€53,355 | |
| Profit (loss) for the period to be appropriated | 9905 | -€831 | €52,524 | +€53,355 |
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 24 October 2026 via checked.be.