POOL CONCEPTion: 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.
POOL CONCEPTion
Largest movements
- Cash +€520,395
up €520,395 (+60.0%), from €867,400 to €1.4m
mainly Net result for the year (+€208,574) and Stocks and contracts (+€188,100)
- Stocks and contracts -€188,100
down €188,100 (-28.3%), from €665,036 to €476,936
of which Contracts in progress: -€296,623
- Tangible fixed assets -€66,189
down €66,189 (-11.8%), from €561,338 to €495,149
- Receivables within one year -€58,190
down €58,190 (-11.7%), from €495,662 to €437,472
of which Trade receivables: -€136,758
- Deferred charges and accrued income +€41,952
up €41,952 (+194.6%), from €21,559 to €63,511
- Profit (loss) carried forward +€208,574
up €208,574 (+11.6%), from €1.8m to €2.0m
- Trade debts +€149,818
up €149,818 (+135.7%), from €110,394 to €260,212
- Debts after one year -€72,657
down €72,657 (-30.8%), from €235,785 to €163,128
- Accrued charges and deferred income -€30,659
no longer reported in 2025 (was €30,659)
- Gross operating margin -€675,519
down €675,519 (-37.1%), from €1.8m to €1.1m
- Taxes -€169,079
down €169,079 (-65.2%), from €259,252 to €90,173
- Staff costs -€90,530
down €90,530 (-11.4%), from €793,609 to €703,079
- Other operating charges +€45,006
up €45,006 (+298.3%), from €15,086 to €60,092
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 | €2,632,591 | €2,892,471 | +€259,880 | +9.9% |
| Fixed assets | 21/28 | €582,934 | €526,757 | -€56,177 | -9.6% |
| Tangible fixed assets | 22/27 | €561,338 | €495,149 | -€66,189 | -11.8% |
| Land and buildings | 22 | €466,164 | €448,827 | -€17,337 | -3.7% |
| Plant, machinery and equipment | 23 | €20,186 | €11,176 | -€9,010 | -44.6% |
| Furniture and vehicles | 24 | €31,307 | €23,989 | -€7,318 | -23.4% |
| Leasing and similar rights | 25 | €43,681 | €11,157 | -€32,524 | -74.5% |
| Financial fixed assets | 28 | €21,596 | €31,608 | +€10,012 | +46.4% |
| Current assets | 29/58 | €2,049,657 | €2,365,714 | +€316,057 | +15.4% |
| Stocks and contracts in progress | 3 | €665,036 | €476,936 | -€188,100 | -28.3% |
| Stocks | 30/36 | €356,413 | €464,936 | +€108,523 | +30.4% |
| Contracts in progress | 37 | €308,623 | €12,000 | -€296,623 | -96.1% |
| Amounts receivable within one year | 40/41 | €495,662 | €437,472 | -€58,190 | -11.7% |
| Trade receivables | 40 | €426,284 | €289,526 | -€136,758 | -32.1% |
| Other amounts receivable | 41 | €69,378 | €147,946 | +€78,568 | +113.2% |
| Cash at bank and in hand | 54/58 | €867,400 | €1,387,795 | +€520,395 | +60.0% |
| Deferred charges and accrued income | 490/1 | €21,559 | €63,511 | +€41,952 | +194.6% |
| Total equity and liabilities | 10/49 | €2,632,591 | €2,892,471 | +€259,880 | +9.9% |
| Equity | 10/15 | €2,000,569 | €2,206,983 | +€206,414 | +10.3% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €134,335 | €134,335 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,475 | €72,475 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,803,934 | €2,012,508 | +€208,574 | +11.6% |
| Investment grants | 15 | €55,800 | €53,640 | -€2,160 | -3.9% |
| Provisions and deferred taxes | 16 | €30,672 | €30,672 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,672 | €30,672 | = | 0.0% |
| Other liabilities and charges | 164/5 | €30,672 | €30,672 | = | 0.0% |
| Amounts payable | 17/49 | €601,350 | €654,816 | +€53,466 | +8.9% |
| Amounts payable after more than one year | 17 | €235,785 | €163,128 | -€72,657 | -30.8% |
| Financial debts | 170/4 | €235,785 | €163,128 | -€72,657 | -30.8% |
| Amounts payable within one year | 42/48 | €334,906 | €491,688 | +€156,782 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €81,365 | €64,175 | -€17,190 | -21.1% |
| Trade debts | 44 | €110,394 | €260,212 | +€149,818 | +135.7% |
| Suppliers | 440/4 | €110,394 | €260,212 | +€149,818 | +135.7% |
| Taxes, remuneration and social security | 45 | €132,655 | €153,099 | +€20,444 | +15.4% |
| Taxes | 450/3 | €76,541 | €99,109 | +€22,568 | +29.5% |
| Remuneration and social security | 454/9 | €56,114 | €53,990 | -€2,124 | -3.8% |
| Other amounts payable | 47/48 | €10,492 | €14,202 | +€3,710 | +35.4% |
| Accrued charges and deferred income | 492/3 | €30,659 | - | -€30,659 | |
| Remuneration, social security and pensions | 62 | €793,609 | €703,079 | -€90,530 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,963 | €71,846 | -€14,117 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,077 | €490 | -€1,587 | -76.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,842 | - | -€13,842 | |
| Other operating charges | 640/8 | €15,086 | €60,092 | +€45,006 | +298.3% |
| Non-recurring operating charges | 66A | €18,501 | €1,321 | -€17,180 | -92.9% |
| Gross operating margin | 9900 | €1,821,491 | €1,145,972 | -€675,519 | -37.1% |
| Operating profit (loss) | 9901 | €892,413 | €309,144 | -€583,269 | -65.4% |
| Financial income | 75/76B | €8,270 | €82 | -€8,188 | -99.0% |
| Recurring financial income | 75 | €8,270 | €82 | -€8,188 | -99.0% |
| Financial charges | 65/66B | €11,829 | €12,639 | +€810 | +6.8% |
| Recurring financial charges | 65 | €11,829 | €12,639 | +€810 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €888,854 | €296,587 | -€592,267 | -66.6% |
| Transfer from deferred taxes | 780 | €2,160 | €2,160 | = | 0.0% |
| Income taxes | 67/77 | €259,252 | €90,173 | -€169,079 | -65.2% |
| Profit (loss) for the period | 9904 | €631,762 | €208,574 | -€423,188 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €631,762 | €208,574 | -€423,188 | -67.0% |
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.