PORTERS: 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.
PORTERS
Largest movements
- Stocks and contracts +€24,835
up €24,835 (+11.6%), from €214,710 to €239,545
- Tangible fixed assets -€23,578
down €23,578 (-6.2%), from €381,346 to €357,767
- Profit (loss) carried forward -€28,604
down €28,604 (-104%), from -€27,537 to -€56,142
- Other debts +€21,000
up €21,000 (+4.2%), from €496,296 to €517,296
- Gross operating margin -€5,713
down €5,713, from €1,594 to -€4,119
- Other operating charges -€966
down €966 (-53.4%), from €1,808 to €842
- Taxes -€150
no longer reported in 2025 (was €150)
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 | €627,587 | €623,309 | -€4,278 | -0.7% |
| Fixed assets | 21/28 | €381,346 | €357,767 | -€23,578 | -6.2% |
| Tangible fixed assets | 22/27 | €381,346 | €357,767 | -€23,578 | -6.2% |
| Land and buildings | 22 | €381,346 | €357,767 | -€23,578 | -6.2% |
| Current assets | 29/58 | €246,241 | €265,542 | +€19,301 | +7.8% |
| Stocks and contracts in progress | 3 | €214,710 | €239,545 | +€24,835 | +11.6% |
| Stocks | 30/36 | €214,710 | €239,545 | +€24,835 | +11.6% |
| Amounts receivable within one year | 40/41 | €13,071 | €12,966 | -€105 | -0.8% |
| Trade receivables | 40 | €13,071 | €12,966 | -€105 | -0.8% |
| Cash at bank and in hand | 54/58 | €18,460 | €13,031 | -€5,429 | -29.4% |
| Total equity and liabilities | 10/49 | €627,587 | €623,309 | -€4,278 | -0.7% |
| Equity | 10/15 | €126,797 | €98,192 | -€28,604 | -22.6% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €123,347 | €123,347 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,587 | €1,587 | = | 0.0% |
| Distributable reserves | 133 | €118,662 | €118,662 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,537 | -€56,142 | -€28,604 | -104% |
| Amounts payable | 17/49 | €500,790 | €525,117 | +€24,327 | +4.9% |
| Amounts payable within one year | 42/48 | €500,790 | €525,117 | +€24,327 | +4.9% |
| Trade debts | 44 | €2,729 | €6,843 | +€4,114 | +151% |
| Suppliers | 440/4 | €2,729 | €6,843 | +€4,114 | +151% |
| Taxes, remuneration and social security | 45 | €1,765 | €977 | -€788 | -44.6% |
| Taxes | 450/3 | €1,765 | €977 | -€788 | -44.6% |
| Other amounts payable | 47/48 | €496,296 | €517,296 | +€21,000 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,578 | €23,578 | = | 0.0% |
| Other operating charges | 640/8 | €1,808 | €842 | -€966 | -53.4% |
| Gross operating margin | 9900 | €1,594 | -€4,119 | -€5,713 | |
| Operating profit (loss) | 9901 | -€23,793 | -€28,539 | -€4,746 | -19.9% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €50 | €65 | +€15 | +30.4% |
| Recurring financial charges | 65 | €50 | €65 | +€15 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | -€23,831 | -€28,604 | -€4,773 | -20.0% |
| Income taxes | 67/77 | €150 | - | -€150 | |
| Profit (loss) for the period | 9904 | -€23,981 | -€28,604 | -€4,623 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,981 | -€28,604 | -€4,623 | -19.3% |
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 26 October 2026 via checked.be.