PP41: 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.
PP41
Largest movements
- Stocks and contracts -€111,829
down €111,829 (-35.1%), from €319,019 to €207,190
- Receivables within one year +€57,588
up €57,588 (+1256.5%), from €4,583 to €62,171
of which Other amounts receivable: +€60,567
- Cash +€20,293
up €20,293 (+311.3%), from €6,518 to €26,811
mainly Stocks and contracts (+€111,829) and Other debts (+€44,950)
- Tangible fixed assets -€10,002
down €10,002 (-2.9%), from €344,704 to €334,702
of which Land and buildings: -€12,852
- Short-term financial debts -€118,088
no longer reported in 2025 (was €118,088)
- Other debts +€44,950
up €44,950 (+79.1%), from €56,798 to €101,748
- Reserves +€25,698
up €25,698 (+36.4%), from €70,695 to €96,393
- Debts after one year +€24,725
up €24,725 (+6.8%), from €361,131 to €385,856
of which Financial debts: +€24,725
- Current portion of long-term debt -€14,888
down €14,888 (-55.3%), from €26,911 to €12,024
- Gross operating margin +€54,356
up €54,356 (+183.1%), from €29,679 to €84,035
- Financial charges -€9,863
down €9,863 (-42.4%), from €23,241 to €13,379
- Depreciation +€5,323
up €5,323 (+16.5%), from €32,208 to €37,532
- Other operating charges +€3,647
up €3,647 (+100.9%), from €3,613 to €7,259
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 | €676,373 | €634,617 | -€41,756 | -6.2% |
| Fixed assets | 21/28 | €344,704 | €334,702 | -€10,002 | -2.9% |
| Tangible fixed assets | 22/27 | €344,704 | €334,702 | -€10,002 | -2.9% |
| Land and buildings | 22 | €335,209 | €322,357 | -€12,852 | -3.8% |
| Plant, machinery and equipment | 23 | - | €8,670 | +€8,670 | |
| Furniture and vehicles | 24 | €9,494 | €3,675 | -€5,819 | -61.3% |
| Current assets | 29/58 | €331,670 | €299,915 | -€31,755 | -9.6% |
| Stocks and contracts in progress | 3 | €319,019 | €207,190 | -€111,829 | -35.1% |
| Stocks | 30/36 | €319,019 | €207,190 | -€111,829 | -35.1% |
| Amounts receivable within one year | 40/41 | €4,583 | €62,171 | +€57,588 | +1256.5% |
| Trade receivables | 40 | €4,211 | €1,232 | -€2,979 | -70.7% |
| Other amounts receivable | 41 | €372 | €60,939 | +€60,567 | +16281.4% |
| Cash at bank and in hand | 54/58 | €6,518 | €26,811 | +€20,293 | +311.3% |
| Deferred charges and accrued income | 490/1 | €1,549 | €3,743 | +€2,194 | +141.6% |
| Total equity and liabilities | 10/49 | €676,373 | €634,617 | -€41,756 | -6.2% |
| Equity | 10/15 | €90,695 | €116,393 | +€25,698 | +28.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €70,695 | €96,393 | +€25,698 | +36.4% |
| Distributable reserves | 133 | €70,695 | €96,393 | +€25,698 | +36.4% |
| Amounts payable | 17/49 | €585,679 | €518,224 | -€67,455 | -11.5% |
| Amounts payable after more than one year | 17 | €361,131 | €385,856 | +€24,725 | +6.8% |
| Financial debts | 170/4 | €141,056 | €165,781 | +€24,725 | +17.5% |
| Other amounts payable | 178/9 | €220,075 | €220,075 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,548 | €132,368 | -€92,179 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €26,911 | €12,024 | -€14,888 | -55.3% |
| Financial debts | 43 | €118,088 | - | -€118,088 | |
| Credit institutions | 430/8 | €118,088 | - | -€118,088 | |
| Trade debts | 44 | €21,223 | €13,736 | -€7,487 | -35.3% |
| Suppliers | 440/4 | €21,223 | €13,736 | -€7,487 | -35.3% |
| Advances received on contracts in progress | 46 | - | €1,149 | +€1,149 | |
| Taxes, remuneration and social security | 45 | €1,527 | €3,712 | +€2,185 | +143.1% |
| Taxes | 450/3 | €1,527 | €3,712 | +€2,185 | +143.1% |
| Other amounts payable | 47/48 | €56,798 | €101,748 | +€44,950 | +79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,208 | €37,532 | +€5,323 | +16.5% |
| Other operating charges | 640/8 | €3,613 | €7,259 | +€3,647 | +100.9% |
| Gross operating margin | 9900 | €29,679 | €84,035 | +€54,356 | +183.1% |
| Operating profit (loss) | 9901 | -€6,142 | €39,244 | +€45,386 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €23,241 | €13,379 | -€9,863 | -42.4% |
| Recurring financial charges | 65 | €23,241 | €13,379 | -€9,863 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | -€29,384 | €25,865 | +€55,249 | |
| Income taxes | 67/77 | €714 | €167 | -€547 | -76.6% |
| Profit (loss) for the period | 9904 | -€30,098 | €25,698 | +€55,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,098 | €25,698 | +€55,796 |
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 29 September 2026 via checked.be.