PR PRINT: 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.
PR PRINT
Largest movements
- Receivables within one year -€28,565
down €28,565 (-13.9%), from €205,324 to €176,759
- Stocks and contracts -€24,739
down €24,739 (-19.6%), from €126,382 to €101,643
- Cash -€21,539
down €21,539 (-66.9%), from €32,177 to €10,638
mainly Other debts (-€108,228) and Trade debts (-€35,184)
- Intangible fixed assets -€11,667
down €11,667 (-100.0%), from €11,667 to €0
- Deferred charges and accrued income -€8,344
no longer reported in 2025 (was €8,344)
- Other debts -€108,228
down €108,228 (-28.3%), from €382,492 to €274,264
- Short-term financial debts +€61,652
new in 2025: €61,652
- Trade debts -€35,184
down €35,184 (-43.1%), from €81,651 to €46,467
- Tax, wage and social debts -€23,195
down €23,195 (-22.5%), from €102,954 to €79,759
of which Remuneration and social security: -€19,069
- Accrued charges and deferred income +€5,809
up €5,809 (+2000.3%), from €290 to €6,099
- Gross operating margin -€164,148
down €164,148 (-24.1%), from €679,799 to €515,652
- Staff costs -€82,016
down €82,016 (-14.3%), from €574,054 to €492,037
- Financial income -€9,667
down €9,667 (-83.3%), from €11,610 to €1,943
- Depreciation -€7,925
down €7,925 (-28.4%), from €27,917 to €19,992
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 | €409,022 | €305,843 | -€103,179 | -25.2% |
| Fixed assets | 21/28 | €36,795 | €16,803 | -€19,992 | -54.3% |
| Intangible fixed assets | 21 | €11,667 | €0 | -€11,667 | -100.0% |
| Tangible fixed assets | 22/27 | €24,766 | €16,440 | -€8,325 | -33.6% |
| Plant, machinery and equipment | 23 | €24,766 | €16,440 | -€8,325 | -33.6% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €372,227 | €289,040 | -€83,187 | -22.3% |
| Stocks and contracts in progress | 3 | €126,382 | €101,643 | -€24,739 | -19.6% |
| Stocks | 30/36 | €126,382 | €101,643 | -€24,739 | -19.6% |
| Amounts receivable within one year | 40/41 | €205,324 | €176,759 | -€28,565 | -13.9% |
| Trade receivables | 40 | €205,324 | €176,759 | -€28,565 | -13.9% |
| Cash at bank and in hand | 54/58 | €32,177 | €10,638 | -€21,539 | -66.9% |
| Deferred charges and accrued income | 490/1 | €8,344 | - | -€8,344 | |
| Total equity and liabilities | 10/49 | €409,022 | €305,843 | -€103,179 | -25.2% |
| Equity | 10/15 | -€395,642 | -€396,179 | -€538 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€415,642 | -€416,179 | -€538 | -0.1% |
| Amounts payable | 17/49 | €804,664 | €702,022 | -€102,642 | -12.8% |
| Amounts payable after more than one year | 17 | €233,781 | €230,092 | -€3,690 | -1.6% |
| Financial debts | 170/4 | €233,781 | €230,092 | -€3,690 | -1.6% |
| Amounts payable within one year | 42/48 | €570,592 | €465,832 | -€104,761 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €3,496 | €3,690 | +€194 | +5.6% |
| Financial debts | 43 | - | €61,652 | +€61,652 | |
| Credit institutions | 430/8 | - | €61,652 | +€61,652 | |
| Trade debts | 44 | €81,651 | €46,467 | -€35,184 | -43.1% |
| Suppliers | 440/4 | €81,651 | €46,467 | -€35,184 | -43.1% |
| Taxes, remuneration and social security | 45 | €102,954 | €79,759 | -€23,195 | -22.5% |
| Taxes | 450/3 | €20,149 | €16,023 | -€4,126 | -20.5% |
| Remuneration and social security | 454/9 | €82,804 | €63,735 | -€19,069 | -23.0% |
| Other amounts payable | 47/48 | €382,492 | €274,264 | -€108,228 | -28.3% |
| Accrued charges and deferred income | 492/3 | €290 | €6,099 | +€5,809 | +2000.3% |
| Remuneration, social security and pensions | 62 | €574,054 | €492,037 | -€82,016 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,917 | €19,992 | -€7,925 | -28.4% |
| Other operating charges | 640/8 | €5,082 | €3,040 | -€2,042 | -40.2% |
| Gross operating margin | 9900 | €679,799 | €515,652 | -€164,148 | -24.1% |
| Operating profit (loss) | 9901 | €72,747 | €583 | -€72,164 | -99.2% |
| Financial income | 75/76B | €11,610 | €1,943 | -€9,667 | -83.3% |
| Recurring financial income | 75 | €11,610 | €1,943 | -€9,667 | -83.3% |
| Financial charges | 65/66B | €1,330 | €2,941 | +€1,612 | +121.2% |
| Recurring financial charges | 65 | €1,330 | €2,941 | +€1,612 | +121.2% |
| Profit (loss) for the period before taxes | 9903 | €83,027 | -€416 | -€83,442 | |
| Income taxes | 67/77 | €1,227 | €122 | -€1,105 | -90.1% |
| Profit (loss) for the period | 9904 | €81,800 | -€538 | -€82,337 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,800 | -€538 | -€82,337 |
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 12 October 2026 via checked.be.