Prelude: 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.
Prelude
Largest movements
- Receivables within one year +€419,028
up €419,028 (+62.2%), from €673,392 to €1.1m
of which Trade receivables: +€279,443
- Cash -€72,828
down €72,828 (-38.6%), from €188,680 to €115,852
mainly Receivables within one year (-€419,028) and Trade debts (-€123,302)
- Stocks and contracts -€46,698
down €46,698 (-16.4%), from €284,848 to €238,150
of which Stocks: -€63,584
- Tangible fixed assets -€43,883
down €43,883 (-7.3%), from €599,107 to €555,224
of which Land and buildings: -€37,117
- Provisions +€245,970
up €245,970 (+342.8%), from €71,744 to €317,714
- Trade debts -€123,302
down €123,302 (-27.3%), from €452,095 to €328,794
- Reserves +€84,200
up €84,200 (+32.0%), from €263,294 to €347,494
of which Tax-exempt reserves: +€84,200
- Tax, wage and social debts +€35,000
up €35,000 (+11.9%), from €295,163 to €330,163
of which Taxes: +€53,386
- Profit (loss) carried forward +€33,610
up €33,610 (+137.7%), from €24,416 to €58,026
- Gross operating margin +€732,647
up €732,647 (+41.9%), from €1.7m to €2.5m
- Provisions +€278,500
up €278,500, from -€32,530 to €245,970
- Staff costs +€135,491
up €135,491 (+8.8%), from €1.5m to €1.7m
- Taxes +€114,739
up €114,739 (+222.0%), from €51,679 to €166,418
- Write-downs +€73,129
up €73,129 (+611.7%), from €11,956 to €85,085
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 | €1,872,605 | €2,104,777 | +€232,172 | +12.4% |
| Formation expenses | 20 | €8,325 | €0 | -€8,325 | -100.0% |
| Fixed assets | 21/28 | €613,003 | €566,330 | -€46,674 | -7.6% |
| Intangible fixed assets | 21 | €13,596 | €10,806 | -€2,791 | -20.5% |
| Tangible fixed assets | 22/27 | €599,107 | €555,224 | -€43,883 | -7.3% |
| Land and buildings | 22 | €456,048 | €418,931 | -€37,117 | -8.1% |
| Plant, machinery and equipment | 23 | €651 | €240 | -€411 | -63.1% |
| Furniture and vehicles | 24 | €142,408 | €136,053 | -€6,355 | -4.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €1,251,277 | €1,538,448 | +€287,171 | +23.0% |
| Stocks and contracts in progress | 3 | €284,848 | €238,150 | -€46,698 | -16.4% |
| Stocks | 30/36 | €168,013 | €104,429 | -€63,584 | -37.8% |
| Contracts in progress | 37 | €116,835 | €133,721 | +€16,886 | +14.5% |
| Amounts receivable within one year | 40/41 | €673,392 | €1,092,421 | +€419,028 | +62.2% |
| Trade receivables | 40 | €616,338 | €895,781 | +€279,443 | +45.3% |
| Other amounts receivable | 41 | €57,054 | €196,639 | +€139,585 | +244.7% |
| Cash at bank and in hand | 54/58 | €188,680 | €115,852 | -€72,828 | -38.6% |
| Deferred charges and accrued income | 490/1 | €104,356 | €92,025 | -€12,331 | -11.8% |
| Total equity and liabilities | 10/49 | €1,872,605 | €2,104,777 | +€232,172 | +12.4% |
| Equity | 10/15 | €415,260 | €531,774 | +€116,514 | +28.1% |
| Contributions | 10/11 | €106,944 | €106,944 | = | 0.0% |
| Reserves | 13 | €263,294 | €347,494 | +€84,200 | +32.0% |
| Tax-exempt reserves | 132 | €252,600 | €336,800 | +€84,200 | +33.3% |
| Distributable reserves | 133 | €10,694 | €10,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,416 | €58,026 | +€33,610 | +137.7% |
| Investment grants | 15 | €20,606 | €19,310 | -€1,296 | -6.3% |
| Provisions and deferred taxes | 16 | €71,744 | €317,714 | +€245,970 | +342.8% |
| Provisions for liabilities and charges | 160/5 | €71,744 | €317,714 | +€245,970 | +342.8% |
| Other liabilities and charges | 164/5 | €71,744 | €317,714 | +€245,970 | +342.8% |
| Amounts payable | 17/49 | €1,385,601 | €1,255,289 | -€130,312 | -9.4% |
| Amounts payable after more than one year | 17 | €417,169 | €395,603 | -€21,566 | -5.2% |
| Financial debts | 170/4 | €417,169 | €395,603 | -€21,566 | -5.2% |
| Amounts payable within one year | 42/48 | €954,374 | €850,892 | -€103,482 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €60,719 | €77,453 | +€16,734 | +27.6% |
| Financial debts | 43 | €8,496 | €8,233 | -€263 | -3.1% |
| Credit institutions | 430/8 | €8,496 | €8,233 | -€263 | -3.1% |
| Trade debts | 44 | €452,095 | €328,794 | -€123,302 | -27.3% |
| Suppliers | 440/4 | €452,095 | €328,794 | -€123,302 | -27.3% |
| Advances received on contracts in progress | 46 | €97,901 | €86,250 | -€11,651 | -11.9% |
| Taxes, remuneration and social security | 45 | €295,163 | €330,163 | +€35,000 | +11.9% |
| Taxes | 450/3 | €45,646 | €99,032 | +€53,386 | +117.0% |
| Remuneration and social security | 454/9 | €249,517 | €231,131 | -€18,386 | -7.4% |
| Other amounts payable | 47/48 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €14,059 | €8,794 | -€5,265 | -37.4% |
| Non-recurring operating income | 76A | €2,479 | €3,264 | +€785 | +31.7% |
| Remuneration, social security and pensions | 62 | €1,545,477 | €1,680,968 | +€135,491 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,882 | €135,271 | +€25,389 | +23.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,956 | €85,085 | +€73,129 | +611.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,530 | €245,970 | +€278,500 | |
| Other operating charges | 640/8 | €31,603 | €28,345 | -€3,259 | -10.3% |
| Non-recurring operating charges | 66A | €11,414 | €2,287 | -€9,127 | -80.0% |
| Gross operating margin | 9900 | €1,747,857 | €2,480,504 | +€732,647 | +41.9% |
| Operating profit (loss) | 9901 | €70,055 | €302,579 | +€232,524 | +331.9% |
| Financial income | 75/76B | €4,514 | €5,057 | +€543 | +12.0% |
| Recurring financial income | 75 | €4,514 | €5,057 | +€543 | +12.0% |
| Financial charges | 65/66B | €17,792 | €23,408 | +€5,616 | +31.6% |
| Recurring financial charges | 65 | €17,792 | €23,408 | +€5,616 | +31.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €56,777 | €284,228 | +€227,451 | +400.6% |
| Income taxes | 67/77 | €51,679 | €166,418 | +€114,739 | +222.0% |
| Profit (loss) for the period | 9904 | €5,098 | €117,810 | +€112,712 | +2211.1% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €84,200 | -€84,200 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€163,302 | €33,610 | +€196,912 |
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 1 October 2026 via checked.be.