PREPARATION TECHNIQUE: 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.
PREPARATION TECHNIQUE
Largest movements
- Receivables within one year +€174,678
up €174,678 (+29.6%), from €590,036 to €764,714
of which Trade receivables: +€112,809
- Stocks and contracts +€60,296
up €60,296 (+228%), from €26,472 to €86,768
- Cash +€19,025
up €19,025 (+334%), from €5,693 to €24,718
mainly Trade debts (+€216,086) and Net result for the year (+€65,898)
- Tangible fixed assets -€10,178
down €10,178 (-21.8%), from €46,633 to €36,456
- Trade debts +€216,086
up €216,086 (+102%), from €212,403 to €428,488
- Reserves +€65,800
up €65,800 (+51.6%), from €127,559 to €193,359
of which Distributable reserves: +€65,800
- Other debts -€25,707
down €25,707 (-56.2%), from €45,707 to €20,000
- Profit (loss) carried forward -€19,902
down €19,902 (-12.8%), from €155,500 to €135,598
- Short-term financial debts +€12,720
up €12,720 (+82.8%), from €15,358 to €28,079
- Gross operating margin -€89,733
down €89,733 (-42.5%), from €211,154 to €121,421
- Taxes -€33,287
down €33,287 (-49.8%), from €66,789 to €33,502
- Financial income -€6,699
down €6,699 (-94.4%), from €7,100 to €401
- Financial charges -€2,824
down €2,824 (-40.0%), from €7,066 to €4,242
- Depreciation +€2,649
up €2,649 (+35.2%), from €7,529 to €10,178
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 | €673,414 | €914,548 | +€241,134 | +35.8% |
| Fixed assets | 21/28 | €46,974 | €36,796 | -€10,178 | -21.7% |
| Tangible fixed assets | 22/27 | €46,633 | €36,456 | -€10,178 | -21.8% |
| Furniture and vehicles | 24 | €46,633 | €36,456 | -€10,178 | -21.8% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €626,441 | €877,752 | +€251,311 | +40.1% |
| Stocks and contracts in progress | 3 | €26,472 | €86,768 | +€60,296 | +228% |
| Stocks | 30/36 | €26,472 | €86,768 | +€60,296 | +228% |
| Amounts receivable within one year | 40/41 | €590,036 | €764,714 | +€174,678 | +29.6% |
| Trade receivables | 40 | €550,731 | €663,540 | +€112,809 | +20.5% |
| Other amounts receivable | 41 | €39,305 | €101,175 | +€61,869 | +157% |
| Cash at bank and in hand | 54/58 | €5,693 | €24,718 | +€19,025 | +334% |
| Deferred charges and accrued income | 490/1 | €4,240 | €1,551 | -€2,688 | -63.4% |
| Total equity and liabilities | 10/49 | €673,414 | €914,548 | +€241,134 | +35.8% |
| Equity | 10/15 | €301,759 | €347,657 | +€45,898 | +15.2% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Reserves | 13 | €127,559 | €193,359 | +€65,800 | +51.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €125,700 | €191,500 | +€65,800 | +52.3% |
| Profit (loss) carried forward | 14 | €155,500 | €135,598 | -€19,902 | -12.8% |
| Amounts payable | 17/49 | €371,655 | €566,890 | +€195,235 | +52.5% |
| Amounts payable after more than one year | 17 | €28,326 | €17,755 | -€10,571 | -37.3% |
| Financial debts | 170/4 | €28,326 | €17,755 | -€10,571 | -37.3% |
| Amounts payable within one year | 42/48 | €343,330 | €549,135 | +€205,806 | +59.9% |
| Current portion of amounts payable after more than one year | 42 | €10,414 | €10,571 | +€157 | +1.5% |
| Financial debts | 43 | €15,358 | €28,079 | +€12,720 | +82.8% |
| Credit institutions | 430/8 | €15,358 | €28,079 | +€12,720 | +82.8% |
| Trade debts | 44 | €212,403 | €428,488 | +€216,086 | +102% |
| Suppliers | 440/4 | €212,403 | €428,488 | +€216,086 | +102% |
| Advances received on contracts in progress | 46 | €7,470 | €7,470 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €51,977 | €54,528 | +€2,550 | +4.9% |
| Taxes | 450/3 | €51,789 | €54,528 | +€2,739 | +5.3% |
| Remuneration and social security | 454/9 | €188 | - | -€188 | |
| Other amounts payable | 47/48 | €45,707 | €20,000 | -€25,707 | -56.2% |
| Remuneration, social security and pensions | 62 | €1,757 | €1,906 | +€149 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,529 | €10,178 | +€2,649 | +35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,580 | - | -€2,580 | |
| Other operating charges | 640/8 | €6,763 | €6,096 | -€666 | -9.9% |
| Gross operating margin | 9900 | €211,154 | €121,421 | -€89,733 | -42.5% |
| Operating profit (loss) | 9901 | €192,525 | €103,241 | -€89,284 | -46.4% |
| Financial income | 75/76B | €7,100 | €401 | -€6,699 | -94.4% |
| Recurring financial income | 75 | €7,100 | €401 | -€6,699 | -94.4% |
| Financial charges | 65/66B | €7,066 | €4,242 | -€2,824 | -40.0% |
| Recurring financial charges | 65 | €7,066 | €4,242 | -€2,824 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €192,559 | €99,400 | -€93,159 | -48.4% |
| Income taxes | 67/77 | €66,789 | €33,502 | -€33,287 | -49.8% |
| Profit (loss) for the period | 9904 | €125,770 | €65,898 | -€59,871 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,770 | €65,898 | -€59,871 | -47.6% |
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 16 October 2026 via checked.be.