PRESIDENT: 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.
PRESIDENT
Largest movements
- Tangible fixed assets +€159,544
up €159,544 (+72.2%), from €220,837 to €380,381
of which Leasing and similar rights: +€137,324
- Receivables within one year +€65,037
up €65,037 (+50.8%), from €128,130 to €193,167
of which Trade receivables: +€69,528
- Cash +€9,593
up €9,593 (+17.4%), from €55,246 to €64,839
mainly Depreciation (+€110,396) and Debts after one year (+€89,505)
- Deferred charges and accrued income -€8,975
down €8,975 (-66.4%), from €13,511 to €4,536
- Debts after one year +€89,505
up €89,505 (+115%), from €77,989 to €167,494
- Reserves +€55,875
up €55,875 (+28.4%), from €197,029 to €252,903
of which Distributable reserves: +€55,875
- Current portion of long-term debt +€47,357
up €47,357 (+54.4%), from €87,034 to €134,390
- Other debts +€23,900
new in 2025: €23,900
- Trade debts +€7,092
up €7,092 (+35.8%), from €19,787 to €26,879
- Gross operating margin +€142,960
up €142,960 (+56.6%), from €252,701 to €395,661
- Staff costs +€72,244
up €72,244 (+74.8%), from €96,604 to €168,848
- Depreciation +€13,408
up €13,408 (+13.8%), from €96,989 to €110,396
- Financial charges -€12,692
down €12,692 (-49.1%), from €25,834 to €13,142
of which Non-recurring financial charges: -€12,323
- Taxes +€7,338
up €7,338 (+142%), from €5,165 to €12,503
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 | €422,228 | €647,443 | +€225,215 | +53.3% |
| Fixed assets | 21/28 | €220,837 | €380,381 | +€159,544 | +72.2% |
| Tangible fixed assets | 22/27 | €220,837 | €380,381 | +€159,544 | +72.2% |
| Land and buildings | 22 | €7,077 | €13,160 | +€6,083 | +85.9% |
| Plant, machinery and equipment | 23 | €5,653 | €5,722 | +€69 | +1.2% |
| Furniture and vehicles | 24 | €11,058 | €28,552 | +€17,494 | +158% |
| Leasing and similar rights | 25 | €184,798 | €322,122 | +€137,324 | +74.3% |
| Other tangible fixed assets | 26 | €12,250 | €10,825 | -€1,424 | -11.6% |
| Current assets | 29/58 | €201,391 | €267,062 | +€65,671 | +32.6% |
| Amounts receivable after more than one year | 29 | €4,500 | €4,500 | = | 0.0% |
| Other amounts receivable | 291 | €4,500 | €4,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5 | €20 | +€16 | +353% |
| Stocks | 30/36 | €5 | €20 | +€16 | +353% |
| Amounts receivable within one year | 40/41 | €128,130 | €193,167 | +€65,037 | +50.8% |
| Trade receivables | 40 | €120,320 | €189,847 | +€69,528 | +57.8% |
| Other amounts receivable | 41 | €7,810 | €3,320 | -€4,491 | -57.5% |
| Cash at bank and in hand | 54/58 | €55,246 | €64,839 | +€9,593 | +17.4% |
| Deferred charges and accrued income | 490/1 | €13,511 | €4,536 | -€8,975 | -66.4% |
| Total equity and liabilities | 10/49 | €422,228 | €647,443 | +€225,215 | +53.3% |
| Equity | 10/15 | €202,347 | €258,222 | +€55,875 | +27.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €197,029 | €252,903 | +€55,875 | +28.4% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €196,529 | €252,403 | +€55,875 | +28.4% |
| Profit (loss) carried forward | 14 | €318 | €318 | = | 0.0% |
| Amounts payable | 17/49 | €219,881 | €389,221 | +€169,340 | +77.0% |
| Amounts payable after more than one year | 17 | €77,989 | €167,494 | +€89,505 | +115% |
| Financial debts | 170/4 | €77,989 | €167,494 | +€89,505 | +115% |
| Amounts payable within one year | 42/48 | €141,892 | €221,727 | +€79,836 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €87,034 | €134,390 | +€47,357 | +54.4% |
| Financial debts | 43 | €3,101 | €3,090 | -€10 | -0.3% |
| Credit institutions | 430/8 | €3,101 | €3,090 | -€10 | -0.3% |
| Trade debts | 44 | €19,787 | €26,879 | +€7,092 | +35.8% |
| Suppliers | 440/4 | €19,787 | €26,879 | +€7,092 | +35.8% |
| Taxes, remuneration and social security | 45 | €31,971 | €33,468 | +€1,497 | +4.7% |
| Taxes | 450/3 | €17,571 | €10,859 | -€6,712 | -38.2% |
| Remuneration and social security | 454/9 | €14,399 | €22,609 | +€8,209 | +57.0% |
| Other amounts payable | 47/48 | - | €23,900 | +€23,900 | |
| Non-recurring operating income | 76A | - | €20,793 | +€20,793 | |
| Remuneration, social security and pensions | 62 | €96,604 | €168,848 | +€72,244 | +74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,989 | €110,396 | +€13,408 | +13.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €935 | +€935 | |
| Other operating charges | 640/8 | €13,295 | €6,587 | -€6,708 | -50.5% |
| Non-recurring operating charges | 66A | - | €3,815 | +€3,815 | |
| Gross operating margin | 9900 | €252,701 | €395,661 | +€142,960 | +56.6% |
| Operating profit (loss) | 9901 | €45,814 | €105,079 | +€59,265 | +129% |
| Financial income | 75/76B | €283 | €341 | +€58 | +20.5% |
| Recurring financial income | 75 | €283 | €341 | +€58 | +20.5% |
| Financial charges | 65/66B | €25,834 | €13,142 | -€12,692 | -49.1% |
| Recurring financial charges | 65 | €13,511 | €13,142 | -€369 | -2.7% |
| Non-recurring financial charges | 66B | €12,323 | - | -€12,323 | |
| Profit (loss) for the period before taxes | 9903 | €20,262 | €92,278 | +€72,016 | +355% |
| Income taxes | 67/77 | €5,165 | €12,503 | +€7,338 | +142% |
| Profit (loss) for the period | 9904 | €15,097 | €79,775 | +€64,678 | +428% |
| Profit (loss) for the period to be appropriated | 9905 | €15,097 | €79,775 | +€64,678 | +428% |
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 31 October 2026 via checked.be.