PREVIUS: 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.
PREVIUS
Largest movements
- Tangible fixed assets +€727,421
up €727,421 (+14.7%), from €4.9m to €5.7m
of which Assets under construction and advance payments: +€731,878
- Cash +€281,582
up €281,582 (+617%), from €45,630 to €327,212
mainly Debts after one year (+€1.9m) and Receivables within one year (+€146,322)
- Deferred charges and accrued income +€155,924
up €155,924 (+142%), from €109,967 to €265,891
- Receivables within one year -€146,322
down €146,322 (-84.4%), from €173,456 to €27,134
of which Trade receivables: -€146,976
- Debts after one year +€1.9m
up €1.9m (+43.7%), from €4.3m to €6.2m
of which Financial debts: +€1.9m
- Trade debts -€629,508
down €629,508 (-70.2%), from €896,934 to €267,425
- Profit (loss) carried forward -€247,037
down €247,037, from €5,752 to -€241,285
- Staff costs +€106,589
up €106,589 (+69.6%), from €153,077 to €259,666
- Gross operating margin -€95,354
down €95,354 (-55.0%), from €173,328 to €77,974
- Financial charges +€49,346
up €49,346 (+931%), from €5,300 to €54,646
- Taxes -€1,762
down €1,762 (-83.6%), from €2,109 to €346
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 | €5,263,363 | €6,281,943 | +€1.0m | +19.4% |
| Fixed assets | 21/28 | €4,934,310 | €5,661,706 | +€727,397 | +14.7% |
| Intangible fixed assets | 21 | €209 | €184 | -€24 | -11.7% |
| Tangible fixed assets | 22/27 | €4,934,101 | €5,661,522 | +€727,421 | +14.7% |
| Plant, machinery and equipment | 23 | - | €3,299 | +€3,299 | |
| Furniture and vehicles | 24 | €31,108 | €23,352 | -€7,756 | -24.9% |
| Assets under construction and advance payments | 27 | €4,902,993 | €5,634,871 | +€731,878 | +14.9% |
| Current assets | 29/58 | €329,053 | €620,237 | +€291,184 | +88.5% |
| Amounts receivable within one year | 40/41 | €173,456 | €27,134 | -€146,322 | -84.4% |
| Trade receivables | 40 | €173,456 | €26,480 | -€146,976 | -84.7% |
| Other amounts receivable | 41 | - | €654 | +€654 | |
| Cash at bank and in hand | 54/58 | €45,630 | €327,212 | +€281,582 | +617% |
| Deferred charges and accrued income | 490/1 | €109,967 | €265,891 | +€155,924 | +142% |
| Total equity and liabilities | 10/49 | €5,263,363 | €6,281,943 | +€1.0m | +19.4% |
| Equity | 10/15 | €11,752 | -€235,285 | -€247,037 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,752 | -€241,285 | -€247,037 | |
| Amounts payable | 17/49 | €5,251,610 | €6,517,228 | +€1.3m | +24.1% |
| Amounts payable after more than one year | 17 | €4,305,563 | €6,187,273 | +€1.9m | +43.7% |
| Financial debts | 170/4 | €399,992 | €2,281,702 | +€1.9m | +470% |
| Advances received on contracts in progress | 176 | €3,905,571 | €3,905,571 | = | 0.0% |
| Amounts payable within one year | 42/48 | €943,958 | €327,988 | -€615,970 | -65.3% |
| Current portion of amounts payable after more than one year | 42 | €9,183 | €9,542 | +€359 | +3.9% |
| Financial debts | 43 | - | €1,397 | +€1,397 | |
| Credit institutions | 430/8 | - | €1,397 | +€1,397 | |
| Trade debts | 44 | €896,934 | €267,425 | -€629,508 | -70.2% |
| Suppliers | 440/4 | €896,934 | €267,425 | -€629,508 | -70.2% |
| Taxes, remuneration and social security | 45 | €37,842 | €49,624 | +€11,782 | +31.1% |
| Taxes | 450/3 | €8,880 | €14,964 | +€6,085 | +68.5% |
| Remuneration and social security | 454/9 | €28,962 | €34,660 | +€5,698 | +19.7% |
| Accrued charges and deferred income | 492/3 | €2,089 | €1,967 | -€122 | -5.8% |
| Remuneration, social security and pensions | 62 | €153,077 | €259,666 | +€106,589 | +69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,695 | €8,743 | +€1,047 | +13.6% |
| Other operating charges | 640/8 | €766 | €1,610 | +€844 | +110% |
| Gross operating margin | 9900 | €173,328 | €77,974 | -€95,354 | -55.0% |
| Operating profit (loss) | 9901 | €11,789 | -€192,045 | -€203,834 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,300 | €54,646 | +€49,346 | +931% |
| Recurring financial charges | 65 | €5,300 | €54,646 | +€49,346 | +931% |
| Profit (loss) for the period before taxes | 9903 | €6,489 | -€246,691 | -€253,180 | |
| Income taxes | 67/77 | €2,109 | €346 | -€1,762 | -83.6% |
| Profit (loss) for the period | 9904 | €4,380 | -€247,037 | -€251,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,380 | -€247,037 | -€251,418 |
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 28 October 2026 via checked.be.