PRICE & QUALITY: 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.
PRICE & QUALITY
Largest movements
- Tangible fixed assets +€328,857
up €328,857 (+9.1%), from €3.6m to €3.9m
of which Land and buildings: +€328,857
- Receivables within one year +€254,878
up €254,878 (+40.0%), from €636,682 to €891,560
of which Other amounts receivable: +€275,598
- Intangible fixed assets -€226,455
down €226,455 (-33.7%), from €672,331 to €445,876
- Cash -€125,996
down €125,996 (-75.7%), from €166,500 to €40,504
mainly Investment in fixed assets (net) (-€428,200) and Receivables within one year (-€254,878)
- Debts after one year +€215,268
up €215,268 (+13.3%), from €1.6m to €1.8m
- Short-term financial debts +€93,786
up €93,786 (+115%), from €81,280 to €175,066
of which Credit institutions: +€175,066
- Reserves -€59,917
down €59,917 (-2.1%), from €2.8m to €2.8m
of which Distributable reserves: -€43,000
- Gross operating margin -€875,429
down €875,429 (-68.0%), from €1.3m to €411,745
- Taxes -€26,177
down €26,177 (-29.8%), from €87,906 to €61,728
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 | €5,193,909 | €5,445,814 | +€251,905 | +4.9% |
| Fixed assets | 21/28 | €4,271,170 | €4,373,572 | +€102,401 | +2.4% |
| Intangible fixed assets | 21 | €672,331 | €445,876 | -€226,455 | -33.7% |
| Tangible fixed assets | 22/27 | €3,596,185 | €3,925,041 | +€328,857 | +9.1% |
| Land and buildings | 22 | €3,590,612 | €3,919,469 | +€328,857 | +9.2% |
| Furniture and vehicles | 24 | €5,573 | €5,573 | = | 0.0% |
| Financial fixed assets | 28 | €2,655 | €2,655 | = | 0.0% |
| Current assets | 29/58 | €922,739 | €1,072,243 | +€149,504 | +16.2% |
| Amounts receivable within one year | 40/41 | €636,682 | €891,560 | +€254,878 | +40.0% |
| Trade receivables | 40 | €70,013 | €49,293 | -€20,721 | -29.6% |
| Other amounts receivable | 41 | €566,669 | €842,267 | +€275,598 | +48.6% |
| Cash at bank and in hand | 54/58 | €166,500 | €40,504 | -€125,996 | -75.7% |
| Deferred charges and accrued income | 490/1 | €119,557 | €140,179 | +€20,622 | +17.2% |
| Total equity and liabilities | 10/49 | €5,193,909 | €5,445,814 | +€251,905 | +4.9% |
| Equity | 10/15 | €2,900,336 | €2,834,274 | -€66,062 | -2.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,831,473 | €2,771,556 | -€59,917 | -2.1% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Legal reserve | 130 | €17,500 | €17,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €608,973 | €592,056 | -€16,917 | -2.8% |
| Distributable reserves | 133 | €2,205,000 | €2,162,000 | -€43,000 | -2.0% |
| Profit (loss) carried forward | 14 | €6,863 | €718 | -€6,145 | -89.5% |
| Provisions and deferred taxes | 16 | €190,491 | €184,852 | -€5,639 | -3.0% |
| Deferred taxes | 168 | €190,491 | €184,852 | -€5,639 | -3.0% |
| Amounts payable | 17/49 | €2,103,082 | €2,426,688 | +€323,606 | +15.4% |
| Amounts payable after more than one year | 17 | €1,614,241 | €1,829,509 | +€215,268 | +13.3% |
| Financial debts | 170/4 | €1,614,241 | €1,829,509 | +€215,268 | +13.3% |
| Amounts payable within one year | 42/48 | €488,841 | €595,960 | +€107,119 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €351,903 | €397,367 | +€45,464 | +12.9% |
| Financial debts | 43 | €81,280 | €175,066 | +€93,786 | +115% |
| Credit institutions | 430/8 | - | €175,066 | +€175,066 | |
| Other loans | 439 | €81,280 | €0 | -€81,280 | -100% |
| Trade debts | 44 | €2,512 | €7,736 | +€5,224 | +208% |
| Suppliers | 440/4 | €2,512 | €7,736 | +€5,224 | +208% |
| Advances received on contracts in progress | 46 | €1,403 | €0 | -€1,403 | -100% |
| Taxes, remuneration and social security | 45 | €39,244 | €10,739 | -€28,505 | -72.6% |
| Taxes | 450/3 | €39,244 | €10,739 | -€28,505 | -72.6% |
| Other amounts payable | 47/48 | €12,500 | €5,053 | -€7,447 | -59.6% |
| Accrued charges and deferred income | 492/3 | - | €1,219 | +€1,219 | |
| Non-recurring operating income | 76A | €766,605 | €0 | -€766,605 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,338 | €325,799 | -€539 | -0.2% |
| Other operating charges | 640/8 | €40,810 | €44,768 | +€3,958 | +9.7% |
| Gross operating margin | 9900 | €1,287,174 | €411,745 | -€875,429 | -68.0% |
| Operating profit (loss) | 9901 | €920,027 | €41,178 | -€878,848 | -95.5% |
| Financial income | 75/76B | €208 | €0 | -€208 | -100.0% |
| Recurring financial income | 75 | €208 | €0 | -€208 | -100.0% |
| Financial charges | 65/66B | €49,564 | €51,151 | +€1,588 | +3.2% |
| Recurring financial charges | 65 | €49,564 | €51,151 | +€1,588 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €870,671 | -€9,973 | -€880,644 | |
| Transfer from deferred taxes | 780 | €1,160 | €5,639 | +€4,479 | +386% |
| Transfer to deferred taxes | 680 | €191,651 | €0 | -€191,651 | -100% |
| Income taxes | 67/77 | €87,906 | €61,728 | -€26,177 | -29.8% |
| Profit (loss) for the period | 9904 | €592,275 | -€66,062 | -€658,337 | |
| Transfer from tax-exempt reserves | 789 | €3,481 | €16,917 | +€13,436 | +386% |
| Transfer to tax-exempt reserves | 689 | €574,954 | €0 | -€574,954 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €20,801 | -€49,145 | -€69,947 |
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 21 October 2026 via checked.be.