PRINCIPIAE: 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.
PRINCIPIAE
Largest movements
- Receivables within one year +€124,476
up €124,476 (+231.1%), from €53,870 to €178,345
of which Trade receivables: +€124,478
- Cash -€99,073
down €99,073 (-37.3%), from €265,735 to €166,662
mainly Receivables within one year (-€124,476) and Other debts (-€91,910)
- Current investments +€83,323
up €83,323 (+28.0%), from €297,654 to €380,977
- Tangible fixed assets -€9,850
down €9,850 (-21.6%), from €45,582 to €35,732
- Reserves +€177,898
up €177,898 (+36.8%), from €483,593 to €661,491
- Other debts -€91,910
down €91,910 (-78.1%), from €117,676 to €25,766
- Tax, wage and social debts +€27,001
up €27,001 (+119.5%), from €22,602 to €49,603
- Accrued charges and deferred income -€14,562
down €14,562 (-45.2%), from €32,190 to €17,629
- Gross operating margin +€77,364
up €77,364 (+30.7%), from €252,020 to €329,384
- Taxes +€17,263
up €17,263 (+24.6%), from €70,181 to €87,445
- Financial charges +€12,547
up €12,547 (+252.2%), from €4,974 to €17,521
- Financial income -€4,389
down €4,389 (-46.1%), from €9,529 to €5,140
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 | €677,996 | €774,657 | +€96,661 | +14.3% |
| Fixed assets | 21/28 | €45,582 | €35,732 | -€9,850 | -21.6% |
| Tangible fixed assets | 22/27 | €45,582 | €35,732 | -€9,850 | -21.6% |
| Furniture and vehicles | 24 | €45,582 | €35,732 | -€9,850 | -21.6% |
| Current assets | 29/58 | €632,414 | €738,925 | +€106,510 | +16.8% |
| Stocks and contracts in progress | 3 | €12,491 | €10,727 | -€1,765 | -14.1% |
| Stocks | 30/36 | €12,491 | €10,727 | -€1,765 | -14.1% |
| Amounts receivable within one year | 40/41 | €53,870 | €178,345 | +€124,476 | +231.1% |
| Trade receivables | 40 | €53,868 | €178,345 | +€124,478 | +231.1% |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Current investments | 50/53 | €297,654 | €380,977 | +€83,323 | +28.0% |
| Cash at bank and in hand | 54/58 | €265,735 | €166,662 | -€99,073 | -37.3% |
| Deferred charges and accrued income | 490/1 | €2,664 | €2,213 | -€451 | -16.9% |
| Total equity and liabilities | 10/49 | €677,996 | €774,657 | +€96,661 | +14.3% |
| Equity | 10/15 | €502,793 | €680,691 | +€177,898 | +35.4% |
| Contributions | 10/11 | €19,200 | €19,200 | = | 0.0% |
| Reserves | 13 | €483,593 | €661,491 | +€177,898 | +36.8% |
| Distributable reserves | 133 | €483,593 | €661,491 | +€177,898 | +36.8% |
| Amounts payable | 17/49 | €175,203 | €93,966 | -€81,237 | -46.4% |
| Amounts payable within one year | 42/48 | €143,013 | €76,338 | -€66,675 | -46.6% |
| Trade debts | 44 | €2,735 | €970 | -€1,766 | -64.6% |
| Suppliers | 440/4 | €2,735 | €970 | -€1,766 | -64.6% |
| Taxes, remuneration and social security | 45 | €22,602 | €49,603 | +€27,001 | +119.5% |
| Taxes | 450/3 | €22,602 | €49,603 | +€27,001 | +119.5% |
| Other amounts payable | 47/48 | €117,676 | €25,766 | -€91,910 | -78.1% |
| Accrued charges and deferred income | 492/3 | €32,190 | €17,629 | -€14,562 | -45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,241 | €13,015 | +€1,774 | +15.8% |
| Other operating charges | 640/8 | €14,283 | €16,111 | +€1,828 | +12.8% |
| Gross operating margin | 9900 | €252,020 | €329,384 | +€77,364 | +30.7% |
| Operating profit (loss) | 9901 | €226,495 | €300,258 | +€73,762 | +32.6% |
| Financial income | 75/76B | €9,529 | €5,140 | -€4,389 | -46.1% |
| Recurring financial income | 75 | €9,529 | €5,140 | -€4,389 | -46.1% |
| Financial charges | 65/66B | €4,974 | €17,521 | +€12,547 | +252.2% |
| Recurring financial charges | 65 | €4,974 | €17,521 | +€12,547 | +252.2% |
| Profit (loss) for the period before taxes | 9903 | €231,051 | €287,877 | +€56,826 | +24.6% |
| Income taxes | 67/77 | €70,181 | €87,445 | +€17,263 | +24.6% |
| Profit (loss) for the period | 9904 | €160,869 | €200,432 | +€39,563 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €160,869 | €200,432 | +€39,563 | +24.6% |
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 12 October 2026 via checked.be.