PRINTBOX: what changed
Two fiscal 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.
PRINTBOX
Largest movements
- Stocks and contracts -€230,039
down €230,039 (-58.5%), from €393,209 to €163,171
- Receivables within one year +€178,786
up €178,786 (+41.6%), from €429,975 to €608,762
of which Trade receivables: +€162,934
- Cash -€79,173
down €79,173 (-16.2%), from €488,649 to €409,476
mainly Contributions, distributions and other (-€502,459) and Receivables within one year (-€178,786)
- Tangible fixed assets -€59,783
down €59,783 (-6.5%), from €919,974 to €860,190
of which Land and buildings: -€64,213
- Profit (loss) carried forward -€232,860
down €232,860 (-21.4%), from €1.1m to €856,279
- Trade debts +€63,137
up €63,137 (+20.1%), from €314,711 to €377,848
- Debts after one year -€59,523
down €59,523 (-11.8%), from €504,639 to €445,116
- Tax, wage and social debts +€47,929
up €47,929 (+30.5%), from €157,382 to €205,311
of which Remuneration and social security: +€36,517
- Write-downs +€106,395
new in 2025: €106,395
- Staff costs +€100,689
up €100,689 (+9.2%), from €1.1m to €1.2m
- Gross operating margin +€58,551
up €58,551 (+3.4%), from €1.7m to €1.8m
- Taxes -€39,703
down €39,703 (-28.3%), from €140,167 to €100,464
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 | €2,785,973 | €2,582,142 | -€203,831 | -7.3% |
| Fixed assets | 21/28 | €949,127 | €882,146 | -€66,980 | -7.1% |
| Intangible fixed assets | 21 | €28,908 | €21,711 | -€7,197 | -24.9% |
| Tangible fixed assets | 22/27 | €919,974 | €860,190 | -€59,783 | -6.5% |
| Land and buildings | 22 | €884,368 | €820,155 | -€64,213 | -7.3% |
| Plant, machinery and equipment | 23 | €31,581 | €37,236 | +€5,655 | +17.9% |
| Furniture and vehicles | 24 | €3,235 | €2,139 | -€1,096 | -33.9% |
| Leasing and similar rights | 25 | €789 | - | -€789 | |
| Other tangible fixed assets | 26 | - | €660 | +€660 | |
| Financial fixed assets | 28 | €245 | €245 | = | 0.0% |
| Current assets | 29/58 | €1,836,846 | €1,699,995 | -€136,851 | -7.5% |
| Stocks and contracts in progress | 3 | €393,209 | €163,171 | -€230,039 | -58.5% |
| Stocks | 30/36 | €393,209 | €163,171 | -€230,039 | -58.5% |
| Amounts receivable within one year | 40/41 | €429,975 | €608,762 | +€178,786 | +41.6% |
| Trade receivables | 40 | €367,468 | €530,402 | +€162,934 | +44.3% |
| Other amounts receivable | 41 | €62,508 | €78,360 | +€15,852 | +25.4% |
| Current investments | 50/53 | €506,657 | €503,562 | -€3,095 | -0.6% |
| Cash at bank and in hand | 54/58 | €488,649 | €409,476 | -€79,173 | -16.2% |
| Deferred charges and accrued income | 490/1 | €18,355 | €15,025 | -€3,330 | -18.1% |
| Total equity and liabilities | 10/49 | €2,785,973 | €2,582,142 | -€203,831 | -7.3% |
| Equity | 10/15 | €1,198,298 | €962,979 | -€235,319 | -19.6% |
| Contributions | 10/11 | €71,500 | €71,500 | = | 0.0% |
| Outside capital | 11 | €71,500 | €71,500 | = | 0.0% |
| Other | 1109/19 | €71,500 | €71,500 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,089,138 | €856,279 | -€232,860 | -21.4% |
| Investment grants | 15 | €25,160 | €22,700 | -€2,459 | -9.8% |
| Provisions and deferred taxes | 16 | €13,383 | €9,793 | -€3,590 | -26.8% |
| Provisions for liabilities and charges | 160/5 | €6,332 | €3,562 | -€2,770 | -43.7% |
| Other liabilities and charges | 164/5 | €6,332 | €3,562 | -€2,770 | -43.7% |
| Deferred taxes | 168 | €7,051 | €6,231 | -€820 | -11.6% |
| Amounts payable | 17/49 | €1,574,292 | €1,609,370 | +€35,078 | +2.2% |
| Amounts payable after more than one year | 17 | €504,639 | €445,116 | -€59,523 | -11.8% |
| Financial debts | 170/4 | €504,639 | €445,116 | -€59,523 | -11.8% |
| Amounts payable within one year | 42/48 | €1,069,653 | €1,164,254 | +€94,601 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €76,654 | €59,523 | -€17,131 | -22.3% |
| Trade debts | 44 | €314,711 | €377,848 | +€63,137 | +20.1% |
| Suppliers | 440/4 | €314,711 | €377,848 | +€63,137 | +20.1% |
| Taxes, remuneration and social security | 45 | €157,382 | €205,311 | +€47,929 | +30.5% |
| Taxes | 450/3 | €53,645 | €65,057 | +€11,412 | +21.3% |
| Remuneration and social security | 454/9 | €103,737 | €140,254 | +€36,517 | +35.2% |
| Other amounts payable | 47/48 | €520,906 | €521,572 | +€666 | +0.1% |
| Remuneration, social security and pensions | 62 | €1,090,135 | €1,190,823 | +€100,689 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,805 | €95,620 | +€5,815 | +6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €106,395 | +€106,395 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€508 | -€2,698 | -€2,190 | -431.1% |
| Other operating charges | 640/8 | €20,842 | €22,568 | +€1,726 | +8.3% |
| Gross operating margin | 9900 | €1,721,759 | €1,780,310 | +€58,551 | +3.4% |
| Operating profit (loss) | 9901 | €521,485 | €367,602 | -€153,883 | -29.5% |
| Financial income | 75/76B | €6,630 | €4,513 | -€2,117 | -31.9% |
| Recurring financial income | 75 | €6,630 | €4,513 | -€2,117 | -31.9% |
| Financial charges | 65/66B | €5,969 | €5,330 | -€639 | -10.7% |
| Recurring financial charges | 65 | €5,969 | €5,330 | -€639 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €522,145 | €366,784 | -€155,361 | -29.8% |
| Transfer from deferred taxes | 780 | €820 | €820 | = | 0.0% |
| Income taxes | 67/77 | €140,167 | €100,464 | -€39,703 | -28.3% |
| Profit (loss) for the period | 9904 | €382,798 | €267,140 | -€115,658 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €382,798 | €267,140 | -€115,658 | -30.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.