PRO - EURO - MAT: 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.
PRO - EURO - MAT
Largest movements
- Tangible fixed assets +€76,287
up €76,287 (+222%), from €34,414 to €110,701
of which Plant, machinery and equipment: +€51,602
- Stocks and contracts +€63,232
up €63,232 (+6.2%), from €1.0m to €1.1m
- Cash +€27,295
up €27,295 (+43.6%), from €62,597 to €89,892
mainly Net result for the year (+€67,511) and Debts after one year (+€54,397)
- Debts after one year +€54,397
new in 2025: €54,397
- Profit (loss) carried forward +€37,511
up €37,511 (+6.9%), from €543,645 to €581,156
- Provisions +€35,517
new in 2025: €35,517
of which Provisions for liabilities and charges: +€26,638
- Current portion of long-term debt +€21,455
new in 2025: €21,455
- Gross operating margin +€30,034
up €30,034 (+25.1%), from €119,769 to €149,803
- Depreciation +€7,354
up €7,354 (+97.8%), from €7,519 to €14,873
- Financial income +€6,714
up €6,714 (+49.7%), from €13,520 to €20,234
- Taxes +€2,676
up €2,676 (+19.3%), from €13,864 to €16,540
- Staff costs +€1,704
up €1,704 (+2.6%), from €66,264 to €67,968
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 | €1,206,429 | €1,365,280 | +€158,851 | +13.2% |
| Fixed assets | 21/28 | €34,476 | €110,763 | +€76,287 | +221% |
| Tangible fixed assets | 22/27 | €34,414 | €110,701 | +€76,287 | +222% |
| Land and buildings | 22 | €20,854 | €14,964 | -€5,890 | -28.2% |
| Plant, machinery and equipment | 23 | - | €51,602 | +€51,602 | |
| Furniture and vehicles | 24 | €13,560 | €44,134 | +€30,575 | +225% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €1,171,954 | €1,254,518 | +€82,564 | +7.0% |
| Stocks and contracts in progress | 3 | €1,013,808 | €1,077,040 | +€63,232 | +6.2% |
| Stocks | 30/36 | €1,013,808 | €1,077,040 | +€63,232 | +6.2% |
| Amounts receivable within one year | 40/41 | €95,549 | €87,586 | -€7,963 | -8.3% |
| Trade receivables | 40 | €23,501 | €20,900 | -€2,601 | -11.1% |
| Other amounts receivable | 41 | €72,048 | €66,686 | -€5,362 | -7.4% |
| Cash at bank and in hand | 54/58 | €62,597 | €89,892 | +€27,295 | +43.6% |
| Total equity and liabilities | 10/49 | €1,206,429 | €1,365,280 | +€158,851 | +13.2% |
| Equity | 10/15 | €1,108,624 | €1,146,135 | +€37,511 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €546,379 | €546,379 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,519 | €45,519 | = | 0.0% |
| Distributable reserves | 133 | €499,000 | €499,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €543,645 | €581,156 | +€37,511 | +6.9% |
| Provisions and deferred taxes | 16 | - | €35,517 | +€35,517 | |
| Provisions for liabilities and charges | 160/5 | - | €26,638 | +€26,638 | |
| Other liabilities and charges | 164/5 | - | €26,638 | +€26,638 | |
| Deferred taxes | 168 | - | €8,879 | +€8,879 | |
| Amounts payable | 17/49 | €97,806 | €183,628 | +€85,822 | +87.7% |
| Amounts payable after more than one year | 17 | - | €54,397 | +€54,397 | |
| Financial debts | 170/4 | - | €54,397 | +€54,397 | |
| Amounts payable within one year | 42/48 | €97,806 | €129,231 | +€31,426 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | - | €21,455 | +€21,455 | |
| Trade debts | 44 | €1,147 | €2,687 | +€1,540 | +134% |
| Suppliers | 440/4 | €1,147 | €2,687 | +€1,540 | +134% |
| Taxes, remuneration and social security | 45 | €11,659 | €20,089 | +€8,430 | +72.3% |
| Taxes | 450/3 | €1,824 | €11,016 | +€9,193 | +504% |
| Remuneration and social security | 454/9 | €9,835 | €9,072 | -€763 | -7.8% |
| Other amounts payable | 47/48 | €85,000 | €85,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €66,264 | €67,968 | +€1,704 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,519 | €14,873 | +€7,354 | +97.8% |
| Other operating charges | 640/8 | €6,044 | €7,258 | +€1,214 | +20.1% |
| Gross operating margin | 9900 | €119,769 | €149,803 | +€30,034 | +25.1% |
| Operating profit (loss) | 9901 | €39,942 | €59,704 | +€19,762 | +49.5% |
| Financial income | 75/76B | €13,520 | €20,234 | +€6,714 | +49.7% |
| Recurring financial income | 75 | €13,520 | €20,234 | +€6,714 | +49.7% |
| Financial charges | 65/66B | €3,734 | €4,765 | +€1,031 | +27.6% |
| Recurring financial charges | 65 | €3,734 | €4,765 | +€1,031 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €49,727 | €75,172 | +€25,445 | +51.2% |
| Transfer from deferred taxes | 780 | - | €8,879 | +€8,879 | |
| Income taxes | 67/77 | €13,864 | €16,540 | +€2,676 | +19.3% |
| Profit (loss) for the period | 9904 | €35,863 | €67,511 | +€31,648 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,863 | €67,511 | +€31,648 | +88.2% |
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 27 October 2026 via checked.be.