PRODUCTIVITY: 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.
PRODUCTIVITY
Largest movements
- Receivables within one year -€150,006
down €150,006 (-32.5%), from €461,983 to €311,978
of which Trade receivables: -€82,077
- Tangible fixed assets -€69,688
down €69,688 (-12.2%), from €569,399 to €499,711
- Cash +€61,446
up €61,446 (+20.7%), from €296,441 to €357,888
mainly Receivables within one year (+€150,006) and Depreciation (+€68,365)
- Deferred charges and accrued income +€48,730
up €48,730 (+26.8%), from €181,542 to €230,273
- Other debts -€160,629
down €160,629 (-41.6%), from €385,777 to €225,148
- Trade debts +€50,958
up €50,958 (+45.6%), from €111,837 to €162,795
- Reserves +€31,000
up €31,000 (+7.9%), from €390,558 to €421,558
of which Distributable reserves: +€44,899
- Debts after one year -€25,116
down €25,116 (-14.9%), from €168,544 to €143,428
- Gross operating margin +€106,186
up €106,186 (+51.1%), from €207,758 to €313,943
- Staff costs +€59,883
up €59,883 (+46.5%), from €128,817 to €188,700
- Taxes +€18,290
up €18,290 (+6312.7%), from €290 to €18,580
- Provisions +€10,000
no longer reported in 2025 (was -€10,000)
- Write-downs -€7,753
no longer reported in 2025 (was €7,753)
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 | €1,514,692 | €1,405,176 | -€109,516 | -7.2% |
| Fixed assets | 21/28 | €569,399 | €499,711 | -€69,688 | -12.2% |
| Tangible fixed assets | 22/27 | €569,399 | €499,711 | -€69,688 | -12.2% |
| Land and buildings | 22 | €410,648 | €378,158 | -€32,490 | -7.9% |
| Plant, machinery and equipment | 23 | €93,864 | €85,707 | -€8,157 | -8.7% |
| Furniture and vehicles | 24 | €64,887 | €35,846 | -€29,041 | -44.8% |
| Current assets | 29/58 | €945,293 | €905,465 | -€39,829 | -4.2% |
| Amounts receivable within one year | 40/41 | €461,983 | €311,978 | -€150,006 | -32.5% |
| Trade receivables | 40 | €244,137 | €162,061 | -€82,077 | -33.6% |
| Other amounts receivable | 41 | €217,846 | €149,917 | -€67,929 | -31.2% |
| Current investments | 50/53 | €5,327 | €5,327 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €296,441 | €357,888 | +€61,446 | +20.7% |
| Deferred charges and accrued income | 490/1 | €181,542 | €230,273 | +€48,730 | +26.8% |
| Total equity and liabilities | 10/49 | €1,514,692 | €1,405,176 | -€109,516 | -7.2% |
| Equity | 10/15 | €768,116 | €800,150 | +€32,034 | +4.2% |
| Contributions | 10/11 | €138,987 | €138,987 | = | 0.0% |
| Reserves | 13 | €390,558 | €421,558 | +€31,000 | +7.9% |
| Non-distributable reserves | 130/1 | €13,899 | - | -€13,899 | |
| Reserves not available under the articles | 1311 | €13,899 | - | -€13,899 | |
| Tax-exempt reserves | 132 | €15,042 | €15,042 | = | 0.0% |
| Distributable reserves | 133 | €361,617 | €406,516 | +€44,899 | +12.4% |
| Profit (loss) carried forward | 14 | €238,572 | €239,606 | +€1,034 | +0.4% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Environmental obligations | 163 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €736,576 | €595,026 | -€141,550 | -19.2% |
| Amounts payable after more than one year | 17 | €168,544 | €143,428 | -€25,116 | -14.9% |
| Financial debts | 170/4 | €168,544 | €143,428 | -€25,116 | -14.9% |
| Amounts payable within one year | 42/48 | €557,031 | €437,418 | -€119,614 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €24,794 | €25,066 | +€272 | +1.1% |
| Trade debts | 44 | €111,837 | €162,795 | +€50,958 | +45.6% |
| Suppliers | 440/4 | €111,837 | €162,795 | +€50,958 | +45.6% |
| Taxes, remuneration and social security | 45 | €34,623 | €24,408 | -€10,215 | -29.5% |
| Taxes | 450/3 | €19,621 | €3,280 | -€16,341 | -83.3% |
| Remuneration and social security | 454/9 | €15,003 | €21,129 | +€6,126 | +40.8% |
| Other amounts payable | 47/48 | €385,777 | €225,148 | -€160,629 | -41.6% |
| Accrued charges and deferred income | 492/3 | €11,000 | €14,180 | +€3,180 | +28.9% |
| Remuneration, social security and pensions | 62 | €128,817 | €188,700 | +€59,883 | +46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,890 | €68,365 | +€474 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,753 | - | -€7,753 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,000 | - | +€10,000 | |
| Other operating charges | 640/8 | €4,129 | €3,139 | -€990 | -24.0% |
| Gross operating margin | 9900 | €207,758 | €313,943 | +€106,186 | +51.1% |
| Operating profit (loss) | 9901 | €9,168 | €53,739 | +€44,571 | +486.2% |
| Financial income | 75/76B | €5,653 | €12,962 | +€7,308 | +129.3% |
| Recurring financial income | 75 | €5,653 | €12,962 | +€7,308 | +129.3% |
| Financial charges | 65/66B | €12,915 | €16,088 | +€3,173 | +24.6% |
| Recurring financial charges | 65 | €12,915 | €16,088 | +€3,173 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €1,907 | €50,613 | +€48,706 | +2554.4% |
| Income taxes | 67/77 | €290 | €18,580 | +€18,290 | +6312.7% |
| Profit (loss) for the period | 9904 | €1,617 | €32,034 | +€30,417 | +1881.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,617 | €32,034 | +€30,417 | +1881.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.