PROFIL: 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.
PROFIL
Largest movements
- Cash -€79,714
down €79,714 (-10.2%), from €777,855 to €698,141
mainly Contributions, distributions and other (-€300,338) and Investment in fixed assets (net) (-€177,093)
- Receivables within one year +€62,825
up €62,825 (+13.1%), from €478,426 to €541,251
of which Trade receivables: +€76,478
- Debts after one year -€70,205
down €70,205 (-9.9%), from €709,061 to €638,855
- Other debts +€61,383
up €61,383 (+47.8%), from €128,500 to €189,882
- Reserves +€31,247
up €31,247 (+2.1%), from €1.5m to €1.5m
of which Distributable reserves: +€45,321
- Staff costs +€162,997
up €162,997 (+18.6%), from €877,497 to €1.0m
- Financial income +€147,109
up €147,109 (+1061.0%), from €13,865 to €160,974
- Gross operating margin +€125,602
up €125,602 (+8.7%), from €1.4m to €1.6m
- Depreciation +€27,732
up €27,732 (+22.5%), from €123,099 to €150,831
- Taxes -€16,798
down €16,798 (-13.0%), from €129,459 to €112,661
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 | €2,997,999 | €3,038,591 | +€40,591 | +1.4% |
| Fixed assets | 21/28 | €1,350,962 | €1,377,224 | +€26,262 | +1.9% |
| Intangible fixed assets | 21 | €1,185 | €345 | -€840 | -70.9% |
| Tangible fixed assets | 22/27 | €450,355 | €477,457 | +€27,102 | +6.0% |
| Land and buildings | 22 | €214,131 | €156,787 | -€57,344 | -26.8% |
| Plant, machinery and equipment | 23 | €149,838 | €141,372 | -€8,466 | -5.6% |
| Furniture and vehicles | 24 | €38,032 | €106,681 | +€68,648 | +180.5% |
| Leasing and similar rights | 25 | €44,854 | €69,117 | +€24,263 | +54.1% |
| Other tangible fixed assets | 26 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €899,422 | €899,422 | = | 0.0% |
| Current assets | 29/58 | €1,647,037 | €1,661,366 | +€14,329 | +0.9% |
| Stocks and contracts in progress | 3 | €388,551 | €407,809 | +€19,258 | +5.0% |
| Stocks | 30/36 | €388,551 | €407,809 | +€19,258 | +5.0% |
| Amounts receivable within one year | 40/41 | €478,426 | €541,251 | +€62,825 | +13.1% |
| Trade receivables | 40 | €464,773 | €541,251 | +€76,478 | +16.5% |
| Other amounts receivable | 41 | €13,653 | - | -€13,653 | |
| Cash at bank and in hand | 54/58 | €777,855 | €698,141 | -€79,714 | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,206 | €14,165 | +€11,959 | +542.1% |
| Total equity and liabilities | 10/49 | €2,997,999 | €3,038,591 | +€40,591 | +1.4% |
| Equity | 10/15 | €1,485,390 | €1,516,299 | +€30,909 | +2.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,458,912 | €1,490,159 | +€31,247 | +2.1% |
| Tax-exempt reserves | 132 | €42,223 | €28,149 | -€14,074 | -33.3% |
| Distributable reserves | 133 | €1,416,689 | €1,462,011 | +€45,321 | +3.2% |
| Investment grants | 15 | €1,688 | €1,351 | -€338 | -20.0% |
| Provisions and deferred taxes | 16 | €22,611 | €15,190 | -€7,421 | -32.8% |
| Deferred taxes | 168 | €22,611 | €15,190 | -€7,421 | -32.8% |
| Amounts payable | 17/49 | €1,489,999 | €1,507,102 | +€17,103 | +1.1% |
| Amounts payable after more than one year | 17 | €709,061 | €638,855 | -€70,205 | -9.9% |
| Financial debts | 170/4 | €709,061 | €638,855 | -€70,205 | -9.9% |
| Amounts payable within one year | 42/48 | €780,938 | €868,002 | +€87,065 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €129,050 | €151,140 | +€22,090 | +17.1% |
| Trade debts | 44 | €317,389 | €320,799 | +€3,410 | +1.1% |
| Suppliers | 440/4 | €317,389 | €320,799 | +€3,410 | +1.1% |
| Taxes, remuneration and social security | 45 | €205,999 | €206,180 | +€182 | +0.1% |
| Taxes | 450/3 | €48,989 | €75,076 | +€26,087 | +53.2% |
| Remuneration and social security | 454/9 | €157,009 | €131,105 | -€25,905 | -16.5% |
| Other amounts payable | 47/48 | €128,500 | €189,882 | +€61,383 | +47.8% |
| Accrued charges and deferred income | 492/3 | - | €244 | +€244 | |
| Remuneration, social security and pensions | 62 | €877,497 | €1,040,494 | +€162,997 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,099 | €150,831 | +€27,732 | +22.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€178 | -€178 | |
| Other operating charges | 640/8 | €17,813 | €19,787 | +€1,974 | +11.1% |
| Gross operating margin | 9900 | €1,448,471 | €1,574,073 | +€125,602 | +8.7% |
| Operating profit (loss) | 9901 | €430,062 | €363,140 | -€66,922 | -15.6% |
| Financial income | 75/76B | €13,865 | €160,974 | +€147,109 | +1061.0% |
| Recurring financial income | 75 | €13,865 | €160,974 | +€147,109 | +1061.0% |
| Financial charges | 65/66B | €72,826 | €87,453 | +€14,627 | +20.1% |
| Recurring financial charges | 65 | €72,826 | €87,453 | +€14,627 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €371,101 | €436,661 | +€65,560 | +17.7% |
| Transfer from deferred taxes | 780 | €7,247 | €7,247 | = | 0.0% |
| Income taxes | 67/77 | €129,459 | €112,661 | -€16,798 | -13.0% |
| Profit (loss) for the period | 9904 | €248,889 | €331,247 | +€82,358 | +33.1% |
| Transfer from tax-exempt reserves | 789 | €14,074 | €14,074 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €262,964 | €345,321 | +€82,358 | +31.3% |
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 4 October 2026 via checked.be.