PROPELLOR: 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.
PROPELLOR
Largest movements
- Receivables within one year -€120,746
down €120,746 (-42.1%), from €286,831 to €166,086
of which Other amounts receivable: -€108,977
- Current investments +€79,716
up €79,716 (+19.9%), from €401,000 to €480,716
- Cash +€58,421
up €58,421 (+102%), from €57,091 to €115,512
mainly Receivables within one year (+€120,746) and Net result for the year (+€74,965)
- Tangible fixed assets -€21,208
down €21,208 (-16.9%), from €125,234 to €104,026
of which Land and buildings: -€13,539
- Trade debts -€41,292
down €41,292 (-46.1%), from €89,531 to €48,240
- Other debts +€31,639
up €31,639 (+66.8%), from €47,361 to €79,000
- Tax, wage and social debts +€15,818
up €15,818 (+34.4%), from €45,937 to €61,755
of which Taxes: +€9,782
- Financial income +€27,633
new in 2025: €27,633
- Gross operating margin +€10,866
up €10,866 (+5.6%), from €195,335 to €206,201
- Taxes +€10,652
up €10,652 (+44.9%), from €23,726 to €34,378
- Depreciation -€8,216
down €8,216 (-20.8%), from €39,424 to €31,208
- Staff costs -€2,688
down €2,688 (-2.9%), from €93,107 to €90,418
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 | €876,056 | €870,023 | -€6,033 | -0.7% |
| Fixed assets | 21/28 | €125,234 | €104,026 | -€21,208 | -16.9% |
| Tangible fixed assets | 22/27 | €125,234 | €104,026 | -€21,208 | -16.9% |
| Land and buildings | 22 | €79,760 | €66,221 | -€13,539 | -17.0% |
| Plant, machinery and equipment | 23 | €6,946 | €7,198 | +€252 | +3.6% |
| Furniture and vehicles | 24 | €31,876 | €23,955 | -€7,921 | -24.8% |
| Other tangible fixed assets | 26 | €6,651 | €6,651 | = | 0.0% |
| Current assets | 29/58 | €750,823 | €765,997 | +€15,175 | +2.0% |
| Amounts receivable within one year | 40/41 | €286,831 | €166,086 | -€120,746 | -42.1% |
| Trade receivables | 40 | €143,893 | €132,124 | -€11,769 | -8.2% |
| Other amounts receivable | 41 | €142,939 | €33,962 | -€108,977 | -76.2% |
| Current investments | 50/53 | €401,000 | €480,716 | +€79,716 | +19.9% |
| Cash at bank and in hand | 54/58 | €57,091 | €115,512 | +€58,421 | +102% |
| Deferred charges and accrued income | 490/1 | €5,901 | €3,684 | -€2,217 | -37.6% |
| Total equity and liabilities | 10/49 | €876,056 | €870,023 | -€6,033 | -0.7% |
| Equity | 10/15 | €673,297 | €669,262 | -€4,035 | -0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €667,097 | €663,062 | -€4,035 | -0.6% |
| Tax-exempt reserves | 132 | €437 | €437 | = | 0.0% |
| Distributable reserves | 133 | €666,660 | €662,625 | -€4,035 | -0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €202,760 | €200,761 | -€1,999 | -1.0% |
| Amounts payable after more than one year | 17 | €11,766 | €3,485 | -€8,281 | -70.4% |
| Financial debts | 170/4 | €11,766 | €3,485 | -€8,281 | -70.4% |
| Amounts payable within one year | 42/48 | €190,993 | €197,276 | +€6,282 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €8,164 | €8,281 | +€117 | +1.4% |
| Trade debts | 44 | €89,531 | €48,240 | -€41,292 | -46.1% |
| Suppliers | 440/4 | €89,531 | €48,240 | -€41,292 | -46.1% |
| Taxes, remuneration and social security | 45 | €45,937 | €61,755 | +€15,818 | +34.4% |
| Taxes | 450/3 | €45,937 | €55,718 | +€9,782 | +21.3% |
| Remuneration and social security | 454/9 | - | €6,037 | +€6,037 | |
| Other amounts payable | 47/48 | €47,361 | €79,000 | +€31,639 | +66.8% |
| Remuneration, social security and pensions | 62 | €93,107 | €90,418 | -€2,688 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,424 | €31,208 | -€8,216 | -20.8% |
| Other operating charges | 640/8 | €1,781 | €1,694 | -€87 | -4.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €195,335 | €206,201 | +€10,866 | +5.6% |
| Operating profit (loss) | 9901 | €61,024 | €82,881 | +€21,857 | +35.8% |
| Financial income | 75/76B | - | €27,633 | +€27,633 | |
| Recurring financial income | 75 | - | €27,633 | +€27,633 | |
| Financial charges | 65/66B | €630 | €1,170 | +€540 | +85.8% |
| Recurring financial charges | 65 | €630 | €1,170 | +€540 | +85.8% |
| Profit (loss) for the period before taxes | 9903 | €60,394 | €109,344 | +€48,950 | +81.1% |
| Income taxes | 67/77 | €23,726 | €34,378 | +€10,652 | +44.9% |
| Profit (loss) for the period | 9904 | €36,668 | €74,965 | +€38,297 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €36,668 | €74,965 | +€38,297 | +104% |
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 14 October 2026 via checked.be.