PULLTHEPLUG: 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.
PULLTHEPLUG
Largest movements
- Tangible fixed assets -€84,636
down €84,636 (-14.6%), from €581,195 to €496,559
of which Plant, machinery and equipment: -€60,714
- Stocks and contracts +€53,397
up €53,397 (+43.7%), from €122,131 to €175,528
- Cash -€26,301
down €26,301 (-27.5%), from €95,612 to €69,311
mainly Investment in fixed assets (net) (-€70,434) and Current portion of long-term debt (-€59,073)
- Reserves +€243,605
new in 2025: €243,605
- Profit (loss) carried forward -€224,870
no longer reported in 2025 (was €224,870)
- Current portion of long-term debt -€59,073
down €59,073 (-42.7%), from €138,221 to €79,148
- Trade debts +€53,518
up €53,518 (+60.8%), from €88,029 to €141,547
- Accrued charges and deferred income -€29,535
down €29,535 (-46.7%), from €63,243 to €33,708
- Gross operating margin +€65,938
up €65,938 (+22.4%), from €294,765 to €360,702
- Depreciation +€57,055
up €57,055 (+58.2%), from €98,015 to €155,070
- Staff costs +€14,685
up €14,685 (+10.5%), from €139,336 to €154,020
- Financial charges +€9,587
up €9,587 (+86.1%), from €11,133 to €20,720
- Taxes +€4,072
up €4,072 (+382%), from €1,067 to €5,139
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 | €924,586 | €877,145 | -€47,442 | -5.1% |
| Fixed assets | 21/28 | €581,195 | €496,559 | -€84,636 | -14.6% |
| Tangible fixed assets | 22/27 | €581,195 | €496,559 | -€84,636 | -14.6% |
| Plant, machinery and equipment | 23 | €514,821 | €454,107 | -€60,714 | -11.8% |
| Furniture and vehicles | 24 | €66,374 | €42,452 | -€23,922 | -36.0% |
| Current assets | 29/58 | €343,391 | €380,586 | +€37,194 | +10.8% |
| Stocks and contracts in progress | 3 | €122,131 | €175,528 | +€53,397 | +43.7% |
| Stocks | 30/36 | €122,131 | €175,528 | +€53,397 | +43.7% |
| Amounts receivable within one year | 40/41 | €118,391 | €121,913 | +€3,522 | +3.0% |
| Trade receivables | 40 | €54,038 | €75,439 | +€21,400 | +39.6% |
| Other amounts receivable | 41 | €64,352 | €46,474 | -€17,878 | -27.8% |
| Cash at bank and in hand | 54/58 | €95,612 | €69,311 | -€26,301 | -27.5% |
| Deferred charges and accrued income | 490/1 | €7,258 | €13,834 | +€6,576 | +90.6% |
| Total equity and liabilities | 10/49 | €924,586 | €877,145 | -€47,442 | -5.1% |
| Equity | 10/15 | €226,870 | €245,605 | +€18,735 | +8.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €243,605 | +€243,605 | |
| Distributable reserves | 133 | - | €243,605 | +€243,605 | |
| Profit (loss) carried forward | 14 | €224,870 | - | -€224,870 | |
| Amounts payable | 17/49 | €697,716 | €631,540 | -€66,177 | -9.5% |
| Amounts payable after more than one year | 17 | €346,474 | €334,895 | -€11,579 | -3.3% |
| Financial debts | 170/4 | €346,474 | €334,895 | -€11,579 | -3.3% |
| Amounts payable within one year | 42/48 | €287,999 | €262,937 | -€25,062 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €138,221 | €79,148 | -€59,073 | -42.7% |
| Trade debts | 44 | €88,029 | €141,547 | +€53,518 | +60.8% |
| Suppliers | 440/4 | €88,029 | €141,547 | +€53,518 | +60.8% |
| Taxes, remuneration and social security | 45 | €61,142 | €41,479 | -€19,663 | -32.2% |
| Taxes | 450/3 | €41,852 | €5,044 | -€36,808 | -87.9% |
| Remuneration and social security | 454/9 | €19,290 | €36,435 | +€17,146 | +88.9% |
| Other amounts payable | 47/48 | €607 | €763 | +€156 | +25.7% |
| Accrued charges and deferred income | 492/3 | €63,243 | €33,708 | -€29,535 | -46.7% |
| Remuneration, social security and pensions | 62 | €139,336 | €154,020 | +€14,685 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,015 | €155,070 | +€57,055 | +58.2% |
| Other operating charges | 640/8 | €5,795 | €7,108 | +€1,313 | +22.6% |
| Gross operating margin | 9900 | €294,765 | €360,702 | +€65,938 | +22.4% |
| Operating profit (loss) | 9901 | €51,619 | €44,505 | -€7,114 | -13.8% |
| Financial income | 75/76B | €597 | €88 | -€509 | -85.2% |
| Recurring financial income | 75 | €597 | €88 | -€509 | -85.2% |
| Financial charges | 65/66B | €11,133 | €20,720 | +€9,587 | +86.1% |
| Recurring financial charges | 65 | €11,133 | €20,720 | +€9,587 | +86.1% |
| Profit (loss) for the period before taxes | 9903 | €41,083 | €23,874 | -€17,210 | -41.9% |
| Income taxes | 67/77 | €1,067 | €5,139 | +€4,072 | +382% |
| Profit (loss) for the period | 9904 | €40,017 | €18,735 | -€21,282 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,017 | €18,735 | -€21,282 | -53.2% |
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 24 October 2026 via checked.be.