Punchline: 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.
Punchline
Largest movements
- Tangible fixed assets -€239,609
down €239,609 (-29.9%), from €802,263 to €562,654
of which Land and buildings: -€238,235
- Receivables within one year +€57,649
up €57,649 (+15.2%), from €379,753 to €437,402
of which Trade receivables: +€81,174
- Debts after one year -€339,508
down €339,508 (-62.3%), from €544,605 to €205,097
- Reserves +€93,449
up €93,449 (+29.0%), from €321,693 to €415,142
of which Distributable reserves: +€93,449
- Trade debts +€60,506
up €60,506 (+83.0%), from €72,917 to €133,423
- Short-term financial debts +€49,551
up €49,551 (+547%), from €9,051 to €58,602
- Current portion of long-term debt -€28,423
down €28,423 (-31.7%), from €89,690 to €61,267
- Gross operating margin +€59,948
up €59,948 (+9.2%), from €648,614 to €708,562
- Staff costs +€25,036
up €25,036 (+4.7%), from €530,057 to €555,093
- Taxes -€13,607
down €13,607 (-57.3%), from €23,739 to €10,132
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 | €1,221,543 | €1,050,975 | -€170,568 | -14.0% |
| Fixed assets | 21/28 | €803,363 | €573,760 | -€229,603 | -28.6% |
| Intangible fixed assets | 21 | - | €10,006 | +€10,006 | |
| Tangible fixed assets | 22/27 | €802,263 | €562,654 | -€239,609 | -29.9% |
| Land and buildings | 22 | €794,729 | €556,495 | -€238,235 | -30.0% |
| Plant, machinery and equipment | 23 | €3,281 | €2,855 | -€426 | -13.0% |
| Furniture and vehicles | 24 | €4,252 | €3,304 | -€948 | -22.3% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €418,180 | €477,216 | +€59,035 | +14.1% |
| Amounts receivable within one year | 40/41 | €379,753 | €437,402 | +€57,649 | +15.2% |
| Trade receivables | 40 | €347,139 | €428,313 | +€81,174 | +23.4% |
| Other amounts receivable | 41 | €32,614 | €9,089 | -€23,525 | -72.1% |
| Cash at bank and in hand | 54/58 | €29,849 | €35,879 | +€6,030 | +20.2% |
| Deferred charges and accrued income | 490/1 | €8,577 | €3,934 | -€4,643 | -54.1% |
| Total equity and liabilities | 10/49 | €1,221,543 | €1,050,975 | -€170,568 | -14.0% |
| Equity | 10/15 | €327,893 | €421,342 | +€93,449 | +28.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €321,693 | €415,142 | +€93,449 | +29.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €319,833 | €413,282 | +€93,449 | +29.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €893,650 | €629,633 | -€264,017 | -29.5% |
| Amounts payable after more than one year | 17 | €544,605 | €205,097 | -€339,508 | -62.3% |
| Financial debts | 170/4 | €544,605 | €205,097 | -€339,508 | -62.3% |
| Amounts payable within one year | 42/48 | €344,230 | €419,016 | +€74,786 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €89,690 | €61,267 | -€28,423 | -31.7% |
| Financial debts | 43 | €9,051 | €58,602 | +€49,551 | +547% |
| Credit institutions | 430/8 | €9,051 | €58,602 | +€49,551 | +547% |
| Trade debts | 44 | €72,917 | €133,423 | +€60,506 | +83.0% |
| Suppliers | 440/4 | €72,917 | €133,423 | +€60,506 | +83.0% |
| Taxes, remuneration and social security | 45 | €114,723 | €100,317 | -€14,406 | -12.6% |
| Taxes | 450/3 | €54,669 | €57,020 | +€2,351 | +4.3% |
| Remuneration and social security | 454/9 | €60,054 | €43,297 | -€16,757 | -27.9% |
| Other amounts payable | 47/48 | €57,849 | €65,407 | +€7,558 | +13.1% |
| Accrued charges and deferred income | 492/3 | €4,816 | €5,521 | +€705 | +14.6% |
| Non-recurring operating income | 76A | - | €78,098 | +€78,098 | |
| Remuneration, social security and pensions | 62 | €530,057 | €555,093 | +€25,036 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,358 | €17,555 | -€5,803 | -24.8% |
| Other operating charges | 640/8 | €2,735 | €3,550 | +€815 | +29.8% |
| Non-recurring operating charges | 66A | €4,082 | €0 | -€4,082 | -100% |
| Gross operating margin | 9900 | €648,614 | €708,562 | +€59,948 | +9.2% |
| Operating profit (loss) | 9901 | €88,382 | €132,364 | +€43,981 | +49.8% |
| Financial income | 75/76B | €25 | €84 | +€58 | +230% |
| Recurring financial income | 75 | €25 | €84 | +€58 | +230% |
| Financial charges | 65/66B | €25,768 | €28,866 | +€3,098 | +12.0% |
| Recurring financial charges | 65 | €25,768 | €28,866 | +€3,098 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €62,640 | €103,582 | +€40,942 | +65.4% |
| Income taxes | 67/77 | €23,739 | €10,132 | -€13,607 | -57.3% |
| Profit (loss) for the period | 9904 | €38,901 | €93,449 | +€54,549 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €38,901 | €93,449 | +€54,549 | +140% |
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 23 October 2026 via checked.be.