Q shift: 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.
Q shift
Largest movements
- Receivables within one year -€40,958
down €40,958 (-55.0%), from €74,468 to €33,510
of which Trade receivables: -€56,577
- Tangible fixed assets +€39,343
up €39,343 (+2.2%), from €1.8m to €1.8m
of which Land and buildings: +€28,052
- Reserves +€150,000
up €150,000 (+115.9%), from €129,400 to €279,400
of which Distributable reserves: +€150,000
- Debts after one year -€108,853
down €108,853 (-7.3%), from €1.5m to €1.4m
- Profit (loss) carried forward -€96,111
down €96,111 (-76.5%), from €125,691 to €29,580
- Current portion of long-term debt +€39,762
up €39,762 (+49.3%), from €80,617 to €120,379
- Trade debts +€21,699
up €21,699 (+93.0%), from €23,320 to €45,019
- Staff costs -€58,394
down €58,394 (-75.8%), from €77,028 to €18,634
- Financial income -€39,997
down €39,997 (-88.9%), from €45,006 to €5,009
- Depreciation +€14,770
up €14,770 (+14.4%), from €102,850 to €117,621
- Gross operating margin +€13,232
up €13,232 (+5.6%), from €238,248 to €251,481
- Taxes +€11,932
up €11,932, from -€1,562 to €10,370
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 | €1,895,083 | €1,899,402 | +€4,318 | +0.2% |
| Fixed assets | 21/28 | €1,750,330 | €1,789,673 | +€39,343 | +2.2% |
| Tangible fixed assets | 22/27 | €1,750,330 | €1,789,673 | +€39,343 | +2.2% |
| Land and buildings | 22 | €1,720,830 | €1,748,882 | +€28,052 | +1.6% |
| Plant, machinery and equipment | 23 | €18,290 | €27,824 | +€9,533 | +52.1% |
| Furniture and vehicles | 24 | €11,210 | €12,967 | +€1,757 | +15.7% |
| Current assets | 29/58 | €144,753 | €109,728 | -€35,025 | -24.2% |
| Stocks and contracts in progress | 3 | €4,474 | €13,781 | +€9,307 | +208.0% |
| Stocks | 30/36 | €4,474 | €13,781 | +€9,307 | +208.0% |
| Amounts receivable within one year | 40/41 | €74,468 | €33,510 | -€40,958 | -55.0% |
| Trade receivables | 40 | €67,775 | €11,198 | -€56,577 | -83.5% |
| Other amounts receivable | 41 | €6,693 | €22,312 | +€15,619 | +233.4% |
| Current investments | 50/53 | €1,400 | €1,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €64,411 | €61,038 | -€3,374 | -5.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,895,083 | €1,899,402 | +€4,318 | +0.2% |
| Equity | 10/15 | €280,091 | €333,980 | +€53,889 | +19.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €129,400 | €279,400 | +€150,000 | +115.9% |
| Non-distributable reserves | 130/1 | €1,400 | €1,400 | = | 0.0% |
| Own shares acquired | 1312 | €1,400 | €0 | -€1,400 | -100.0% |
| Other | 1319 | - | €1,400 | +€1,400 | |
| Distributable reserves | 133 | €128,000 | €278,000 | +€150,000 | +117.2% |
| Profit (loss) carried forward | 14 | €125,691 | €29,580 | -€96,111 | -76.5% |
| Amounts payable | 17/49 | €1,614,992 | €1,565,422 | -€49,571 | -3.1% |
| Amounts payable after more than one year | 17 | €1,497,495 | €1,388,641 | -€108,853 | -7.3% |
| Financial debts | 170/4 | €1,497,495 | €1,388,641 | -€108,853 | -7.3% |
| Amounts payable within one year | 42/48 | €117,498 | €176,780 | +€59,283 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €80,617 | €120,379 | +€39,762 | +49.3% |
| Trade debts | 44 | €23,320 | €45,019 | +€21,699 | +93.0% |
| Suppliers | 440/4 | €23,320 | €45,019 | +€21,699 | +93.0% |
| Taxes, remuneration and social security | 45 | €13,560 | €11,382 | -€2,178 | -16.1% |
| Taxes | 450/3 | €7,250 | €8,382 | +€1,132 | +15.6% |
| Remuneration and social security | 454/9 | €6,310 | €3,000 | -€3,310 | -52.5% |
| Remuneration, social security and pensions | 62 | €77,028 | €18,634 | -€58,394 | -75.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,850 | €117,621 | +€14,770 | +14.4% |
| Other operating charges | 640/8 | €1,308 | €4,673 | +€3,365 | +257.3% |
| Gross operating margin | 9900 | €238,248 | €251,481 | +€13,232 | +5.6% |
| Operating profit (loss) | 9901 | €57,062 | €110,553 | +€53,491 | +93.7% |
| Financial income | 75/76B | €45,006 | €5,009 | -€39,997 | -88.9% |
| Recurring financial income | 75 | €45,006 | €5,009 | -€39,997 | -88.9% |
| Financial charges | 65/66B | €45,983 | €51,303 | +€5,320 | +11.6% |
| Recurring financial charges | 65 | €45,983 | €51,303 | +€5,320 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €56,085 | €64,259 | +€8,174 | +14.6% |
| Income taxes | 67/77 | -€1,562 | €10,370 | +€11,932 | |
| Profit (loss) for the period | 9904 | €57,647 | €53,889 | -€3,758 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,647 | €53,889 | -€3,758 | -6.5% |
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 8 October 2026 via checked.be.