QUALITY: 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.
QUALITY
Largest movements
- Receivables within one year +€36,610
up €36,610 (+11.4%), from €320,368 to €356,977
of which Other amounts receivable: +€51,379
- Cash +€12,602
up €12,602 (+24.9%), from €50,615 to €63,218
mainly Net result for the year (+€81,854) and Other debts (+€33,100)
- Deferred charges and accrued income -€7,814
down €7,814 (-80.0%), from €9,766 to €1,952
- Tangible fixed assets -€5,618
down €5,618 (-30.2%), from €18,583 to €12,965
of which Furniture and vehicles: -€4,603
- Intangible fixed assets -€5,541
down €5,541 (-54.1%), from €10,252 to €4,710
- Other debts +€33,100
up €33,100 (+247202.8%), from €13 to €33,114
- Profit (loss) carried forward +€9,854
up €9,854 (+26433.3%), from €37 to €9,892
- Taxes +€15,290
up €15,290 (+78.6%), from €19,459 to €34,749
- Staff costs -€12,530
down €12,530 (-8.9%), from €141,482 to €128,952
- Gross operating margin +€11,762
up €11,762 (+4.6%), from €256,587 to €268,349
- Depreciation -€9,140
down €9,140 (-35.5%), from €25,772 to €16,632
- Financial charges -€4,595
down €4,595 (-72.7%), from €6,323 to €1,728
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 | €416,662 | €446,107 | +€29,446 | +7.1% |
| Fixed assets | 21/28 | €35,913 | €23,960 | -€11,953 | -33.3% |
| Intangible fixed assets | 21 | €10,252 | €4,710 | -€5,541 | -54.1% |
| Tangible fixed assets | 22/27 | €18,583 | €12,965 | -€5,618 | -30.2% |
| Land and buildings | 22 | €358 | €143 | -€215 | -60.0% |
| Furniture and vehicles | 24 | €17,322 | €12,719 | -€4,603 | -26.6% |
| Other tangible fixed assets | 26 | €902 | €103 | -€799 | -88.6% |
| Financial fixed assets | 28 | €7,079 | €6,285 | -€794 | -11.2% |
| Current assets | 29/58 | €380,749 | €422,147 | +€41,398 | +10.9% |
| Amounts receivable within one year | 40/41 | €320,368 | €356,977 | +€36,610 | +11.4% |
| Trade receivables | 40 | €287,257 | €272,487 | -€14,770 | -5.1% |
| Other amounts receivable | 41 | €33,111 | €84,490 | +€51,379 | +155.2% |
| Cash at bank and in hand | 54/58 | €50,615 | €63,218 | +€12,602 | +24.9% |
| Deferred charges and accrued income | 490/1 | €9,766 | €1,952 | -€7,814 | -80.0% |
| Total equity and liabilities | 10/49 | €416,662 | €446,107 | +€29,446 | +7.1% |
| Equity | 10/15 | €186,537 | €196,392 | +€9,854 | +5.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €161,500 | €161,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €159,000 | €159,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37 | €9,892 | +€9,854 | +26433.3% |
| Amounts payable | 17/49 | €230,124 | €249,716 | +€19,591 | +8.5% |
| Amounts payable after more than one year | 17 | €3,678 | - | -€3,678 | |
| Financial debts | 170/4 | €3,678 | - | -€3,678 | |
| Amounts payable within one year | 42/48 | €222,903 | €249,716 | +€26,813 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €7,123 | €3,678 | -€3,445 | -48.4% |
| Financial debts | 43 | €24,741 | €23,292 | -€1,449 | -5.9% |
| Credit institutions | 430/8 | €24,741 | €23,292 | -€1,449 | -5.9% |
| Trade debts | 44 | €43,219 | €40,243 | -€2,975 | -6.9% |
| Suppliers | 440/4 | €43,219 | €40,243 | -€2,975 | -6.9% |
| Taxes, remuneration and social security | 45 | €147,806 | €149,388 | +€1,582 | +1.1% |
| Taxes | 450/3 | €46,533 | €47,454 | +€921 | +2.0% |
| Remuneration and social security | 454/9 | €101,274 | €101,934 | +€661 | +0.7% |
| Other amounts payable | 47/48 | €13 | €33,114 | +€33,100 | +247202.8% |
| Accrued charges and deferred income | 492/3 | €3,544 | - | -€3,544 | |
| Remuneration, social security and pensions | 62 | €141,482 | €128,952 | -€12,530 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,772 | €16,632 | -€9,140 | -35.5% |
| Other operating charges | 640/8 | €3,663 | €4,434 | +€771 | +21.0% |
| Gross operating margin | 9900 | €256,587 | €268,349 | +€11,762 | +4.6% |
| Operating profit (loss) | 9901 | €85,670 | €118,331 | +€32,661 | +38.1% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €6,323 | €1,728 | -€4,595 | -72.7% |
| Recurring financial charges | 65 | €6,323 | €1,728 | -€4,595 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €79,349 | €116,604 | +€37,255 | +47.0% |
| Income taxes | 67/77 | €19,459 | €34,749 | +€15,290 | +78.6% |
| Profit (loss) for the period | 9904 | €59,890 | €81,854 | +€21,964 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,890 | €81,854 | +€21,964 | +36.7% |
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 6 October 2026 via checked.be.