QUALITY WINS: 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 WINS
Largest movements
- Tangible fixed assets -€48,040
down €48,040 (-7.2%), from €665,997 to €617,956
of which Land and buildings: -€32,465
- Receivables after one year +€30,000
up €30,000 (+27.3%), from €110,000 to €140,000
- Receivables within one year -€8,647
down €8,647 (-23.6%), from €36,621 to €27,974
of which Trade receivables: -€7,816
- Cash -€8,605
down €8,605 (-32.8%), from €26,215 to €17,610
mainly Debts after one year (-€31,683) and Receivables after one year (-€30,000)
- Reserves +€36,588
new in 2025: €36,588
- Debts after one year -€31,683
down €31,683 (-6.8%), from €464,780 to €433,098
- Current portion of long-term debt -€28,119
down €28,119 (-43.3%), from €64,910 to €36,791
- Trade debts -€14,758
down €14,758 (-51.6%), from €28,614 to €13,857
- Gross operating margin -€20,066
down €20,066 (-14.9%), from €134,857 to €114,791
- Taxes +€6,169
up €6,169 (+34.8%), from €17,719 to €23,888
- Depreciation -€4,162
down €4,162 (-11.1%), from €37,357 to €33,194
- Financial charges +€3,200
up €3,200 (+21.8%), from €14,649 to €17,850
- Other operating charges +€2,090
up €2,090 (+42.3%), from €4,943 to €7,033
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 | €838,832 | €803,540 | -€35,292 | -4.2% |
| Fixed assets | 21/28 | €665,997 | €617,956 | -€48,040 | -7.2% |
| Tangible fixed assets | 22/27 | €665,997 | €617,956 | -€48,040 | -7.2% |
| Land and buildings | 22 | €650,148 | €617,683 | -€32,465 | -5.0% |
| Plant, machinery and equipment | 23 | €604 | €247 | -€357 | -59.1% |
| Furniture and vehicles | 24 | €15,245 | €27 | -€15,218 | -99.8% |
| Current assets | 29/58 | €172,836 | €185,584 | +€12,748 | +7.4% |
| Amounts receivable after more than one year | 29 | €110,000 | €140,000 | +€30,000 | +27.3% |
| Other amounts receivable | 291 | €110,000 | €140,000 | +€30,000 | +27.3% |
| Amounts receivable within one year | 40/41 | €36,621 | €27,974 | -€8,647 | -23.6% |
| Trade receivables | 40 | €34,340 | €26,525 | -€7,816 | -22.8% |
| Other amounts receivable | 41 | €2,280 | €1,449 | -€831 | -36.5% |
| Cash at bank and in hand | 54/58 | €26,215 | €17,610 | -€8,605 | -32.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €838,832 | €803,540 | -€35,292 | -4.2% |
| Equity | 10/15 | €244,828 | €281,416 | +€36,588 | +14.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €36,588 | +€36,588 | |
| Distributable reserves | 133 | - | €36,588 | +€36,588 | |
| Profit (loss) carried forward | 14 | €243,828 | €243,828 | = | 0.0% |
| Amounts payable | 17/49 | €594,004 | €522,124 | -€71,880 | -12.1% |
| Amounts payable after more than one year | 17 | €464,780 | €433,098 | -€31,683 | -6.8% |
| Financial debts | 170/4 | €464,780 | €433,098 | -€31,683 | -6.8% |
| Amounts payable within one year | 42/48 | €129,224 | €89,027 | -€40,197 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €64,910 | €36,791 | -€28,119 | -43.3% |
| Financial debts | 43 | €6,348 | €6,792 | +€445 | +7.0% |
| Credit institutions | 430/8 | €6,348 | €6,792 | +€445 | +7.0% |
| Trade debts | 44 | €28,614 | €13,857 | -€14,758 | -51.6% |
| Suppliers | 440/4 | €28,614 | €13,857 | -€14,758 | -51.6% |
| Advances received on contracts in progress | 46 | - | €388 | +€388 | |
| Taxes, remuneration and social security | 45 | €28,101 | €28,197 | +€95 | +0.3% |
| Taxes | 450/3 | €28,101 | €28,197 | +€95 | +0.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,251 | €3,002 | +€1,751 | +140.0% |
| Non-recurring operating income | 76A | €796 | €3,932 | +€3,135 | +393.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,357 | €33,194 | -€4,162 | -11.1% |
| Other operating charges | 640/8 | €4,943 | €7,033 | +€2,090 | +42.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €134,857 | €114,791 | -€20,066 | -14.9% |
| Operating profit (loss) | 9901 | €92,557 | €74,564 | -€17,994 | -19.4% |
| Financial income | 75/76B | €2,625 | €3,762 | +€1,137 | +43.3% |
| Recurring financial income | 75 | €2,625 | €3,762 | +€1,137 | +43.3% |
| Financial charges | 65/66B | €14,649 | €17,850 | +€3,200 | +21.8% |
| Recurring financial charges | 65 | €14,649 | €17,850 | +€3,200 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €80,533 | €60,476 | -€20,057 | -24.9% |
| Income taxes | 67/77 | €17,719 | €23,888 | +€6,169 | +34.8% |
| Profit (loss) for the period | 9904 | €62,814 | €36,588 | -€26,226 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,814 | €36,588 | -€26,226 | -41.8% |
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.