QUES: 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.
QUES
Largest movements
- Tangible fixed assets -€292,085
down €292,085 (-7.3%), from €4.0m to €3.7m
of which Leasing and similar rights: -€203,950
- Stocks and contracts +€144,691
up €144,691 (+442%), from €32,719 to €177,410
- Receivables within one year -€118,088
down €118,088 (-55.7%), from €212,130 to €94,042
of which Trade receivables: -€130,925
- Debts after one year -€485,451
down €485,451 (-22.2%), from €2.2m to €1.7m
of which Financial debts: -€485,451
- Other debts -€206,384
down €206,384 (-80.8%), from €255,341 to €48,957
- Current portion of long-term debt +€192,397
up €192,397 (+21.9%), from €880,078 to €1.1m
- Profit (loss) carried forward +€78,100
up €78,100 (+18.4%), from €423,829 to €501,929
- Short-term financial debts +€75,000
up €75,000 (+17.6%), from €425,000 to €500,000
- Depreciation +€15,498
up €15,498 (+1.3%), from €1.2m to €1.2m
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 | €5,540,002 | €5,266,923 | -€273,080 | -4.9% |
| Fixed assets | 21/28 | €5,263,756 | €4,961,889 | -€301,867 | -5.7% |
| Intangible fixed assets | 21 | €36,083 | €26,301 | -€9,782 | -27.1% |
| Tangible fixed assets | 22/27 | €4,027,513 | €3,735,428 | -€292,085 | -7.3% |
| Land and buildings | 22 | €807,872 | €716,337 | -€91,535 | -11.3% |
| Plant, machinery and equipment | 23 | €580,197 | €583,596 | +€3,400 | +0.6% |
| Leasing and similar rights | 25 | €2,639,445 | €2,435,495 | -€203,950 | -7.7% |
| Financial fixed assets | 28 | €1,200,160 | €1,200,160 | = | 0.0% |
| Current assets | 29/58 | €276,246 | €305,034 | +€28,787 | +10.4% |
| Stocks and contracts in progress | 3 | €32,719 | €177,410 | +€144,691 | +442% |
| Stocks | 30/36 | €32,719 | €177,410 | +€144,691 | +442% |
| Amounts receivable within one year | 40/41 | €212,130 | €94,042 | -€118,088 | -55.7% |
| Trade receivables | 40 | €190,374 | €59,449 | -€130,925 | -68.8% |
| Other amounts receivable | 41 | €21,755 | €34,593 | +€12,837 | +59.0% |
| Cash at bank and in hand | 54/58 | €24,637 | €25,048 | +€410 | +1.7% |
| Deferred charges and accrued income | 490/1 | €6,761 | €8,534 | +€1,774 | +26.2% |
| Total equity and liabilities | 10/49 | €5,540,002 | €5,266,923 | -€273,080 | -4.9% |
| Equity | 10/15 | €1,628,872 | €1,706,972 | +€78,100 | +4.8% |
| Contributions | 10/11 | €577,000 | €577,000 | = | 0.0% |
| Reserves | 13 | €628,043 | €628,043 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,227 | €9,227 | = | 0.0% |
| Distributable reserves | 133 | €618,815 | €618,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €423,829 | €501,929 | +€78,100 | +18.4% |
| Provisions and deferred taxes | 16 | €3,124 | €3,124 | = | 0.0% |
| Deferred taxes | 168 | €3,124 | €3,124 | = | 0.0% |
| Amounts payable | 17/49 | €3,908,006 | €3,556,827 | -€351,180 | -9.0% |
| Amounts payable after more than one year | 17 | €2,190,772 | €1,705,321 | -€485,451 | -22.2% |
| Financial debts | 170/4 | €2,190,637 | €1,705,186 | -€485,451 | -22.2% |
| Other amounts payable | 178/9 | €135 | €135 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,717,234 | €1,851,505 | +€134,271 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €880,078 | €1,072,475 | +€192,397 | +21.9% |
| Financial debts | 43 | €425,000 | €500,000 | +€75,000 | +17.6% |
| Other loans | 439 | €425,000 | €500,000 | +€75,000 | +17.6% |
| Trade debts | 44 | €156,816 | €230,073 | +€73,258 | +46.7% |
| Suppliers | 440/4 | €156,816 | €230,073 | +€73,258 | +46.7% |
| Other amounts payable | 47/48 | €255,341 | €48,957 | -€206,384 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,209,721 | €1,225,219 | +€15,498 | +1.3% |
| Other operating charges | 640/8 | €18,487 | €18,853 | +€366 | +2.0% |
| Gross operating margin | 9900 | €1,499,612 | €1,485,587 | -€14,025 | -0.9% |
| Operating profit (loss) | 9901 | €271,404 | €241,515 | -€29,889 | -11.0% |
| Financial income | 75/76B | €10 | €1,038 | +€1,029 | +10,770% |
| Recurring financial income | 75 | €10 | €1,038 | +€1,029 | +10,770% |
| Financial charges | 65/66B | €158,866 | €164,453 | +€5,587 | +3.5% |
| Recurring financial charges | 65 | €158,866 | €164,453 | +€5,587 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €112,547 | €78,100 | -€34,447 | -30.6% |
| Profit (loss) for the period | 9904 | €112,547 | €78,100 | -€34,447 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €112,547 | €78,100 | -€34,447 | -30.6% |
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 16 October 2026 via checked.be.