R. & A.: 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.
R. & A.
Largest movements
- Receivables within one year +€54,520
up €54,520 (+23.7%), from €229,583 to €284,103
of which Trade receivables: +€50,850
- Cash -€17,473
down €17,473 (-68.9%), from €25,354 to €7,881
mainly Receivables within one year (-€54,520) and Investment in fixed assets (net) (-€19,520)
- Tangible fixed assets -€11,615
down €11,615 (-2.9%), from €405,068 to €393,452
- Reserves +€51,220
up €51,220 (+23.6%), from €216,717 to €267,936
of which Distributable reserves: +€51,220
- Tax, wage and social debts -€15,650
down €15,650 (-49.2%), from €31,785 to €16,135
- Other debts -€10,057
down €10,057 (-5.9%), from €169,588 to €159,531
- Gross operating margin -€80,691
down €80,691 (-38.7%), from €208,539 to €127,849
- Taxes -€26,152
down €26,152 (-50.0%), from €52,297 to €26,145
- Other operating charges +€3,244
up €3,244 (+77.1%), from €4,209 to €7,452
- Financial charges -€2,454
down €2,454 (-17.1%), from €14,350 to €11,896
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 | €660,030 | €685,462 | +€25,432 | +3.9% |
| Fixed assets | 21/28 | €405,093 | €393,477 | -€11,615 | -2.9% |
| Tangible fixed assets | 22/27 | €405,068 | €393,452 | -€11,615 | -2.9% |
| Land and buildings | 22 | €405,068 | €393,452 | -€11,615 | -2.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €254,938 | €291,985 | +€37,047 | +14.5% |
| Amounts receivable within one year | 40/41 | €229,583 | €284,103 | +€54,520 | +23.7% |
| Trade receivables | 40 | €213,020 | €263,870 | +€50,850 | +23.9% |
| Other amounts receivable | 41 | €16,563 | €20,233 | +€3,670 | +22.2% |
| Cash at bank and in hand | 54/58 | €25,354 | €7,881 | -€17,473 | -68.9% |
| Total equity and liabilities | 10/49 | €660,030 | €685,462 | +€25,432 | +3.9% |
| Equity | 10/15 | €458,217 | €509,436 | +€51,220 | +11.2% |
| Contributions | 10/11 | €241,500 | €241,500 | = | 0.0% |
| Capital | 10 | €241,500 | €241,500 | = | 0.0% |
| Issued capital | 100 | €241,500 | €241,500 | = | 0.0% |
| Reserves | 13 | €216,717 | €267,936 | +€51,220 | +23.6% |
| Non-distributable reserves | 130/1 | €24,150 | €24,150 | = | 0.0% |
| Legal reserve | 130 | €24,150 | €24,150 | = | 0.0% |
| Distributable reserves | 133 | €192,567 | €243,786 | +€51,220 | +26.6% |
| Amounts payable | 17/49 | €201,814 | €176,026 | -€25,788 | -12.8% |
| Amounts payable within one year | 42/48 | €201,814 | €176,026 | -€25,788 | -12.8% |
| Trade debts | 44 | €440 | €359 | -€81 | -18.5% |
| Suppliers | 440/4 | €440 | €359 | -€81 | -18.5% |
| Taxes, remuneration and social security | 45 | €31,785 | €16,135 | -€15,650 | -49.2% |
| Taxes | 450/3 | €31,785 | €16,135 | -€15,650 | -49.2% |
| Other amounts payable | 47/48 | €169,588 | €159,531 | -€10,057 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,136 | €31,135 | +€999 | +3.3% |
| Other operating charges | 640/8 | €4,209 | €7,452 | +€3,244 | +77.1% |
| Gross operating margin | 9900 | €208,539 | €127,849 | -€80,691 | -38.7% |
| Operating profit (loss) | 9901 | €174,194 | €89,261 | -€84,934 | -48.8% |
| Financial charges | 65/66B | €14,350 | €11,896 | -€2,454 | -17.1% |
| Recurring financial charges | 65 | €14,350 | €11,896 | -€2,454 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €159,844 | €77,365 | -€82,479 | -51.6% |
| Income taxes | 67/77 | €52,297 | €26,145 | -€26,152 | -50.0% |
| Profit (loss) for the period | 9904 | €107,547 | €51,220 | -€56,327 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €107,547 | €51,220 | -€56,327 | -52.4% |
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 13 October 2026 via checked.be.