R. ASHTARI: what changed
R. ASHTARI
Largest movements
- Tangible fixed assets +€74,834
up €74,834 (+17.0%), from €440,459 to €515,293
of which Other tangible fixed assets: +€97,180
- Receivables within one year -€43,690
down €43,690 (-64.9%), from €67,352 to €23,662
of which Trade receivables: -€32,015
- Deferred charges and accrued income +€40,190
up €40,190 (+1,107%), from €3,631 to €43,821
- Cash -€18,306
down €18,306 (-17.6%), from €104,182 to €85,876
mainly Investment in fixed assets (net) (-€103,719) and Debts after one year (-€45,819)
- Stocks and contracts -€15,231
down €15,231 (-3.5%), from €432,730 to €417,499
- Trade debts +€59,163
up €59,163 (+368%), from €16,063 to €75,226
- Debts after one year -€45,819
down €45,819 (-11.9%), from €383,675 to €337,855
- Reserves +€37,600
up €37,600 (+18.0%), from €209,469 to €247,069
of which Distributable reserves: +€37,600
- Other debts -€25,556
down €25,556 (-12.8%), from €199,604 to €174,048
- Tax, wage and social debts +€13,388
up €13,388 (+44.4%), from €30,161 to €43,549
of which Remuneration and social security: +€7,944
- Gross operating margin +€31,964
up €31,964 (+27.9%), from €114,371 to €146,336
- Staff costs +€9,832
up €9,832 (+26.4%), from €37,305 to €47,138
- Taxes +€9,136
up €9,136 (+224%), from €4,083 to €13,219
- Depreciation -€5,983
down €5,983 (-18.3%), from €32,675 to €26,693
- Financial charges -€4,312
down €4,312 (-19.1%), from €22,554 to €18,242
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,054,256 | €1,094,245 | +€39,989 | +3.8% |
| Fixed assets | 21/28 | €446,360 | €523,386 | +€77,026 | +17.3% |
| Intangible fixed assets | 21 | €5,901 | €8,093 | +€2,192 | +37.1% |
| Tangible fixed assets | 22/27 | €440,459 | €515,293 | +€74,834 | +17.0% |
| Land and buildings | 22 | €319,197 | €298,557 | -€20,640 | -6.5% |
| Plant, machinery and equipment | 23 | €3,731 | €2,477 | -€1,253 | -33.6% |
| Furniture and vehicles | 24 | €6,260 | €5,807 | -€453 | -7.2% |
| Other tangible fixed assets | 26 | €111,272 | €208,451 | +€97,180 | +87.3% |
| Current assets | 29/58 | €607,896 | €570,859 | -€37,037 | -6.1% |
| Stocks and contracts in progress | 3 | €432,730 | €417,499 | -€15,231 | -3.5% |
| Stocks | 30/36 | €432,730 | €417,499 | -€15,231 | -3.5% |
| Amounts receivable within one year | 40/41 | €67,352 | €23,662 | -€43,690 | -64.9% |
| Trade receivables | 40 | €47,760 | €15,745 | -€32,015 | -67.0% |
| Other amounts receivable | 41 | €19,592 | €7,917 | -€11,675 | -59.6% |
| Cash at bank and in hand | 54/58 | €104,182 | €85,876 | -€18,306 | -17.6% |
| Deferred charges and accrued income | 490/1 | €3,631 | €43,821 | +€40,190 | +1,107% |
| Total equity and liabilities | 10/49 | €1,054,256 | €1,094,245 | +€39,989 | +3.8% |
| Equity | 10/15 | €228,081 | €265,704 | +€37,623 | +16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,469 | €247,069 | +€37,600 | +18.0% |
| Tax-exempt reserves | 132 | €309 | €309 | = | 0.0% |
| Distributable reserves | 133 | €209,160 | €246,760 | +€37,600 | +18.0% |
| Profit (loss) carried forward | 14 | €13 | €36 | +€23 | +182% |
| Amounts payable | 17/49 | €826,174 | €828,541 | +€2,366 | +0.3% |
| Amounts payable after more than one year | 17 | €383,675 | €337,855 | -€45,819 | -11.9% |
| Financial debts | 170/4 | €383,675 | €337,855 | -€45,819 | -11.9% |
| Amounts payable within one year | 42/48 | €442,500 | €490,685 | +€48,186 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €44,625 | €45,819 | +€1,195 | +2.7% |
| Financial debts | 43 | €152,047 | €152,042 | -€4 | 0.0% |
| Credit institutions | 430/8 | €152,047 | €152,042 | -€4 | 0.0% |
| Trade debts | 44 | €16,063 | €75,226 | +€59,163 | +368% |
| Suppliers | 440/4 | €16,063 | €75,226 | +€59,163 | +368% |
| Taxes, remuneration and social security | 45 | €30,161 | €43,549 | +€13,388 | +44.4% |
| Taxes | 450/3 | €17,234 | €22,678 | +€5,444 | +31.6% |
| Remuneration and social security | 454/9 | €12,927 | €20,872 | +€7,944 | +61.5% |
| Other amounts payable | 47/48 | €199,604 | €174,048 | -€25,556 | -12.8% |
| Remuneration, social security and pensions | 62 | €37,305 | €47,138 | +€9,832 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,675 | €26,693 | -€5,983 | -18.3% |
| Other operating charges | 640/8 | €5,388 | €6,854 | +€1,467 | +27.2% |
| Gross operating margin | 9900 | €114,371 | €146,336 | +€31,964 | +27.9% |
| Operating profit (loss) | 9901 | €39,003 | €65,651 | +€26,648 | +68.3% |
| Financial income | 75/76B | €397 | €3,433 | +€3,036 | +765% |
| Recurring financial income | 75 | €397 | €3,433 | +€3,036 | +765% |
| Financial charges | 65/66B | €22,554 | €18,242 | -€4,312 | -19.1% |
| Recurring financial charges | 65 | €22,554 | €18,242 | -€4,312 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €16,846 | €50,842 | +€33,996 | +202% |
| Income taxes | 67/77 | €4,083 | €13,219 | +€9,136 | +224% |
| Profit (loss) for the period | 9904 | €12,763 | €37,623 | +€24,860 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €12,763 | €37,623 | +€24,860 | +195% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.