RE-FOCUS: 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.
RE-FOCUS
Largest movements
- Stocks and contracts +€358,260
new in 2025: €358,260
- Receivables within one year -€19,167
down €19,167 (-74.3%), from €25,814 to €6,647
of which Trade receivables: -€19,167
- Debts after one year +€232,937
up €232,937 (+83.7%), from €278,306 to €511,242
- Other debts +€97,221
up €97,221 (+2,748%), from €3,538 to €100,759
- Reserves -€10,910
down €10,910 (-32.7%), from €33,380 to €22,470
- Current portion of long-term debt +€7,710
up €7,710 (+54.3%), from €14,199 to €21,909
- Gross operating margin +€22,089
up €22,089 (+55.5%), from €39,813 to €61,902
- Depreciation -€12,549
down €12,549 (-57.6%), from €21,799 to €9,250
- Financial charges +€6,467
up €6,467 (+46.2%), from €13,997 to €20,464
- Taxes +€5,599
up €5,599 (+483%), from €1,159 to €6,758
- Other operating charges +€719
up €719 (+51.2%), from €1,405 to €2,124
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 | €354,457 | €684,149 | +€329,693 | +93.0% |
| Fixed assets | 21/28 | €313,911 | €308,399 | -€5,512 | -1.8% |
| Tangible fixed assets | 22/27 | €313,911 | €308,399 | -€5,512 | -1.8% |
| Land and buildings | 22 | €302,857 | €296,018 | -€6,839 | -2.3% |
| Plant, machinery and equipment | 23 | €3,064 | €5,416 | +€2,353 | +76.8% |
| Other tangible fixed assets | 26 | €7,990 | €6,964 | -€1,026 | -12.8% |
| Current assets | 29/58 | €40,546 | €375,751 | +€335,205 | +827% |
| Stocks and contracts in progress | 3 | - | €358,260 | +€358,260 | |
| Stocks | 30/36 | - | €358,260 | +€358,260 | |
| Amounts receivable within one year | 40/41 | €25,814 | €6,647 | -€19,167 | -74.3% |
| Trade receivables | 40 | €21,973 | €2,806 | -€19,167 | -87.2% |
| Other amounts receivable | 41 | €3,841 | €3,841 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,626 | €9,997 | -€2,628 | -20.8% |
| Deferred charges and accrued income | 490/1 | €2,107 | €848 | -€1,259 | -59.8% |
| Total equity and liabilities | 10/49 | €354,457 | €684,149 | +€329,693 | +93.0% |
| Equity | 10/15 | €36,400 | €25,493 | -€10,907 | -30.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,380 | €22,470 | -€10,910 | -32.7% |
| Distributable reserves | 133 | €33,380 | €22,470 | -€10,910 | -32.7% |
| Profit (loss) carried forward | 14 | €20 | €23 | +€3 | +13.8% |
| Amounts payable | 17/49 | €318,057 | €658,657 | +€340,600 | +107% |
| Amounts payable after more than one year | 17 | €278,306 | €511,242 | +€232,937 | +83.7% |
| Financial debts | 170/4 | €278,306 | €511,242 | +€232,937 | +83.7% |
| Amounts payable within one year | 42/48 | €39,751 | €147,414 | +€107,663 | +271% |
| Current portion of amounts payable after more than one year | 42 | €14,199 | €21,909 | +€7,710 | +54.3% |
| Trade debts | 44 | €12,509 | €14,981 | +€2,472 | +19.8% |
| Suppliers | 440/4 | €12,509 | €14,981 | +€2,472 | +19.8% |
| Taxes, remuneration and social security | 45 | €9,506 | €9,765 | +€260 | +2.7% |
| Taxes | 450/3 | €7,506 | €7,765 | +€260 | +3.5% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3,538 | €100,759 | +€97,221 | +2,748% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,799 | €9,250 | -€12,549 | -57.6% |
| Other operating charges | 640/8 | €1,405 | €2,124 | +€719 | +51.2% |
| Gross operating margin | 9900 | €39,813 | €61,902 | +€22,089 | +55.5% |
| Operating profit (loss) | 9901 | €16,608 | €50,528 | +€33,920 | +204% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,997 | €20,464 | +€6,467 | +46.2% |
| Recurring financial charges | 65 | €13,997 | €20,464 | +€6,467 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | €2,612 | €30,064 | +€27,452 | +1,051% |
| Income taxes | 67/77 | €1,159 | €6,758 | +€5,599 | +483% |
| Profit (loss) for the period | 9904 | €1,452 | €23,306 | +€21,854 | +1,505% |
| Profit (loss) for the period to be appropriated | 9905 | €1,452 | €23,306 | +€21,854 | +1,505% |
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.