re-SOLVE: 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.
re-SOLVE
Largest movements
- Receivables within one year +€30,708
up €30,708 (+59.8%), from €51,375 to €82,083
of which Trade receivables: +€28,629
- Tangible fixed assets -€30,695
down €30,695 (-4.3%), from €714,563 to €683,868
of which Land and buildings: -€22,288
- Current investments +€15,269
up €15,269 (+10.5%), from €144,731 to €160,000
- Cash -€12,349
down €12,349 (-24.7%), from €50,077 to €37,727
mainly Debts after one year (-€42,229) and Other debts (-€39,127)
- Profit (loss) carried forward +€98,069
new in 2025: €98,069
- Debts after one year -€42,229
down €42,229 (-8.5%), from €497,107 to €454,878
of which Financial debts: -€31,729
- Other debts -€39,127
down €39,127 (-91.7%), from €42,651 to €3,525
- Tax, wage and social debts -€10,187
down €10,187 (-90.1%), from €11,302 to €1,115
- Financial income +€34,200
up €34,200 (+5413.4%), from €632 to €34,831
- Gross operating margin +€17,071
up €17,071 (+13.3%), from €127,991 to €145,063
- Taxes -€6,961
down €6,961 (-32.3%), from €21,578 to €14,618
- Financial charges -€4,991
down €4,991 (-18.9%), from €26,442 to €21,452
- Depreciation +€2,852
up €2,852 (+7.8%), from €36,547 to €39,399
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 | €972,445 | €966,944 | -€5,501 | -0.6% |
| Fixed assets | 21/28 | €714,563 | €683,868 | -€30,695 | -4.3% |
| Tangible fixed assets | 22/27 | €714,563 | €683,868 | -€30,695 | -4.3% |
| Land and buildings | 22 | €609,764 | €587,476 | -€22,288 | -3.7% |
| Plant, machinery and equipment | 23 | €24,602 | €21,717 | -€2,884 | -11.7% |
| Furniture and vehicles | 24 | €16,791 | €20,410 | +€3,619 | +21.6% |
| Other tangible fixed assets | 26 | €63,407 | €54,265 | -€9,142 | -14.4% |
| Current assets | 29/58 | €257,882 | €283,075 | +€25,194 | +9.8% |
| Amounts receivable within one year | 40/41 | €51,375 | €82,083 | +€30,708 | +59.8% |
| Trade receivables | 40 | €50,259 | €78,888 | +€28,629 | +57.0% |
| Other amounts receivable | 41 | €1,116 | €3,195 | +€2,079 | +186.3% |
| Current investments | 50/53 | €144,731 | €160,000 | +€15,269 | +10.5% |
| Cash at bank and in hand | 54/58 | €50,077 | €37,727 | -€12,349 | -24.7% |
| Deferred charges and accrued income | 490/1 | €11,699 | €3,265 | -€8,434 | -72.1% |
| Total equity and liabilities | 10/49 | €972,445 | €966,944 | -€5,501 | -0.6% |
| Equity | 10/15 | €350,047 | €448,116 | +€98,069 | +28.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €343,847 | €343,847 | = | 0.0% |
| Distributable reserves | 133 | €343,847 | €343,847 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €98,069 | +€98,069 | |
| Amounts payable | 17/49 | €622,398 | €518,828 | -€103,570 | -16.6% |
| Amounts payable after more than one year | 17 | €497,107 | €454,878 | -€42,229 | -8.5% |
| Financial debts | 170/4 | €232,107 | €200,378 | -€31,729 | -13.7% |
| Other amounts payable | 178/9 | €265,000 | €254,500 | -€10,500 | -4.0% |
| Amounts payable within one year | 42/48 | €106,295 | €45,408 | -€60,887 | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €37,648 | €36,729 | -€919 | -2.4% |
| Financial debts | 43 | €2,220 | €1,184 | -€1,036 | -46.7% |
| Credit institutions | 430/8 | €2,220 | €1,184 | -€1,036 | -46.7% |
| Trade debts | 44 | €12,474 | €2,855 | -€9,620 | -77.1% |
| Suppliers | 440/4 | €12,474 | €2,855 | -€9,620 | -77.1% |
| Taxes, remuneration and social security | 45 | €11,302 | €1,115 | -€10,187 | -90.1% |
| Taxes | 450/3 | €11,302 | €1,115 | -€10,187 | -90.1% |
| Other amounts payable | 47/48 | €42,651 | €3,525 | -€39,127 | -91.7% |
| Accrued charges and deferred income | 492/3 | €18,997 | €18,543 | -€454 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,547 | €39,399 | +€2,852 | +7.8% |
| Other operating charges | 640/8 | €4,018 | €4,690 | +€672 | +16.7% |
| Gross operating margin | 9900 | €127,991 | €145,063 | +€17,071 | +13.3% |
| Operating profit (loss) | 9901 | €87,426 | €100,973 | +€13,547 | +15.5% |
| Financial income | 75/76B | €632 | €34,831 | +€34,200 | +5413.4% |
| Recurring financial income | 75 | €632 | €34,831 | +€34,200 | +5413.4% |
| Financial charges | 65/66B | €26,442 | €21,452 | -€4,991 | -18.9% |
| Recurring financial charges | 65 | €26,442 | €21,452 | -€4,991 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €61,615 | €114,353 | +€52,737 | +85.6% |
| Income taxes | 67/77 | €21,578 | €14,618 | -€6,961 | -32.3% |
| Profit (loss) for the period | 9904 | €40,037 | €99,735 | +€59,698 | +149.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,037 | €99,735 | +€59,698 | +149.1% |
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 29 September 2026 via checked.be.