RE-SULT: 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-SULT
Largest movements
- Tangible fixed assets +€99,529
up €99,529 (+24.0%), from €414,748 to €514,277
of which Other tangible fixed assets: +€112,365
- Receivables within one year +€55,728
up €55,728 (+53.2%), from €104,751 to €160,479
of which Other amounts receivable: +€53,487
- Cash -€18,236
down €18,236 (-20.3%), from €89,902 to €71,666
mainly Investment in fixed assets (net) (-€115,550) and Receivables within one year (-€55,728)
- Receivables after one year +€11,917
new in 2025: €11,917
- Reserves +€138,662
up €138,662 (+313.8%), from €44,187 to €182,849
- Debts after one year -€54,022
down €54,022 (-14.9%), from €361,478 to €307,457
- Short-term financial debts +€32,931
up €32,931 (+47733.0%), from €69 to €33,000
- Tax, wage and social debts +€14,355
up €14,355 (+31.0%), from €46,253 to €60,609
of which Taxes: +€12,201
- Trade debts +€7,750
up €7,750 (+23.4%), from €33,111 to €40,861
- Gross operating margin +€102,266
up €102,266 (+69.8%), from €146,444 to €248,709
- Taxes +€36,750
up €36,750 (+135.2%), from €27,177 to €63,927
- Staff costs +€9,149
up €9,149 (+13548.6%), from €68 to €9,217
- Other operating charges -€5,320
down €5,320 (-64.4%), from €8,263 to €2,942
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 | €621,306 | €762,797 | +€141,491 | +22.8% |
| Fixed assets | 21/28 | €414,904 | €514,352 | +€99,448 | +24.0% |
| Intangible fixed assets | 21 | €81 | €0 | -€81 | -100.0% |
| Tangible fixed assets | 22/27 | €414,748 | €514,277 | +€99,529 | +24.0% |
| Land and buildings | 22 | €301,027 | €291,598 | -€9,429 | -3.1% |
| Plant, machinery and equipment | 23 | €11,715 | €13,586 | +€1,871 | +16.0% |
| Furniture and vehicles | 24 | €7,555 | €2,277 | -€5,278 | -69.9% |
| Other tangible fixed assets | 26 | €94,452 | €206,817 | +€112,365 | +119.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €206,401 | €248,445 | +€42,043 | +20.4% |
| Amounts receivable after more than one year | 29 | - | €11,917 | +€11,917 | |
| Other amounts receivable | 291 | - | €11,917 | +€11,917 | |
| Stocks and contracts in progress | 3 | €3,245 | €3,245 | = | 0.0% |
| Stocks | 30/36 | €3,245 | €3,245 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,751 | €160,479 | +€55,728 | +53.2% |
| Trade receivables | 40 | €490 | €2,731 | +€2,241 | +457.1% |
| Other amounts receivable | 41 | €104,261 | €157,748 | +€53,487 | +51.3% |
| Cash at bank and in hand | 54/58 | €89,902 | €71,666 | -€18,236 | -20.3% |
| Deferred charges and accrued income | 490/1 | €8,504 | €1,137 | -€7,366 | -86.6% |
| Total equity and liabilities | 10/49 | €621,306 | €762,797 | +€141,491 | +22.8% |
| Equity | 10/15 | €128,187 | €266,849 | +€138,662 | +108.2% |
| Contributions | 10/11 | €84,000 | €84,000 | = | 0.0% |
| Reserves | 13 | €44,187 | €182,849 | +€138,662 | +313.8% |
| Distributable reserves | 133 | €44,187 | €182,849 | +€138,662 | +313.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €493,119 | €495,948 | +€2,829 | +0.6% |
| Amounts payable after more than one year | 17 | €361,478 | €307,457 | -€54,022 | -14.9% |
| Financial debts | 170/4 | €361,478 | €307,457 | -€54,022 | -14.9% |
| Amounts payable within one year | 42/48 | €131,569 | €188,491 | +€56,922 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €52,137 | €54,022 | +€1,885 | +3.6% |
| Financial debts | 43 | €69 | €33,000 | +€32,931 | +47733.0% |
| Credit institutions | 430/8 | €69 | €33,000 | +€32,931 | +47733.0% |
| Trade debts | 44 | €33,111 | €40,861 | +€7,750 | +23.4% |
| Suppliers | 440/4 | €33,111 | €40,861 | +€7,750 | +23.4% |
| Taxes, remuneration and social security | 45 | €46,253 | €60,609 | +€14,355 | +31.0% |
| Taxes | 450/3 | €46,253 | €58,454 | +€12,201 | +26.4% |
| Remuneration and social security | 454/9 | - | €2,154 | +€2,154 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €71 | €0 | -€71 | -100.0% |
| Non-recurring operating income | 76A | - | €882 | +€882 | |
| Remuneration, social security and pensions | 62 | €68 | €9,217 | +€9,149 | +13548.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,462 | €16,102 | -€2,360 | -12.8% |
| Other operating charges | 640/8 | €8,263 | €2,942 | -€5,320 | -64.4% |
| Non-recurring operating charges | 66A | - | €180 | +€180 | |
| Gross operating margin | 9900 | €146,444 | €248,709 | +€102,266 | +69.8% |
| Operating profit (loss) | 9901 | €119,651 | €220,268 | +€100,617 | +84.1% |
| Financial income | 75/76B | €4,662 | €5,441 | +€779 | +16.7% |
| Recurring financial income | 75 | €4,662 | €5,441 | +€779 | +16.7% |
| Financial charges | 65/66B | €22,136 | €23,120 | +€984 | +4.4% |
| Recurring financial charges | 65 | €22,136 | €23,120 | +€984 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €102,178 | €202,589 | +€100,411 | +98.3% |
| Income taxes | 67/77 | €27,177 | €63,927 | +€36,750 | +135.2% |
| Profit (loss) for the period | 9904 | €75,001 | €138,662 | +€63,661 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,001 | €138,662 | +€63,661 | +84.9% |
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 9 October 2026 via checked.be.