REAL INTERIM: 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.
REAL INTERIM
Largest movements
- Receivables within one year -€289,298
down €289,298 (-17.1%), from €1.7m to €1.4m
of which Trade receivables: -€261,669
- Tangible fixed assets -€162,667
down €162,667 (-22.0%), from €739,179 to €576,513
of which Furniture and vehicles: -€103,936
- Cash +€109,970
up €109,970 (+42.2%), from €260,893 to €370,862
mainly Net result for the year (+€321,856) and Receivables within one year (+€289,298)
- Current investments -€50,000
down €50,000 (-10.0%), from €500,000 to €450,000
- Reserves +€226,890
up €226,890 (+15.9%), from €1.4m to €1.7m
of which Distributable reserves: +€226,890
- Tax, wage and social debts -€181,876
down €181,876 (-16.5%), from €1.1m to €921,418
of which Remuneration and social security: -€217,155
- Trade debts -€157,233
down €157,233 (-62.8%), from €250,179 to €92,946
- Other debts -€123,149
down €123,149 (-40.3%), from €305,509 to €182,360
- Provisions -€123,007
down €123,007 (-100.0%), from €123,007 to €0
- Gross operating margin -€366,663
down €366,663 (-19.5%), from €1.9m to €1.5m
- Staff costs -€298,203
down €298,203 (-25.8%), from €1.2m to €859,071
- Provisions -€126,644
down €126,644, from €3,637 to -€123,007
- Taxes -€37,493
down €37,493 (-22.6%), from €165,645 to €128,152
- Financial charges +€19,411
up €19,411 (+14.3%), from €135,725 to €155,136
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 | €3,358,762 | €2,973,041 | -€385,721 | -11.5% |
| Fixed assets | 21/28 | €739,179 | €576,513 | -€162,667 | -22.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €739,179 | €576,513 | -€162,667 | -22.0% |
| Land and buildings | 22 | €216,276 | €195,812 | -€20,465 | -9.5% |
| Plant, machinery and equipment | 23 | €13,279 | €10,766 | -€2,514 | -18.9% |
| Furniture and vehicles | 24 | €310,034 | €206,098 | -€103,936 | -33.5% |
| Other tangible fixed assets | 26 | €199,589 | €163,837 | -€35,752 | -17.9% |
| Current assets | 29/58 | €2,619,583 | €2,396,528 | -€223,055 | -8.5% |
| Amounts receivable after more than one year | 29 | €156,000 | €156,000 | = | 0.0% |
| Other amounts receivable | 291 | €156,000 | €156,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,687,295 | €1,397,997 | -€289,298 | -17.1% |
| Trade receivables | 40 | €1,622,915 | €1,361,245 | -€261,669 | -16.1% |
| Other amounts receivable | 41 | €64,381 | €36,752 | -€27,629 | -42.9% |
| Current investments | 50/53 | €500,000 | €450,000 | -€50,000 | -10.0% |
| Cash at bank and in hand | 54/58 | €260,893 | €370,862 | +€109,970 | +42.2% |
| Deferred charges and accrued income | 490/1 | €15,395 | €21,669 | +€6,274 | +40.8% |
| Total equity and liabilities | 10/49 | €3,358,762 | €2,973,041 | -€385,721 | -11.5% |
| Equity | 10/15 | €1,487,840 | €1,714,730 | +€226,890 | +15.2% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,425,340 | €1,652,230 | +€226,890 | +15.9% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €1,419,090 | €1,645,980 | +€226,890 | +16.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €123,007 | €0 | -€123,007 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €123,007 | €0 | -€123,007 | -100.0% |
| Other liabilities and charges | 164/5 | €123,007 | €0 | -€123,007 | -100.0% |
| Amounts payable | 17/49 | €1,747,916 | €1,258,311 | -€489,605 | -28.0% |
| Amounts payable after more than one year | 17 | €45,185 | €18,181 | -€27,004 | -59.8% |
| Financial debts | 170/4 | €45,185 | €18,181 | -€27,004 | -59.8% |
| Amounts payable within one year | 42/48 | €1,687,879 | €1,225,964 | -€461,914 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €28,897 | €29,240 | +€343 | +1.2% |
| Trade debts | 44 | €250,179 | €92,946 | -€157,233 | -62.8% |
| Suppliers | 440/4 | €250,179 | €92,946 | -€157,233 | -62.8% |
| Taxes, remuneration and social security | 45 | €1,103,294 | €921,418 | -€181,876 | -16.5% |
| Taxes | 450/3 | €148,933 | €184,212 | +€35,279 | +23.7% |
| Remuneration and social security | 454/9 | €954,361 | €737,206 | -€217,155 | -22.8% |
| Other amounts payable | 47/48 | €305,509 | €182,360 | -€123,149 | -40.3% |
| Accrued charges and deferred income | 492/3 | €14,852 | €14,166 | -€687 | -4.6% |
| Non-recurring operating income | 76A | €5,913 | €4,306 | -€1,607 | -27.2% |
| Remuneration, social security and pensions | 62 | €1,157,274 | €859,071 | -€298,203 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,841 | €163,412 | -€12,429 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,726 | -€1,553 | +€3,173 | +67.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,637 | -€123,007 | -€126,644 | |
| Other operating charges | 640/8 | €21,333 | €23,529 | +€2,196 | +10.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,883,762 | €1,517,099 | -€366,663 | -19.5% |
| Operating profit (loss) | 9901 | €530,403 | €595,647 | +€65,244 | +12.3% |
| Financial income | 75/76B | €4,051 | €9,497 | +€5,446 | +134.4% |
| Recurring financial income | 75 | €4,051 | €9,497 | +€5,446 | +134.4% |
| Financial charges | 65/66B | €135,725 | €155,136 | +€19,411 | +14.3% |
| Recurring financial charges | 65 | €135,725 | €155,136 | +€19,411 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €398,729 | €450,009 | +€51,280 | +12.9% |
| Income taxes | 67/77 | €165,645 | €128,152 | -€37,493 | -22.6% |
| Profit (loss) for the period | 9904 | €233,084 | €321,856 | +€88,772 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €233,084 | €321,856 | +€88,772 | +38.1% |
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 1 October 2026 via checked.be.