RECORD: 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.
RECORD
Largest movements
- Receivables within one year +€127,124
up €127,124 (+72.1%), from €176,433 to €303,557
of which Other amounts receivable: +€107,395
- Cash +€48,368
up €48,368 (+277.6%), from €17,422 to €65,790
mainly Short-term financial debts (+€158,989) and Net result for the year (+€156,017)
- Debts after one year -€165,016
down €165,016 (-55.7%), from €296,445 to €131,430
of which Other amounts payable: -€110,812
- Short-term financial debts +€158,989
up €158,989 (+234.9%), from €67,690 to €226,680
- Profit (loss) carried forward +€148,517
up €148,517 (+185.8%), from €79,917 to €228,434
- Tax, wage and social debts +€55,472
up €55,472 (+127.9%), from €43,357 to €98,829
of which Taxes: +€54,904
- Current portion of long-term debt -€53,948
no longer reported in 2025 (was €53,948)
- Gross operating margin +€80,198
up €80,198 (+18.8%), from €426,070 to €506,268
- Taxes +€37,414
up €37,414 (+245.9%), from €15,213 to €52,627
- Staff costs -€18,573
down €18,573 (-7.1%), from €260,598 to €242,025
- Depreciation -€12,477
down €12,477 (-41.1%), from €30,329 to €17,852
- Financial charges +€11,533
up €11,533 (+48.5%), from €23,764 to €35,296
of which Financial charges: +€11,533
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 | €951,871 | €1,111,621 | +€159,750 | +16.8% |
| Fixed assets | 21/28 | €758,016 | €742,275 | -€15,741 | -2.1% |
| Intangible fixed assets | 21 | €741,788 | €733,312 | -€8,476 | -1.1% |
| Tangible fixed assets | 22/27 | €14,385 | €7,220 | -€7,165 | -49.8% |
| Plant, machinery and equipment | 23 | €2,987 | €2,009 | -€979 | -32.8% |
| Furniture and vehicles | 24 | €11,397 | €5,211 | -€6,186 | -54.3% |
| Financial fixed assets | 28 | €1,843 | €1,743 | -€100 | -5.4% |
| Current assets | 29/58 | €193,855 | €369,347 | +€175,492 | +90.5% |
| Amounts receivable within one year | 40/41 | €176,433 | €303,557 | +€127,124 | +72.1% |
| Trade receivables | 40 | €128,276 | €148,005 | +€19,729 | +15.4% |
| Other amounts receivable | 41 | €48,157 | €155,552 | +€107,395 | +223.0% |
| Cash at bank and in hand | 54/58 | €17,422 | €65,790 | +€48,368 | +277.6% |
| Total equity and liabilities | 10/49 | €951,871 | €1,111,621 | +€159,750 | +16.8% |
| Equity | 10/15 | €394,948 | €543,465 | +€148,517 | +37.6% |
| Contributions | 10/11 | €245,432 | €245,432 | = | 0.0% |
| Reserves | 13 | €69,599 | €69,599 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,504 | - | -€2,504 | |
| Reserves not available under the articles | 1311 | €2,504 | - | -€2,504 | |
| Distributable reserves | 133 | €67,095 | €69,599 | +€2,504 | +3.7% |
| Profit (loss) carried forward | 14 | €79,917 | €228,434 | +€148,517 | +185.8% |
| Amounts payable | 17/49 | €556,923 | €568,156 | +€11,233 | +2.0% |
| Amounts payable after more than one year | 17 | €296,445 | €131,430 | -€165,016 | -55.7% |
| Financial debts | 170/4 | €150,055 | €95,851 | -€54,204 | -36.1% |
| Other amounts payable | 178/9 | €146,390 | €35,578 | -€110,812 | -75.7% |
| Amounts payable within one year | 42/48 | €260,478 | €436,727 | +€176,249 | +67.7% |
| Current portion of amounts payable after more than one year | 42 | €53,948 | - | -€53,948 | |
| Financial debts | 43 | €67,690 | €226,680 | +€158,989 | +234.9% |
| Credit institutions | 430/8 | €67,690 | €226,680 | +€158,989 | +234.9% |
| Trade debts | 44 | €95,483 | €105,155 | +€9,671 | +10.1% |
| Suppliers | 440/4 | €95,483 | €105,155 | +€9,671 | +10.1% |
| Taxes, remuneration and social security | 45 | €43,357 | €98,829 | +€55,472 | +127.9% |
| Taxes | 450/3 | €3,896 | €58,799 | +€54,904 | +1409.4% |
| Remuneration and social security | 454/9 | €39,461 | €40,030 | +€568 | +1.4% |
| Other amounts payable | 47/48 | - | €6,063 | +€6,063 | |
| Non-recurring operating income | 76A | €2,594 | €21,089 | +€18,495 | +713.0% |
| Remuneration, social security and pensions | 62 | €260,598 | €242,025 | -€18,573 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,329 | €17,852 | -€12,477 | -41.1% |
| Other operating charges | 640/8 | €1,689 | €3,706 | +€2,017 | +119.4% |
| Non-recurring operating charges | 66A | €40,225 | €515 | -€39,710 | -98.7% |
| Gross operating margin | 9900 | €426,070 | €506,268 | +€80,198 | +18.8% |
| Operating profit (loss) | 9901 | €93,229 | €242,169 | +€148,940 | +159.8% |
| Financial income | 75/76B | €993 | €1,771 | +€778 | +78.3% |
| Recurring financial income | 75 | €874 | €1,771 | +€898 | +102.7% |
| Non-recurring financial income | 76B | €120 | - | -€120 | |
| Financial charges | 65/66B | €23,764 | €35,296 | +€11,533 | +48.5% |
| Recurring financial charges | 65 | €23,764 | €35,296 | +€11,533 | +48.5% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €70,459 | €208,644 | +€138,185 | +196.1% |
| Income taxes | 67/77 | €15,213 | €52,627 | +€37,414 | +245.9% |
| Profit (loss) for the period | 9904 | €55,246 | €156,017 | +€100,771 | +182.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,246 | €156,017 | +€100,771 | +182.4% |
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 10 October 2026 via checked.be.