RED ZONE: 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.
RED ZONE
Largest movements
- Receivables within one year -€162,369
down €162,369 (-76.7%), from €211,778 to €49,408
of which Other amounts receivable: -€122,818
- Cash +€64,729
up €64,729 (+265%), from €24,396 to €89,125
mainly Receivables within one year (+€162,369) and Other debts (+€45,955)
- Receivables after one year -€19,707
no longer reported in 2025 (was €19,707)
- Tangible fixed assets -€12,694
down €12,694 (-3.6%), from €353,411 to €340,717
of which Land and buildings: -€8,460
- Short-term financial debts -€99,998
down €99,998 (-94.0%), from €106,354 to €6,356
- Other debts +€45,955
new in 2025: €45,955
- Trade debts -€40,901
down €40,901 (-20.0%), from €204,333 to €163,432
- Debts after one year -€26,230
down €26,230 (-53.5%), from €49,070 to €22,840
- Tax, wage and social debts -€17,268
down €17,268 (-38.3%), from €45,030 to €27,761
- Gross operating margin -€48,166
down €48,166 (-47.9%), from €100,515 to €52,349
- Taxes -€11,494
down €11,494 (-64.2%), from €17,903 to €6,409
- Financial charges -€8,135
down €8,135 (-30.0%), from €27,141 to €19,006
- Financial income -€6,089
down €6,089 (-90.8%), from €6,704 to €615
- Other operating charges -€4,104
down €4,104 (-42.2%), from €9,722 to €5,619
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 | €621,138 | €494,090 | -€127,047 | -20.5% |
| Fixed assets | 21/28 | €354,216 | €344,052 | -€10,164 | -2.9% |
| Intangible fixed assets | 21 | €805 | €3,335 | +€2,531 | +314% |
| Tangible fixed assets | 22/27 | €353,411 | €340,717 | -€12,694 | -3.6% |
| Land and buildings | 22 | €344,423 | €335,962 | -€8,460 | -2.5% |
| Furniture and vehicles | 24 | €8,988 | €4,755 | -€4,234 | -47.1% |
| Current assets | 29/58 | €266,922 | €150,038 | -€116,884 | -43.8% |
| Amounts receivable after more than one year | 29 | €19,707 | - | -€19,707 | |
| Other amounts receivable | 291 | €19,707 | - | -€19,707 | |
| Stocks and contracts in progress | 3 | €2,688 | €1,820 | -€868 | -32.3% |
| Stocks | 30/36 | €2,688 | €1,820 | -€868 | -32.3% |
| Amounts receivable within one year | 40/41 | €211,778 | €49,408 | -€162,369 | -76.7% |
| Trade receivables | 40 | €86,083 | €46,532 | -€39,551 | -45.9% |
| Other amounts receivable | 41 | €125,695 | €2,877 | -€122,818 | -97.7% |
| Cash at bank and in hand | 54/58 | €24,396 | €89,125 | +€64,729 | +265% |
| Deferred charges and accrued income | 490/1 | €8,354 | €9,685 | +€1,331 | +15.9% |
| Total equity and liabilities | 10/49 | €621,138 | €494,090 | -€127,047 | -20.5% |
| Equity | 10/15 | €183,821 | €197,695 | +€13,873 | +7.5% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €171,421 | €179,095 | +€7,673 | +4.5% |
| Distributable reserves | 133 | €171,421 | €179,095 | +€7,673 | +4.5% |
| Amounts payable | 17/49 | €437,316 | €296,396 | -€140,921 | -32.2% |
| Amounts payable after more than one year | 17 | €49,070 | €22,840 | -€26,230 | -53.5% |
| Financial debts | 170/4 | €49,070 | €22,840 | -€26,230 | -53.5% |
| Amounts payable within one year | 42/48 | €388,246 | €273,556 | -€114,691 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €25,001 | €26,230 | +€1,229 | +4.9% |
| Financial debts | 43 | €106,354 | €6,356 | -€99,998 | -94.0% |
| Credit institutions | 430/8 | €106,354 | €6,356 | -€99,998 | -94.0% |
| Trade debts | 44 | €204,333 | €163,432 | -€40,901 | -20.0% |
| Suppliers | 440/4 | €204,333 | €163,432 | -€40,901 | -20.0% |
| Advances received on contracts in progress | 46 | €7,528 | €3,821 | -€3,707 | -49.2% |
| Taxes, remuneration and social security | 45 | €45,030 | €27,761 | -€17,268 | -38.3% |
| Taxes | 450/3 | €45,030 | €27,761 | -€17,268 | -38.3% |
| Other amounts payable | 47/48 | - | €45,955 | +€45,955 | |
| Remuneration, social security and pensions | 62 | €2,847 | - | -€2,847 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,085 | €14,257 | -€827 | -5.5% |
| Other operating charges | 640/8 | €9,722 | €5,619 | -€4,104 | -42.2% |
| Gross operating margin | 9900 | €100,515 | €52,349 | -€48,166 | -47.9% |
| Operating profit (loss) | 9901 | €72,862 | €32,473 | -€40,388 | -55.4% |
| Financial income | 75/76B | €6,704 | €615 | -€6,089 | -90.8% |
| Recurring financial income | 75 | €6,704 | €615 | -€6,089 | -90.8% |
| Financial charges | 65/66B | €27,141 | €19,006 | -€8,135 | -30.0% |
| Recurring financial charges | 65 | €27,141 | €19,006 | -€8,135 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €52,425 | €14,083 | -€38,342 | -73.1% |
| Income taxes | 67/77 | €17,903 | €6,409 | -€11,494 | -64.2% |
| Profit (loss) for the period | 9904 | €34,522 | €7,673 | -€26,849 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,522 | €7,673 | -€26,849 | -77.8% |
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 25 October 2026 via checked.be.