REFORMATION: 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.
REFORMATION
Largest movements
- Tangible fixed assets -€41,230
down €41,230 (-16.9%), from €243,841 to €202,611
of which Other tangible fixed assets: -€31,087
- Receivables within one year +€12,101
up €12,101 (+35.5%), from €34,106 to €46,207
of which Trade receivables: +€20,605
- Debts after one year -€62,843
down €62,843 (-29.7%), from €211,920 to €149,077
of which Financial debts: -€62,843
- Current portion of long-term debt +€32,422
up €32,422 (+4541.7%), from €714 to €33,135
- Write-downs -€4,792
new in 2025: -€4,792
- Depreciation +€3,839
up €3,839 (+10.3%), from €37,392 to €41,230
- Gross operating margin -€2,617
down €2,617 (-4.0%), from €65,028 to €62,411
- Other operating charges +€2,044
up €2,044 (+19.5%), from €10,497 to €12,541
- Financial charges -€1,418
down €1,418 (-12.1%), from €11,745 to €10,327
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 | €334,751 | €304,721 | -€30,030 | -9.0% |
| Fixed assets | 21/28 | €243,841 | €202,611 | -€41,230 | -16.9% |
| Tangible fixed assets | 22/27 | €243,841 | €202,611 | -€41,230 | -16.9% |
| Plant, machinery and equipment | 23 | €206 | - | -€206 | |
| Furniture and vehicles | 24 | €43,888 | €33,951 | -€9,937 | -22.6% |
| Other tangible fixed assets | 26 | €199,747 | €168,660 | -€31,087 | -15.6% |
| Current assets | 29/58 | €90,910 | €102,110 | +€11,200 | +12.3% |
| Stocks and contracts in progress | 3 | €4,165 | €4,165 | = | 0.0% |
| Stocks | 30/36 | €4,165 | €4,165 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,106 | €46,207 | +€12,101 | +35.5% |
| Trade receivables | 40 | €24,568 | €45,173 | +€20,605 | +83.9% |
| Other amounts receivable | 41 | €9,538 | €1,034 | -€8,504 | -89.2% |
| Cash at bank and in hand | 54/58 | €51,472 | €50,571 | -€901 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,166 | €1,166 | = | 0.0% |
| Total equity and liabilities | 10/49 | €334,751 | €304,721 | -€30,030 | -9.0% |
| Equity | 10/15 | €76,527 | €79,716 | +€3,189 | +4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €56,527 | €59,716 | +€3,189 | +5.6% |
| Tax-exempt reserves | 132 | €3,254 | €3,254 | = | 0.0% |
| Distributable reserves | 133 | €53,273 | €56,462 | +€3,189 | +6.0% |
| Amounts payable | 17/49 | €258,224 | €225,004 | -€33,220 | -12.9% |
| Amounts payable after more than one year | 17 | €211,920 | €149,077 | -€62,843 | -29.7% |
| Financial debts | 170/4 | €207,930 | €145,087 | -€62,843 | -30.2% |
| Other amounts payable | 178/9 | €3,990 | €3,990 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,304 | €75,927 | +€29,623 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €714 | €33,135 | +€32,422 | +4541.7% |
| Trade debts | 44 | €2,715 | €4,455 | +€1,740 | +64.1% |
| Suppliers | 440/4 | €2,715 | €4,455 | +€1,740 | +64.1% |
| Taxes, remuneration and social security | 45 | €5,759 | €2,727 | -€3,032 | -52.6% |
| Taxes | 450/3 | €4,361 | €2,727 | -€1,634 | -37.5% |
| Remuneration and social security | 454/9 | €1,398 | - | -€1,398 | |
| Other amounts payable | 47/48 | €37,117 | €35,610 | -€1,507 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,392 | €41,230 | +€3,839 | +10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,792 | -€4,792 | |
| Other operating charges | 640/8 | €10,497 | €12,541 | +€2,044 | +19.5% |
| Gross operating margin | 9900 | €65,028 | €62,411 | -€2,617 | -4.0% |
| Operating profit (loss) | 9901 | €17,139 | €13,431 | -€3,707 | -21.6% |
| Financial income | 75/76B | €6 | €1,022 | +€1,016 | +15847.6% |
| Recurring financial income | 75 | €6 | €1,022 | +€1,016 | +15847.6% |
| Financial charges | 65/66B | €11,745 | €10,327 | -€1,418 | -12.1% |
| Recurring financial charges | 65 | €11,745 | €10,327 | -€1,418 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €5,400 | €4,126 | -€1,273 | -23.6% |
| Income taxes | 67/77 | €1,200 | €937 | -€263 | -21.9% |
| Profit (loss) for the period | 9904 | €4,200 | €3,189 | -€1,010 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,200 | €3,189 | -€1,010 | -24.1% |
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 6 October 2026 via checked.be.