RELIEF: 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.
RELIEF
Largest movements
- Tangible fixed assets +€124,883
up €124,883 (+5.2%), from €2.4m to €2.5m
of which Plant, machinery and equipment: +€215,323
- Cash -€76,793
down €76,793 (-35.4%), from €216,649 to €139,855
mainly Investment in fixed assets (net) (-€364,063) and Debts after one year (-€98,046)
- Deferred charges and accrued income +€41,437
up €41,437 (+653%), from €6,341 to €47,779
- Debts after one year -€98,046
down €98,046 (-5.5%), from €1.8m to €1.7m
- Reserves +€97,145
up €97,145 (+25.4%), from €381,832 to €478,977
- Trade debts +€91,440
up €91,440 (+145%), from €63,105 to €154,545
- Gross operating margin +€60,538
up €60,538 (+17.9%), from €338,220 to €398,758
- Depreciation +€33,786
up €33,786 (+15.5%), from €218,365 to €252,152
- Other operating charges +€7,882
up €7,882 (+49.8%), from €15,832 to €23,714
- Financial charges +€4,717
up €4,717 (+13.2%), from €35,772 to €40,489
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 | €2,765,626 | €2,830,729 | +€65,102 | +2.4% |
| Fixed assets | 21/28 | €2,436,657 | €2,548,568 | +€111,912 | +4.6% |
| Intangible fixed assets | 21 | €29,842 | €16,871 | -€12,971 | -43.5% |
| Tangible fixed assets | 22/27 | €2,406,814 | €2,531,697 | +€124,883 | +5.2% |
| Land and buildings | 22 | €2,072,870 | €2,073,603 | +€732 | 0.0% |
| Plant, machinery and equipment | 23 | €242,772 | €458,095 | +€215,323 | +88.7% |
| Furniture and vehicles | 24 | €5,672 | - | -€5,672 | |
| Assets under construction and advance payments | 27 | €85,500 | - | -€85,500 | |
| Current assets | 29/58 | €328,970 | €282,160 | -€46,809 | -14.2% |
| Amounts receivable within one year | 40/41 | €105,980 | €94,526 | -€11,453 | -10.8% |
| Trade receivables | 40 | €66,259 | €60,978 | -€5,282 | -8.0% |
| Other amounts receivable | 41 | €39,720 | €33,549 | -€6,171 | -15.5% |
| Cash at bank and in hand | 54/58 | €216,649 | €139,855 | -€76,793 | -35.4% |
| Deferred charges and accrued income | 490/1 | €6,341 | €47,779 | +€41,437 | +653% |
| Total equity and liabilities | 10/49 | €2,765,626 | €2,830,729 | +€65,102 | +2.4% |
| Equity | 10/15 | €625,574 | €698,082 | +€72,508 | +11.6% |
| Contributions | 10/11 | €145,300 | €145,300 | = | 0.0% |
| Reserves | 13 | €381,832 | €478,977 | +€97,145 | +25.4% |
| Distributable reserves | 133 | €381,832 | €478,977 | +€97,145 | +25.4% |
| Investment grants | 15 | €98,442 | €73,805 | -€24,637 | -25.0% |
| Provisions and deferred taxes | 16 | €5,424 | €4,122 | -€1,302 | -24.0% |
| Deferred taxes | 168 | €5,424 | €4,122 | -€1,302 | -24.0% |
| Amounts payable | 17/49 | €2,134,628 | €2,128,524 | -€6,104 | -0.3% |
| Amounts payable after more than one year | 17 | €1,797,462 | €1,699,415 | -€98,046 | -5.5% |
| Financial debts | 170/4 | €1,797,462 | €1,699,415 | -€98,046 | -5.5% |
| Amounts payable within one year | 42/48 | €336,167 | €425,652 | +€89,485 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €199,974 | €218,971 | +€18,997 | +9.5% |
| Financial debts | 43 | - | €4,846 | +€4,846 | |
| Credit institutions | 430/8 | - | €4,846 | +€4,846 | |
| Trade debts | 44 | €63,105 | €154,545 | +€91,440 | +145% |
| Suppliers | 440/4 | €63,105 | €154,545 | +€91,440 | +145% |
| Taxes, remuneration and social security | 45 | €6,666 | €8,082 | +€1,416 | +21.2% |
| Taxes | 450/3 | €6,666 | €8,082 | +€1,416 | +21.2% |
| Other amounts payable | 47/48 | €66,421 | €39,208 | -€27,213 | -41.0% |
| Accrued charges and deferred income | 492/3 | €1,000 | €3,457 | +€2,457 | +246% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218,365 | €252,152 | +€33,786 | +15.5% |
| Other operating charges | 640/8 | €15,832 | €23,714 | +€7,882 | +49.8% |
| Gross operating margin | 9900 | €338,220 | €398,758 | +€60,538 | +17.9% |
| Operating profit (loss) | 9901 | €104,023 | €122,892 | +€18,870 | +18.1% |
| Financial income | 75/76B | €26,672 | €25,313 | -€1,360 | -5.1% |
| Recurring financial income | 75 | €26,672 | €25,313 | -€1,360 | -5.1% |
| Financial charges | 65/66B | €35,772 | €40,489 | +€4,717 | +13.2% |
| Recurring financial charges | 65 | €35,772 | €40,489 | +€4,717 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €94,923 | €107,716 | +€12,793 | +13.5% |
| Transfer from deferred taxes | 780 | €1,302 | €1,302 | = | 0.0% |
| Income taxes | 67/77 | €12,038 | €11,873 | -€165 | -1.4% |
| Profit (loss) for the period | 9904 | €84,187 | €97,145 | +€12,958 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,187 | €97,145 | +€12,958 | +15.4% |
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 13 October 2026 via checked.be.