REPLAY: 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.
REPLAY
Largest movements
- Tangible fixed assets +€360,916
up €360,916 (+638%), from €56,543 to €417,459
of which Leasing and similar rights: +€373,620
- Receivables within one year +€115,134
up €115,134 (+18.8%), from €610,841 to €725,975
of which Trade receivables: +€146,731
- Stocks and contracts -€37,480
down €37,480 (-20.8%), from €180,042 to €142,562
of which Stocks: -€29,980
- Cash +€29,904
up €29,904 (+119%), from €25,155 to €55,060
mainly Debts after one year (+€291,872) and Net result for the year (+€105,968)
- Intangible fixed assets -€15,000
down €15,000 (-16.1%), from €93,301 to €78,301
- Debts after one year +€291,872
up €291,872 (+1,912%), from €15,268 to €307,140
- Profit (loss) carried forward +€147,424
up €147,424 (+185%), from €79,603 to €227,027
- Advances received +€86,986
new in 2025: €86,986
- Short-term financial debts -€64,317
down €64,317 (-21.0%), from €306,129 to €241,811
- Current portion of long-term debt +€51,208
up €51,208 (+233%), from €22,001 to €73,209
- Financial charges -€123,903
down €123,903 (-70.0%), from €177,012 to €53,109
- Gross operating margin +€102,854
up €102,854 (+18.5%), from €556,626 to €659,480
- Staff costs +€29,070
up €29,070 (+7.4%), from €391,003 to €420,073
- Taxes +€28,706
up €28,706 (+486%), from €5,902 to €34,609
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 | €986,660 | €1,438,596 | +€451,936 | +45.8% |
| Fixed assets | 21/28 | €149,920 | €495,835 | +€345,916 | +231% |
| Intangible fixed assets | 21 | €93,301 | €78,301 | -€15,000 | -16.1% |
| Tangible fixed assets | 22/27 | €56,543 | €417,459 | +€360,916 | +638% |
| Plant, machinery and equipment | 23 | €48,103 | €39,889 | -€8,214 | -17.1% |
| Furniture and vehicles | 24 | €8,440 | €3,950 | -€4,490 | -53.2% |
| Leasing and similar rights | 25 | - | €373,620 | +€373,620 | |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €836,741 | €942,761 | +€106,020 | +12.7% |
| Stocks and contracts in progress | 3 | €180,042 | €142,562 | -€37,480 | -20.8% |
| Stocks | 30/36 | €150,042 | €120,062 | -€29,980 | -20.0% |
| Contracts in progress | 37 | €30,000 | €22,500 | -€7,500 | -25.0% |
| Amounts receivable within one year | 40/41 | €610,841 | €725,975 | +€115,134 | +18.8% |
| Trade receivables | 40 | €481,983 | €628,714 | +€146,731 | +30.4% |
| Other amounts receivable | 41 | €128,858 | €97,261 | -€31,597 | -24.5% |
| Current investments | 50/53 | €32 | €32 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,155 | €55,060 | +€29,904 | +119% |
| Deferred charges and accrued income | 490/1 | €20,671 | €19,133 | -€1,539 | -7.4% |
| Total equity and liabilities | 10/49 | €986,660 | €1,438,596 | +€451,936 | +45.8% |
| Equity | 10/15 | €148,559 | €254,527 | +€105,968 | +71.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €43,956 | €2,500 | -€41,456 | -94.3% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €41,456 | - | -€41,456 | |
| Profit (loss) carried forward | 14 | €79,603 | €227,027 | +€147,424 | +185% |
| Amounts payable | 17/49 | €838,101 | €1,184,070 | +€345,968 | +41.3% |
| Amounts payable after more than one year | 17 | €15,268 | €307,140 | +€291,872 | +1,912% |
| Financial debts | 170/4 | €15,268 | €307,140 | +€291,872 | +1,912% |
| Amounts payable within one year | 42/48 | €821,252 | €876,615 | +€55,363 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €22,001 | €73,209 | +€51,208 | +233% |
| Financial debts | 43 | €306,129 | €241,811 | -€64,317 | -21.0% |
| Credit institutions | 430/8 | €306,129 | €241,811 | -€64,317 | -21.0% |
| Trade debts | 44 | €362,562 | €335,157 | -€27,405 | -7.6% |
| Suppliers | 440/4 | €362,562 | €335,157 | -€27,405 | -7.6% |
| Advances received on contracts in progress | 46 | - | €86,986 | +€86,986 | |
| Taxes, remuneration and social security | 45 | €130,560 | €138,634 | +€8,073 | +6.2% |
| Taxes | 450/3 | €47,703 | €73,897 | +€26,194 | +54.9% |
| Remuneration and social security | 454/9 | €82,857 | €64,737 | -€18,120 | -21.9% |
| Other amounts payable | 47/48 | - | €818 | +€818 | |
| Accrued charges and deferred income | 492/3 | €1,581 | €314 | -€1,267 | -80.1% |
| Remuneration, social security and pensions | 62 | €391,003 | €420,073 | +€29,070 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,678 | €51,284 | +€3,606 | +7.6% |
| Other operating charges | 640/8 | €7,639 | €3,399 | -€4,240 | -55.5% |
| Gross operating margin | 9900 | €556,626 | €659,480 | +€102,854 | +18.5% |
| Operating profit (loss) | 9901 | €110,305 | €184,724 | +€74,419 | +67.5% |
| Financial income | 75/76B | €6,201 | €8,962 | +€2,761 | +44.5% |
| Recurring financial income | 75 | €6,201 | €8,962 | +€2,761 | +44.5% |
| Financial charges | 65/66B | €177,012 | €53,109 | -€123,903 | -70.0% |
| Recurring financial charges | 65 | €177,012 | €53,109 | -€123,903 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | -€60,506 | €140,576 | +€201,082 | |
| Income taxes | 67/77 | €5,902 | €34,609 | +€28,706 | +486% |
| Profit (loss) for the period | 9904 | -€66,408 | €105,968 | +€172,376 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,408 | €105,968 | +€172,376 |
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 23 October 2026 via checked.be.