Repro: 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.
Repro
Largest movements
- Receivables within one year -€90,300
down €90,300 (-25.7%), from €351,924 to €261,623
of which Trade receivables: -€73,461
- Tangible fixed assets -€60,193
down €60,193 (-19.4%), from €310,532 to €250,339
of which Plant, machinery and equipment: -€36,464
- Cash +€32,310
up €32,310 (+72.3%), from €44,674 to €76,983
mainly Receivables within one year (+€90,300) and Depreciation (+€65,373)
- Stocks and contracts +€27,660
up €27,660 (+11.4%), from €242,580 to €270,239
- Trade debts -€39,006
down €39,006 (-16.1%), from €242,063 to €203,057
- Debts after one year -€26,196
down €26,196 (-23.6%), from €110,926 to €84,730
- Profit (loss) carried forward -€23,186
down €23,186 (-217.5%), from -€10,659 to -€33,844
- Current portion of long-term debt -€17,856
down €17,856 (-36.4%), from €49,067 to €31,211
- Staff costs +€16,065
up €16,065 (+17.7%), from €90,789 to €106,854
- Other operating charges -€5,278
down €5,278 (-49.9%), from €10,585 to €5,307
- Financial charges -€3,266
down €3,266 (-23.9%), from €13,661 to €10,395
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 | €982,985 | €883,560 | -€99,424 | -10.1% |
| Fixed assets | 21/28 | €318,347 | €258,154 | -€60,193 | -18.9% |
| Tangible fixed assets | 22/27 | €310,532 | €250,339 | -€60,193 | -19.4% |
| Land and buildings | 22 | €121,879 | €102,414 | -€19,465 | -16.0% |
| Plant, machinery and equipment | 23 | €176,685 | €140,221 | -€36,464 | -20.6% |
| Furniture and vehicles | 24 | €10,424 | €6,675 | -€3,749 | -36.0% |
| Other tangible fixed assets | 26 | €1,544 | €1,029 | -€515 | -33.3% |
| Financial fixed assets | 28 | €7,815 | €7,815 | = | 0.0% |
| Current assets | 29/58 | €664,638 | €625,406 | -€39,231 | -5.9% |
| Stocks and contracts in progress | 3 | €242,580 | €270,239 | +€27,660 | +11.4% |
| Stocks | 30/36 | €242,580 | €270,239 | +€27,660 | +11.4% |
| Amounts receivable within one year | 40/41 | €351,924 | €261,623 | -€90,300 | -25.7% |
| Trade receivables | 40 | €320,084 | €246,623 | -€73,461 | -23.0% |
| Other amounts receivable | 41 | €31,840 | €15,000 | -€16,840 | -52.9% |
| Cash at bank and in hand | 54/58 | €44,674 | €76,983 | +€32,310 | +72.3% |
| Deferred charges and accrued income | 490/1 | €25,461 | €16,560 | -€8,900 | -35.0% |
| Total equity and liabilities | 10/49 | €982,985 | €883,560 | -€99,424 | -10.1% |
| Equity | 10/15 | €550,631 | €527,445 | -€23,186 | -4.2% |
| Contributions | 10/11 | €146,142 | €146,142 | = | 0.0% |
| Reserves | 13 | €415,148 | €415,148 | = | 0.0% |
| Tax-exempt reserves | 132 | €148 | €148 | = | 0.0% |
| Distributable reserves | 133 | €415,000 | €415,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,659 | -€33,844 | -€23,186 | -217.5% |
| Amounts payable | 17/49 | €432,354 | €356,115 | -€76,239 | -17.6% |
| Amounts payable after more than one year | 17 | €110,926 | €84,730 | -€26,196 | -23.6% |
| Financial debts | 170/4 | €110,926 | €84,730 | -€26,196 | -23.6% |
| Amounts payable within one year | 42/48 | €321,428 | €271,385 | -€50,043 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €49,067 | €31,211 | -€17,856 | -36.4% |
| Financial debts | 43 | €5,108 | €5,069 | -€39 | -0.8% |
| Credit institutions | 430/8 | €5,108 | €5,069 | -€39 | -0.8% |
| Trade debts | 44 | €242,063 | €203,057 | -€39,006 | -16.1% |
| Suppliers | 440/4 | €242,063 | €203,057 | -€39,006 | -16.1% |
| Advances received on contracts in progress | 46 | €2,311 | €2,311 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,593 | €29,452 | +€6,859 | +30.4% |
| Taxes | 450/3 | €17,904 | €19,607 | +€1,703 | +9.5% |
| Remuneration and social security | 454/9 | €4,689 | €9,844 | +€5,156 | +110.0% |
| Other amounts payable | 47/48 | €285 | €285 | = | 0.0% |
| Non-recurring operating income | 76A | €29,018 | €0 | -€29,018 | -100.0% |
| Remuneration, social security and pensions | 62 | €90,789 | €106,854 | +€16,065 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,232 | €65,373 | +€142 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,495 | €245 | -€1,250 | -83.6% |
| Other operating charges | 640/8 | €10,585 | €5,307 | -€5,278 | -49.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €165,867 | €164,362 | -€1,505 | -0.9% |
| Operating profit (loss) | 9901 | -€2,234 | -€13,418 | -€11,184 | -500.6% |
| Financial income | 75/76B | €1,059 | €627 | -€432 | -40.8% |
| Recurring financial income | 75 | €1,059 | €627 | -€432 | -40.8% |
| Financial charges | 65/66B | €13,661 | €10,395 | -€3,266 | -23.9% |
| Recurring financial charges | 65 | €13,661 | €10,395 | -€3,266 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,836 | -€23,186 | -€8,350 | -56.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€14,836 | -€23,186 | -€8,350 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,836 | -€23,186 | -€8,350 | -56.3% |
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.