RESULT: 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.
RESULT
Largest movements
- Receivables within one year -€85,008
down €85,008 (-23.1%), from €368,271 to €283,264
of which Trade receivables: -€110,307
- Cash +€56,833
up €56,833 (+45.9%), from €123,922 to €180,755
mainly Receivables within one year (+€85,008) and Net result for the year (+€15,390)
- Stocks and contracts -€6,603
down €6,603 (-100%), from €6,603 to €0
- Trade debts -€44,593
down €44,593 (-25.8%), from €172,703 to €128,110
- Reserves +€15,390
up €15,390 (+5.7%), from €269,428 to €284,817
of which Distributable reserves: +€15,390
- Write-downs +€41,158
up €41,158, from €0 to €41,158
- Gross operating margin +€35,658
up €35,658 (+32.2%), from €110,642 to €146,300
- Staff costs +€14,105
up €14,105 (+25.7%), from €54,962 to €69,067
- Taxes -€4,904
down €4,904 (-30.2%), from €16,245 to €11,341
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 | €520,544 | €489,214 | -€31,330 | -6.0% |
| Fixed assets | 21/28 | €14,794 | €16,813 | +€2,019 | +13.6% |
| Tangible fixed assets | 22/27 | €14,719 | €16,738 | +€2,019 | +13.7% |
| Land and buildings | 22 | €3,923 | €3,775 | -€149 | -3.8% |
| Plant, machinery and equipment | 23 | €6,134 | €9,366 | +€3,231 | +52.7% |
| Furniture and vehicles | 24 | €4,661 | €3,597 | -€1,064 | -22.8% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €505,750 | €472,401 | -€33,349 | -6.6% |
| Stocks and contracts in progress | 3 | €6,603 | €0 | -€6,603 | -100% |
| Stocks | 30/36 | €6,603 | €0 | -€6,603 | -100% |
| Amounts receivable within one year | 40/41 | €368,271 | €283,264 | -€85,008 | -23.1% |
| Trade receivables | 40 | €345,159 | €234,852 | -€110,307 | -32.0% |
| Other amounts receivable | 41 | €23,112 | €48,412 | +€25,299 | +109% |
| Cash at bank and in hand | 54/58 | €123,922 | €180,755 | +€56,833 | +45.9% |
| Deferred charges and accrued income | 490/1 | €6,954 | €8,382 | +€1,429 | +20.5% |
| Total equity and liabilities | 10/49 | €520,544 | €489,214 | -€31,330 | -6.0% |
| Equity | 10/15 | €307,616 | €323,006 | +€15,390 | +5.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €269,428 | €284,817 | +€15,390 | +5.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €269,428 | €284,817 | +€15,390 | +5.7% |
| Profit (loss) carried forward | 14 | €19,596 | €19,596 | = | 0.0% |
| Amounts payable | 17/49 | €212,928 | €166,208 | -€46,720 | -21.9% |
| Amounts payable within one year | 42/48 | €212,928 | €166,208 | -€46,720 | -21.9% |
| Trade debts | 44 | €172,703 | €128,110 | -€44,593 | -25.8% |
| Suppliers | 440/4 | €172,703 | €128,110 | -€44,593 | -25.8% |
| Taxes, remuneration and social security | 45 | €36,267 | €38,098 | +€1,830 | +5.0% |
| Taxes | 450/3 | €28,638 | €22,352 | -€6,286 | -21.9% |
| Remuneration and social security | 454/9 | €7,630 | €15,746 | +€8,116 | +106% |
| Other amounts payable | 47/48 | €3,958 | €0 | -€3,958 | -100% |
| Non-recurring operating income | 76A | €2,052 | €0 | -€2,052 | -100% |
| Remuneration, social security and pensions | 62 | €54,962 | €69,067 | +€14,105 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,224 | €3,261 | +€37 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €41,158 | +€41,158 | |
| Other operating charges | 640/8 | €2,462 | €1,537 | -€925 | -37.6% |
| Gross operating margin | 9900 | €110,642 | €146,300 | +€35,658 | +32.2% |
| Operating profit (loss) | 9901 | €49,995 | €31,278 | -€18,717 | -37.4% |
| Financial income | 75/76B | €877 | €1,509 | +€632 | +72.1% |
| Recurring financial income | 75 | €877 | €1,509 | +€632 | +72.1% |
| Financial charges | 65/66B | €6,298 | €6,056 | -€242 | -3.8% |
| Recurring financial charges | 65 | €6,298 | €6,056 | -€242 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €44,573 | €26,731 | -€17,842 | -40.0% |
| Income taxes | 67/77 | €16,245 | €11,341 | -€4,904 | -30.2% |
| Profit (loss) for the period | 9904 | €28,328 | €15,390 | -€12,938 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,328 | €15,390 | -€12,938 | -45.7% |
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 14 October 2026 via checked.be.