RESULT LIGHTING: 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.
RESULT LIGHTING
Largest movements
- Stocks and contracts +€335,819
up €335,819 (+779.0%), from €43,111 to €378,930
- Cash -€39,341
down €39,341 (-36.2%), from €108,644 to €69,303
mainly Stocks and contracts (-€335,819) and Contributions, distributions and other (-€74,243)
- Tangible fixed assets -€8,377
down €8,377 (-26.2%), from €31,996 to €23,619
of which Furniture and vehicles: -€8,902
- Debts after one year +€260,541
up €260,541 (+6431.1%), from €4,051 to €264,592
- Trade debts +€44,089
up €44,089 (+233.3%), from €18,895 to €62,984
- Reserves -€17,241
down €17,241 (-6.2%), from €279,629 to €262,388
- Gross operating margin -€73,794
down €73,794 (-30.5%), from €241,872 to €168,078
- Taxes -€21,612
down €21,612 (-44.2%), from €48,880 to €27,268
- Staff costs -€15,069
down €15,069 (-21.9%), from €68,876 to €53,807
- Financial charges +€4,039
up €4,039 (+50.3%), from €8,028 to €12,066
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 | €316,943 | €606,387 | +€289,443 | +91.3% |
| Fixed assets | 21/28 | €37,481 | €29,109 | -€8,372 | -22.3% |
| Tangible fixed assets | 22/27 | €31,996 | €23,619 | -€8,377 | -26.2% |
| Plant, machinery and equipment | 23 | €7,449 | €7,974 | +€525 | +7.1% |
| Furniture and vehicles | 24 | €24,547 | €15,645 | -€8,902 | -36.3% |
| Financial fixed assets | 28 | €5,485 | €5,490 | +€5 | +0.1% |
| Current assets | 29/58 | €279,462 | €577,278 | +€297,815 | +106.6% |
| Stocks and contracts in progress | 3 | €43,111 | €378,930 | +€335,819 | +779.0% |
| Stocks | 30/36 | €43,111 | €378,930 | +€335,819 | +779.0% |
| Amounts receivable within one year | 40/41 | €119,385 | €117,017 | -€2,367 | -2.0% |
| Trade receivables | 40 | €10,260 | €77,512 | +€67,253 | +655.5% |
| Other amounts receivable | 41 | €109,125 | €39,505 | -€69,620 | -63.8% |
| Cash at bank and in hand | 54/58 | €108,644 | €69,303 | -€39,341 | -36.2% |
| Deferred charges and accrued income | 490/1 | €8,323 | €12,028 | +€3,705 | +44.5% |
| Total equity and liabilities | 10/49 | €316,943 | €606,387 | +€289,443 | +91.3% |
| Equity | 10/15 | €289,629 | €272,388 | -€17,241 | -6.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €279,629 | €262,388 | -€17,241 | -6.2% |
| Tax-exempt reserves | 132 | €279,629 | €262,388 | -€17,241 | -6.2% |
| Amounts payable | 17/49 | €27,314 | €333,999 | +€306,684 | +1122.8% |
| Amounts payable after more than one year | 17 | €4,051 | €264,592 | +€260,541 | +6431.1% |
| Financial debts | 170/4 | €4,051 | €264,592 | +€260,541 | +6431.1% |
| Amounts payable within one year | 42/48 | €23,263 | €69,407 | +€46,144 | +198.4% |
| Current portion of amounts payable after more than one year | 42 | €3,306 | €5,757 | +€2,451 | +74.2% |
| Trade debts | 44 | €18,895 | €62,984 | +€44,089 | +233.3% |
| Suppliers | 440/4 | €18,895 | €62,984 | +€44,089 | +233.3% |
| Taxes, remuneration and social security | 45 | €1,062 | €665 | -€397 | -37.4% |
| Remuneration and social security | 454/9 | €1,062 | €665 | -€397 | -37.4% |
| Remuneration, social security and pensions | 62 | €68,876 | €53,807 | -€15,069 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,734 | €14,247 | +€1,512 | +11.9% |
| Other operating charges | 640/8 | €3,207 | €3,701 | +€495 | +15.4% |
| Gross operating margin | 9900 | €241,872 | €168,078 | -€73,794 | -30.5% |
| Operating profit (loss) | 9901 | €157,055 | €96,323 | -€60,732 | -38.7% |
| Financial income | 75/76B | €56 | €14 | -€43 | -76.1% |
| Recurring financial income | 75 | €56 | €14 | -€43 | -76.1% |
| Financial charges | 65/66B | €8,028 | €12,066 | +€4,039 | +50.3% |
| Recurring financial charges | 65 | €8,028 | €12,066 | +€4,039 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €149,084 | €84,270 | -€64,814 | -43.5% |
| Income taxes | 67/77 | €48,880 | €27,268 | -€21,612 | -44.2% |
| Profit (loss) for the period | 9904 | €100,204 | €57,002 | -€43,202 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,204 | €57,002 | -€43,202 | -43.1% |
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 1 October 2026 via checked.be.