ROB DILLEN: 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.
ROB DILLEN
Largest movements
- Stocks and contracts +€421,506
up €421,506 (+193%), from €218,218 to €639,723
- Cash -€91,229
down €91,229 (-86.0%), from €106,033 to €14,804
mainly Stocks and contracts (-€421,506) and Debts after one year (-€109,478)
- Tangible fixed assets -€89,583
down €89,583 (-4.8%), from €1.9m to €1.8m
of which Land and buildings: -€83,773
- Short-term financial debts +€233,000
up €233,000 (+91.4%), from €255,000 to €488,000
- Debts after one year -€109,478
down €109,478 (-9.3%), from €1.2m to €1.1m
- Reserves +€95,716
up €95,716 (+16.3%), from €587,882 to €683,599
- Tax, wage and social debts +€39,253
up €39,253 (+222%), from €17,653 to €56,906
of which Taxes: +€37,429
- Gross operating margin +€44,574
up €44,574 (+23.8%), from €186,936 to €231,510
- Taxes +€15,780
up €15,780 (+83.0%), from €19,008 to €34,788
- Financial charges -€8,488
down €8,488 (-25.1%), from €33,829 to €25,341
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 | €2,341,748 | €2,570,158 | +€228,409 | +9.8% |
| Fixed assets | 21/28 | €1,878,743 | €1,789,159 | -€89,583 | -4.8% |
| Tangible fixed assets | 22/27 | €1,878,743 | €1,789,159 | -€89,583 | -4.8% |
| Land and buildings | 22 | €1,853,886 | €1,770,113 | -€83,773 | -4.5% |
| Plant, machinery and equipment | 23 | €20,686 | €16,546 | -€4,140 | -20.0% |
| Furniture and vehicles | 24 | €4,170 | €2,500 | -€1,670 | -40.0% |
| Current assets | 29/58 | €463,006 | €780,998 | +€317,992 | +68.7% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €218,218 | €639,723 | +€421,506 | +193% |
| Stocks | 30/36 | €218,218 | €639,723 | +€421,506 | +193% |
| Amounts receivable within one year | 40/41 | €103,755 | €91,471 | -€12,285 | -11.8% |
| Trade receivables | 40 | €98,605 | €40,015 | -€58,590 | -59.4% |
| Other amounts receivable | 41 | €5,150 | €51,456 | +€46,305 | +899% |
| Cash at bank and in hand | 54/58 | €106,033 | €14,804 | -€91,229 | -86.0% |
| Total equity and liabilities | 10/49 | €2,341,748 | €2,570,158 | +€228,409 | +9.8% |
| Equity | 10/15 | €604,800 | €700,516 | +€95,716 | +15.8% |
| Contributions | 10/11 | €16,918 | €16,918 | = | 0.0% |
| Reserves | 13 | €587,882 | €683,599 | +€95,716 | +16.3% |
| Distributable reserves | 133 | €587,882 | €683,599 | +€95,716 | +16.3% |
| Amounts payable | 17/49 | €1,736,948 | €1,869,641 | +€132,693 | +7.6% |
| Amounts payable after more than one year | 17 | €1,177,589 | €1,068,111 | -€109,478 | -9.3% |
| Financial debts | 170/4 | €1,177,589 | €1,068,111 | -€109,478 | -9.3% |
| Amounts payable within one year | 42/48 | €557,549 | €801,530 | +€243,981 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €87,668 | €86,583 | -€1,085 | -1.2% |
| Financial debts | 43 | €255,000 | €488,000 | +€233,000 | +91.4% |
| Credit institutions | 430/8 | €255,000 | €488,000 | +€233,000 | +91.4% |
| Trade debts | 44 | €63,699 | €45,818 | -€17,882 | -28.1% |
| Suppliers | 440/4 | €63,699 | €45,818 | -€17,882 | -28.1% |
| Taxes, remuneration and social security | 45 | €17,653 | €56,906 | +€39,253 | +222% |
| Taxes | 450/3 | €17,653 | €55,082 | +€37,429 | +212% |
| Remuneration and social security | 454/9 | €0 | €1,824 | +€1,824 | |
| Other amounts payable | 47/48 | €133,528 | €124,223 | -€9,305 | -7.0% |
| Accrued charges and deferred income | 492/3 | €1,810 | €0 | -€1,810 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,476 | €64,583 | +€2,107 | +3.4% |
| Other operating charges | 640/8 | €10,814 | €11,645 | +€831 | +7.7% |
| Gross operating margin | 9900 | €186,936 | €231,510 | +€44,574 | +23.8% |
| Operating profit (loss) | 9901 | €113,646 | €155,282 | +€41,636 | +36.6% |
| Financial income | 75/76B | - | €563 | +€563 | |
| Recurring financial income | 75 | - | €563 | +€563 | |
| Financial charges | 65/66B | €33,829 | €25,341 | -€8,488 | -25.1% |
| Recurring financial charges | 65 | €33,829 | €25,341 | -€8,488 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €79,817 | €130,504 | +€50,687 | +63.5% |
| Income taxes | 67/77 | €19,008 | €34,788 | +€15,780 | +83.0% |
| Profit (loss) for the period | 9904 | €60,809 | €95,716 | +€34,907 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,809 | €95,716 | +€34,907 | +57.4% |
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 16 October 2026 via checked.be.