RUBEN VANOVERBEKE: 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.
RUBEN VANOVERBEKE
Largest movements
- Tangible fixed assets +€22,742
up €22,742 (+15.0%), from €151,411 to €174,153
of which Leasing and similar rights: +€54,477
- Receivables within one year +€3,243
up €3,243 (+8.1%), from €40,253 to €43,497
of which Trade receivables: +€1,905
- Stocks and contracts +€3,038
up €3,038 (+4.3%), from €70,000 to €73,038
of which Stocks: +€5,000
- Debts after one year +€61,096
up €61,096 (+90.0%), from €67,867 to €128,963
- Profit (loss) carried forward -€44,787
new in 2025: -€44,787
- Current portion of long-term debt +€19,951
up €19,951 (+78.6%), from €25,391 to €45,342
- Other debts -€8,781
down €8,781 (-32.1%), from €27,320 to €18,539
- Short-term financial debts -€4,751
down €4,751 (-10.7%), from €44,609 to €39,858
- Gross operating margin -€46,466
down €46,466 (-91.9%), from €50,574 to €4,108
- Depreciation +€5,924
up €5,924 (+18.5%), from €31,942 to €37,866
- Financial charges +€2,123
up €2,123 (+36.8%), from €5,773 to €7,896
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,563 | €294,136 | +€29,573 | +11.2% |
| Fixed assets | 21/28 | €153,329 | €175,464 | +€22,134 | +14.4% |
| Intangible fixed assets | 21 | €1,918 | €1,311 | -€608 | -31.7% |
| Tangible fixed assets | 22/27 | €151,411 | €174,153 | +€22,742 | +15.0% |
| Land and buildings | 22 | €120,315 | €110,318 | -€9,996 | -8.3% |
| Plant, machinery and equipment | 23 | €17,886 | €8,117 | -€9,769 | -54.6% |
| Furniture and vehicles | 24 | €13,210 | €1,241 | -€11,969 | -90.6% |
| Leasing and similar rights | 25 | - | €54,477 | +€54,477 | |
| Current assets | 29/58 | €111,233 | €118,672 | +€7,439 | +6.7% |
| Stocks and contracts in progress | 3 | €70,000 | €73,038 | +€3,038 | +4.3% |
| Stocks | 30/36 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Contracts in progress | 37 | €35,000 | €33,038 | -€1,962 | -5.6% |
| Amounts receivable within one year | 40/41 | €40,253 | €43,497 | +€3,243 | +8.1% |
| Trade receivables | 40 | €36,357 | €38,261 | +€1,905 | +5.2% |
| Other amounts receivable | 41 | €3,897 | €5,235 | +€1,339 | +34.4% |
| Deferred charges and accrued income | 490/1 | €980 | €2,137 | +€1,158 | +118% |
| Total equity and liabilities | 10/49 | €264,563 | €294,136 | +€29,573 | +11.2% |
| Equity | 10/15 | €45,126 | €340 | -€44,787 | -99.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €38,926 | €38,926 | = | 0.0% |
| Non-distributable reserves | 130/1 | €578 | €578 | = | 0.0% |
| Reserves not available under the articles | 1311 | €578 | €578 | = | 0.0% |
| Distributable reserves | 133 | €38,349 | €38,349 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€44,787 | -€44,787 | |
| Amounts payable | 17/49 | €219,436 | €293,796 | +€74,360 | +33.9% |
| Amounts payable after more than one year | 17 | €67,867 | €128,963 | +€61,096 | +90.0% |
| Financial debts | 170/4 | €67,867 | €128,963 | +€61,096 | +90.0% |
| Amounts payable within one year | 42/48 | €151,561 | €164,824 | +€13,264 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €25,391 | €45,342 | +€19,951 | +78.6% |
| Financial debts | 43 | €44,609 | €39,858 | -€4,751 | -10.7% |
| Credit institutions | 430/8 | €44,609 | €39,858 | -€4,751 | -10.7% |
| Trade debts | 44 | €49,922 | €53,421 | +€3,499 | +7.0% |
| Suppliers | 440/4 | €49,922 | €53,421 | +€3,499 | +7.0% |
| Advances received on contracts in progress | 46 | €2,500 | €5,795 | +€3,295 | +132% |
| Taxes, remuneration and social security | 45 | €1,819 | €1,869 | +€51 | +2.8% |
| Taxes | 450/3 | €1,819 | €1,869 | +€51 | +2.8% |
| Other amounts payable | 47/48 | €27,320 | €18,539 | -€8,781 | -32.1% |
| Accrued charges and deferred income | 492/3 | €8 | €8 | +€0 | +2.1% |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,942 | €37,866 | +€5,924 | +18.5% |
| Other operating charges | 640/8 | €3,230 | €2,898 | -€333 | -10.3% |
| Gross operating margin | 9900 | €50,574 | €4,108 | -€46,466 | -91.9% |
| Operating profit (loss) | 9901 | €15,401 | -€36,656 | -€52,057 | |
| Financial income | 75/76B | €88 | €486 | +€398 | +451% |
| Recurring financial income | 75 | €88 | €486 | +€398 | +451% |
| Financial charges | 65/66B | €5,773 | €7,896 | +€2,123 | +36.8% |
| Recurring financial charges | 65 | €5,773 | €7,896 | +€2,123 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €9,716 | -€44,066 | -€53,782 | |
| Income taxes | 67/77 | €1,055 | €721 | -€334 | -31.7% |
| Profit (loss) for the period | 9904 | €8,661 | -€44,787 | -€53,447 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,661 | -€44,787 | -€53,447 |
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 27 October 2026 via checked.be.