S CREATION: 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.
S CREATION
Largest movements
- Tangible fixed assets -€116,674
down €116,674 (-15.1%), from €772,037 to €655,363
of which Leasing and similar rights: -€126,569
- Receivables within one year +€94,095
up €94,095 (+102.7%), from €91,655 to €185,751
of which Trade receivables: +€65,385
- Debts after one year -€118,132
down €118,132 (-19.7%), from €598,667 to €480,535
- Trade debts +€69,609
up €69,609 (+199.6%), from €34,872 to €104,481
- Tax, wage and social debts +€11,348
up €11,348 (+173.2%), from €6,554 to €17,902
of which Remuneration and social security: +€10,001
- Gross operating margin +€94,917
up €94,917 (+44.9%), from €211,317 to €306,234
- Staff costs +€76,221
up €76,221 (+389.1%), from €19,590 to €95,811
- Depreciation +€51,304
up €51,304 (+43.2%), from €118,828 to €170,131
- Financial charges +€6,817
up €6,817 (+34.7%), from €19,659 to €26,476
- Taxes -€4,954
down €4,954 (-57.2%), from €8,662 to €3,708
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 | €1,020,000 | €997,932 | -€22,068 | -2.2% |
| Fixed assets | 21/28 | €776,648 | €659,863 | -€116,785 | -15.0% |
| Intangible fixed assets | 21 | €111 | - | -€111 | |
| Tangible fixed assets | 22/27 | €772,037 | €655,363 | -€116,674 | -15.1% |
| Plant, machinery and equipment | 23 | €41,188 | €42,146 | +€958 | +2.3% |
| Furniture and vehicles | 24 | €1,097 | €10,034 | +€8,937 | +815.0% |
| Leasing and similar rights | 25 | €729,752 | €603,183 | -€126,569 | -17.3% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €243,352 | €338,069 | +€94,717 | +38.9% |
| Stocks and contracts in progress | 3 | €60,705 | €56,955 | -€3,750 | -6.2% |
| Stocks | 30/36 | €11,500 | €10,000 | -€1,500 | -13.0% |
| Contracts in progress | 37 | €49,205 | €46,955 | -€2,250 | -4.6% |
| Amounts receivable within one year | 40/41 | €91,655 | €185,751 | +€94,095 | +102.7% |
| Trade receivables | 40 | €77,041 | €142,426 | +€65,385 | +84.9% |
| Other amounts receivable | 41 | €14,615 | €43,325 | +€28,710 | +196.4% |
| Cash at bank and in hand | 54/58 | €85,252 | €88,704 | +€3,453 | +4.0% |
| Deferred charges and accrued income | 490/1 | €5,739 | €6,658 | +€919 | +16.0% |
| Total equity and liabilities | 10/49 | €1,020,000 | €997,932 | -€22,068 | -2.2% |
| Equity | 10/15 | €175,519 | €183,290 | +€7,771 | +4.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €160,519 | €168,290 | +€7,771 | +4.8% |
| Distributable reserves | 133 | €160,519 | €168,290 | +€7,771 | +4.8% |
| Amounts payable | 17/49 | €844,481 | €814,643 | -€29,838 | -3.5% |
| Amounts payable after more than one year | 17 | €598,667 | €480,535 | -€118,132 | -19.7% |
| Financial debts | 170/4 | €598,667 | €480,535 | -€118,132 | -19.7% |
| Amounts payable within one year | 42/48 | €245,814 | €334,107 | +€88,294 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | €142,183 | €149,520 | +€7,337 | +5.2% |
| Trade debts | 44 | €34,872 | €104,481 | +€69,609 | +199.6% |
| Suppliers | 440/4 | €34,872 | €104,481 | +€69,609 | +199.6% |
| Taxes, remuneration and social security | 45 | €6,554 | €17,902 | +€11,348 | +173.2% |
| Taxes | 450/3 | €4,168 | €5,515 | +€1,347 | +32.3% |
| Remuneration and social security | 454/9 | €2,386 | €12,387 | +€10,001 | +419.2% |
| Other amounts payable | 47/48 | €62,205 | €62,205 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €19,590 | €95,811 | +€76,221 | +389.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,828 | €170,131 | +€51,304 | +43.2% |
| Other operating charges | 640/8 | €2,015 | €2,532 | +€517 | +25.7% |
| Non-recurring operating charges | 66A | €12,633 | - | -€12,633 | |
| Gross operating margin | 9900 | €211,317 | €306,234 | +€94,917 | +44.9% |
| Operating profit (loss) | 9901 | €58,251 | €37,760 | -€20,491 | -35.2% |
| Financial income | 75/76B | €388 | €195 | -€193 | -49.7% |
| Recurring financial income | 75 | €388 | €195 | -€193 | -49.7% |
| Financial charges | 65/66B | €19,659 | €26,476 | +€6,817 | +34.7% |
| Recurring financial charges | 65 | €19,659 | €26,476 | +€6,817 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €38,980 | €11,479 | -€27,501 | -70.6% |
| Income taxes | 67/77 | €8,662 | €3,708 | -€4,954 | -57.2% |
| Profit (loss) for the period | 9904 | €30,318 | €7,771 | -€22,547 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,318 | €7,771 | -€22,547 | -74.4% |
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 9 October 2026 via checked.be.