S23: 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.
S23
Largest movements
- Cash -€62,769
down €62,769 (-53.3%), from €117,816 to €55,047
mainly Trade debts (-€129,431) and Investment in fixed assets (net) (-€57,465)
- Tangible fixed assets +€32,124
up €32,124 (+5.0%), from €642,396 to €674,520
of which Plant, machinery and equipment: +€17,937
- Trade debts -€129,431
down €129,431 (-86.2%), from €150,200 to €20,769
- Debts after one year +€105,956
up €105,956 (+24.3%), from €435,695 to €541,651
- Profit (loss) carried forward -€11,298
down €11,298 (-18.9%), from -€59,901 to -€71,200
- Other debts -€11,068
down €11,068 (-6.8%), from €162,824 to €151,756
- Current portion of long-term debt +€10,538
up €10,538 (+72.8%), from €14,468 to €25,006
- Gross operating margin +€48,765
up €48,765, from -€10,830 to €37,936
- Depreciation -€9,623
down €9,623 (-27.5%), from €34,964 to €25,341
- Financial charges +€5,553
up €5,553 (+40.5%), from €13,720 to €19,274
- Other operating charges +€4,239
up €4,239 (+1094.5%), from €387 to €4,627
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 | €763,285 | €730,463 | -€32,822 | -4.3% |
| Fixed assets | 21/28 | €642,396 | €674,520 | +€32,124 | +5.0% |
| Tangible fixed assets | 22/27 | €642,396 | €674,520 | +€32,124 | +5.0% |
| Land and buildings | 22 | €624,673 | €639,447 | +€14,774 | +2.4% |
| Plant, machinery and equipment | 23 | €14,834 | €32,771 | +€17,937 | +120.9% |
| Furniture and vehicles | 24 | €2,889 | €2,302 | -€587 | -20.3% |
| Current assets | 29/58 | €120,889 | €55,943 | -€64,946 | -53.7% |
| Amounts receivable within one year | 40/41 | €3,073 | €519 | -€2,554 | -83.1% |
| Trade receivables | 40 | - | €519 | +€519 | |
| Other amounts receivable | 41 | €3,073 | - | -€3,073 | |
| Cash at bank and in hand | 54/58 | €117,816 | €55,047 | -€62,769 | -53.3% |
| Deferred charges and accrued income | 490/1 | - | €377 | +€377 | |
| Total equity and liabilities | 10/49 | €763,285 | €730,463 | -€32,822 | -4.3% |
| Equity | 10/15 | €99 | -€11,200 | -€11,298 | |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,901 | -€71,200 | -€11,298 | -18.9% |
| Amounts payable | 17/49 | €763,187 | €741,663 | -€21,524 | -2.8% |
| Amounts payable after more than one year | 17 | €435,695 | €541,651 | +€105,956 | +24.3% |
| Financial debts | 170/4 | €435,695 | €541,651 | +€105,956 | +24.3% |
| Amounts payable within one year | 42/48 | €327,492 | €200,012 | -€127,481 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €14,468 | €25,006 | +€10,538 | +72.8% |
| Trade debts | 44 | €150,200 | €20,769 | -€129,431 | -86.2% |
| Suppliers | 440/4 | €150,200 | €20,769 | -€129,431 | -86.2% |
| Taxes, remuneration and social security | 45 | - | €2,480 | +€2,480 | |
| Taxes | 450/3 | - | €2,480 | +€2,480 | |
| Other amounts payable | 47/48 | €162,824 | €151,756 | -€11,068 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,964 | €25,341 | -€9,623 | -27.5% |
| Other operating charges | 640/8 | €387 | €4,627 | +€4,239 | +1094.5% |
| Gross operating margin | 9900 | -€10,830 | €37,936 | +€48,765 | |
| Operating profit (loss) | 9901 | -€46,181 | €7,968 | +€54,149 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €13,720 | €19,274 | +€5,553 | +40.5% |
| Recurring financial charges | 65 | €13,720 | €19,274 | +€5,553 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | -€59,901 | -€11,298 | +€48,603 | +81.1% |
| Profit (loss) for the period | 9904 | -€59,901 | -€11,298 | +€48,603 | +81.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,901 | -€11,298 | +€48,603 | +81.1% |
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 4 October 2026 via checked.be.