SCREEN + GRAFICAL: 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.
SCREEN + GRAFICAL
Largest movements
- Receivables within one year +€271,455
up €271,455 (+47.6%), from €570,018 to €841,472
of which Trade receivables: +€273,878
- Cash -€164,474
down €164,474 (-23.9%), from €686,816 to €522,343
mainly Receivables within one year (-€271,455) and Investment in fixed assets (net) (-€163,091)
- Tangible fixed assets -€41,335
down €41,335 (-6.0%), from €691,693 to €650,357
of which Leasing and similar rights: -€58,292
- Reserves +€228,505
up €228,505 (+20.9%), from €1.1m to €1.3m
of which Distributable reserves: +€228,505
- Trade debts +€163,451
up €163,451 (+75.7%), from €215,833 to €379,284
- Other debts -€114,791
down €114,791 (-99.6%), from €115,261 to €470
- Debts after one year -€82,601
down €82,601 (-52.6%), from €157,164 to €74,563
- Tax, wage and social debts -€49,255
down €49,255 (-52.7%), from €93,437 to €44,183
of which Taxes: -€48,755
- Gross operating margin +€45,643
up €45,643 (+4.6%), from €1.0m to €1.0m
- Staff costs +€33,154
up €33,154 (+7.2%), from €462,028 to €495,182
- Depreciation +€19,733
up €19,733 (+10.7%), from €184,693 to €204,427
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 | €2,024,001 | €2,106,688 | +€82,687 | +4.1% |
| Fixed assets | 21/28 | €691,745 | €650,409 | -€41,335 | -6.0% |
| Tangible fixed assets | 22/27 | €691,693 | €650,357 | -€41,335 | -6.0% |
| Land and buildings | 22 | €228,923 | €217,416 | -€11,507 | -5.0% |
| Plant, machinery and equipment | 23 | €252,551 | €311,284 | +€58,732 | +23.3% |
| Furniture and vehicles | 24 | €107,409 | €77,140 | -€30,269 | -28.2% |
| Leasing and similar rights | 25 | €102,809 | €44,517 | -€58,292 | -56.7% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €1,332,256 | €1,456,278 | +€124,022 | +9.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €48,366 | €68,371 | +€20,005 | +41.4% |
| Stocks | 30/36 | €48,366 | €68,371 | +€20,005 | +41.4% |
| Amounts receivable within one year | 40/41 | €570,018 | €841,472 | +€271,455 | +47.6% |
| Trade receivables | 40 | €551,923 | €825,801 | +€273,878 | +49.6% |
| Other amounts receivable | 41 | €18,094 | €15,671 | -€2,423 | -13.4% |
| Cash at bank and in hand | 54/58 | €686,816 | €522,343 | -€164,474 | -23.9% |
| Deferred charges and accrued income | 490/1 | €27,056 | €24,093 | -€2,963 | -11.0% |
| Total equity and liabilities | 10/49 | €2,024,001 | €2,106,688 | +€82,687 | +4.1% |
| Equity | 10/15 | €1,285,325 | €1,513,830 | +€228,505 | +17.8% |
| Contributions | 10/11 | €43,592 | €43,592 | = | 0.0% |
| Reserves | 13 | €1,093,057 | €1,321,562 | +€228,505 | +20.9% |
| Tax-exempt reserves | 132 | €6,107 | €6,107 | = | 0.0% |
| Distributable reserves | 133 | €1,086,951 | €1,315,455 | +€228,505 | +21.0% |
| Profit (loss) carried forward | 14 | €148,676 | €148,676 | = | 0.0% |
| Amounts payable | 17/49 | €738,676 | €592,858 | -€145,818 | -19.7% |
| Amounts payable after more than one year | 17 | €157,164 | €74,563 | -€82,601 | -52.6% |
| Financial debts | 170/4 | €157,164 | €74,563 | -€82,601 | -52.6% |
| Amounts payable within one year | 42/48 | €581,512 | €506,537 | -€74,974 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €121,100 | €82,601 | -€38,499 | -31.8% |
| Trade debts | 44 | €215,833 | €379,284 | +€163,451 | +75.7% |
| Suppliers | 440/4 | €215,833 | €379,284 | +€163,451 | +75.7% |
| Advances received on contracts in progress | 46 | €35,881 | €0 | -€35,881 | -100.0% |
| Taxes, remuneration and social security | 45 | €93,437 | €44,183 | -€49,255 | -52.7% |
| Taxes | 450/3 | €55,282 | €6,527 | -€48,755 | -88.2% |
| Remuneration and social security | 454/9 | €38,156 | €37,656 | -€500 | -1.3% |
| Other amounts payable | 47/48 | €115,261 | €470 | -€114,791 | -99.6% |
| Accrued charges and deferred income | 492/3 | - | €11,758 | +€11,758 | |
| Remuneration, social security and pensions | 62 | €462,028 | €495,182 | +€33,154 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,693 | €204,427 | +€19,733 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100 | €1,336 | +€1,236 | +1236.0% |
| Other operating charges | 640/8 | €12,440 | €11,555 | -€885 | -7.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,002,870 | €1,048,513 | +€45,643 | +4.6% |
| Operating profit (loss) | 9901 | €343,609 | €336,013 | -€7,596 | -2.2% |
| Financial income | 75/76B | €4,558 | €1,228 | -€3,330 | -73.1% |
| Recurring financial income | 75 | €4,558 | €1,228 | -€3,330 | -73.1% |
| Financial charges | 65/66B | €8,468 | €6,947 | -€1,521 | -18.0% |
| Recurring financial charges | 65 | €8,468 | €6,947 | -€1,521 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €339,698 | €330,294 | -€9,404 | -2.8% |
| Income taxes | 67/77 | €106,595 | €101,789 | -€4,805 | -4.5% |
| Profit (loss) for the period | 9904 | €233,104 | €228,505 | -€4,599 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €233,104 | €228,505 | -€4,599 | -2.0% |
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 8 October 2026 via checked.be.