Sells: 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.
Sells
Largest movements
- Tangible fixed assets -€22,507
down €22,507 (-7.7%), from €290,571 to €268,064
of which Plant, machinery and equipment: -€23,178
- Receivables within one year -€21,990
down €21,990 (-53.7%), from €40,980 to €18,990
of which Other amounts receivable: -€25,515
- Profit (loss) carried forward -€144,214
down €144,214 (-66.6%), from -€216,554 to -€360,768
- Debts after one year +€100,000
new in 2025: €100,000
- Tax, wage and social debts +€11,456
up €11,456 (+47.1%), from €24,323 to €35,779
of which Remuneration and social security: +€14,700
- Trade debts -€6,784
down €6,784 (-60.5%), from €11,205 to €4,422
- Depreciation +€10,434
up €10,434 (+32.0%), from €32,648 to €43,082
- Staff costs +€7,991
up €7,991 (+5.3%), from €149,670 to €157,661
- Gross operating margin +€5,698
up €5,698 (+10.1%), from €56,269 to €61,966
- Financial charges -€1,183
down €1,183 (-41.3%), from €2,866 to €1,683
- Other operating charges +€671
up €671 (+26.7%), from €2,516 to €3,187
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 | €339,865 | €295,526 | -€44,339 | -13.0% |
| Fixed assets | 21/28 | €290,571 | €268,064 | -€22,507 | -7.7% |
| Tangible fixed assets | 22/27 | €290,571 | €268,064 | -€22,507 | -7.7% |
| Land and buildings | 22 | €206,369 | €197,374 | -€8,994 | -4.4% |
| Plant, machinery and equipment | 23 | €82,013 | €58,836 | -€23,178 | -28.3% |
| Furniture and vehicles | 24 | €2,189 | €11,854 | +€9,665 | +441.5% |
| Current assets | 29/58 | €49,295 | €27,462 | -€21,833 | -44.3% |
| Amounts receivable within one year | 40/41 | €40,980 | €18,990 | -€21,990 | -53.7% |
| Trade receivables | 40 | €15,439 | €18,964 | +€3,525 | +22.8% |
| Other amounts receivable | 41 | €25,541 | €26 | -€25,515 | -99.9% |
| Cash at bank and in hand | 54/58 | €4,883 | €7,738 | +€2,855 | +58.5% |
| Deferred charges and accrued income | 490/1 | €3,432 | €734 | -€2,698 | -78.6% |
| Total equity and liabilities | 10/49 | €339,865 | €295,526 | -€44,339 | -13.0% |
| Equity | 10/15 | €229,569 | €85,355 | -€144,214 | -62.8% |
| Contributions | 10/11 | €78,600 | €78,600 | = | 0.0% |
| Reserves | 13 | €367,523 | €367,523 | = | 0.0% |
| Distributable reserves | 133 | €367,523 | €367,523 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,554 | -€360,768 | -€144,214 | -66.6% |
| Amounts payable | 17/49 | €110,296 | €210,171 | +€99,875 | +90.6% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €105,966 | €107,996 | +€2,030 | +1.9% |
| Trade debts | 44 | €11,205 | €4,422 | -€6,784 | -60.5% |
| Suppliers | 440/4 | €11,205 | €4,422 | -€6,784 | -60.5% |
| Taxes, remuneration and social security | 45 | €24,323 | €35,779 | +€11,456 | +47.1% |
| Taxes | 450/3 | €6,842 | €3,599 | -€3,244 | -47.4% |
| Remuneration and social security | 454/9 | €17,480 | €32,180 | +€14,700 | +84.1% |
| Other amounts payable | 47/48 | €70,438 | €67,795 | -€2,643 | -3.8% |
| Accrued charges and deferred income | 492/3 | €4,330 | €2,175 | -€2,155 | -49.8% |
| Remuneration, social security and pensions | 62 | €149,670 | €157,661 | +€7,991 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,648 | €43,082 | +€10,434 | +32.0% |
| Other operating charges | 640/8 | €2,516 | €3,187 | +€671 | +26.7% |
| Gross operating margin | 9900 | €56,269 | €61,966 | +€5,698 | +10.1% |
| Operating profit (loss) | 9901 | -€128,565 | -€141,964 | -€13,399 | -10.4% |
| Financial charges | 65/66B | €2,866 | €1,683 | -€1,183 | -41.3% |
| Recurring financial charges | 65 | €2,866 | €1,683 | -€1,183 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | -€131,431 | -€143,646 | -€12,215 | -9.3% |
| Income taxes | 67/77 | €666 | €568 | -€98 | -14.7% |
| Profit (loss) for the period | 9904 | -€132,096 | -€144,214 | -€12,118 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,096 | -€144,214 | -€12,118 | -9.2% |
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.