SIGN-UP: 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.
SIGN-UP
Largest movements
- Cash -€122,317
down €122,317 (-47.6%), from €257,155 to €134,838
mainly Contributions, distributions and other (-€606,005) and Other debts (-€170,000)
- Receivables within one year -€107,486
down €107,486 (-18.0%), from €596,344 to €488,857
of which Trade receivables: -€97,014
- Stocks and contracts -€64,344
down €64,344 (-24.5%), from €263,164 to €198,820
- Current investments +€23,970
up €23,970 (+142%), from €16,883 to €40,853
- Other debts -€170,000
down €170,000 (-21.9%), from €775,227 to €605,227
- Debts after one year -€71,429
down €71,429 (-85.7%), from €83,333 to €11,905
- Tax, wage and social debts -€41,454
down €41,454 (-31.4%), from €131,979 to €90,525
of which Taxes: -€41,338
- Provisions +€23,635
up €23,635 (+101%), from €23,411 to €47,046
of which Provisions for liabilities and charges: +€23,970
- Trade debts -€15,302
down €15,302 (-10.1%), from €152,038 to €136,736
- Gross operating margin -€237,670
down €237,670 (-13.4%), from €1.8m to €1.5m
- Taxes -€70,544
down €70,544 (-28.1%), from €251,322 to €180,778
- Provisions +€26,821
up €26,821, from -€2,851 to €23,970
- Depreciation -€19,361
down €19,361 (-43.6%), from €44,436 to €25,075
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
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 | €1,466,850 | €1,182,183 | -€284,666 | -19.4% |
| Fixed assets | 21/28 | €330,649 | €317,553 | -€13,095 | -4.0% |
| Tangible fixed assets | 22/27 | €325,184 | €312,088 | -€13,095 | -4.0% |
| Land and buildings | 22 | €290,725 | €280,451 | -€10,274 | -3.5% |
| Plant, machinery and equipment | 23 | €7,218 | €5,717 | -€1,501 | -20.8% |
| Furniture and vehicles | 24 | €27,240 | €25,920 | -€1,320 | -4.8% |
| Financial fixed assets | 28 | €5,465 | €5,465 | = | 0.0% |
| Current assets | 29/58 | €1,136,201 | €864,630 | -€271,571 | -23.9% |
| Stocks and contracts in progress | 3 | €263,164 | €198,820 | -€64,344 | -24.5% |
| Stocks | 30/36 | €263,164 | €198,820 | -€64,344 | -24.5% |
| Amounts receivable within one year | 40/41 | €596,344 | €488,857 | -€107,486 | -18.0% |
| Trade receivables | 40 | €584,058 | €487,045 | -€97,014 | -16.6% |
| Other amounts receivable | 41 | €12,286 | €1,813 | -€10,473 | -85.2% |
| Current investments | 50/53 | €16,883 | €40,853 | +€23,970 | +142% |
| Cash at bank and in hand | 54/58 | €257,155 | €134,838 | -€122,317 | -47.6% |
| Deferred charges and accrued income | 490/1 | €2,655 | €1,261 | -€1,394 | -52.5% |
| Total equity and liabilities | 10/49 | €1,466,850 | €1,182,183 | -€284,666 | -19.4% |
| Equity | 10/15 | €229,434 | €219,317 | -€10,117 | -4.4% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €16,200 | €16,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,285 | €3,173 | -€9,112 | -74.2% |
| Investment grants | 15 | €38,949 | €37,944 | -€1,005 | -2.6% |
| Provisions and deferred taxes | 16 | €23,411 | €47,046 | +€23,635 | +101% |
| Provisions for liabilities and charges | 160/5 | €16,883 | €40,853 | +€23,970 | +142% |
| Environmental obligations | 163 | €16,883 | €40,853 | +€23,970 | +142% |
| Deferred taxes | 168 | €6,527 | €6,192 | -€335 | -5.1% |
| Amounts payable | 17/49 | €1,214,005 | €915,821 | -€298,184 | -24.6% |
| Amounts payable after more than one year | 17 | €83,333 | €11,905 | -€71,429 | -85.7% |
| Financial debts | 170/4 | €83,333 | €11,905 | -€71,429 | -85.7% |
| Amounts payable within one year | 42/48 | €1,130,672 | €903,916 | -€226,755 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €71,429 | €71,429 | = | 0.0% |
| Trade debts | 44 | €152,038 | €136,736 | -€15,302 | -10.1% |
| Suppliers | 440/4 | €152,038 | €136,736 | -€15,302 | -10.1% |
| Taxes, remuneration and social security | 45 | €131,979 | €90,525 | -€41,454 | -31.4% |
| Taxes | 450/3 | €96,000 | €54,662 | -€41,338 | -43.1% |
| Remuneration and social security | 454/9 | €35,979 | €35,863 | -€115 | -0.3% |
| Other amounts payable | 47/48 | €775,227 | €605,227 | -€170,000 | -21.9% |
| Non-recurring operating income | 76A | €7,851 | - | -€7,851 | |
| Remuneration, social security and pensions | 62 | €693,462 | €700,915 | +€7,454 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,436 | €25,075 | -€19,361 | -43.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,851 | €23,970 | +€26,821 | |
| Other operating charges | 640/8 | €11,953 | €8,017 | -€3,936 | -32.9% |
| Gross operating margin | 9900 | €1,775,410 | €1,537,740 | -€237,670 | -13.4% |
| Operating profit (loss) | 9901 | €1,028,410 | €779,762 | -€248,648 | -24.2% |
| Financial income | 75/76B | €1,279 | €1,118 | -€161 | -12.6% |
| Recurring financial income | 75 | €1,279 | €1,118 | -€161 | -12.6% |
| Financial charges | 65/66B | €9,015 | €4,550 | -€4,465 | -49.5% |
| Recurring financial charges | 65 | €9,015 | €4,550 | -€4,465 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €1,020,674 | €776,331 | -€244,344 | -23.9% |
| Transfer from deferred taxes | 780 | €335 | €335 | = | 0.0% |
| Income taxes | 67/77 | €251,322 | €180,778 | -€70,544 | -28.1% |
| Profit (loss) for the period | 9904 | €769,687 | €595,888 | -€173,800 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €769,687 | €595,888 | -€173,800 | -22.6% |
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 23 October 2026 via checked.be.