SIGNAL FLOW: 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.
SIGNAL FLOW
Largest movements
- Tangible fixed assets -€12,095
down €12,095 (-7.2%), from €168,922 to €156,827
of which Land and buildings: -€9,900
- Debts after one year -€20,939
down €20,939 (-19.8%), from €105,935 to €84,996
- Other debts +€10,346
up €10,346 (+402%), from €2,576 to €12,922
- Reserves -€2,548
down €2,548 (-4.4%), from €58,364 to €55,816
of which Distributable reserves: -€2,548
- Depreciation -€2,869
down €2,869 (-19.2%), from €14,965 to €12,095
- Taxes +€1,560
up €1,560 (+64.3%), from €2,424 to €3,985
- Gross operating margin +€913
up €913 (+2.9%), from €31,751 to €32,664
- Financial charges -€532
down €532 (-14.0%), from €3,789 to €3,257
- Other operating charges +€352
up €352 (+7.6%), from €4,630 to €4,982
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 | €202,972 | €191,678 | -€11,294 | -5.6% |
| Fixed assets | 21/28 | €169,442 | €157,167 | -€12,275 | -7.2% |
| Tangible fixed assets | 22/27 | €168,922 | €156,827 | -€12,095 | -7.2% |
| Land and buildings | 22 | €162,350 | €152,450 | -€9,900 | -6.1% |
| Plant, machinery and equipment | 23 | €1,716 | €1,028 | -€688 | -40.1% |
| Furniture and vehicles | 24 | €3,254 | €2,204 | -€1,050 | -32.3% |
| Other tangible fixed assets | 26 | €1,603 | €1,145 | -€457 | -28.5% |
| Financial fixed assets | 28 | €520 | €340 | -€180 | -34.6% |
| Current assets | 29/58 | €33,530 | €34,511 | +€982 | +2.9% |
| Amounts receivable within one year | 40/41 | - | €1,379 | +€1,379 | |
| Trade receivables | 40 | - | €1,379 | +€1,379 | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €32,610 | €32,036 | -€575 | -1.8% |
| Deferred charges and accrued income | 490/1 | €919 | €1,096 | +€177 | +19.2% |
| Total equity and liabilities | 10/49 | €202,972 | €191,678 | -€11,294 | -5.6% |
| Equity | 10/15 | €71,992 | €69,444 | -€2,548 | -3.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €58,364 | €55,816 | -€2,548 | -4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €56,504 | €53,956 | -€2,548 | -4.5% |
| Profit (loss) carried forward | 14 | €1,228 | €1,228 | = | 0.0% |
| Amounts payable | 17/49 | €130,980 | €122,234 | -€8,746 | -6.7% |
| Amounts payable after more than one year | 17 | €105,935 | €84,996 | -€20,939 | -19.8% |
| Financial debts | 170/4 | €105,935 | €84,996 | -€20,939 | -19.8% |
| Amounts payable within one year | 42/48 | €25,045 | €37,238 | +€12,193 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €20,390 | €20,939 | +€549 | +2.7% |
| Trade debts | 44 | €1,082 | €1,370 | +€288 | +26.6% |
| Suppliers | 440/4 | €1,082 | €1,370 | +€288 | +26.6% |
| Taxes, remuneration and social security | 45 | €997 | €2,008 | +€1,010 | +101% |
| Taxes | 450/3 | €997 | €2,008 | +€1,010 | +101% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €2,576 | €12,922 | +€10,346 | +402% |
| Remuneration, social security and pensions | 62 | €171 | - | -€171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,965 | €12,095 | -€2,869 | -19.2% |
| Other operating charges | 640/8 | €4,630 | €4,982 | +€352 | +7.6% |
| Gross operating margin | 9900 | €31,751 | €32,664 | +€913 | +2.9% |
| Operating profit (loss) | 9901 | €11,985 | €15,586 | +€3,601 | +30.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.4% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.4% |
| Financial charges | 65/66B | €3,789 | €3,257 | -€532 | -14.0% |
| Recurring financial charges | 65 | €3,789 | €3,257 | -€532 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €8,198 | €12,330 | +€4,131 | +50.4% |
| Income taxes | 67/77 | €2,424 | €3,985 | +€1,560 | +64.3% |
| Profit (loss) for the period | 9904 | €5,774 | €8,345 | +€2,571 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,774 | €8,345 | +€2,571 | +44.5% |
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 24 October 2026 via checked.be.