Simon Boone: 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.
Simon Boone
Largest movements
- Tangible fixed assets +€247,123
up €247,123 (+38.2%), from €646,246 to €893,369
of which Land and buildings: +€222,827
- Receivables within one year +€78,977
up €78,977 (+80.8%), from €97,717 to €176,694
of which Other amounts receivable: +€82,577
- Cash -€54,410
down €54,410 (-72.9%), from €74,663 to €20,253
mainly Investment in fixed assets (net) (-€298,695) and Receivables within one year (-€78,977)
- Intangible fixed assets -€53,962
down €53,962 (-83.6%), from €64,546 to €10,584
- Debts after one year +€173,953
up €173,953 (+24.4%), from €712,772 to €886,725
of which Financial debts: +€173,850
- Reserves +€30,742
up €30,742 (+72.4%), from €42,456 to €73,198
of which Distributable reserves: +€30,742
- Accrued charges and deferred income +€26,352
up €26,352 (+317.7%), from €8,295 to €34,647
- Other debts -€11,978
down €11,978 (-23.6%), from €50,685 to €38,707
- Depreciation +€11,717
up €11,717 (+12.5%), from €93,817 to €105,534
- Financial charges +€10,070
up €10,070 (+42.9%), from €23,450 to €33,520
- Gross operating margin +€6,173
up €6,173 (+3.4%), from €181,469 to €187,642
- Taxes -€4,968
down €4,968 (-25.6%), from €19,391 to €14,423
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 | €935,811 | €1,155,379 | +€219,568 | +23.5% |
| Fixed assets | 21/28 | €761,762 | €954,923 | +€193,161 | +25.4% |
| Intangible fixed assets | 21 | €64,546 | €10,584 | -€53,962 | -83.6% |
| Tangible fixed assets | 22/27 | €646,246 | €893,369 | +€247,123 | +38.2% |
| Land and buildings | 22 | €438,939 | €661,766 | +€222,827 | +50.8% |
| Plant, machinery and equipment | 23 | €6,948 | €4,850 | -€2,098 | -30.2% |
| Furniture and vehicles | 24 | €76,884 | €79,665 | +€2,781 | +3.6% |
| Other tangible fixed assets | 26 | €18,007 | €147,088 | +€129,081 | +716.8% |
| Assets under construction and advance payments | 27 | €105,468 | - | -€105,468 | |
| Financial fixed assets | 28 | €50,970 | €50,970 | = | 0.0% |
| Current assets | 29/58 | €174,049 | €200,456 | +€26,407 | +15.2% |
| Amounts receivable within one year | 40/41 | €97,717 | €176,694 | +€78,977 | +80.8% |
| Trade receivables | 40 | €4,970 | €1,370 | -€3,600 | -72.4% |
| Other amounts receivable | 41 | €92,747 | €175,324 | +€82,577 | +89.0% |
| Cash at bank and in hand | 54/58 | €74,663 | €20,253 | -€54,410 | -72.9% |
| Deferred charges and accrued income | 490/1 | €1,669 | €3,509 | +€1,840 | +110.2% |
| Total equity and liabilities | 10/49 | €935,811 | €1,155,379 | +€219,568 | +23.5% |
| Equity | 10/15 | €70,739 | €101,481 | +€30,742 | +43.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,456 | €73,198 | +€30,742 | +72.4% |
| Non-distributable reserves | 130/1 | €1,539 | €1,539 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,539 | €1,539 | = | 0.0% |
| Distributable reserves | 133 | €40,917 | €71,659 | +€30,742 | +75.1% |
| Profit (loss) carried forward | 14 | €15,883 | €15,883 | = | 0.0% |
| Amounts payable | 17/49 | €865,072 | €1,053,898 | +€188,826 | +21.8% |
| Amounts payable after more than one year | 17 | €712,772 | €886,725 | +€173,953 | +24.4% |
| Financial debts | 170/4 | €705,172 | €879,022 | +€173,850 | +24.7% |
| Other amounts payable | 178/9 | €7,600 | €7,703 | +€103 | +1.4% |
| Amounts payable within one year | 42/48 | €144,005 | €132,526 | -€11,479 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €86,862 | €82,504 | -€4,358 | -5.0% |
| Trade debts | 44 | €4,922 | €7,244 | +€2,322 | +47.2% |
| Suppliers | 440/4 | €4,922 | €7,244 | +€2,322 | +47.2% |
| Taxes, remuneration and social security | 45 | €1,536 | €4,071 | +€2,535 | +165.0% |
| Taxes | 450/3 | €1,536 | €4,071 | +€2,535 | +165.0% |
| Other amounts payable | 47/48 | €50,685 | €38,707 | -€11,978 | -23.6% |
| Accrued charges and deferred income | 492/3 | €8,295 | €34,647 | +€26,352 | +317.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,817 | €105,534 | +€11,717 | +12.5% |
| Other operating charges | 640/8 | €3,895 | €3,433 | -€462 | -11.9% |
| Gross operating margin | 9900 | €181,469 | €187,642 | +€6,173 | +3.4% |
| Operating profit (loss) | 9901 | €83,757 | €78,675 | -€5,082 | -6.1% |
| Financial income | 75/76B | €1 | €11 | +€10 | +1000.0% |
| Recurring financial income | 75 | €1 | €11 | +€10 | +1000.0% |
| Financial charges | 65/66B | €23,450 | €33,520 | +€10,070 | +42.9% |
| Recurring financial charges | 65 | €23,450 | €33,520 | +€10,070 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €60,308 | €45,166 | -€15,142 | -25.1% |
| Income taxes | 67/77 | €19,391 | €14,423 | -€4,968 | -25.6% |
| Profit (loss) for the period | 9904 | €40,917 | €30,743 | -€10,174 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,917 | €30,743 | -€10,174 | -24.9% |
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 2 October 2026 via checked.be.