Skip: 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.
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Largest movements
- Tangible fixed assets +€37,083
up €37,083 (+53.5%), from €69,369 to €106,451
of which Assets under construction and advance payments: +€47,787
- Stocks and contracts +€18,501
up €18,501 (+13.2%), from €139,844 to €158,345
- Receivables within one year +€7,510
up €7,510 (+1059.6%), from €709 to €8,219
of which Trade receivables: +€7,510
- Cash +€5,429
up €5,429, from €0 to €5,429
mainly Other debts (+€44,864) and Trade debts (+€22,021)
- Other debts +€44,864
up €44,864 (+27.4%), from €163,792 to €208,656
- Trade debts +€22,021
up €22,021 (+2934.7%), from €750 to €22,771
- Gross operating margin -€12,154
down €12,154 (-60.4%), from €20,118 to €7,964
- Depreciation -€6,955
down €6,955 (-59.7%), from €11,652 to €4,697
- Taxes -€1,775
down €1,775 (-90.3%), from €1,966 to €191
- Financial income -€242
down €242 (-71.4%), from €340 to €97
- Other operating charges -€241
down €241 (-25.3%), from €954 to €712
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 | €210,902 | €278,581 | +€67,680 | +32.1% |
| Fixed assets | 21/28 | €69,369 | €106,451 | +€37,083 | +53.5% |
| Tangible fixed assets | 22/27 | €69,369 | €106,451 | +€37,083 | +53.5% |
| Land and buildings | 22 | €17,414 | €15,906 | -€1,507 | -8.7% |
| Plant, machinery and equipment | 23 | €262 | €209 | -€53 | -20.3% |
| Furniture and vehicles | 24 | €9,623 | €480 | -€9,143 | -95.0% |
| Assets under construction and advance payments | 27 | €42,070 | €89,857 | +€47,787 | +113.6% |
| Current assets | 29/58 | €141,533 | €172,130 | +€30,597 | +21.6% |
| Stocks and contracts in progress | 3 | €139,844 | €158,345 | +€18,501 | +13.2% |
| Stocks | 30/36 | €139,844 | €158,345 | +€18,501 | +13.2% |
| Amounts receivable within one year | 40/41 | €709 | €8,219 | +€7,510 | +1059.6% |
| Trade receivables | 40 | - | €7,510 | +€7,510 | |
| Other amounts receivable | 41 | €709 | €709 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €0 | €5,429 | +€5,429 | |
| Deferred charges and accrued income | 490/1 | €981 | €138 | -€843 | -85.9% |
| Total equity and liabilities | 10/49 | €210,902 | €278,581 | +€67,680 | +32.1% |
| Equity | 10/15 | €36,467 | €38,380 | +€1,912 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,867 | €19,780 | +€1,912 | +10.7% |
| Distributable reserves | 133 | €17,867 | €19,780 | +€1,912 | +10.7% |
| Amounts payable | 17/49 | €174,434 | €240,202 | +€65,768 | +37.7% |
| Amounts payable within one year | 42/48 | €174,434 | €240,202 | +€65,768 | +37.7% |
| Financial debts | 43 | €21 | - | -€21 | |
| Credit institutions | 430/8 | €21 | - | -€21 | |
| Trade debts | 44 | €750 | €22,771 | +€22,021 | +2934.7% |
| Suppliers | 440/4 | €750 | €22,771 | +€22,021 | +2934.7% |
| Taxes, remuneration and social security | 45 | €9,871 | €8,774 | -€1,097 | -11.1% |
| Taxes | 450/3 | €9,871 | €8,774 | -€1,097 | -11.1% |
| Other amounts payable | 47/48 | €163,792 | €208,656 | +€44,864 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,652 | €4,697 | -€6,955 | -59.7% |
| Other operating charges | 640/8 | €954 | €712 | -€241 | -25.3% |
| Gross operating margin | 9900 | €20,118 | €7,964 | -€12,154 | -60.4% |
| Operating profit (loss) | 9901 | €7,512 | €2,555 | -€4,958 | -66.0% |
| Financial income | 75/76B | €340 | €97 | -€242 | -71.4% |
| Recurring financial income | 75 | €340 | €97 | -€242 | -71.4% |
| Financial charges | 65/66B | €409 | €548 | +€139 | +34.0% |
| Recurring financial charges | 65 | €409 | €548 | +€139 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €7,443 | €2,104 | -€5,339 | -71.7% |
| Income taxes | 67/77 | €1,966 | €191 | -€1,775 | -90.3% |
| Profit (loss) for the period | 9904 | €5,477 | €1,912 | -€3,564 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,477 | €1,912 | -€3,564 | -65.1% |
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.