SOLUTION: 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.
SOLUTION
Largest movements
- Receivables within one year -€179,154
down €179,154 (-27.2%), from €659,012 to €479,858
of which Trade receivables: -€169,311
- Intangible fixed assets +€23,283
up €23,283 (+126%), from €18,488 to €41,771
- Tangible fixed assets -€20,284
down €20,284 (-3.6%), from €568,707 to €548,423
of which Leasing and similar rights: -€76,533
- Trade debts -€153,637
down €153,637 (-59.7%), from €257,517 to €103,879
- Debts after one year -€84,859
down €84,859 (-23.4%), from €362,007 to €277,148
- Reserves +€76,549
up €76,549 (+15.9%), from €480,484 to €557,032
of which Distributable reserves: +€76,549
- Tax, wage and social debts -€14,071
down €14,071 (-15.4%), from €91,650 to €77,579
of which Taxes: -€30,320
- Depreciation +€60,652
up €60,652 (+42.8%), from €141,746 to €202,398
- Staff costs +€26,878
up €26,878 (+5.2%), from €519,257 to €546,135
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 | €1,345,468 | €1,169,158 | -€176,311 | -13.1% |
| Fixed assets | 21/28 | €659,835 | €662,694 | +€2,859 | +0.4% |
| Intangible fixed assets | 21 | €18,488 | €41,771 | +€23,283 | +126% |
| Tangible fixed assets | 22/27 | €568,707 | €548,423 | -€20,284 | -3.6% |
| Plant, machinery and equipment | 23 | €172,950 | €181,508 | +€8,558 | +4.9% |
| Furniture and vehicles | 24 | €73,106 | €120,796 | +€47,691 | +65.2% |
| Leasing and similar rights | 25 | €322,651 | €246,118 | -€76,533 | -23.7% |
| Financial fixed assets | 28 | €72,640 | €72,500 | -€140 | -0.2% |
| Current assets | 29/58 | €685,633 | €506,464 | -€179,169 | -26.1% |
| Stocks and contracts in progress | 3 | €4,829 | €14,955 | +€10,126 | +210% |
| Stocks | 30/36 | €4,829 | €14,955 | +€10,126 | +210% |
| Amounts receivable within one year | 40/41 | €659,012 | €479,858 | -€179,154 | -27.2% |
| Trade receivables | 40 | €622,513 | €453,202 | -€169,311 | -27.2% |
| Other amounts receivable | 41 | €36,499 | €26,656 | -€9,843 | -27.0% |
| Cash at bank and in hand | 54/58 | €21,793 | €11,652 | -€10,141 | -46.5% |
| Total equity and liabilities | 10/49 | €1,345,468 | €1,169,158 | -€176,311 | -13.1% |
| Equity | 10/15 | €542,457 | €619,006 | +€76,549 | +14.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €480,484 | €557,032 | +€76,549 | +15.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,531 | €78,531 | = | 0.0% |
| Distributable reserves | 133 | €395,755 | €472,303 | +€76,549 | +19.3% |
| Amounts payable | 17/49 | €803,011 | €550,152 | -€252,859 | -31.5% |
| Amounts payable after more than one year | 17 | €362,007 | €277,148 | -€84,859 | -23.4% |
| Financial debts | 170/4 | €362,007 | €277,148 | -€84,859 | -23.4% |
| Amounts payable within one year | 42/48 | €441,005 | €273,004 | -€168,000 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €91,451 | €84,859 | -€6,592 | -7.2% |
| Trade debts | 44 | €257,517 | €103,879 | -€153,637 | -59.7% |
| Suppliers | 440/4 | €257,517 | €103,879 | -€153,637 | -59.7% |
| Taxes, remuneration and social security | 45 | €91,650 | €77,579 | -€14,071 | -15.4% |
| Taxes | 450/3 | €30,799 | €480 | -€30,320 | -98.4% |
| Remuneration and social security | 454/9 | €60,851 | €77,099 | +€16,248 | +26.7% |
| Other amounts payable | 47/48 | €387 | €6,687 | +€6,300 | +1,628% |
| Remuneration, social security and pensions | 62 | €519,257 | €546,135 | +€26,878 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,746 | €202,398 | +€60,652 | +42.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€71 | - | +€71 | |
| Other operating charges | 640/8 | €4,508 | €4,522 | +€14 | +0.3% |
| Gross operating margin | 9900 | €875,404 | €866,852 | -€8,552 | -1.0% |
| Operating profit (loss) | 9901 | €209,964 | €113,797 | -€96,166 | -45.8% |
| Financial income | 75/76B | €948 | €674 | -€273 | -28.8% |
| Recurring financial income | 75 | €948 | €674 | -€273 | -28.8% |
| Financial charges | 65/66B | €19,488 | €17,443 | -€2,045 | -10.5% |
| Recurring financial charges | 65 | €19,488 | €17,443 | -€2,045 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €191,423 | €97,028 | -€94,395 | -49.3% |
| Income taxes | 67/77 | €28,899 | €20,480 | -€8,419 | -29.1% |
| Profit (loss) for the period | 9904 | €162,525 | €76,549 | -€85,976 | -52.9% |
| Transfer to tax-exempt reserves | 689 | €77,500 | - | -€77,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,025 | €76,549 | -€8,476 | -10.0% |
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 13 October 2026 via checked.be.