SOURCING: 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.
SOURCING
Largest movements
- Current investments +€50,910
up €50,910 (+6.3%), from €809,992 to €860,903
- Receivables within one year -€13,749
down €13,749 (-86.4%), from €15,908 to €2,159
of which Trade receivables: -€15,046
- Reserves +€108,898
up €108,898 (+22.3%), from €487,464 to €596,362
- Tax, wage and social debts -€63,513
down €63,513 (-69.4%), from €91,562 to €28,049
- Debts after one year -€31,000
down €31,000 (-9.3%), from €332,500 to €301,500
- Gross operating margin +€25,009
up €25,009 (+11.3%), from €221,297 to €246,306
- Staff costs +€19,398
new in 2025: €19,398
- Financial charges +€14,178
up €14,178 (+77.3%), from €18,342 to €32,520
- Taxes -€6,355
down €6,355 (-9.1%), from €70,037 to €63,681
- Depreciation +€4,514
up €4,514 (+55.1%), from €8,193 to €12,707
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 | €961,125 | €993,460 | +€32,335 | +3.4% |
| Fixed assets | 21/28 | €60,527 | €60,336 | -€190 | -0.3% |
| Tangible fixed assets | 22/27 | €59,543 | €59,353 | -€190 | -0.3% |
| Plant, machinery and equipment | 23 | €7,466 | €13,329 | +€5,864 | +78.5% |
| Furniture and vehicles | 24 | €26,970 | €18,539 | -€8,431 | -31.3% |
| Other tangible fixed assets | 26 | €25,108 | €27,485 | +€2,377 | +9.5% |
| Financial fixed assets | 28 | €983 | €983 | = | 0.0% |
| Current assets | 29/58 | €900,599 | €933,124 | +€32,525 | +3.6% |
| Amounts receivable within one year | 40/41 | €15,908 | €2,159 | -€13,749 | -86.4% |
| Trade receivables | 40 | €15,548 | €502 | -€15,046 | -96.8% |
| Other amounts receivable | 41 | €360 | €1,657 | +€1,297 | +360% |
| Current investments | 50/53 | €809,992 | €860,903 | +€50,910 | +6.3% |
| Cash at bank and in hand | 54/58 | €27,177 | €17,465 | -€9,712 | -35.7% |
| Deferred charges and accrued income | 490/1 | €47,521 | €52,597 | +€5,076 | +10.7% |
| Total equity and liabilities | 10/49 | €961,125 | €993,460 | +€32,335 | +3.4% |
| Equity | 10/15 | €511,610 | €620,507 | +€108,898 | +21.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €487,464 | €596,362 | +€108,898 | +22.3% |
| Distributable reserves | 133 | €487,464 | €596,362 | +€108,898 | +22.3% |
| Profit (loss) carried forward | 14 | €17,946 | €17,946 | = | 0.0% |
| Amounts payable | 17/49 | €449,516 | €372,953 | -€76,563 | -17.0% |
| Amounts payable after more than one year | 17 | €332,500 | €301,500 | -€31,000 | -9.3% |
| Financial debts | 170/4 | €332,500 | €301,500 | -€31,000 | -9.3% |
| Amounts payable within one year | 42/48 | €100,635 | €47,273 | -€53,362 | -53.0% |
| Trade debts | 44 | €9,033 | €11,123 | +€2,090 | +23.1% |
| Suppliers | 440/4 | €9,033 | €11,123 | +€2,090 | +23.1% |
| Taxes, remuneration and social security | 45 | €91,562 | €28,049 | -€63,513 | -69.4% |
| Taxes | 450/3 | €91,562 | €28,049 | -€63,513 | -69.4% |
| Other amounts payable | 47/48 | €40 | €8,100 | +€8,060 | +19,995% |
| Accrued charges and deferred income | 492/3 | €16,381 | €24,180 | +€7,800 | +47.6% |
| Non-recurring operating income | 76A | €1,725 | €0 | -€1,725 | -100% |
| Remuneration, social security and pensions | 62 | - | €19,398 | +€19,398 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,193 | €12,707 | +€4,514 | +55.1% |
| Other operating charges | 640/8 | €3,262 | €2,856 | -€406 | -12.5% |
| Non-recurring operating charges | 66A | €654 | €0 | -€654 | -100% |
| Gross operating margin | 9900 | €221,297 | €246,306 | +€25,009 | +11.3% |
| Operating profit (loss) | 9901 | €209,188 | €211,345 | +€2,158 | +1.0% |
| Financial income | 75/76B | €17,857 | €20,183 | +€2,327 | +13.0% |
| Recurring financial income | 75 | €17,857 | €20,183 | +€2,327 | +13.0% |
| Financial charges | 65/66B | €18,342 | €32,520 | +€14,178 | +77.3% |
| Recurring financial charges | 65 | €18,342 | €32,520 | +€14,178 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €208,702 | €199,009 | -€9,694 | -4.6% |
| Income taxes | 67/77 | €70,037 | €63,681 | -€6,355 | -9.1% |
| Profit (loss) for the period | 9904 | €138,665 | €135,327 | -€3,338 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,665 | €135,327 | -€3,338 | -2.4% |
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 15 October 2026 via checked.be.