SPECIALLZ: 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.
SPECIALLZ
Largest movements
- Tangible fixed assets +€111,710
up €111,710 (+9.3%), from €1.2m to €1.3m
of which Leasing and similar rights: +€116,347
- Receivables after one year +€62,000
new in 2025: €62,000
- Cash -€53,649
down €53,649 (-56.7%), from €94,537 to €40,888
mainly Investment in fixed assets (net) (-€177,944) and Receivables after one year (-€62,000)
- Reserves +€143,941
up €143,941 (+106%), from €135,572 to €279,513
- Debts after one year -€54,494
down €54,494 (-5.0%), from €1.1m to €1.0m
of which Other amounts payable: -€94,057
- Current portion of long-term debt +€25,086
up €25,086 (+55.7%), from €45,033 to €70,119
- Gross operating margin +€109,547
up €109,547 (+57.0%), from €192,354 to €301,900
- Depreciation +€50,433
up €50,433 (+319%), from €15,801 to €66,234
- Financial charges +€24,722
up €24,722 (+199%), from €12,451 to €37,174
- Taxes +€12,218
up €12,218 (+30.3%), from €40,367 to €52,585
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 | €1,341,900 | €1,467,251 | +€125,351 | +9.3% |
| Fixed assets | 21/28 | €1,196,558 | €1,308,269 | +€111,710 | +9.3% |
| Tangible fixed assets | 22/27 | €1,196,558 | €1,308,269 | +€111,710 | +9.3% |
| Land and buildings | 22 | €1,194,232 | €1,190,779 | -€3,453 | -0.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,326 | €1,142 | -€1,184 | -50.9% |
| Leasing and similar rights | 25 | - | €116,347 | +€116,347 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €145,342 | €158,982 | +€13,641 | +9.4% |
| Amounts receivable after more than one year | 29 | - | €62,000 | +€62,000 | |
| Other amounts receivable | 291 | - | €62,000 | +€62,000 | |
| Amounts receivable within one year | 40/41 | €50,804 | €55,282 | +€4,477 | +8.8% |
| Trade receivables | 40 | €14,943 | €13,578 | -€1,365 | -9.1% |
| Other amounts receivable | 41 | €35,861 | €41,703 | +€5,842 | +16.3% |
| Cash at bank and in hand | 54/58 | €94,537 | €40,888 | -€53,649 | -56.7% |
| Deferred charges and accrued income | 490/1 | €0 | €812 | +€812 | |
| Total equity and liabilities | 10/49 | €1,341,900 | €1,467,251 | +€125,351 | +9.3% |
| Equity | 10/15 | €154,572 | €298,513 | +€143,941 | +93.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €135,572 | €279,513 | +€143,941 | +106% |
| Distributable reserves | 133 | €135,572 | €279,513 | +€143,941 | +106% |
| Amounts payable | 17/49 | €1,187,328 | €1,168,738 | -€18,590 | -1.6% |
| Amounts payable after more than one year | 17 | €1,097,975 | €1,043,481 | -€54,494 | -5.0% |
| Financial debts | 170/4 | €793,918 | €833,481 | +€39,564 | +5.0% |
| Other amounts payable | 178/9 | €304,057 | €210,000 | -€94,057 | -30.9% |
| Amounts payable within one year | 42/48 | €89,353 | €125,256 | +€35,903 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €45,033 | €70,119 | +€25,086 | +55.7% |
| Trade debts | 44 | €144 | €5,082 | +€4,937 | +3,417% |
| Suppliers | 440/4 | €144 | €5,082 | +€4,937 | +3,417% |
| Taxes, remuneration and social security | 45 | €44,176 | €50,056 | +€5,880 | +13.3% |
| Taxes | 450/3 | €44,176 | €50,056 | +€5,880 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,801 | €66,234 | +€50,433 | +319% |
| Other operating charges | 640/8 | €1,394 | €4,067 | +€2,674 | +192% |
| Non-recurring operating charges | 66A | €23,998 | €0 | -€23,998 | -100% |
| Gross operating margin | 9900 | €192,354 | €301,900 | +€109,547 | +57.0% |
| Operating profit (loss) | 9901 | €151,161 | €231,599 | +€80,438 | +53.2% |
| Financial income | 75/76B | €1,394 | €2,102 | +€708 | +50.8% |
| Recurring financial income | 75 | €1,394 | €2,102 | +€708 | +50.8% |
| Financial charges | 65/66B | €12,451 | €37,174 | +€24,722 | +199% |
| Recurring financial charges | 65 | €12,451 | €37,174 | +€24,722 | +199% |
| Profit (loss) for the period before taxes | 9903 | €140,104 | €196,527 | +€56,423 | +40.3% |
| Income taxes | 67/77 | €40,367 | €52,585 | +€12,218 | +30.3% |
| Profit (loss) for the period | 9904 | €99,736 | €143,941 | +€44,205 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,736 | €143,941 | +€44,205 | +44.3% |
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 27 October 2026 via checked.be.