STAND-BY SIGNING: 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.
STAND-BY SIGNING
Largest movements
- Cash -€52,657
no longer reported in 2025 (was €52,657)
mainly Short-term financial debts (-€82,961) and Current portion of long-term debt (-€68,287)
- Receivables within one year +€52,438
up €52,438 (+17.2%), from €305,683 to €358,121
of which Trade receivables: +€98,489
- Current investments +€47,654
new in 2025: €47,654
- Debts after one year +€182,251
up €182,251 (+134%), from €136,191 to €318,442
of which Financial debts: +€162,768
- Short-term financial debts -€82,961
down €82,961 (-59.3%), from €140,000 to €57,039
- Current portion of long-term debt -€68,287
down €68,287 (-84.8%), from €80,519 to €12,232
- Tax, wage and social debts +€28,652
up €28,652 (+51.0%), from €56,198 to €84,849
of which Remuneration and social security: +€17,775
- Trade debts -€25,477
down €25,477 (-10.3%), from €247,631 to €222,154
- Gross operating margin +€353,031
up €353,031 (+64.5%), from €547,295 to €900,326
- Staff costs +€303,706
up €303,706 (+58.7%), from €517,669 to €821,376
- Depreciation +€22,607
up €22,607 (+132%), from €17,114 to €39,721
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 | €668,088 | €707,498 | +€39,410 | +5.9% |
| Fixed assets | 21/28 | €243,953 | €231,346 | -€12,607 | -5.2% |
| Intangible fixed assets | 21 | €61,373 | €54,956 | -€6,417 | -10.5% |
| Tangible fixed assets | 22/27 | €182,580 | €175,940 | -€6,640 | -3.6% |
| Plant, machinery and equipment | 23 | €24,419 | €27,884 | +€3,465 | +14.2% |
| Furniture and vehicles | 24 | €25,375 | €17,499 | -€7,876 | -31.0% |
| Leasing and similar rights | 25 | €12,884 | €9,584 | -€3,300 | -25.6% |
| Other tangible fixed assets | 26 | €119,902 | €120,973 | +€1,071 | +0.9% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €424,135 | €476,152 | +€52,017 | +12.3% |
| Stocks and contracts in progress | 3 | €58,402 | €62,280 | +€3,878 | +6.6% |
| Stocks | 30/36 | €58,402 | €62,280 | +€3,878 | +6.6% |
| Amounts receivable within one year | 40/41 | €305,683 | €358,121 | +€52,438 | +17.2% |
| Trade receivables | 40 | €247,233 | €345,722 | +€98,489 | +39.8% |
| Other amounts receivable | 41 | €58,450 | €12,399 | -€46,051 | -78.8% |
| Current investments | 50/53 | - | €47,654 | +€47,654 | |
| Cash at bank and in hand | 54/58 | €52,657 | - | -€52,657 | |
| Deferred charges and accrued income | 490/1 | €7,393 | €8,097 | +€704 | +9.5% |
| Total equity and liabilities | 10/49 | €668,088 | €707,498 | +€39,410 | +5.9% |
| Equity | 10/15 | €1,214 | €12,713 | +€11,499 | +947% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,114 | €12,613 | +€11,499 | +1,032% |
| Amounts payable | 17/49 | €666,874 | €694,785 | +€27,911 | +4.2% |
| Amounts payable after more than one year | 17 | €136,191 | €318,442 | +€182,251 | +134% |
| Financial debts | 170/4 | €66,191 | €228,958 | +€162,768 | +246% |
| Other amounts payable | 178/9 | €70,000 | €89,484 | +€19,484 | +27.8% |
| Amounts payable within one year | 42/48 | €530,672 | €376,343 | -€154,330 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €80,519 | €12,232 | -€68,287 | -84.8% |
| Financial debts | 43 | €140,000 | €57,039 | -€82,961 | -59.3% |
| Credit institutions | 430/8 | €140,000 | €57,039 | -€82,961 | -59.3% |
| Trade debts | 44 | €247,631 | €222,154 | -€25,477 | -10.3% |
| Suppliers | 440/4 | €247,631 | €222,154 | -€25,477 | -10.3% |
| Taxes, remuneration and social security | 45 | €56,198 | €84,849 | +€28,652 | +51.0% |
| Taxes | 450/3 | €19,049 | €29,925 | +€10,876 | +57.1% |
| Remuneration and social security | 454/9 | €37,149 | €54,924 | +€17,775 | +47.8% |
| Other amounts payable | 47/48 | €6,324 | €68 | -€6,256 | -98.9% |
| Accrued charges and deferred income | 492/3 | €11 | - | -€11 | |
| Remuneration, social security and pensions | 62 | €517,669 | €821,376 | +€303,706 | +58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,114 | €39,721 | +€22,607 | +132% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,386 | - | -€1,386 | |
| Other operating charges | 640/8 | €592 | €7,324 | +€6,732 | +1,136% |
| Gross operating margin | 9900 | €547,295 | €900,326 | +€353,031 | +64.5% |
| Operating profit (loss) | 9901 | €10,533 | €31,905 | +€21,371 | +203% |
| Financial income | 75/76B | €1,139 | €2,144 | +€1,005 | +88.2% |
| Recurring financial income | 75 | €1,139 | €2,144 | +€1,005 | +88.2% |
| Financial charges | 65/66B | €6,824 | €15,003 | +€8,179 | +120% |
| Recurring financial charges | 65 | €6,824 | €15,003 | +€8,179 | +120% |
| Profit (loss) for the period before taxes | 9903 | €4,848 | €19,046 | +€14,198 | +293% |
| Income taxes | 67/77 | €3,734 | €7,547 | +€3,812 | +102% |
| Profit (loss) for the period | 9904 | €1,114 | €11,499 | +€10,385 | +932% |
| Profit (loss) for the period to be appropriated | 9905 | €1,114 | €11,499 | +€10,385 | +932% |
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 29 October 2026 via checked.be.