STANDING ENGRAVING: 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.
STANDING ENGRAVING
Largest movements
- Receivables within one year +€46,857
up €46,857 (+10.0%), from €470,056 to €516,912
of which Trade receivables: +€28,509
- Cash -€7,388
down €7,388 (-8.6%), from €85,925 to €78,537
mainly Receivables within one year (-€46,857) and Investment in fixed assets (net) (-€25,828)
- Reserves +€31,010
up €31,010 (+6.5%), from €479,086 to €510,097
of which Distributable reserves: +€31,010
- Debts after one year -€13,023
down €13,023 (-33.0%), from €39,458 to €26,436
- Trade debts +€12,231
up €12,231 (+13.2%), from €92,882 to €105,113
- Gross operating margin -€11,106
down €11,106 (-7.2%), from €154,355 to €143,249
- Staff costs -€9,089
down €9,089 (-14.0%), from €65,076 to €55,986
- Depreciation +€4,205
up €4,205 (+15.2%), from €27,698 to €31,903
- Taxes -€1,614
down €1,614 (-9.9%), from €16,372 to €14,758
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 | €703,403 | €736,797 | +€33,394 | +4.7% |
| Fixed assets | 21/28 | €114,711 | €108,636 | -€6,075 | -5.3% |
| Tangible fixed assets | 22/27 | €114,711 | €108,636 | -€6,075 | -5.3% |
| Land and buildings | 22 | €7,644 | €5,649 | -€1,995 | -26.1% |
| Plant, machinery and equipment | 23 | €16,517 | €19,172 | +€2,655 | +16.1% |
| Furniture and vehicles | 24 | €90,550 | €83,815 | -€6,735 | -7.4% |
| Current assets | 29/58 | €588,692 | €628,162 | +€39,469 | +6.7% |
| Amounts receivable within one year | 40/41 | €470,056 | €516,912 | +€46,857 | +10.0% |
| Trade receivables | 40 | €205,143 | €233,653 | +€28,509 | +13.9% |
| Other amounts receivable | 41 | €264,913 | €283,260 | +€18,347 | +6.9% |
| Current investments | 50/53 | €32,712 | €32,712 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,925 | €78,537 | -€7,388 | -8.6% |
| Total equity and liabilities | 10/49 | €703,403 | €736,797 | +€33,394 | +4.7% |
| Equity | 10/15 | €541,086 | €572,097 | +€31,010 | +5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €479,086 | €510,097 | +€31,010 | +6.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €472,886 | €503,897 | +€31,010 | +6.6% |
| Amounts payable | 17/49 | €162,317 | €164,700 | +€2,383 | +1.5% |
| Amounts payable after more than one year | 17 | €39,458 | €26,436 | -€13,023 | -33.0% |
| Financial debts | 170/4 | €39,458 | €26,436 | -€13,023 | -33.0% |
| Amounts payable within one year | 42/48 | €122,859 | €138,265 | +€15,406 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €14,091 | €14,689 | +€598 | +4.2% |
| Trade debts | 44 | €92,882 | €105,113 | +€12,231 | +13.2% |
| Suppliers | 440/4 | €92,882 | €105,113 | +€12,231 | +13.2% |
| Taxes, remuneration and social security | 45 | €15,886 | €18,462 | +€2,576 | +16.2% |
| Taxes | 450/3 | €8,226 | €16,733 | +€8,507 | +103% |
| Remuneration and social security | 454/9 | €7,660 | €1,729 | -€5,931 | -77.4% |
| Non-recurring operating income | 76A | - | €26,154 | +€26,154 | |
| Remuneration, social security and pensions | 62 | €65,076 | €55,986 | -€9,089 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,698 | €31,903 | +€4,205 | +15.2% |
| Other operating charges | 640/8 | €3,514 | €4,312 | +€798 | +22.7% |
| Gross operating margin | 9900 | €154,355 | €143,249 | -€11,106 | -7.2% |
| Operating profit (loss) | 9901 | €58,067 | €51,048 | -€7,019 | -12.1% |
| Financial income | 75/76B | €385 | €651 | +€266 | +69.2% |
| Recurring financial income | 75 | €385 | €651 | +€266 | +69.2% |
| Financial charges | 65/66B | €5,518 | €5,930 | +€413 | +7.5% |
| Recurring financial charges | 65 | €5,518 | €5,930 | +€413 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €52,934 | €45,769 | -€7,165 | -13.5% |
| Income taxes | 67/77 | €16,372 | €14,758 | -€1,614 | -9.9% |
| Profit (loss) for the period | 9904 | €36,562 | €31,010 | -€5,551 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,562 | €31,010 | -€5,551 | -15.2% |
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 25 October 2026 via checked.be.