STARTER: what changed
Two fiscal 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.
STARTER
Largest movements
- Tangible fixed assets +€122,820
up €122,820 (+25.6%), from €479,874 to €602,695
of which Other tangible fixed assets: +€383,483
- Cash +€77,440
up €77,440 (+79.4%), from €97,541 to €174,982
mainly Debts after one year (+€130,375) and Accrued charges and deferred income (+€94,241)
- Receivables within one year +€41,001
up €41,001 (+18.4%), from €222,388 to €263,389
of which Trade receivables: +€39,743
- Intangible fixed assets +€12,685
new in 2025: €12,685
- Debts after one year +€130,375
up €130,375 (+27.6%), from €472,543 to €602,918
- Accrued charges and deferred income +€94,241
up €94,241 (+24.8%), from €380,158 to €474,399
- Trade debts -€61,815
down €61,815 (-20.6%), from €300,110 to €238,295
- Tax, wage and social debts +€47,453
up €47,453 (+35.9%), from €132,109 to €179,562
of which Remuneration and social security: +€46,577
- Short-term financial debts +€22,323
up €22,323 (+35.9%), from €62,243 to €84,565
- Gross operating margin +€260,337
up €260,337 (+35.6%), from €730,897 to €991,234
- Staff costs +€196,010
up €196,010 (+28.1%), from €696,566 to €892,576
- Financial charges +€28,676
up €28,676 (+86.8%), from €33,037 to €61,713
- Financial income +€17,019
up €17,019 (+3580.5%), from €475 to €17,495
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.
Cash bridge derived
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 | €831,155 | €1,080,290 | +€249,135 | +30.0% |
| Fixed assets | 21/28 | €495,216 | €630,722 | +€135,506 | +27.4% |
| Intangible fixed assets | 21 | - | €12,685 | +€12,685 | |
| Tangible fixed assets | 22/27 | €479,874 | €602,695 | +€122,820 | +25.6% |
| Plant, machinery and equipment | 23 | €19,995 | €15,983 | -€4,012 | -20.1% |
| Furniture and vehicles | 24 | €47,814 | €34,901 | -€12,914 | -27.0% |
| Leasing and similar rights | 25 | €3,697 | €15,483 | +€11,786 | +318.8% |
| Other tangible fixed assets | 26 | €152,846 | €536,329 | +€383,483 | +250.9% |
| Assets under construction and advance payments | 27 | €255,522 | €0 | -€255,522 | -100.0% |
| Financial fixed assets | 28 | €15,342 | €15,342 | = | 0.0% |
| Current assets | 29/58 | €335,939 | €449,568 | +€113,629 | +33.8% |
| Stocks and contracts in progress | 3 | €4,729 | €2,880 | -€1,848 | -39.1% |
| Stocks | 30/36 | €4,729 | €2,880 | -€1,848 | -39.1% |
| Amounts receivable within one year | 40/41 | €222,388 | €263,389 | +€41,001 | +18.4% |
| Trade receivables | 40 | €213,477 | €253,220 | +€39,743 | +18.6% |
| Other amounts receivable | 41 | €8,911 | €10,169 | +€1,258 | +14.1% |
| Cash at bank and in hand | 54/58 | €97,541 | €174,982 | +€77,440 | +79.4% |
| Deferred charges and accrued income | 490/1 | €11,281 | €8,317 | -€2,964 | -26.3% |
| Total equity and liabilities | 10/49 | €831,155 | €1,080,290 | +€249,135 | +30.0% |
| Equity | 10/15 | -€650,090 | -€649,360 | +€731 | +0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €54,501 | €54,501 | = | 0.0% |
| Distributable reserves | 133 | €54,501 | €54,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€723,183 | -€722,453 | +€731 | +0.1% |
| Amounts payable | 17/49 | €1,481,246 | €1,729,650 | +€248,404 | +16.8% |
| Amounts payable after more than one year | 17 | €472,543 | €602,918 | +€130,375 | +27.6% |
| Financial debts | 170/4 | €472,543 | €602,918 | +€130,375 | +27.6% |
| Amounts payable within one year | 42/48 | €628,545 | €652,333 | +€23,788 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €19,158 | €32,532 | +€13,374 | +69.8% |
| Financial debts | 43 | €62,243 | €84,565 | +€22,323 | +35.9% |
| Credit institutions | 430/8 | €62,243 | €84,565 | +€22,323 | +35.9% |
| Trade debts | 44 | €300,110 | €238,295 | -€61,815 | -20.6% |
| Suppliers | 440/4 | €300,110 | €238,295 | -€61,815 | -20.6% |
| Taxes, remuneration and social security | 45 | €132,109 | €179,562 | +€47,453 | +35.9% |
| Taxes | 450/3 | €17,246 | €18,122 | +€876 | +5.1% |
| Remuneration and social security | 454/9 | €114,863 | €161,440 | +€46,577 | +40.6% |
| Other amounts payable | 47/48 | €114,926 | €117,379 | +€2,453 | +2.1% |
| Accrued charges and deferred income | 492/3 | €380,158 | €474,399 | +€94,241 | +24.8% |
| Non-recurring operating income | 76A | €7,367 | €846 | -€6,521 | -88.5% |
| Remuneration, social security and pensions | 62 | €696,566 | €892,576 | +€196,010 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,917 | €53,629 | +€8,713 | +19.4% |
| Other operating charges | 640/8 | €8,708 | €0 | -€8,708 | -100.0% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | €730,897 | €991,234 | +€260,337 | +35.6% |
| Operating profit (loss) | 9901 | -€19,294 | €44,975 | +€64,269 | |
| Financial income | 75/76B | €475 | €17,495 | +€17,019 | +3580.5% |
| Recurring financial income | 75 | €475 | €17,495 | +€17,019 | +3580.5% |
| Financial charges | 65/66B | €33,037 | €61,713 | +€28,676 | +86.8% |
| Recurring financial charges | 65 | €33,037 | €61,713 | +€28,676 | +86.8% |
| Profit (loss) for the period before taxes | 9903 | -€51,855 | €757 | +€52,612 | |
| Income taxes | 67/77 | €161 | €26 | -€135 | -83.7% |
| Profit (loss) for the period | 9904 | -€52,016 | €731 | +€52,747 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,016 | €731 | +€52,747 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.