STARTING-BLOCK: 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.
STARTING-BLOCK
Largest movements
- Tangible fixed assets -€34,784
down €34,784 (-10.8%), from €322,549 to €287,765
of which Plant, machinery and equipment: -€26,794
- Receivables within one year -€25,498
down €25,498 (-85.4%), from €29,855 to €4,357
of which Other amounts receivable: -€20,027
- Cash +€6,820
up €6,820 (+30.8%), from €22,169 to €28,989
mainly Depreciation (+€62,944) and Receivables within one year (+€25,498)
- Debts after one year -€39,381
down €39,381 (-25.3%), from €155,417 to €116,036
of which Financial debts: -€39,381
- Investment grants -€11,778
down €11,778 (-32.8%), from €35,883 to €24,105
- Purchases and services -€4,525
down €4,525 (-9.8%), from €46,234 to €41,709
- Depreciation +€3,693
up €3,693 (+6.2%), from €59,250 to €62,944
- Financial charges -€1,490
down €1,490 (-16.0%), from €9,307 to €7,817
of which Financial charges: -€1,490
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 | €385,754 | €333,318 | -€52,435 | -13.6% |
| Fixed assets | 21/28 | €331,795 | €298,840 | -€32,955 | -9.9% |
| Tangible fixed assets | 22/27 | €322,549 | €287,765 | -€34,784 | -10.8% |
| Land and buildings | 22 | €107,586 | €97,174 | -€10,412 | -9.7% |
| Plant, machinery and equipment | 23 | €214,914 | €188,119 | -€26,794 | -12.5% |
| Furniture and vehicles | 24 | €50 | €2,472 | +€2,422 | +4,844% |
| Financial fixed assets | 28 | €9,246 | €11,075 | +€1,829 | +19.8% |
| Current assets | 29/58 | €53,958 | €34,478 | -€19,480 | -36.1% |
| Amounts receivable within one year | 40/41 | €29,855 | €4,357 | -€25,498 | -85.4% |
| Trade receivables | 40 | €9,645 | €4,175 | -€5,470 | -56.7% |
| Other amounts receivable | 41 | €20,210 | €182 | -€20,027 | -99.1% |
| Cash at bank and in hand | 54/58 | €22,169 | €28,989 | +€6,820 | +30.8% |
| Deferred charges and accrued income | 490/1 | €1,934 | €1,132 | -€803 | -41.5% |
| Total equity and liabilities | 10/49 | €385,754 | €333,318 | -€52,435 | -13.6% |
| Equity | 10/15 | €160,477 | €150,844 | -€9,633 | -6.0% |
| Contributions | 10/11 | €496 | €496 | = | 0.0% |
| Capital | 10 | €496 | €496 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,099 | €115,244 | +€2,145 | +1.9% |
| Investment grants | 15 | €35,883 | €24,105 | -€11,778 | -32.8% |
| Amounts payable | 17/49 | €225,276 | €182,474 | -€42,803 | -19.0% |
| Amounts payable after more than one year | 17 | €155,417 | €116,036 | -€39,381 | -25.3% |
| Financial debts | 170/4 | €153,976 | €114,595 | -€39,381 | -25.6% |
| Other amounts payable | 178/9 | €1,441 | €1,441 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,115 | €65,826 | -€2,289 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €40,620 | €42,580 | +€1,959 | +4.8% |
| Financial debts | 43 | €1,155 | - | -€1,155 | |
| Credit institutions | 430/8 | €1,155 | - | -€1,155 | |
| Trade debts | 44 | €12,857 | €6,165 | -€6,692 | -52.1% |
| Suppliers | 440/4 | €12,857 | €6,165 | -€6,692 | -52.1% |
| Accrued charges and deferred income | 492/3 | €1,744 | €612 | -€1,132 | -64.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €46,234 | €41,709 | -€4,525 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,250 | €62,944 | +€3,693 | +6.2% |
| Other operating charges | 640/8 | €738 | €744 | +€6 | +0.8% |
| Gross operating margin | 9900 | €73,680 | €73,621 | -€59 | -0.1% |
| Operating profit (loss) | 9901 | €13,692 | €9,934 | -€3,758 | -27.4% |
| Financial income | 75/76B | €33 | €28 | -€6 | -17.0% |
| Recurring financial income | 75 | €33 | €28 | -€6 | -17.0% |
| Financial charges | 65/66B | €9,307 | €7,817 | -€1,490 | -16.0% |
| Recurring financial charges | 65 | €9,307 | €7,817 | -€1,490 | -16.0% |
| Non-recurring financial charges | 66B | €9,307 | €7,817 | -€1,490 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €4,419 | €2,145 | -€2,274 | -51.5% |
| Profit (loss) for the period | 9904 | €4,419 | €2,145 | -€2,274 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,419 | €2,145 | -€2,274 | -51.5% |
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 14 October 2026 via checked.be.