STATION: 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.
STATION
Largest movements
- Cash -€52,273
down €52,273 (-34.9%), from €149,806 to €97,533
mainly Receivables within one year (-€41,210) and Net result for the year (-€11,566)
- Receivables within one year +€41,210
up €41,210 (+35.5%), from €116,113 to €157,322
of which Trade receivables: +€41,198
- Stocks and contracts -€16,186
down €16,186 (-16.6%), from €97,550 to €81,364
- Tangible fixed assets -€11,017
down €11,017 (-9.8%), from €112,811 to €101,794
- Current investments +€5,448
new in 2025: €5,448
- Profit (loss) carried forward -€11,566
down €11,566 (-14.2%), from €81,313 to €69,748
- Debts after one year -€11,466
down €11,466 (-8.3%), from €137,400 to €125,934
- Other debts -€9,929
down €9,929 (-14.8%), from €66,871 to €56,942
- Turnover -€430,646
down €430,646 (-28.0%), from €1.5m to €1.1m
- Purchases and services -€402,398
down €402,398 (-27.6%), from €1.5m to €1.1m
- Gross operating margin -€28,248
down €28,248 (-35.1%), from €80,563 to €52,314
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 | €476,280 | €446,721 | -€29,558 | -6.2% |
| Fixed assets | 21/28 | €112,811 | €101,794 | -€11,017 | -9.8% |
| Tangible fixed assets | 22/27 | €112,811 | €101,794 | -€11,017 | -9.8% |
| Land and buildings | 22 | €99,177 | €95,681 | -€3,496 | -3.5% |
| Plant, machinery and equipment | 23 | €9,240 | €4,202 | -€5,038 | -54.5% |
| Furniture and vehicles | 24 | €4,394 | €1,912 | -€2,482 | -56.5% |
| Current assets | 29/58 | €363,469 | €344,927 | -€18,541 | -5.1% |
| Stocks and contracts in progress | 3 | €97,550 | €81,364 | -€16,186 | -16.6% |
| Stocks | 30/36 | €97,550 | €81,364 | -€16,186 | -16.6% |
| Amounts receivable within one year | 40/41 | €116,113 | €157,322 | +€41,210 | +35.5% |
| Trade receivables | 40 | €45,822 | €87,020 | +€41,198 | +89.9% |
| Other amounts receivable | 41 | €70,290 | €70,302 | +€12 | 0.0% |
| Current investments | 50/53 | - | €5,448 | +€5,448 | |
| Cash at bank and in hand | 54/58 | €149,806 | €97,533 | -€52,273 | -34.9% |
| Deferred charges and accrued income | 490/1 | - | €3,260 | +€3,260 | |
| Total equity and liabilities | 10/49 | €476,280 | €446,721 | -€29,558 | -6.2% |
| Equity | 10/15 | €95,573 | €84,008 | -€11,566 | -12.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,313 | €69,748 | -€11,566 | -14.2% |
| Amounts payable | 17/49 | €380,706 | €362,714 | -€17,993 | -4.7% |
| Amounts payable after more than one year | 17 | €137,400 | €125,934 | -€11,466 | -8.3% |
| Financial debts | 170/4 | €137,400 | €125,934 | -€11,466 | -8.3% |
| Amounts payable within one year | 42/48 | €240,877 | €236,567 | -€4,310 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €162,186 | €162,412 | +€226 | +0.1% |
| Trade debts | 44 | €2,823 | €6,510 | +€3,688 | +130.6% |
| Suppliers | 440/4 | €2,823 | €6,510 | +€3,688 | +130.6% |
| Taxes, remuneration and social security | 45 | €8,997 | €10,703 | +€1,706 | +19.0% |
| Taxes | 450/3 | €4,026 | €4,825 | +€800 | +19.9% |
| Remuneration and social security | 454/9 | €4,971 | €5,877 | +€906 | +18.2% |
| Other amounts payable | 47/48 | €66,871 | €56,942 | -€9,929 | -14.8% |
| Accrued charges and deferred income | 492/3 | €2,430 | €213 | -€2,217 | -91.2% |
| Turnover | 70 | €1,540,498 | €1,109,852 | -€430,646 | -28.0% |
| Non-recurring operating income | 76A | €303 | - | -€303 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,459,935 | €1,057,538 | -€402,398 | -27.6% |
| Remuneration, social security and pensions | 62 | €33,947 | €39,058 | +€5,110 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,876 | €10,104 | -€771 | -7.1% |
| Other operating charges | 640/8 | €1,844 | €4,135 | +€2,290 | +124.2% |
| Operating charges capitalised as restructuring costs | 649 | -€2,876 | - | +€2,876 | |
| Non-recurring operating charges | 66A | - | €120 | +€120 | |
| Gross operating margin | 9900 | €80,563 | €52,314 | -€28,248 | -35.1% |
| Operating profit (loss) | 9901 | €36,771 | -€1,102 | -€37,873 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -6.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -6.3% |
| Financial charges | 65/66B | €13,867 | €10,430 | -€3,437 | -24.8% |
| Recurring financial charges | 65 | €13,867 | €10,430 | -€3,437 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €22,904 | -€11,532 | -€34,437 | |
| Income taxes | 67/77 | €1,578 | €33 | -€1,545 | -97.9% |
| Profit (loss) for the period | 9904 | €21,326 | -€11,566 | -€32,892 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,326 | -€11,566 | -€32,892 |
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 30 September 2026 via checked.be.