Steady Performance: 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.
Steady Performance
Largest movements
- Stocks and contracts +€70,543
up €70,543 (+28.5%), from €247,786 to €318,329
- Cash -€37,450
down €37,450 (-42.3%), from €88,576 to €51,126
mainly Contributions, distributions and other (-€96,897) and Trade debts (-€84,656)
- Receivables within one year -€28,827
down €28,827 (-19.1%), from €150,999 to €122,172
of which Trade receivables: -€54,394
- Tangible fixed assets +€22,943
up €22,943 (+6.0%), from €384,656 to €407,599
of which Furniture and vehicles: +€36,440
- Deferred charges and accrued income -€13,250
down €13,250 (-44.0%), from €30,114 to €16,864
- Trade debts -€84,656
down €84,656 (-34.9%), from €242,506 to €157,850
- Accrued charges and deferred income -€80,250
down €80,250 (-100.0%), from €80,250 to €0
- Other debts +€75,316
up €75,316 (+349.0%), from €21,581 to €96,897
- Advances received +€49,028
new in 2025: €49,028
- Debts after one year -€39,719
down €39,719 (-15.2%), from €260,957 to €221,238
- Gross operating margin +€260,639
up €260,639 (+69.3%), from €376,186 to €636,826
- Staff costs +€131,114
up €131,114 (+64.3%), from €203,956 to €335,070
- Taxes +€16,552
up €16,552 (+144.2%), from €11,476 to €28,028
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 | €902,132 | €920,384 | +€18,252 | +2.0% |
| Fixed assets | 21/28 | €384,656 | €411,893 | +€27,237 | +7.1% |
| Intangible fixed assets | 21 | - | €3,794 | +€3,794 | |
| Tangible fixed assets | 22/27 | €384,656 | €407,599 | +€22,943 | +6.0% |
| Land and buildings | 22 | €228,276 | €227,411 | -€864 | -0.4% |
| Plant, machinery and equipment | 23 | €49,037 | €41,839 | -€7,198 | -14.7% |
| Furniture and vehicles | 24 | €80,767 | €117,207 | +€36,440 | +45.1% |
| Other tangible fixed assets | 26 | €26,577 | €21,141 | -€5,435 | -20.5% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €517,475 | €508,491 | -€8,984 | -1.7% |
| Stocks and contracts in progress | 3 | €247,786 | €318,329 | +€70,543 | +28.5% |
| Stocks | 30/36 | €247,786 | €318,329 | +€70,543 | +28.5% |
| Amounts receivable within one year | 40/41 | €150,999 | €122,172 | -€28,827 | -19.1% |
| Trade receivables | 40 | €150,406 | €96,012 | -€54,394 | -36.2% |
| Other amounts receivable | 41 | €593 | €26,160 | +€25,566 | +4308.2% |
| Cash at bank and in hand | 54/58 | €88,576 | €51,126 | -€37,450 | -42.3% |
| Deferred charges and accrued income | 490/1 | €30,114 | €16,864 | -€13,250 | -44.0% |
| Total equity and liabilities | 10/49 | €902,132 | €920,384 | +€18,252 | +2.0% |
| Equity | 10/15 | €59,805 | €128,673 | +€68,869 | +115.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | - | €38,673 | +€38,673 | |
| Distributable reserves | 133 | - | €38,673 | +€38,673 | |
| Profit (loss) carried forward | 14 | -€30,195 | €0 | +€30,195 | |
| Amounts payable | 17/49 | €842,327 | €791,711 | -€50,616 | -6.0% |
| Amounts payable after more than one year | 17 | €260,957 | €221,238 | -€39,719 | -15.2% |
| Financial debts | 170/4 | €260,957 | €221,238 | -€39,719 | -15.2% |
| Amounts payable within one year | 42/48 | €501,121 | €570,473 | +€69,352 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €37,882 | €24,910 | -€12,972 | -34.2% |
| Financial debts | 43 | €166,436 | €205,573 | +€39,137 | +23.5% |
| Credit institutions | 430/8 | €166,436 | €190,887 | +€24,451 | +14.7% |
| Other loans | 439 | - | €14,686 | +€14,686 | |
| Trade debts | 44 | €242,506 | €157,850 | -€84,656 | -34.9% |
| Suppliers | 440/4 | €242,506 | €157,850 | -€84,656 | -34.9% |
| Advances received on contracts in progress | 46 | - | €49,028 | +€49,028 | |
| Taxes, remuneration and social security | 45 | €32,716 | €36,215 | +€3,499 | +10.7% |
| Taxes | 450/3 | €23,223 | €12,410 | -€10,813 | -46.6% |
| Remuneration and social security | 454/9 | €9,494 | €23,805 | +€14,312 | +150.8% |
| Other amounts payable | 47/48 | €21,581 | €96,897 | +€75,316 | +349.0% |
| Accrued charges and deferred income | 492/3 | €80,250 | €0 | -€80,250 | -100.0% |
| Non-recurring operating income | 76A | €6,384 | €6,189 | -€195 | -3.0% |
| Remuneration, social security and pensions | 62 | €203,956 | €335,070 | +€131,114 | +64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,311 | €42,386 | +€6,075 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €356 | €6,473 | +€6,117 | +1716.2% |
| Other operating charges | 640/8 | €9,046 | €4,334 | -€4,712 | -52.1% |
| Gross operating margin | 9900 | €376,186 | €636,826 | +€260,639 | +69.3% |
| Operating profit (loss) | 9901 | €126,518 | €248,563 | +€122,046 | +96.5% |
| Financial income | 75/76B | €67 | €694 | +€627 | +936.4% |
| Recurring financial income | 75 | €67 | €694 | +€627 | +936.4% |
| Financial charges | 65/66B | €56,423 | €55,464 | -€960 | -1.7% |
| Recurring financial charges | 65 | €56,261 | €55,464 | -€798 | -1.4% |
| Non-recurring financial charges | 66B | €162 | €0 | -€162 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €70,161 | €193,793 | +€123,632 | +176.2% |
| Income taxes | 67/77 | €11,476 | €28,028 | +€16,552 | +144.2% |
| Profit (loss) for the period | 9904 | €58,685 | €165,765 | +€107,080 | +182.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,685 | €165,765 | +€107,080 | +182.5% |
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 29 September 2026 via checked.be.