STEP TWO: 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.
STEP TWO
Largest movements
- Tangible fixed assets -€31,135
down €31,135 (-9.2%), from €339,733 to €308,598
of which Land and buildings: -€27,492
- Receivables within one year +€6,211
up €6,211 (+89.8%), from €6,913 to €13,124
of which Trade receivables: +€9,378
- Stocks and contracts -€5,500
down €5,500 (-44.0%), from €12,500 to €7,000
- Debts after one year -€62,262
down €62,262 (-24.7%), from €251,948 to €189,687
of which Other amounts payable: -€40,000
- Reserves +€21,885
up €21,885 (+143%), from €15,264 to €37,149
- Tax, wage and social debts +€10,483
up €10,483 (+939%), from €1,116 to €11,599
of which Taxes: +€9,922
- Trade debts -€8,314
down €8,314 (-83.9%), from €9,906 to €1,592
- Taxes +€9,655
new in 2025: €9,655
- Gross operating margin +€9,158
up €9,158 (+9.9%), from €92,842 to €102,000
- Financial charges +€4,273
up €4,273 (+39.3%), from €10,877 to €15,150
- Depreciation +€3,185
up €3,185 (+7.1%), from €45,061 to €48,247
- Staff costs +€2,372
up €2,372 (+195%), from €1,217 to €3,589
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 | €367,333 | €331,994 | -€35,339 | -9.6% |
| Fixed assets | 21/28 | €343,448 | €310,117 | -€33,331 | -9.7% |
| Intangible fixed assets | 21 | €3,715 | €1,518 | -€2,197 | -59.1% |
| Tangible fixed assets | 22/27 | €339,733 | €308,598 | -€31,135 | -9.2% |
| Land and buildings | 22 | €275,098 | €247,606 | -€27,492 | -10.0% |
| Plant, machinery and equipment | 23 | €64,635 | €60,992 | -€3,643 | -5.6% |
| Current assets | 29/58 | €23,885 | €21,878 | -€2,007 | -8.4% |
| Stocks and contracts in progress | 3 | €12,500 | €7,000 | -€5,500 | -44.0% |
| Stocks | 30/36 | €12,500 | €7,000 | -€5,500 | -44.0% |
| Amounts receivable within one year | 40/41 | €6,913 | €13,124 | +€6,211 | +89.8% |
| Trade receivables | 40 | €3,407 | €12,785 | +€9,378 | +275% |
| Other amounts receivable | 41 | €3,506 | €338 | -€3,167 | -90.3% |
| Cash at bank and in hand | 54/58 | €2,475 | €1,618 | -€857 | -34.6% |
| Deferred charges and accrued income | 490/1 | €1,997 | €136 | -€1,861 | -93.2% |
| Total equity and liabilities | 10/49 | €367,333 | €331,994 | -€35,339 | -9.6% |
| Equity | 10/15 | €33,864 | €55,749 | +€21,885 | +64.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,264 | €37,149 | +€21,885 | +143% |
| Distributable reserves | 133 | €15,264 | €37,149 | +€21,885 | +143% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €333,469 | €276,246 | -€57,224 | -17.2% |
| Amounts payable after more than one year | 17 | €251,948 | €189,687 | -€62,262 | -24.7% |
| Financial debts | 170/4 | €211,948 | €189,687 | -€22,262 | -10.5% |
| Other amounts payable | 178/9 | €40,000 | €0 | -€40,000 | -100% |
| Amounts payable within one year | 42/48 | €81,521 | €83,676 | +€2,155 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €36,870 | €38,417 | +€1,546 | +4.2% |
| Financial debts | 43 | €15 | €120 | +€106 | +719% |
| Credit institutions | 430/8 | €15 | €120 | +€106 | +719% |
| Trade debts | 44 | €9,906 | €1,592 | -€8,314 | -83.9% |
| Suppliers | 440/4 | €9,906 | €1,592 | -€8,314 | -83.9% |
| Taxes, remuneration and social security | 45 | €1,116 | €11,599 | +€10,483 | +939% |
| Taxes | 450/3 | €63 | €9,985 | +€9,922 | +15,870% |
| Remuneration and social security | 454/9 | €1,053 | €1,614 | +€561 | +53.2% |
| Other amounts payable | 47/48 | €33,614 | €31,948 | -€1,666 | -5.0% |
| Accrued charges and deferred income | 492/3 | €0 | €2,883 | +€2,883 | |
| Non-recurring operating income | 76A | €0 | €4,916 | +€4,916 | |
| Remuneration, social security and pensions | 62 | €1,217 | €3,589 | +€2,372 | +195% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,061 | €48,247 | +€3,185 | +7.1% |
| Other operating charges | 640/8 | €3,294 | €3,649 | +€356 | +10.8% |
| Gross operating margin | 9900 | €92,842 | €102,000 | +€9,158 | +9.9% |
| Operating profit (loss) | 9901 | €43,270 | €46,515 | +€3,245 | +7.5% |
| Financial income | 75/76B | €20 | €175 | +€155 | +756% |
| Recurring financial income | 75 | €20 | €175 | +€155 | +756% |
| Financial charges | 65/66B | €10,877 | €15,150 | +€4,273 | +39.3% |
| Recurring financial charges | 65 | €10,877 | €15,150 | +€4,273 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | €32,414 | €31,540 | -€874 | -2.7% |
| Income taxes | 67/77 | - | €9,655 | +€9,655 | |
| Profit (loss) for the period | 9904 | €32,414 | €21,885 | -€10,529 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,414 | €21,885 | -€10,529 | -32.5% |
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.