Steps: 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.
Steps
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+52.3%), from €2.6m to €3.9m
of which Plant, machinery and equipment: +€1.0m
- Stocks and contracts +€1.1m
up €1.1m (+34.6%), from €3.0m to €4.1m
- Receivables within one year +€460,443
up €460,443 (+24.5%), from €1.9m to €2.3m
of which Trade receivables: +€442,491
- Debts after one year +€2.0m
up €2.0m (+53.1%), from €3.8m to €5.8m
- Trade debts +€445,503
up €445,503 (+11.2%), from €4.0m to €4.4m
- Reserves +€184,458
up €184,458 (+19.6%), from €942,663 to €1.1m
of which Distributable reserves: +€184,458
- Other debts +€140,133
up €140,133 (+177%), from €79,245 to €219,378
- Gross operating margin +€651,967
up €651,967 (+34.8%), from €1.9m to €2.5m
- Staff costs +€478,678
up €478,678 (+36.8%), from €1.3m to €1.8m
- Depreciation +€144,627
up €144,627 (+43.5%), from €332,838 to €477,465
- Taxes -€38,079
down €38,079 (-76.6%), from €49,742 to €11,663
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 | €8,972,348 | €11,814,416 | +€2.8m | +31.7% |
| Fixed assets | 21/28 | €2,667,731 | €4,022,744 | +€1.4m | +50.8% |
| Tangible fixed assets | 22/27 | €2,592,731 | €3,947,744 | +€1.4m | +52.3% |
| Land and buildings | 22 | €1,399,336 | €1,483,732 | +€84,396 | +6.0% |
| Plant, machinery and equipment | 23 | €811,266 | €1,847,304 | +€1.0m | +128% |
| Furniture and vehicles | 24 | €382,129 | €616,708 | +€234,579 | +61.4% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €6,304,618 | €7,791,672 | +€1.5m | +23.6% |
| Stocks and contracts in progress | 3 | €3,043,044 | €4,094,905 | +€1.1m | +34.6% |
| Stocks | 30/36 | €3,043,044 | €4,094,905 | +€1.1m | +34.6% |
| Amounts receivable within one year | 40/41 | €1,878,151 | €2,338,594 | +€460,443 | +24.5% |
| Trade receivables | 40 | €1,676,207 | €2,118,698 | +€442,491 | +26.4% |
| Other amounts receivable | 41 | €201,944 | €219,896 | +€17,951 | +8.9% |
| Current investments | 50/53 | €965,675 | €861,765 | -€103,910 | -10.8% |
| Cash at bank and in hand | 54/58 | €402,652 | €468,803 | +€66,151 | +16.4% |
| Deferred charges and accrued income | 490/1 | €15,095 | €27,605 | +€12,510 | +82.9% |
| Total equity and liabilities | 10/49 | €8,972,348 | €11,814,416 | +€2.8m | +31.7% |
| Equity | 10/15 | €962,663 | €1,147,121 | +€184,458 | +19.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €942,663 | €1,127,121 | +€184,458 | +19.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €940,663 | €1,125,121 | +€184,458 | +19.6% |
| Amounts payable | 17/49 | €8,009,686 | €10,667,295 | +€2.7m | +33.2% |
| Amounts payable after more than one year | 17 | €3,788,105 | €5,799,189 | +€2.0m | +53.1% |
| Financial debts | 170/4 | €3,788,105 | €5,799,189 | +€2.0m | +53.1% |
| Amounts payable within one year | 42/48 | €4,221,581 | €4,868,106 | +€646,525 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €107,501 | €166,561 | +€59,060 | +54.9% |
| Trade debts | 44 | €3,971,422 | €4,416,925 | +€445,503 | +11.2% |
| Suppliers | 440/4 | €3,971,422 | €4,416,925 | +€445,503 | +11.2% |
| Taxes, remuneration and social security | 45 | €63,414 | €65,243 | +€1,829 | +2.9% |
| Taxes | 450/3 | €37,734 | €21,670 | -€16,064 | -42.6% |
| Remuneration and social security | 454/9 | €25,679 | €43,573 | +€17,894 | +69.7% |
| Other amounts payable | 47/48 | €79,245 | €219,378 | +€140,133 | +177% |
| Non-recurring operating income | 76A | €0 | €1,086 | +€1,086 | |
| Remuneration, social security and pensions | 62 | €1,300,820 | €1,779,498 | +€478,678 | +36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,838 | €477,465 | +€144,627 | +43.5% |
| Other operating charges | 640/8 | €6,889 | €20,200 | +€13,311 | +193% |
| Non-recurring operating charges | 66A | - | €50,908 | +€50,908 | |
| Gross operating margin | 9900 | €1,874,629 | €2,526,596 | +€651,967 | +34.8% |
| Operating profit (loss) | 9901 | €234,081 | €198,525 | -€35,556 | -15.2% |
| Financial income | 75/76B | €2,379 | €24,746 | +€22,367 | +940% |
| Recurring financial income | 75 | €2,379 | €20,221 | +€17,842 | +750% |
| Non-recurring financial income | 76B | - | €4,525 | +€4,525 | |
| Financial charges | 65/66B | €21,042 | €27,149 | +€6,107 | +29.0% |
| Recurring financial charges | 65 | €21,042 | €27,149 | +€6,107 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €215,419 | €196,122 | -€19,297 | -9.0% |
| Income taxes | 67/77 | €49,742 | €11,663 | -€38,079 | -76.6% |
| Profit (loss) for the period | 9904 | €165,676 | €184,458 | +€18,782 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €165,676 | €184,458 | +€18,782 | +11.3% |
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 17 October 2026 via checked.be.