STOP: 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.
STOP
Largest movements
- Cash +€129,062
up €129,062 (+35.3%), from €365,160 to €494,222
mainly Net result for the year (+€200,600) and Depreciation (+€72,062)
- Receivables after one year +€30,250
new in 2025: €30,250
- Stocks and contracts +€29,801
up €29,801 (+4.4%), from €673,278 to €703,079
- Financial fixed assets +€27,915
new in 2025: €27,915
- Profit (loss) carried forward +€104,964
up €104,964, from -€104,964 to €0
- Reserves +€95,636
up €95,636 (+11.8%), from €809,737 to €905,373
of which Distributable reserves: +€95,636
- Tax, wage and social debts +€49,315
up €49,315 (+56.3%), from €87,521 to €136,836
of which Taxes: +€52,296
- Debts after one year -€45,880
down €45,880 (-21.0%), from €218,394 to €172,514
of which Financial debts: -€49,910
- Trade debts +€39,299
up €39,299 (+9.9%), from €398,841 to €438,140
- Depreciation -€21,848
down €21,848 (-23.3%), from €93,910 to €72,062
- Taxes +€18,428
up €18,428 (+19.8%), from €93,210 to €111,638
- Gross operating margin +€14,012
up €14,012 (+1.3%), from €1.1m to €1.1m
- Financial charges -€13,241
down €13,241 (-35.3%), from €37,465 to €24,225
- Staff costs +€11,808
up €11,808 (+1.8%), from €658,215 to €670,023
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 | €1,770,913 | €1,973,543 | +€202,630 | +11.4% |
| Fixed assets | 21/28 | €255,530 | €260,772 | +€5,242 | +2.1% |
| Intangible fixed assets | 21 | €7,698 | €4,198 | -€3,500 | -45.5% |
| Tangible fixed assets | 22/27 | €247,832 | €228,659 | -€19,173 | -7.7% |
| Land and buildings | 22 | €867 | €67 | -€800 | -92.3% |
| Plant, machinery and equipment | 23 | €56,274 | €81,201 | +€24,928 | +44.3% |
| Furniture and vehicles | 24 | €23,297 | €19,818 | -€3,479 | -14.9% |
| Leasing and similar rights | 25 | €167,394 | €127,573 | -€39,821 | -23.8% |
| Financial fixed assets | 28 | - | €27,915 | +€27,915 | |
| Current assets | 29/58 | €1,515,383 | €1,712,771 | +€197,388 | +13.0% |
| Amounts receivable after more than one year | 29 | - | €30,250 | +€30,250 | |
| Other amounts receivable | 291 | - | €30,250 | +€30,250 | |
| Stocks and contracts in progress | 3 | €673,278 | €703,079 | +€29,801 | +4.4% |
| Stocks | 30/36 | €673,278 | €703,079 | +€29,801 | +4.4% |
| Amounts receivable within one year | 40/41 | €469,894 | €473,316 | +€3,422 | +0.7% |
| Trade receivables | 40 | €453,450 | €463,886 | +€10,436 | +2.3% |
| Other amounts receivable | 41 | €16,444 | €9,430 | -€7,015 | -42.7% |
| Cash at bank and in hand | 54/58 | €365,160 | €494,222 | +€129,062 | +35.3% |
| Deferred charges and accrued income | 490/1 | €7,051 | €11,905 | +€4,854 | +68.8% |
| Total equity and liabilities | 10/49 | €1,770,913 | €1,973,543 | +€202,630 | +11.4% |
| Equity | 10/15 | €724,773 | €925,373 | +€200,600 | +27.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €809,737 | €905,373 | +€95,636 | +11.8% |
| Tax-exempt reserves | 132 | €14,770 | €14,770 | = | 0.0% |
| Distributable reserves | 133 | €794,967 | €890,603 | +€95,636 | +12.0% |
| Profit (loss) carried forward | 14 | -€104,964 | €0 | +€104,964 | |
| Provisions and deferred taxes | 16 | €80,000 | €80,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €80,000 | €80,000 | = | 0.0% |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €966,140 | €968,170 | +€2,030 | +0.2% |
| Amounts payable after more than one year | 17 | €218,394 | €172,514 | -€45,880 | -21.0% |
| Financial debts | 170/4 | €157,718 | €107,809 | -€49,910 | -31.6% |
| Other amounts payable | 178/9 | €60,676 | €64,706 | +€4,030 | +6.6% |
| Amounts payable within one year | 42/48 | €733,879 | €785,333 | +€51,454 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €75,726 | €49,129 | -€26,597 | -35.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €398,841 | €438,140 | +€39,299 | +9.9% |
| Suppliers | 440/4 | €398,841 | €438,140 | +€39,299 | +9.9% |
| Taxes, remuneration and social security | 45 | €87,521 | €136,836 | +€49,315 | +56.3% |
| Taxes | 450/3 | €27,839 | €80,135 | +€52,296 | +187.9% |
| Remuneration and social security | 454/9 | €59,682 | €56,701 | -€2,981 | -5.0% |
| Other amounts payable | 47/48 | €71,792 | €61,229 | -€10,563 | -14.7% |
| Accrued charges and deferred income | 492/3 | €13,867 | €10,323 | -€3,544 | -25.6% |
| Remuneration, social security and pensions | 62 | €658,215 | €670,023 | +€11,808 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,910 | €72,062 | -€21,848 | -23.3% |
| Other operating charges | 640/8 | €20,875 | €18,286 | -€2,589 | -12.4% |
| Gross operating margin | 9900 | €1,081,796 | €1,095,808 | +€14,012 | +1.3% |
| Operating profit (loss) | 9901 | €308,795 | €335,437 | +€26,642 | +8.6% |
| Financial income | 75/76B | €1,874 | €1,025 | -€848 | -45.3% |
| Recurring financial income | 75 | €1,874 | €1,025 | -€848 | -45.3% |
| Financial charges | 65/66B | €37,465 | €24,225 | -€13,241 | -35.3% |
| Recurring financial charges | 65 | €37,465 | €24,225 | -€13,241 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €273,203 | €312,238 | +€39,035 | +14.3% |
| Transfer from deferred taxes | 780 | €3,004 | €0 | -€3,004 | -100.0% |
| Income taxes | 67/77 | €93,210 | €111,638 | +€18,428 | +19.8% |
| Profit (loss) for the period | 9904 | €182,997 | €200,600 | +€17,603 | +9.6% |
| Transfer from tax-exempt reserves | 789 | €6,099 | €0 | -€6,099 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €189,096 | €200,600 | +€11,504 | +6.1% |
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 3 October 2026 via checked.be.