STRUKTUR: 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.
STRUKTUR
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+767.4%), from €148,609 to €1.3m
of which Land and buildings: +€1.0m
- Stocks and contracts +€139,712
up €139,712 (+54.6%), from €255,846 to €395,557
of which Contracts in progress: +€91,416
- Receivables within one year +€61,775
up €61,775 (+26.8%), from €230,694 to €292,469
of which Trade receivables: +€92,021
- Debts after one year +€831,744
up €831,744 (+4074.4%), from €20,414 to €852,158
- Short-term financial debts +€225,000
up €225,000 (+75.0%), from €300,000 to €525,000
- Other debts +€133,070
up €133,070 (+76.1%), from €174,965 to €308,035
- Trade debts +€115,228
up €115,228 (+158.0%), from €72,926 to €188,154
- Current portion of long-term debt +€42,483
up €42,483 (+132.7%), from €32,015 to €74,498
- Financial charges +€58,146
up €58,146 (+232.1%), from €25,055 to €83,201
- Gross operating margin +€56,549
up €56,549 (+18.3%), from €308,321 to €364,870
- Depreciation +€42,127
up €42,127 (+80.5%), from €52,346 to €94,472
- Staff costs +€24,109
up €24,109 (+13.4%), from €179,396 to €203,504
- Taxes -€14,120
down €14,120 (-98.4%), from €14,347 to €227
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 | €756,233 | €2,110,705 | +€1.4m | +179.1% |
| Fixed assets | 21/28 | €154,048 | €1,295,564 | +€1.1m | +741.0% |
| Tangible fixed assets | 22/27 | €148,609 | €1,289,039 | +€1.1m | +767.4% |
| Land and buildings | 22 | - | €1,008,725 | +€1.0m | |
| Plant, machinery and equipment | 23 | €78,414 | €164,651 | +€86,236 | +110.0% |
| Furniture and vehicles | 24 | €27,532 | €25,211 | -€2,321 | -8.4% |
| Leasing and similar rights | 25 | €42,662 | €90,453 | +€47,790 | +112.0% |
| Financial fixed assets | 28 | €5,439 | €6,525 | +€1,086 | +20.0% |
| Current assets | 29/58 | €602,186 | €815,141 | +€212,956 | +35.4% |
| Stocks and contracts in progress | 3 | €255,846 | €395,557 | +€139,712 | +54.6% |
| Stocks | 30/36 | €197,674 | €245,970 | +€48,296 | +24.4% |
| Contracts in progress | 37 | €58,171 | €149,587 | +€91,416 | +157.1% |
| Amounts receivable within one year | 40/41 | €230,694 | €292,469 | +€61,775 | +26.8% |
| Trade receivables | 40 | €160,854 | €252,875 | +€92,021 | +57.2% |
| Other amounts receivable | 41 | €69,840 | €39,595 | -€30,246 | -43.3% |
| Cash at bank and in hand | 54/58 | €97,462 | €109,870 | +€12,408 | +12.7% |
| Deferred charges and accrued income | 490/1 | €18,184 | €17,244 | -€939 | -5.2% |
| Total equity and liabilities | 10/49 | €756,233 | €2,110,705 | +€1.4m | +179.1% |
| Equity | 10/15 | €95,361 | €77,314 | -€18,047 | -18.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €85,361 | €67,314 | -€18,047 | -21.1% |
| Distributable reserves | 133 | €85,361 | €67,314 | -€18,047 | -21.1% |
| Amounts payable | 17/49 | €660,872 | €2,033,391 | +€1.4m | +207.7% |
| Amounts payable after more than one year | 17 | €20,414 | €852,158 | +€831,744 | +4074.4% |
| Financial debts | 170/4 | €20,414 | €852,158 | +€831,744 | +4074.4% |
| Amounts payable within one year | 42/48 | €640,458 | €1,181,233 | +€540,775 | +84.4% |
| Current portion of amounts payable after more than one year | 42 | €32,015 | €74,498 | +€42,483 | +132.7% |
| Financial debts | 43 | €300,000 | €525,000 | +€225,000 | +75.0% |
| Credit institutions | 430/8 | €300,000 | €525,000 | +€225,000 | +75.0% |
| Trade debts | 44 | €72,926 | €188,154 | +€115,228 | +158.0% |
| Suppliers | 440/4 | €72,926 | €188,154 | +€115,228 | +158.0% |
| Advances received on contracts in progress | 46 | €31,524 | €60,691 | +€29,167 | +92.5% |
| Taxes, remuneration and social security | 45 | €29,027 | €24,854 | -€4,173 | -14.4% |
| Taxes | 450/3 | €21,169 | €14,574 | -€6,595 | -31.2% |
| Remuneration and social security | 454/9 | €7,859 | €10,280 | +€2,422 | +30.8% |
| Other amounts payable | 47/48 | €174,965 | €308,035 | +€133,070 | +76.1% |
| Remuneration, social security and pensions | 62 | €179,396 | €203,504 | +€24,109 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,346 | €94,472 | +€42,127 | +80.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,138 | +€1,138 | |
| Other operating charges | 640/8 | €1,674 | €9,345 | +€7,671 | +458.3% |
| Gross operating margin | 9900 | €308,321 | €364,870 | +€56,549 | +18.3% |
| Operating profit (loss) | 9901 | €74,906 | €56,411 | -€18,496 | -24.7% |
| Financial income | 75/76B | €10,761 | €8,971 | -€1,791 | -16.6% |
| Recurring financial income | 75 | €10,761 | €8,971 | -€1,791 | -16.6% |
| Financial charges | 65/66B | €25,055 | €83,201 | +€58,146 | +232.1% |
| Recurring financial charges | 65 | €25,055 | €83,201 | +€58,146 | +232.1% |
| Profit (loss) for the period before taxes | 9903 | €60,612 | -€17,820 | -€78,432 | |
| Income taxes | 67/77 | €14,347 | €227 | -€14,120 | -98.4% |
| Profit (loss) for the period | 9904 | €46,265 | -€18,047 | -€64,313 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,265 | -€18,047 | -€64,313 |
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 7 October 2026 via checked.be.