Struttura: 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.
Struttura
Largest movements
- Receivables within one year +€24,399
up €24,399 (+65.6%), from €37,183 to €61,582
of which Trade receivables: +€25,460
- Tangible fixed assets -€22,079
down €22,079 (-9.7%), from €227,464 to €205,385
of which Furniture and vehicles: -€21,514
- Cash -€4,713
down €4,713 (-6.7%), from €69,976 to €65,263
mainly Debts after one year (-€92,518) and Investment in fixed assets (net) (-€37,595)
- Debts after one year -€92,518
down €92,518 (-54.2%), from €170,733 to €78,215
of which Financial debts: -€67,518
- Reserves +€56,600
up €56,600 (+73.4%), from €77,069 to €133,668
- Trade debts +€19,598
up €19,598 (+494%), from €3,969 to €23,567
- Tax, wage and social debts +€11,210
up €11,210 (+56.3%), from €19,928 to €31,138
- Depreciation +€39,293
up €39,293 (+193%), from €20,380 to €59,674
- Other operating charges -€33,329
down €33,329 (-98.3%), from €33,905 to €576
- Gross operating margin +€33,026
up €33,026 (+30.5%), from €108,390 to €141,417
- Taxes +€6,755
up €6,755 (+65.6%), from €10,296 to €17,050
- Financial charges +€4,321
up €4,321 (+117%), from €3,695 to €8,016
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 | €349,522 | €347,106 | -€2,416 | -0.7% |
| Fixed assets | 21/28 | €242,214 | €220,135 | -€22,079 | -9.1% |
| Tangible fixed assets | 22/27 | €227,464 | €205,385 | -€22,079 | -9.7% |
| Plant, machinery and equipment | 23 | €13,140 | €12,575 | -€565 | -4.3% |
| Furniture and vehicles | 24 | €214,324 | €192,810 | -€21,514 | -10.0% |
| Financial fixed assets | 28 | €14,750 | €14,750 | = | 0.0% |
| Current assets | 29/58 | €107,308 | €126,971 | +€19,663 | +18.3% |
| Amounts receivable within one year | 40/41 | €37,183 | €61,582 | +€24,399 | +65.6% |
| Trade receivables | 40 | €27,444 | €52,904 | +€25,460 | +92.8% |
| Other amounts receivable | 41 | €9,739 | €8,678 | -€1,061 | -10.9% |
| Cash at bank and in hand | 54/58 | €69,976 | €65,263 | -€4,713 | -6.7% |
| Deferred charges and accrued income | 490/1 | €150 | €126 | -€24 | -15.7% |
| Total equity and liabilities | 10/49 | €349,522 | €347,106 | -€2,416 | -0.7% |
| Equity | 10/15 | €81,069 | €137,668 | +€56,600 | +69.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €77,069 | €133,668 | +€56,600 | +73.4% |
| Distributable reserves | 133 | €77,069 | €133,668 | +€56,600 | +73.4% |
| Amounts payable | 17/49 | €268,454 | €209,438 | -€59,016 | -22.0% |
| Amounts payable after more than one year | 17 | €170,733 | €78,215 | -€92,518 | -54.2% |
| Financial debts | 170/4 | €145,733 | €78,215 | -€67,518 | -46.3% |
| Other amounts payable | 178/9 | €25,000 | €0 | -€25,000 | -100% |
| Amounts payable within one year | 42/48 | €97,721 | €131,223 | +€33,502 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €64,824 | €67,518 | +€2,694 | +4.2% |
| Financial debts | 43 | €9,000 | €9,000 | = | 0.0% |
| Other loans | 439 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €3,969 | €23,567 | +€19,598 | +494% |
| Suppliers | 440/4 | €3,969 | €23,567 | +€19,598 | +494% |
| Taxes, remuneration and social security | 45 | €19,928 | €31,138 | +€11,210 | +56.3% |
| Taxes | 450/3 | €19,928 | €31,138 | +€11,210 | +56.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,380 | €59,674 | +€39,293 | +193% |
| Other operating charges | 640/8 | €33,905 | €576 | -€33,329 | -98.3% |
| Gross operating margin | 9900 | €108,390 | €141,417 | +€33,026 | +30.5% |
| Operating profit (loss) | 9901 | €54,105 | €81,167 | +€27,062 | +50.0% |
| Financial income | 75/76B | €556 | €499 | -€57 | -10.3% |
| Recurring financial income | 75 | €556 | €499 | -€57 | -10.3% |
| Financial charges | 65/66B | €3,695 | €8,016 | +€4,321 | +117% |
| Recurring financial charges | 65 | €3,695 | €8,016 | +€4,321 | +117% |
| Profit (loss) for the period before taxes | 9903 | €50,966 | €73,650 | +€22,684 | +44.5% |
| Income taxes | 67/77 | €10,296 | €17,050 | +€6,755 | +65.6% |
| Profit (loss) for the period | 9904 | €40,671 | €56,600 | +€15,929 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,671 | €56,600 | +€15,929 | +39.2% |
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 22 October 2026 via checked.be.