STYLE DE VUE: 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.
STYLE DE VUE
Largest movements
- Intangible fixed assets -€42,000
down €42,000 (-25.7%), from €163,512 to €121,512
- Tangible fixed assets +€25,966
up €25,966 (+7.5%), from €344,886 to €370,852
of which Land and buildings: +€16,726
- Stocks and contracts +€22,390
up €22,390 (+47.1%), from €47,533 to €69,923
- Cash +€18,869
up €18,869 (+46.3%), from €40,713 to €59,582
mainly Other debts (+€88,910) and Depreciation (+€58,114)
- Other debts +€88,910
up €88,910 (+251%), from €35,388 to €124,298
- Short-term financial debts -€88,000
no longer reported in 2025 (was €88,000)
- Debts after one year -€35,109
down €35,109 (-7.1%), from €491,419 to €456,311
of which Financial debts: -€35,109
- Investment grants +€34,150
new in 2025: €34,150
- Profit (loss) carried forward +€24,388
up €24,388 (+26.2%), from -€93,036 to -€68,648
- Gross operating margin +€63,014
up €63,014 (+62.4%), from €101,050 to €164,064
- Other operating charges -€42,521
down €42,521 (-94.1%), from €45,177 to €2,656
- Depreciation -€12,593
down €12,593 (-17.8%), from €70,707 to €58,114
- Financial charges +€9,831
up €9,831 (+66.6%), from €14,764 to €24,595
- Write-downs -€6,155
down €6,155 (-42.4%), from €14,521 to €8,366
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 | €600,049 | €624,907 | +€24,858 | +4.1% |
| Fixed assets | 21/28 | €508,399 | €492,364 | -€16,034 | -3.2% |
| Intangible fixed assets | 21 | €163,512 | €121,512 | -€42,000 | -25.7% |
| Tangible fixed assets | 22/27 | €344,886 | €370,852 | +€25,966 | +7.5% |
| Land and buildings | 22 | €333,190 | €349,916 | +€16,726 | +5.0% |
| Plant, machinery and equipment | 23 | €11,696 | €20,542 | +€8,845 | +75.6% |
| Furniture and vehicles | 24 | - | €394 | +€394 | |
| Current assets | 29/58 | €91,650 | €132,542 | +€40,892 | +44.6% |
| Stocks and contracts in progress | 3 | €47,533 | €69,923 | +€22,390 | +47.1% |
| Stocks | 30/36 | €47,533 | €69,923 | +€22,390 | +47.1% |
| Amounts receivable within one year | 40/41 | €861 | €1,193 | +€333 | +38.6% |
| Other amounts receivable | 41 | €861 | €1,193 | +€333 | +38.6% |
| Cash at bank and in hand | 54/58 | €40,713 | €59,582 | +€18,869 | +46.3% |
| Deferred charges and accrued income | 490/1 | €2,544 | €1,844 | -€700 | -27.5% |
| Total equity and liabilities | 10/49 | €600,049 | €624,907 | +€24,858 | +4.1% |
| Equity | 10/15 | -€78,036 | -€19,497 | +€58,538 | +75.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,036 | -€68,648 | +€24,388 | +26.2% |
| Investment grants | 15 | - | €34,150 | +€34,150 | |
| Amounts payable | 17/49 | €678,085 | €644,404 | -€33,680 | -5.0% |
| Amounts payable after more than one year | 17 | €491,419 | €456,311 | -€35,109 | -7.1% |
| Financial debts | 170/4 | €376,419 | €341,311 | -€35,109 | -9.3% |
| Other amounts payable | 178/9 | €115,000 | €115,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €186,435 | €187,894 | +€1,459 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €33,766 | €36,359 | +€2,592 | +7.7% |
| Financial debts | 43 | €88,000 | - | -€88,000 | |
| Credit institutions | 430/8 | €88,000 | - | -€88,000 | |
| Trade debts | 44 | €18,867 | €16,233 | -€2,635 | -14.0% |
| Suppliers | 440/4 | €18,867 | €16,233 | -€2,635 | -14.0% |
| Taxes, remuneration and social security | 45 | €10,413 | €11,004 | +€591 | +5.7% |
| Taxes | 450/3 | €10,413 | €3,468 | -€6,945 | -66.7% |
| Remuneration and social security | 454/9 | - | €7,536 | +€7,536 | |
| Other amounts payable | 47/48 | €35,388 | €124,298 | +€88,910 | +251% |
| Accrued charges and deferred income | 492/3 | €230 | €200 | -€30 | -13.1% |
| Non-recurring operating income | 76A | - | €18,809 | +€18,809 | |
| Remuneration, social security and pensions | 62 | €48,870 | €50,416 | +€1,547 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,707 | €58,114 | -€12,593 | -17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,521 | €8,366 | -€6,155 | -42.4% |
| Other operating charges | 640/8 | €45,177 | €2,656 | -€42,521 | -94.1% |
| Gross operating margin | 9900 | €101,050 | €164,064 | +€63,014 | +62.4% |
| Operating profit (loss) | 9901 | -€78,225 | €44,512 | +€122,737 | |
| Financial income | 75/76B | €95 | €4,619 | +€4,524 | +4,748% |
| Recurring financial income | 75 | €95 | €4,619 | +€4,524 | +4,748% |
| Financial charges | 65/66B | €14,764 | €24,595 | +€9,831 | +66.6% |
| Recurring financial charges | 65 | €14,764 | €24,595 | +€9,831 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | -€92,894 | €24,536 | +€117,430 | |
| Income taxes | 67/77 | €142 | €148 | +€6 | +3.9% |
| Profit (loss) for the period | 9904 | -€93,036 | €24,388 | +€117,424 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,036 | €24,388 | +€117,424 |
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 30 October 2026 via checked.be.