SUCCESS: 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.
SUCCESS
Largest movements
- Receivables within one year +€37,063
up €37,063 (+16.0%), from €231,491 to €268,554
of which Trade receivables: +€23,688
- Stocks and contracts -€11,650
down €11,650 (-6.1%), from €190,810 to €179,160
- Tangible fixed assets -€9,353
down €9,353 (-4.2%), from €222,851 to €213,498
- Short-term financial debts +€125,800
up €125,800 (+109.6%), from €114,800 to €240,600
- Current portion of long-term debt -€58,610
no longer reported in 2025 (was €58,610)
- Profit (loss) carried forward -€25,746
down €25,746 (-41.8%), from €61,543 to €35,797
- Tax, wage and social debts -€22,960
down €22,960 (-73.3%), from €31,309 to €8,348
- Debts after one year +€17,186
new in 2025: €17,186
- Gross operating margin -€59,490
down €59,490 (-68.7%), from €86,637 to €27,147
- Taxes -€14,235
down €14,235 (-95.9%), from €14,844 to €609
- Financial charges +€5,879
up €5,879 (+49.5%), from €11,875 to €17,754
- Other operating charges +€1,520
up €1,520 (+23.7%), from €6,422 to €7,941
- Depreciation +€1,099
up €1,099 (+4.2%), from €26,240 to €27,339
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 | €648,588 | €666,849 | +€18,261 | +2.8% |
| Fixed assets | 21/28 | €223,031 | €213,678 | -€9,353 | -4.2% |
| Tangible fixed assets | 22/27 | €222,851 | €213,498 | -€9,353 | -4.2% |
| Land and buildings | 22 | €215,862 | €212,557 | -€3,305 | -1.5% |
| Plant, machinery and equipment | 23 | €2,146 | - | -€2,146 | |
| Furniture and vehicles | 24 | €4,843 | €941 | -€3,902 | -80.6% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €425,557 | €453,171 | +€27,614 | +6.5% |
| Stocks and contracts in progress | 3 | €190,810 | €179,160 | -€11,650 | -6.1% |
| Stocks | 30/36 | €190,810 | €179,160 | -€11,650 | -6.1% |
| Amounts receivable within one year | 40/41 | €231,491 | €268,554 | +€37,063 | +16.0% |
| Trade receivables | 40 | €227,374 | €251,062 | +€23,688 | +10.4% |
| Other amounts receivable | 41 | €4,116 | €17,492 | +€13,375 | +324.9% |
| Cash at bank and in hand | 54/58 | €2,650 | €3,859 | +€1,209 | +45.6% |
| Deferred charges and accrued income | 490/1 | €606 | €1,598 | +€992 | +163.8% |
| Total equity and liabilities | 10/49 | €648,588 | €666,849 | +€18,261 | +2.8% |
| Equity | 10/15 | €244,828 | €218,587 | -€26,241 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,685 | €164,190 | -€495 | -0.3% |
| Tax-exempt reserves | 132 | €6,534 | €6,039 | -€495 | -7.6% |
| Distributable reserves | 133 | €158,151 | €158,151 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,543 | €35,797 | -€25,746 | -41.8% |
| Provisions and deferred taxes | 16 | €10,040 | €9,785 | -€255 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €8,000 | €8,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €8,000 | €8,000 | = | 0.0% |
| Deferred taxes | 168 | €2,040 | €1,785 | -€255 | -12.5% |
| Amounts payable | 17/49 | €393,720 | €438,478 | +€44,758 | +11.4% |
| Amounts payable after more than one year | 17 | - | €17,186 | +€17,186 | |
| Financial debts | 170/4 | - | €17,186 | +€17,186 | |
| Amounts payable within one year | 42/48 | €393,720 | €421,291 | +€27,572 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €58,610 | - | -€58,610 | |
| Financial debts | 43 | €114,800 | €240,600 | +€125,800 | +109.6% |
| Credit institutions | 430/8 | €114,800 | €240,600 | +€125,800 | +109.6% |
| Trade debts | 44 | €189,001 | €172,343 | -€16,658 | -8.8% |
| Suppliers | 440/4 | €189,001 | €172,343 | -€16,658 | -8.8% |
| Taxes, remuneration and social security | 45 | €31,309 | €8,348 | -€22,960 | -73.3% |
| Taxes | 450/3 | €31,309 | €8,348 | -€22,960 | -73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,240 | €27,339 | +€1,099 | +4.2% |
| Other operating charges | 640/8 | €6,422 | €7,941 | +€1,520 | +23.7% |
| Gross operating margin | 9900 | €86,637 | €27,147 | -€59,490 | -68.7% |
| Operating profit (loss) | 9901 | €53,976 | -€8,133 | -€62,109 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,875 | €17,754 | +€5,879 | +49.5% |
| Recurring financial charges | 65 | €11,875 | €17,754 | +€5,879 | +49.5% |
| Profit (loss) for the period before taxes | 9903 | €42,101 | -€25,888 | -€67,988 | |
| Transfer from deferred taxes | 780 | €255 | €255 | = | 0.0% |
| Income taxes | 67/77 | €14,844 | €609 | -€14,235 | -95.9% |
| Profit (loss) for the period | 9904 | €27,512 | -€26,241 | -€53,753 | |
| Transfer from tax-exempt reserves | 789 | €495 | €495 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,007 | -€25,746 | -€53,753 |
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 10 October 2026 via checked.be.