SURFACE: 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.
SURFACE
Largest movements
- Receivables within one year -€262,537
down €262,537 (-58.0%), from €452,942 to €190,405
of which Trade receivables: -€263,567
- Tangible fixed assets -€147,988
down €147,988 (-17.3%), from €855,163 to €707,175
of which Land and buildings: -€145,048
- Cash +€82,337
up €82,337 (+261.2%), from €31,522 to €113,859
mainly Receivables within one year (+€262,537) and Current portion of long-term debt (+€150,000)
- Debts after one year -€431,363
down €431,363 (-36.0%), from €1.2m to €765,696
- Current portion of long-term debt +€150,000
new in 2025: €150,000
- Other debts -€125,511
down €125,511 (-58.0%), from €216,554 to €91,043
- Profit (loss) carried forward +€73,177
up €73,177 (+61.5%), from -€118,931 to -€45,753
- Gross operating margin +€209,145
up €209,145, from -€98,874 to €110,271
- Financial charges +€26,660
up €26,660 (+2483.0%), from €1,074 to €27,734
- Depreciation -€12,692
down €12,692 (-76.1%), from €16,680 to €3,988
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 | €1,339,627 | €1,011,439 | -€328,188 | -24.5% |
| Fixed assets | 21/28 | €855,163 | €707,175 | -€147,988 | -17.3% |
| Tangible fixed assets | 22/27 | €855,163 | €707,175 | -€147,988 | -17.3% |
| Land and buildings | 22 | €852,223 | €707,175 | -€145,048 | -17.0% |
| Plant, machinery and equipment | 23 | €1,533 | - | -€1,533 | |
| Furniture and vehicles | 24 | €1,407 | - | -€1,407 | |
| Current assets | 29/58 | €484,464 | €304,264 | -€180,200 | -37.2% |
| Amounts receivable within one year | 40/41 | €452,942 | €190,405 | -€262,537 | -58.0% |
| Trade receivables | 40 | €377,877 | €114,309 | -€263,567 | -69.7% |
| Other amounts receivable | 41 | €75,065 | €76,095 | +€1,030 | +1.4% |
| Cash at bank and in hand | 54/58 | €31,522 | €113,859 | +€82,337 | +261.2% |
| Total equity and liabilities | 10/49 | €1,339,627 | €1,011,439 | -€328,188 | -24.5% |
| Equity | 10/15 | -€90,463 | -€17,285 | +€73,177 | +80.9% |
| Contributions | 10/11 | €24,790 | €24,790 | = | 0.0% |
| Reserves | 13 | €3,678 | €3,678 | = | 0.0% |
| Distributable reserves | 133 | €3,678 | €3,678 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,931 | -€45,753 | +€73,177 | +61.5% |
| Amounts payable | 17/49 | €1,430,089 | €1,028,724 | -€401,365 | -28.1% |
| Amounts payable after more than one year | 17 | €1,197,059 | €765,696 | -€431,363 | -36.0% |
| Financial debts | 170/4 | €1,197,059 | €765,696 | -€431,363 | -36.0% |
| Amounts payable within one year | 42/48 | €233,030 | €263,028 | +€29,998 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €14,385 | €21,985 | +€7,600 | +52.8% |
| Suppliers | 440/4 | €14,385 | €21,985 | +€7,600 | +52.8% |
| Taxes, remuneration and social security | 45 | €2,091 | - | -€2,091 | |
| Taxes | 450/3 | €2,091 | - | -€2,091 | |
| Other amounts payable | 47/48 | €216,554 | €91,043 | -€125,511 | -58.0% |
| Non-recurring operating income | 76A | €56,695 | €211,442 | +€154,747 | +272.9% |
| Remuneration, social security and pensions | 62 | €321 | €346 | +€26 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,680 | €3,988 | -€12,692 | -76.1% |
| Other operating charges | 640/8 | €1,235 | €1,453 | +€218 | +17.6% |
| Non-recurring operating charges | 66A | €10,456 | €3,573 | -€6,883 | -65.8% |
| Gross operating margin | 9900 | -€98,874 | €110,271 | +€209,145 | |
| Operating profit (loss) | 9901 | -€127,566 | €100,911 | +€228,477 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,074 | €27,734 | +€26,660 | +2483.0% |
| Recurring financial charges | 65 | €1,074 | €27,734 | +€26,660 | +2483.0% |
| Profit (loss) for the period before taxes | 9903 | -€128,640 | €73,177 | +€201,817 | |
| Profit (loss) for the period | 9904 | -€128,640 | €73,177 | +€201,817 | |
| Profit (loss) for the period to be appropriated | 9905 | -€128,640 | €73,177 | +€201,817 |
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 8 October 2026 via checked.be.