SYLVAIN WERRION: 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.
SYLVAIN WERRION
Largest movements
- Tangible fixed assets +€135,561
up €135,561 (+17.0%), from €796,236 to €931,797
of which Plant, machinery and equipment: +€128,965
- Cash +€46,321
up €46,321 (+576%), from €8,045 to €54,366
mainly Debts after one year (+€73,317) and Depreciation (+€68,207)
- Receivables within one year +€31,575
up €31,575 (+133%), from €23,735 to €55,311
of which Other amounts receivable: +€19,391
- Debts after one year +€73,317
up €73,317 (+12.1%), from €604,379 to €677,695
- Provisions +€52,869
new in 2025: €52,869
- Current portion of long-term debt +€42,716
up €42,716 (+65.7%), from €65,015 to €107,731
- Trade debts +€21,865
up €21,865 (+89.8%), from €24,359 to €46,224
- Other debts +€20,713
up €20,713 (+258%), from €8,030 to €28,743
- Gross operating margin +€149,495
up €149,495 (+87.6%), from €170,571 to €320,066
- Staff costs +€101,614
up €101,614 (+264%), from €38,497 to €140,111
- Provisions +€52,869
new in 2025: €52,869
- Depreciation +€9,948
up €9,948 (+17.1%), from €58,259 to €68,207
- Financial charges +€3,294
up €3,294 (+18.2%), from €18,060 to €21,353
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 | €837,862 | €1,058,563 | +€220,701 | +26.3% |
| Fixed assets | 21/28 | €796,601 | €932,162 | +€135,561 | +17.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €796,236 | €931,797 | +€135,561 | +17.0% |
| Land and buildings | 22 | €652,706 | €659,290 | +€6,584 | +1.0% |
| Plant, machinery and equipment | 23 | €65,270 | €194,235 | +€128,965 | +198% |
| Furniture and vehicles | 24 | €12,273 | €13,641 | +€1,369 | +11.2% |
| Leasing and similar rights | 25 | €65,988 | €64,631 | -€1,357 | -2.1% |
| Financial fixed assets | 28 | €365 | €365 | = | 0.0% |
| Current assets | 29/58 | €41,261 | €126,401 | +€85,140 | +206% |
| Stocks and contracts in progress | 3 | €4,977 | €8,719 | +€3,742 | +75.2% |
| Stocks | 30/36 | €4,977 | €8,719 | +€3,742 | +75.2% |
| Amounts receivable within one year | 40/41 | €23,735 | €55,311 | +€31,575 | +133% |
| Trade receivables | 40 | €23,731 | €35,915 | +€12,185 | +51.3% |
| Other amounts receivable | 41 | €5 | €19,395 | +€19,391 | +430,902% |
| Cash at bank and in hand | 54/58 | €8,045 | €54,366 | +€46,321 | +576% |
| Deferred charges and accrued income | 490/1 | €4,504 | €8,005 | +€3,501 | +77.7% |
| Total equity and liabilities | 10/49 | €837,862 | €1,058,563 | +€220,701 | +26.3% |
| Equity | 10/15 | €114,229 | €105,860 | -€8,369 | -7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,260 | €87,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €85,400 | €85,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,369 | - | -€8,369 | |
| Provisions and deferred taxes | 16 | - | €52,869 | +€52,869 | |
| Provisions for liabilities and charges | 160/5 | - | €52,869 | +€52,869 | |
| Other liabilities and charges | 164/5 | - | €52,869 | +€52,869 | |
| Amounts payable | 17/49 | €723,633 | €899,834 | +€176,201 | +24.3% |
| Amounts payable after more than one year | 17 | €604,379 | €677,695 | +€73,317 | +12.1% |
| Financial debts | 170/4 | €604,379 | €677,695 | +€73,317 | +12.1% |
| Amounts payable within one year | 42/48 | €119,255 | €222,139 | +€102,884 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €65,015 | €107,731 | +€42,716 | +65.7% |
| Trade debts | 44 | €24,359 | €46,224 | +€21,865 | +89.8% |
| Suppliers | 440/4 | €24,359 | €46,224 | +€21,865 | +89.8% |
| Taxes, remuneration and social security | 45 | €21,850 | €39,440 | +€17,590 | +80.5% |
| Taxes | 450/3 | €16,626 | €9,742 | -€6,884 | -41.4% |
| Remuneration and social security | 454/9 | €5,224 | €29,698 | +€24,474 | +468% |
| Other amounts payable | 47/48 | €8,030 | €28,743 | +€20,713 | +258% |
| Remuneration, social security and pensions | 62 | €38,497 | €140,111 | +€101,614 | +264% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,259 | €68,207 | +€9,948 | +17.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €52,869 | +€52,869 | |
| Other operating charges | 640/8 | €11,352 | €14,306 | +€2,954 | +26.0% |
| Gross operating margin | 9900 | €170,571 | €320,066 | +€149,495 | +87.6% |
| Operating profit (loss) | 9901 | €62,463 | €44,573 | -€17,890 | -28.6% |
| Financial income | 75/76B | €297 | - | -€297 | |
| Recurring financial income | 75 | €297 | - | -€297 | |
| Financial charges | 65/66B | €18,060 | €21,353 | +€3,294 | +18.2% |
| Recurring financial charges | 65 | €18,060 | €21,353 | +€3,294 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €44,701 | €23,220 | -€21,481 | -48.1% |
| Income taxes | 67/77 | €4,353 | €3,105 | -€1,248 | -28.7% |
| Profit (loss) for the period | 9904 | €40,348 | €20,115 | -€20,233 | -50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,348 | €20,115 | -€20,233 | -50.1% |
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 13 October 2026 via checked.be.