SYNAPSIS: 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.
SYNAPSIS
Largest movements
- Receivables within one year +€340,738
up €340,738 (+1117.8%), from €30,484 to €371,222
of which Trade receivables: +€341,570
- Cash +€198,654
up €198,654 (+1004.6%), from €19,774 to €218,428
mainly Net result for the year (+€426,593) and Depreciation (+€106,462)
- Tangible fixed assets -€121,484
down €121,484 (-13.5%), from €901,585 to €780,101
of which Land and buildings: -€98,916
- Current investments +€37,284
up €37,284 (+7.9%), from €471,986 to €509,270
- Reserves +€436,231
up €436,231 (+66.5%), from €656,368 to €1.1m
of which Distributable reserves: +€364,940
- Current portion of long-term debt +€86,798
up €86,798 (+174.2%), from €49,838 to €136,636
- Debts after one year -€47,734
down €47,734 (-9.8%), from €486,407 to €438,673
- Tax, wage and social debts +€27,662
up €27,662 (+390.6%), from €7,081 to €34,743
- Trade debts -€21,751
down €21,751 (-92.4%), from €23,548 to €1,797
- Gross operating margin +€500,466
up €500,466 (+214.0%), from €233,832 to €734,298
- Taxes +€128,977
up €128,977 (+241.2%), from €53,471 to €182,449
- Depreciation +€62,356
up €62,356 (+141.4%), from €44,106 to €106,462
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 | €1,459,596 | €1,920,619 | +€461,023 | +31.6% |
| Fixed assets | 21/28 | €906,585 | €785,101 | -€121,484 | -13.4% |
| Tangible fixed assets | 22/27 | €901,585 | €780,101 | -€121,484 | -13.5% |
| Land and buildings | 22 | €793,735 | €694,820 | -€98,916 | -12.5% |
| Plant, machinery and equipment | 23 | - | €320 | +€320 | |
| Furniture and vehicles | 24 | €107,850 | €84,962 | -€22,888 | -21.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €553,011 | €1,135,518 | +€582,507 | +105.3% |
| Amounts receivable within one year | 40/41 | €30,484 | €371,222 | +€340,738 | +1117.8% |
| Trade receivables | 40 | €18,341 | €359,911 | +€341,570 | +1862.3% |
| Other amounts receivable | 41 | €12,143 | €11,311 | -€832 | -6.9% |
| Current investments | 50/53 | €471,986 | €509,270 | +€37,284 | +7.9% |
| Cash at bank and in hand | 54/58 | €19,774 | €218,428 | +€198,654 | +1004.6% |
| Deferred charges and accrued income | 490/1 | €30,768 | €36,598 | +€5,830 | +18.9% |
| Total equity and liabilities | 10/49 | €1,459,596 | €1,920,619 | +€461,023 | +31.6% |
| Equity | 10/15 | €687,936 | €1,124,169 | +€436,233 | +63.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €656,368 | €1,092,599 | +€436,231 | +66.5% |
| Non-distributable reserves | 130/1 | €16,860 | €16,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,860 | €16,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €558 | €71,849 | +€71,291 | +12773.6% |
| Distributable reserves | 133 | €638,950 | €1,003,890 | +€364,940 | +57.1% |
| Profit (loss) carried forward | 14 | €19,168 | €19,170 | +€2 | 0.0% |
| Provisions and deferred taxes | 16 | €287 | €144 | -€144 | -50.0% |
| Deferred taxes | 168 | €287 | €144 | -€144 | -50.0% |
| Amounts payable | 17/49 | €771,373 | €796,306 | +€24,933 | +3.2% |
| Amounts payable after more than one year | 17 | €486,407 | €438,673 | -€47,734 | -9.8% |
| Financial debts | 170/4 | €486,407 | €438,673 | -€47,734 | -9.8% |
| Amounts payable within one year | 42/48 | €283,380 | €355,875 | +€72,495 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €49,838 | €136,636 | +€86,798 | +174.2% |
| Trade debts | 44 | €23,548 | €1,797 | -€21,751 | -92.4% |
| Suppliers | 440/4 | €23,548 | €1,797 | -€21,751 | -92.4% |
| Taxes, remuneration and social security | 45 | €7,081 | €34,743 | +€27,662 | +390.6% |
| Taxes | 450/3 | €7,081 | €34,743 | +€27,662 | +390.6% |
| Other amounts payable | 47/48 | €202,912 | €182,698 | -€20,214 | -10.0% |
| Accrued charges and deferred income | 492/3 | €1,586 | €1,758 | +€172 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,106 | €106,462 | +€62,356 | +141.4% |
| Other operating charges | 640/8 | €5,931 | €4,866 | -€1,065 | -18.0% |
| Gross operating margin | 9900 | €233,832 | €734,298 | +€500,466 | +214.0% |
| Operating profit (loss) | 9901 | €183,795 | €622,970 | +€439,175 | +238.9% |
| Financial income | 75/76B | €7,357 | €6,212 | -€1,145 | -15.6% |
| Recurring financial income | 75 | €7,357 | €6,212 | -€1,145 | -15.6% |
| Financial charges | 65/66B | €20,156 | €20,284 | +€129 | +0.6% |
| Recurring financial charges | 65 | €20,156 | €20,284 | +€129 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €170,996 | €608,898 | +€437,902 | +256.1% |
| Transfer from deferred taxes | 780 | €144 | €144 | = | 0.0% |
| Income taxes | 67/77 | €53,471 | €182,449 | +€128,977 | +241.2% |
| Profit (loss) for the period | 9904 | €117,668 | €426,593 | +€308,925 | +262.5% |
| Transfer from tax-exempt reserves | 789 | €279 | €279 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €71,570 | +€71,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,947 | €355,302 | +€237,355 | +201.2% |
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 9 October 2026 via checked.be.