Synergies: 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.
Synergies
Largest movements
- Tangible fixed assets -€48,198
down €48,198 (-4.4%), from €1.1m to €1.1m
of which Land and buildings: -€39,003
- Cash +€46,173
up €46,173 (+340%), from €13,564 to €59,737
mainly Depreciation (+€51,378) and Net result for the year (+€29,838)
- Receivables within one year -€15,809
down €15,809 (-13.7%), from €115,733 to €99,924
of which Trade receivables: -€23,901
- Other debts -€30,873
down €30,873 (-8.3%), from €370,813 to €339,940
- Reserves +€29,000
up €29,000 (+12.6%), from €230,900 to €259,900
of which Distributable reserves: +€29,000
- Tax, wage and social debts -€16,416
down €16,416 (-50.1%), from €32,736 to €16,320
- Current portion of long-term debt +€16,389
new in 2025: €16,389
- Short-term financial debts -€16,103
no longer reported in 2025 (was €16,103)
- Gross operating margin -€31,903
down €31,903 (-20.6%), from €154,695 to €122,791
- Taxes -€9,853
down €9,853 (-40.4%), from €24,391 to €14,537
- Depreciation +€3,190
up €3,190 (+6.6%), from €48,188 to €51,378
- Financial charges -€2,923
down €2,923 (-17.9%), from €16,297 to €13,374
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 | €1,241,849 | €1,214,213 | -€27,636 | -2.2% |
| Fixed assets | 21/28 | €1,099,518 | €1,051,320 | -€48,198 | -4.4% |
| Tangible fixed assets | 22/27 | €1,099,270 | €1,051,072 | -€48,198 | -4.4% |
| Land and buildings | 22 | €1,056,018 | €1,017,016 | -€39,003 | -3.7% |
| Plant, machinery and equipment | 23 | €43,252 | €34,057 | -€9,195 | -21.3% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €142,330 | €162,893 | +€20,562 | +14.4% |
| Amounts receivable within one year | 40/41 | €115,733 | €99,924 | -€15,809 | -13.7% |
| Trade receivables | 40 | €115,495 | €91,594 | -€23,901 | -20.7% |
| Other amounts receivable | 41 | €239 | €8,331 | +€8,092 | +3,392% |
| Cash at bank and in hand | 54/58 | €13,564 | €59,737 | +€46,173 | +340% |
| Deferred charges and accrued income | 490/1 | €13,033 | €3,231 | -€9,802 | -75.2% |
| Total equity and liabilities | 10/49 | €1,241,849 | €1,214,213 | -€27,636 | -2.2% |
| Equity | 10/15 | €443,431 | €473,269 | +€29,838 | +6.7% |
| Contributions | 10/11 | €209,000 | €209,000 | = | 0.0% |
| Capital | 10 | €209,000 | €209,000 | = | 0.0% |
| Issued capital | 100 | €209,000 | €209,000 | = | 0.0% |
| Reserves | 13 | €230,900 | €259,900 | +€29,000 | +12.6% |
| Non-distributable reserves | 130/1 | €20,900 | €20,900 | = | 0.0% |
| Legal reserve | 130 | €20,900 | €20,900 | = | 0.0% |
| Distributable reserves | 133 | €210,000 | €239,000 | +€29,000 | +13.8% |
| Profit (loss) carried forward | 14 | €3,531 | €4,369 | +€838 | +23.7% |
| Amounts payable | 17/49 | €798,418 | €740,944 | -€57,473 | -7.2% |
| Amounts payable after more than one year | 17 | €366,808 | €360,522 | -€6,286 | -1.7% |
| Financial debts | 170/4 | €366,808 | €360,522 | -€6,286 | -1.7% |
| Amounts payable within one year | 42/48 | €431,049 | €379,302 | -€51,747 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | - | €16,389 | +€16,389 | |
| Financial debts | 43 | €16,103 | - | -€16,103 | |
| Credit institutions | 430/8 | €16,103 | - | -€16,103 | |
| Trade debts | 44 | €11,397 | €6,653 | -€4,744 | -41.6% |
| Suppliers | 440/4 | €11,397 | €6,653 | -€4,744 | -41.6% |
| Taxes, remuneration and social security | 45 | €32,736 | €16,320 | -€16,416 | -50.1% |
| Taxes | 450/3 | €32,736 | €16,320 | -€16,416 | -50.1% |
| Other amounts payable | 47/48 | €370,813 | €339,940 | -€30,873 | -8.3% |
| Accrued charges and deferred income | 492/3 | €560 | €1,120 | +€560 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,188 | €51,378 | +€3,190 | +6.6% |
| Other operating charges | 640/8 | €13,620 | €13,664 | +€44 | +0.3% |
| Gross operating margin | 9900 | €154,695 | €122,791 | -€31,903 | -20.6% |
| Operating profit (loss) | 9901 | €92,887 | €57,749 | -€35,138 | -37.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €16,297 | €13,374 | -€2,923 | -17.9% |
| Recurring financial charges | 65 | €16,297 | €13,374 | -€2,923 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €76,590 | €44,375 | -€32,215 | -42.1% |
| Income taxes | 67/77 | €24,391 | €14,537 | -€9,853 | -40.4% |
| Profit (loss) for the period | 9904 | €52,199 | €29,838 | -€22,362 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,199 | €29,838 | -€22,362 | -42.8% |
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 19 October 2026 via checked.be.