SYSTEM TOITURE: 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.
SYSTEM TOITURE
Largest movements
- Cash -€76,462
down €76,462 (-72.9%), from €104,953 to €28,491
mainly Investment in fixed assets (net) (-€114,728) and Receivables within one year (-€72,682)
- Receivables within one year +€72,682
up €72,682 (+203.2%), from €35,768 to €108,450
of which Trade receivables: +€63,307
- Stocks and contracts -€48,686
down €48,686 (-82.6%), from €58,945 to €10,259
- Tangible fixed assets +€37,072
up €37,072 (+5.6%), from €660,448 to €697,519
of which Land and buildings: +€45,039
- Deferred charges and accrued income -€9,455
down €9,455 (-80.2%), from €11,790 to €2,335
- Debts after one year -€72,591
down €72,591 (-15.7%), from €463,207 to €390,616
- Profit (loss) carried forward +€64,744
up €64,744 (+99.0%), from €65,380 to €130,123
- Trade debts -€46,092
down €46,092 (-33.3%), from €138,257 to €92,164
- Tax, wage and social debts +€16,248
up €16,248 (+53.3%), from €30,471 to €46,719
of which Taxes: +€8,994
- Other debts +€13,638
up €13,638 (+33.8%), from €40,406 to €54,044
- Gross operating margin +€56,756
up €56,756 (+16.2%), from €350,977 to €407,732
- Depreciation -€41,326
down €41,326 (-34.7%), from €118,983 to €77,657
- Staff costs +€29,563
up €29,563 (+16.4%), from €180,739 to €210,302
- Taxes +€15,663
up €15,663 (+159.6%), from €9,817 to €25,479
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 | €871,904 | €847,054 | -€24,849 | -2.9% |
| Fixed assets | 21/28 | €660,448 | €697,519 | +€37,072 | +5.6% |
| Tangible fixed assets | 22/27 | €660,448 | €697,519 | +€37,072 | +5.6% |
| Land and buildings | 22 | €549,813 | €594,852 | +€45,039 | +8.2% |
| Plant, machinery and equipment | 23 | €12,768 | €10,746 | -€2,023 | -15.8% |
| Furniture and vehicles | 24 | €63,075 | €64,504 | +€1,430 | +2.3% |
| Leasing and similar rights | 25 | €34,792 | €27,417 | -€7,375 | -21.2% |
| Current assets | 29/58 | €211,456 | €149,535 | -€61,921 | -29.3% |
| Stocks and contracts in progress | 3 | €58,945 | €10,259 | -€48,686 | -82.6% |
| Stocks | 30/36 | €58,945 | €10,259 | -€48,686 | -82.6% |
| Amounts receivable within one year | 40/41 | €35,768 | €108,450 | +€72,682 | +203.2% |
| Trade receivables | 40 | €5,740 | €69,046 | +€63,307 | +1103.0% |
| Other amounts receivable | 41 | €30,028 | €39,403 | +€9,375 | +31.2% |
| Cash at bank and in hand | 54/58 | €104,953 | €28,491 | -€76,462 | -72.9% |
| Deferred charges and accrued income | 490/1 | €11,790 | €2,335 | -€9,455 | -80.2% |
| Total equity and liabilities | 10/49 | €871,904 | €847,054 | -€24,849 | -2.9% |
| Equity | 10/15 | €124,840 | €189,583 | +€64,744 | +51.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,860 | €40,860 | = | 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 | €39,000 | €39,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,380 | €130,123 | +€64,744 | +99.0% |
| Amounts payable | 17/49 | €747,064 | €657,471 | -€89,593 | -12.0% |
| Amounts payable after more than one year | 17 | €463,207 | €390,616 | -€72,591 | -15.7% |
| Financial debts | 170/4 | €463,207 | €390,616 | -€72,591 | -15.7% |
| Amounts payable within one year | 42/48 | €281,356 | €266,855 | -€14,501 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €72,223 | €73,927 | +€1,704 | +2.4% |
| Trade debts | 44 | €138,257 | €92,164 | -€46,092 | -33.3% |
| Suppliers | 440/4 | €138,257 | €92,164 | -€46,092 | -33.3% |
| Taxes, remuneration and social security | 45 | €30,471 | €46,719 | +€16,248 | +53.3% |
| Taxes | 450/3 | €18,443 | €27,437 | +€8,994 | +48.8% |
| Remuneration and social security | 454/9 | €12,028 | €19,283 | +€7,255 | +60.3% |
| Other amounts payable | 47/48 | €40,406 | €54,044 | +€13,638 | +33.8% |
| Accrued charges and deferred income | 492/3 | €2,501 | - | -€2,501 | |
| Remuneration, social security and pensions | 62 | €180,739 | €210,302 | +€29,563 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,983 | €77,657 | -€41,326 | -34.7% |
| Other operating charges | 640/8 | €8,160 | €9,353 | +€1,193 | +14.6% |
| Gross operating margin | 9900 | €350,977 | €407,732 | +€56,756 | +16.2% |
| Operating profit (loss) | 9901 | €43,096 | €110,421 | +€67,325 | +156.2% |
| Financial income | 75/76B | €407 | €237 | -€170 | -41.8% |
| Recurring financial income | 75 | €407 | €237 | -€170 | -41.8% |
| Financial charges | 65/66B | €18,730 | €20,435 | +€1,705 | +9.1% |
| Recurring financial charges | 65 | €18,730 | €20,435 | +€1,705 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €24,773 | €90,223 | +€65,450 | +264.2% |
| Income taxes | 67/77 | €9,817 | €25,479 | +€15,663 | +159.6% |
| Profit (loss) for the period | 9904 | €14,956 | €64,744 | +€49,787 | +332.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,956 | €64,744 | +€49,787 | +332.9% |
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.