T.B.C.: 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.
What changed
T.B.C.
NACE 77.320, Rental and leasing activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€91,515
2024 · €226,418-€134,903
Equity
€487,691
2024 · €464,175+€23,515
Cash
€151,216
2024 · €157,819-€6,603
Balance sheet total
€1.4m
2024 · €1.4m-€29,041
Largest movements
Assets
- Tangible fixed assets -€36,962
down €36,962 (-3.3%), from €1.1m to €1.1m
of which Furniture and vehicles: -€49,559
Equity and liabilities
- Trade debts +€127,493
up €127,493 (+94.0%), from €135,633 to €263,126
- Debts after one year -€110,833
down €110,833 (-26.8%), from €413,012 to €302,179
of which Financial debts: -€112,583
- Other debts -€97,000
down €97,000 (-58.8%), from €165,000 to €68,000
- Profit (loss) carried forward +€28,827
up €28,827 (+9.0%), from €320,020 to €348,847
- Current portion of long-term debt +€16,058
up €16,058 (+10.4%), from €154,322 to €170,380
Income statement
- Gross operating margin -€133,242
down €133,242 (-18.0%), from €741,080 to €607,839
- Depreciation +€54,800
up €54,800 (+16.2%), from €337,759 to €392,559
- Staff costs -€43,983
down €43,983 (-33.1%), from €133,028 to €89,045
- Other operating charges +€8,414
up €8,414 (+148.6%), from €5,662 to €14,076
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.
Result 2024
€226,418
Gross operating margin
-€133,242
Staff costs
+€43,983
Depreciation
-€54,800
Write-downs
+€3,413
Other operating charges
-€8,414
Financial income
+€1,202
Financial charges
+€1,764
Taxes
+€1,792
Deferred taxes and other
+€9,398
Result 2025
€91,515
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.
From operations
+€511,769
Investment
-€355,598
Financing
-€162,774
Cash 2024
€157,819
From operations (derived)
+€511,769
Net result for the year
+€91,515
Depreciation
+€392,559
Stocks and contracts
+€2,642
Receivables within one year
-€13,231
Deferred charges and accrued income
-€3,935
Provisions
-€1,771
Trade debts
+€127,493
Tax, wage and social debts
+€13,348
Other debts
-€97,000
Accrued charges and deferred income
+€147
Investment (derived)
-€355,598
Investment in fixed assets (net)
-€355,598
Financing
-€162,774
Debts after one year
-€110,833
Current portion of long-term debt
+€16,058
Contributions, distributions and other
-€68,000
Cash 2025
€151,216
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,399,824 | €1,370,783 | -€29,041 | -2.1% |
| Fixed assets | 21/28 | €1,110,379 | €1,073,417 | -€36,962 | -3.3% |
| Tangible fixed assets | 22/27 | €1,110,249 | €1,073,287 | -€36,962 | -3.3% |
| Plant, machinery and equipment | 23 | €1,817 | €733 | -€1,084 | -59.6% |
| Furniture and vehicles | 24 | €1,074,069 | €1,024,511 | -€49,559 | -4.6% |
| Other tangible fixed assets | 26 | €34,362 | €48,042 | +€13,681 | +39.8% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €289,445 | €297,366 | +€7,921 | +2.7% |
| Stocks and contracts in progress | 3 | €7,972 | €5,330 | -€2,642 | -33.1% |
| Stocks | 30/36 | €7,972 | €5,330 | -€2,642 | -33.1% |
| Amounts receivable within one year | 40/41 | €98,303 | €111,534 | +€13,231 | +13.5% |
| Trade receivables | 40 | €48,411 | €42,627 | -€5,785 | -11.9% |
| Other amounts receivable | 41 | €49,892 | €68,907 | +€19,016 | +38.1% |
| Cash at bank and in hand | 54/58 | €157,819 | €151,216 | -€6,603 | -4.2% |
| Deferred charges and accrued income | 490/1 | €25,351 | €29,286 | +€3,935 | +15.5% |
| Total equity and liabilities | 10/49 | €1,399,824 | €1,370,783 | -€29,041 | -2.1% |
| Equity | 10/15 | €464,175 | €487,691 | +€23,515 | +5.1% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €89,156 | €83,844 | -€5,312 | -6.0% |
| Tax-exempt reserves | 132 | €89,156 | €83,844 | -€5,312 | -6.0% |
| Profit (loss) carried forward | 14 | €320,020 | €348,847 | +€28,827 | +9.0% |
| Provisions and deferred taxes | 16 | €29,719 | €27,948 | -€1,771 | -6.0% |
| Deferred taxes | 168 | €29,719 | €27,948 | -€1,771 | -6.0% |
| Amounts payable | 17/49 | €905,929 | €855,144 | -€50,786 | -5.6% |
| Amounts payable after more than one year | 17 | €413,012 | €302,179 | -€110,833 | -26.8% |
| Financial debts | 170/4 | €409,762 | €297,179 | -€112,583 | -27.5% |
| Other amounts payable | 178/9 | €3,250 | €5,000 | +€1,750 | +53.8% |
| Amounts payable within one year | 42/48 | €492,875 | €552,775 | +€59,900 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €154,322 | €170,380 | +€16,058 | +10.4% |
| Trade debts | 44 | €135,633 | €263,126 | +€127,493 | +94.0% |
| Suppliers | 440/4 | €135,633 | €263,126 | +€127,493 | +94.0% |
| Taxes, remuneration and social security | 45 | €37,919 | €51,268 | +€13,348 | +35.2% |
| Taxes | 450/3 | €24,374 | €43,550 | +€19,176 | +78.7% |
| Remuneration and social security | 454/9 | €13,546 | €7,718 | -€5,828 | -43.0% |
| Other amounts payable | 47/48 | €165,000 | €68,000 | -€97,000 | -58.8% |
| Accrued charges and deferred income | 492/3 | €43 | €190 | +€147 | +343.3% |
| Remuneration, social security and pensions | 62 | €133,028 | €89,045 | -€43,983 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,759 | €392,559 | +€54,800 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,154 | -€6,567 | -€3,413 | -108.2% |
| Other operating charges | 640/8 | €5,662 | €14,076 | +€8,414 | +148.6% |
| Gross operating margin | 9900 | €741,080 | €607,839 | -€133,242 | -18.0% |
| Operating profit (loss) | 9901 | €267,785 | €118,725 | -€149,060 | -55.7% |
| Financial income | 75/76B | €995 | €2,197 | +€1,202 | +120.8% |
| Recurring financial income | 75 | €995 | €2,197 | +€1,202 | +120.8% |
| Financial charges | 65/66B | €20,031 | €18,267 | -€1,764 | -8.8% |
| Recurring financial charges | 65 | €20,031 | €18,267 | -€1,764 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €248,749 | €102,656 | -€146,093 | -58.7% |
| Transfer from deferred taxes | 780 | €11,682 | €14,691 | +€3,009 | +25.8% |
| Transfer to deferred taxes | 680 | €19,310 | €12,921 | -€6,389 | -33.1% |
| Income taxes | 67/77 | €14,703 | €12,911 | -€1,792 | -12.2% |
| Profit (loss) for the period | 9904 | €226,418 | €91,515 | -€134,903 | -59.6% |
| Transfer from tax-exempt reserves | 789 | €35,046 | €44,074 | +€9,028 | +25.8% |
| Transfer to tax-exempt reserves | 689 | €57,930 | €38,762 | -€19,168 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €203,535 | €96,827 | -€106,707 | -52.4% |
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.