T & I: 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.
T & I
Largest movements
- Current investments -€650,000
no longer reported in 2025 (was €650,000)
- Tangible fixed assets +€583,711
up €583,711 (+65.8%), from €887,444 to €1.5m
of which Land and buildings: +€588,943
- Cash +€225,186
up €225,186 (+252.2%), from €89,305 to €314,491
mainly Current investments (+€650,000) and Debts after one year (+€139,230)
- Receivables within one year -€31,694
down €31,694 (-9.2%), from €345,383 to €313,688
of which Trade receivables: -€39,461
- Debts after one year +€139,230
up €139,230 (+34.8%), from €400,288 to €539,518
- Other debts +€71,014
up €71,014 (+221.8%), from €32,013 to €103,028
- Reserves -€61,116
down €61,116 (-6.7%), from €907,284 to €846,168
of which Tax-exempt reserves: -€32,255
- Gross operating margin +€43,041
up €43,041 (+12.4%), from €348,376 to €391,417
- Depreciation +€28,832
up €28,832 (+45.5%), from €63,434 to €92,266
- Staff costs +€17,040
up €17,040 (+5.1%), from €333,850 to €350,890
- Financial charges +€14,382
up €14,382 (+57.8%), from €24,863 to €39,245
- Financial income -€12,968
down €12,968 (-28.0%), from €46,283 to €33,315
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 | €2,084,759 | €2,226,618 | +€141,859 | +6.8% |
| Fixed assets | 21/28 | €887,729 | €1,471,440 | +€583,711 | +65.8% |
| Tangible fixed assets | 22/27 | €887,444 | €1,471,154 | +€583,711 | +65.8% |
| Land and buildings | 22 | €799,073 | €1,388,017 | +€588,943 | +73.7% |
| Plant, machinery and equipment | 23 | €77,762 | €55,526 | -€22,236 | -28.6% |
| Furniture and vehicles | 24 | €10,608 | €27,611 | +€17,004 | +160.3% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €1,197,031 | €755,178 | -€441,852 | -36.9% |
| Stocks and contracts in progress | 3 | €104,076 | €112,837 | +€8,760 | +8.4% |
| Stocks | 30/36 | €104,076 | €112,837 | +€8,760 | +8.4% |
| Amounts receivable within one year | 40/41 | €345,383 | €313,688 | -€31,694 | -9.2% |
| Trade receivables | 40 | €50,877 | €11,416 | -€39,461 | -77.6% |
| Other amounts receivable | 41 | €294,506 | €302,273 | +€7,767 | +2.6% |
| Current investments | 50/53 | €650,000 | - | -€650,000 | |
| Cash at bank and in hand | 54/58 | €89,305 | €314,491 | +€225,186 | +252.2% |
| Deferred charges and accrued income | 490/1 | €8,266 | €14,162 | +€5,896 | +71.3% |
| Total equity and liabilities | 10/49 | €2,084,759 | €2,226,618 | +€141,859 | +6.8% |
| Equity | 10/15 | €969,284 | €908,168 | -€61,116 | -6.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €907,284 | €846,168 | -€61,116 | -6.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €850,773 | €818,518 | -€32,255 | -3.8% |
| Distributable reserves | 133 | €50,312 | €21,450 | -€28,862 | -57.4% |
| Provisions and deferred taxes | 16 | €283,396 | €272,644 | -€10,752 | -3.8% |
| Deferred taxes | 168 | €283,396 | €272,644 | -€10,752 | -3.8% |
| Amounts payable | 17/49 | €832,079 | €1,045,806 | +€213,727 | +25.7% |
| Amounts payable after more than one year | 17 | €400,288 | €539,518 | +€139,230 | +34.8% |
| Financial debts | 170/4 | €400,288 | €539,518 | +€139,230 | +34.8% |
| Amounts payable within one year | 42/48 | €430,452 | €502,288 | +€71,835 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €84,893 | €90,168 | +€5,275 | +6.2% |
| Trade debts | 44 | €251,716 | €255,530 | +€3,813 | +1.5% |
| Suppliers | 440/4 | €251,716 | €255,530 | +€3,813 | +1.5% |
| Taxes, remuneration and social security | 45 | €61,830 | €53,562 | -€8,268 | -13.4% |
| Taxes | 450/3 | €12,900 | €2,408 | -€10,492 | -81.3% |
| Remuneration and social security | 454/9 | €48,930 | €51,154 | +€2,224 | +4.5% |
| Other amounts payable | 47/48 | €32,013 | €103,028 | +€71,014 | +221.8% |
| Accrued charges and deferred income | 492/3 | €1,339 | €4,000 | +€2,661 | +198.7% |
| Remuneration, social security and pensions | 62 | €333,850 | €350,890 | +€17,040 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,434 | €92,266 | +€28,832 | +45.5% |
| Other operating charges | 640/8 | €7,782 | €13,478 | +€5,696 | +73.2% |
| Gross operating margin | 9900 | €348,376 | €391,417 | +€43,041 | +12.4% |
| Operating profit (loss) | 9901 | -€56,691 | -€65,217 | -€8,527 | -15.0% |
| Financial income | 75/76B | €46,283 | €33,315 | -€12,968 | -28.0% |
| Recurring financial income | 75 | €46,283 | €33,315 | -€12,968 | -28.0% |
| Financial charges | 65/66B | €24,863 | €39,245 | +€14,382 | +57.8% |
| Recurring financial charges | 65 | €24,863 | €39,245 | +€14,382 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,270 | -€71,148 | -€35,877 | -101.7% |
| Transfer from deferred taxes | 780 | €5,133 | €10,752 | +€5,619 | +109.5% |
| Income taxes | 67/77 | €722 | €720 | -€1 | -0.2% |
| Profit (loss) for the period | 9904 | -€30,859 | -€61,116 | -€30,258 | -98.1% |
| Transfer from tax-exempt reserves | 789 | €15,399 | €32,255 | +€16,856 | +109.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,460 | -€28,862 | -€13,402 | -86.7% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.