T&L: 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.
T&L
Largest movements
- Tangible fixed assets +€81,542
up €81,542 (+83.7%), from €97,426 to €178,969
- Receivables within one year -€11,240
down €11,240 (-39.2%), from €28,665 to €17,425
of which Trade receivables: -€15,204
- Deferred charges and accrued income -€6,652
down €6,652 (-78.8%), from €8,440 to €1,788
- Cash -€5,878
down €5,878 (-23.6%), from €24,956 to €19,078
mainly Investment in fixed assets (net) (-€118,593) and Contributions, distributions and other (-€35,771)
- Debts after one year +€30,032
up €30,032 (+39.0%), from €76,914 to €106,946
- Other debts +€20,285
up €20,285 (+109.2%), from €18,569 to €38,854
- Current portion of long-term debt +€5,713
up €5,713 (+16.0%), from €35,642 to €41,354
- Tax, wage and social debts +€3,393
up €3,393 (+50.4%), from €6,737 to €10,130
of which Remuneration and social security: +€4,516
- Gross operating margin +€48,616
up €48,616 (+124.3%), from €39,117 to €87,733
- Depreciation +€23,157
up €23,157 (+166.7%), from €13,894 to €37,051
- Financial charges +€2,935
up €2,935 (+113.9%), from €2,577 to €5,512
- Taxes +€2,036
up €2,036 (+31.6%), from €6,439 to €8,475
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 | €159,488 | €217,259 | +€57,772 | +36.2% |
| Fixed assets | 21/28 | €97,426 | €178,969 | +€81,542 | +83.7% |
| Tangible fixed assets | 22/27 | €97,426 | €178,969 | +€81,542 | +83.7% |
| Furniture and vehicles | 24 | €97,426 | €178,969 | +€81,542 | +83.7% |
| Current assets | 29/58 | €62,061 | €38,291 | -€23,770 | -38.3% |
| Amounts receivable within one year | 40/41 | €28,665 | €17,425 | -€11,240 | -39.2% |
| Trade receivables | 40 | €27,104 | €11,900 | -€15,204 | -56.1% |
| Other amounts receivable | 41 | €1,561 | €5,525 | +€3,964 | +254.0% |
| Cash at bank and in hand | 54/58 | €24,956 | €19,078 | -€5,878 | -23.6% |
| Deferred charges and accrued income | 490/1 | €8,440 | €1,788 | -€6,652 | -78.8% |
| Total equity and liabilities | 10/49 | €159,488 | €217,259 | +€57,772 | +36.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,888 | €198,659 | +€57,772 | +41.0% |
| Amounts payable after more than one year | 17 | €76,914 | €106,946 | +€30,032 | +39.0% |
| Financial debts | 170/4 | €76,914 | €106,946 | +€30,032 | +39.0% |
| Amounts payable within one year | 42/48 | €63,973 | €91,713 | +€27,739 | +43.4% |
| Current portion of amounts payable after more than one year | 42 | €35,642 | €41,354 | +€5,713 | +16.0% |
| Trade debts | 44 | €3,025 | €1,374 | -€1,651 | -54.6% |
| Suppliers | 440/4 | €3,025 | €1,374 | -€1,651 | -54.6% |
| Taxes, remuneration and social security | 45 | €6,737 | €10,130 | +€3,393 | +50.4% |
| Taxes | 450/3 | €3,205 | €2,082 | -€1,124 | -35.1% |
| Remuneration and social security | 454/9 | €3,532 | €8,048 | +€4,516 | +127.9% |
| Other amounts payable | 47/48 | €18,569 | €38,854 | +€20,285 | +109.2% |
| Non-recurring operating income | 76A | €0 | €25,339 | +€25,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,894 | €37,051 | +€23,157 | +166.7% |
| Other operating charges | 640/8 | €513 | €924 | +€411 | +80.1% |
| Gross operating margin | 9900 | €39,117 | €87,733 | +€48,616 | +124.3% |
| Operating profit (loss) | 9901 | €24,710 | €49,758 | +€25,048 | +101.4% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €2,577 | €5,512 | +€2,935 | +113.9% |
| Recurring financial charges | 65 | €2,577 | €5,512 | +€2,935 | +113.9% |
| Profit (loss) for the period before taxes | 9903 | €22,138 | €44,246 | +€22,108 | +99.9% |
| Income taxes | 67/77 | €6,439 | €8,475 | +€2,036 | +31.6% |
| Profit (loss) for the period | 9904 | €15,698 | €35,771 | +€20,073 | +127.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,698 | €35,771 | +€20,073 | +127.9% |
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 30 September 2026 via checked.be.