T2: 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.
T2
Largest movements
- Stocks and contracts +€26,806
up €26,806 (+22.7%), from €117,872 to €144,678
- Intangible fixed assets -€7,000
down €7,000 (-23.2%), from €30,191 to €23,191
- Deferred charges and accrued income +€6,677
up €6,677 (+558.3%), from €1,196 to €7,874
- Trade debts +€44,912
up €44,912 (+173.1%), from €25,944 to €70,856
- Debts after one year -€21,233
down €21,233 (-52.3%), from €40,578 to €19,344
- Other debts -€17,700
down €17,700 (-100.0%), from €17,700 to €0
- Reserves +€9,343
up €9,343 (+23.0%), from €40,674 to €50,016
- Short-term financial debts +€7,841
up €7,841 (+15.1%), from €52,010 to €59,851
- Staff costs +€31,713
up €31,713 (+41.8%), from €75,800 to €107,514
- Gross operating margin +€10,607
up €10,607 (+7.8%), from €136,173 to €146,780
- Taxes -€8,902
down €8,902 (-61.0%), from €14,602 to €5,700
- Depreciation +€7,538
up €7,538 (+101.2%), from €7,449 to €14,987
- Financial charges +€4,960
up €4,960 (+105.3%), from €4,709 to €9,669
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 | €276,600 | €306,892 | +€30,292 | +11.0% |
| Fixed assets | 21/28 | €80,572 | €74,107 | -€6,465 | -8.0% |
| Intangible fixed assets | 21 | €30,191 | €23,191 | -€7,000 | -23.2% |
| Tangible fixed assets | 22/27 | €50,381 | €50,916 | +€535 | +1.1% |
| Leasing and similar rights | 25 | €23,870 | €18,696 | -€5,174 | -21.7% |
| Other tangible fixed assets | 26 | €26,511 | €32,220 | +€5,709 | +21.5% |
| Current assets | 29/58 | €196,029 | €232,785 | +€36,757 | +18.8% |
| Stocks and contracts in progress | 3 | €117,872 | €144,678 | +€26,806 | +22.7% |
| Stocks | 30/36 | €117,872 | €144,678 | +€26,806 | +22.7% |
| Amounts receivable within one year | 40/41 | €76,133 | €77,435 | +€1,302 | +1.7% |
| Trade receivables | 40 | €71,590 | €73,562 | +€1,973 | +2.8% |
| Other amounts receivable | 41 | €4,543 | €3,873 | -€671 | -14.8% |
| Cash at bank and in hand | 54/58 | €828 | €2,799 | +€1,971 | +238.2% |
| Deferred charges and accrued income | 490/1 | €1,196 | €7,874 | +€6,677 | +558.3% |
| Total equity and liabilities | 10/49 | €276,600 | €306,892 | +€30,292 | +11.0% |
| Equity | 10/15 | €90,674 | €100,016 | +€9,343 | +10.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €40,674 | €50,016 | +€9,343 | +23.0% |
| Distributable reserves | 133 | €40,674 | €50,016 | +€9,343 | +23.0% |
| Amounts payable | 17/49 | €185,927 | €206,876 | +€20,949 | +11.3% |
| Amounts payable after more than one year | 17 | €40,578 | €19,344 | -€21,233 | -52.3% |
| Financial debts | 170/4 | €40,578 | €19,344 | -€21,233 | -52.3% |
| Amounts payable within one year | 42/48 | €145,349 | €187,532 | +€42,183 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €20,095 | €21,233 | +€1,138 | +5.7% |
| Financial debts | 43 | €52,010 | €59,851 | +€7,841 | +15.1% |
| Credit institutions | 430/8 | €52,010 | €59,851 | +€7,841 | +15.1% |
| Trade debts | 44 | €25,944 | €70,856 | +€44,912 | +173.1% |
| Suppliers | 440/4 | €25,944 | €70,856 | +€44,912 | +173.1% |
| Advances received on contracts in progress | 46 | €151 | €0 | -€151 | -100.0% |
| Taxes, remuneration and social security | 45 | €29,449 | €35,592 | +€6,143 | +20.9% |
| Taxes | 450/3 | €16,073 | €23,509 | +€7,437 | +46.3% |
| Remuneration and social security | 454/9 | €13,377 | €12,083 | -€1,294 | -9.7% |
| Other amounts payable | 47/48 | €17,700 | €0 | -€17,700 | -100.0% |
| Remuneration, social security and pensions | 62 | €75,800 | €107,514 | +€31,713 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,449 | €14,987 | +€7,538 | +101.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €80 | +€80 | |
| Other operating charges | 640/8 | €768 | €5,613 | +€4,846 | +631.3% |
| Gross operating margin | 9900 | €136,173 | €146,780 | +€10,607 | +7.8% |
| Operating profit (loss) | 9901 | €52,156 | €18,587 | -€33,569 | -64.4% |
| Financial income | 75/76B | €7,828 | €6,124 | -€1,703 | -21.8% |
| Recurring financial income | 75 | €7,828 | €6,124 | -€1,703 | -21.8% |
| Financial charges | 65/66B | €4,709 | €9,669 | +€4,960 | +105.3% |
| Recurring financial charges | 65 | €4,709 | €9,669 | +€4,960 | +105.3% |
| Profit (loss) for the period before taxes | 9903 | €55,275 | €15,043 | -€40,233 | -72.8% |
| Income taxes | 67/77 | €14,602 | €5,700 | -€8,902 | -61.0% |
| Profit (loss) for the period | 9904 | €40,674 | €9,343 | -€31,331 | -77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,674 | €9,343 | -€31,331 | -77.0% |
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 6 October 2026 via checked.be.