TACTICS: 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.
TACTICS
Largest movements
- Cash +€26,519
up €26,519 (+19.7%), from €134,834 to €161,353
mainly Other debts (+€89,975) and Net result for the year (+€52,972)
- Receivables within one year -€15,013
down €15,013 (-88.7%), from €16,929 to €1,916
of which Trade receivables: -€16,524
- Tangible fixed assets -€6,423
down €6,423 (-2.1%), from €302,861 to €296,438
of which Land and buildings: -€10,200
- Receivables after one year +€5,581
up €5,581 (+57.6%), from €9,698 to €15,279
- Other debts +€89,975
up €89,975 (+568.0%), from €15,841 to €105,816
- Reserves -€63,231
down €63,231 (-25.1%), from €252,390 to €189,160
- Debts after one year -€18,206
down €18,206 (-21.3%), from €85,456 to €67,250
- Gross operating margin +€1,606
up €1,606 (+1.8%), from €88,573 to €90,178
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 | €466,210 | €477,168 | +€10,958 | +2.4% |
| Fixed assets | 21/28 | €302,861 | €296,438 | -€6,423 | -2.1% |
| Tangible fixed assets | 22/27 | €302,861 | €296,438 | -€6,423 | -2.1% |
| Land and buildings | 22 | €252,668 | €242,467 | -€10,200 | -4.0% |
| Plant, machinery and equipment | 23 | €5,558 | €6,158 | +€600 | +10.8% |
| Furniture and vehicles | 24 | €89 | €3,267 | +€3,178 | +3556.0% |
| Other tangible fixed assets | 26 | €44,546 | €44,546 | = | 0.0% |
| Current assets | 29/58 | €163,349 | €180,729 | +€17,380 | +10.6% |
| Amounts receivable after more than one year | 29 | €9,698 | €15,279 | +€5,581 | +57.6% |
| Trade receivables | 290 | €9,698 | €15,279 | +€5,581 | +57.6% |
| Amounts receivable within one year | 40/41 | €16,929 | €1,916 | -€15,013 | -88.7% |
| Trade receivables | 40 | €16,682 | €158 | -€16,524 | -99.1% |
| Other amounts receivable | 41 | €247 | €1,758 | +€1,511 | +611.5% |
| Cash at bank and in hand | 54/58 | €134,834 | €161,353 | +€26,519 | +19.7% |
| Deferred charges and accrued income | 490/1 | €1,888 | €2,181 | +€293 | +15.5% |
| Total equity and liabilities | 10/49 | €466,210 | €477,168 | +€10,958 | +2.4% |
| Equity | 10/15 | €341,148 | €279,097 | -€62,051 | -18.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €252,390 | €189,160 | -€63,231 | -25.1% |
| Distributable reserves | 133 | €252,390 | €189,160 | -€63,231 | -25.1% |
| Profit (loss) carried forward | 14 | €82,557 | €83,737 | +€1,180 | +1.4% |
| Amounts payable | 17/49 | €125,062 | €198,070 | +€73,008 | +58.4% |
| Amounts payable after more than one year | 17 | €85,456 | €67,250 | -€18,206 | -21.3% |
| Financial debts | 170/4 | €85,456 | €67,250 | -€18,206 | -21.3% |
| Amounts payable within one year | 42/48 | €39,570 | €130,770 | +€91,200 | +230.5% |
| Current portion of amounts payable after more than one year | 42 | €17,967 | €18,206 | +€239 | +1.3% |
| Trade debts | 44 | €477 | €1,054 | +€577 | +120.9% |
| Suppliers | 440/4 | €477 | €1,054 | +€577 | +120.9% |
| Taxes, remuneration and social security | 45 | €5,284 | €5,694 | +€410 | +7.7% |
| Taxes | 450/3 | €5,284 | €5,694 | +€410 | +7.7% |
| Other amounts payable | 47/48 | €15,841 | €105,816 | +€89,975 | +568.0% |
| Accrued charges and deferred income | 492/3 | €35 | €50 | +€15 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,777 | €14,269 | -€508 | -3.4% |
| Other operating charges | 640/8 | €844 | €933 | +€90 | +10.6% |
| Gross operating margin | 9900 | €88,573 | €90,178 | +€1,606 | +1.8% |
| Operating profit (loss) | 9901 | €72,952 | €74,976 | +€2,024 | +2.8% |
| Financial income | 75/76B | €51 | €143 | +€92 | +181.6% |
| Recurring financial income | 75 | €51 | €143 | +€92 | +181.6% |
| Financial charges | 65/66B | €1,589 | €1,453 | -€136 | -8.6% |
| Recurring financial charges | 65 | €1,589 | €1,453 | -€136 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €71,414 | €73,666 | +€2,252 | +3.2% |
| Income taxes | 67/77 | €20,284 | €20,694 | +€410 | +2.0% |
| Profit (loss) for the period | 9904 | €51,130 | €52,972 | +€1,842 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,130 | €52,972 | +€1,842 | +3.6% |
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.