Tailored Expertise: 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.
Tailored Expertise
Largest movements
- Financial fixed assets +€2.0m
up €2.0m (+170%), from €1.2m to €3.2m
- Tangible fixed assets +€480,796
up €480,796 (+32.1%), from €1.5m to €2.0m
of which Land and buildings: +€437,907
- Cash +€196,768
up €196,768 (+739%), from €26,615 to €223,383
mainly Debts after one year (+€1.5m) and Other debts (+€1.0m)
- Receivables within one year +€78,616
up €78,616 (+50.4%), from €156,028 to €234,644
of which Other amounts receivable: +€107,738
- Debts after one year +€1.5m
up €1.5m (+79.3%), from €2.0m to €3.5m
of which Financial debts: +€1.2m
- Other debts +€1.0m
up €1.0m (+206%), from €504,583 to €1.5m
- Current portion of long-term debt +€150,837
up €150,837 (+79.9%), from €188,860 to €339,697
- Profit (loss) carried forward +€69,419
up €69,419 (+33.4%), from €207,719 to €277,139
- Gross operating margin +€65,339
up €65,339 (+25.3%), from €258,028 to €323,366
- Financial charges +€61,360
up €61,360 (+178%), from €34,469 to €95,828
- Depreciation +€56,342
up €56,342 (+76.7%), from €73,485 to €129,827
- Taxes -€12,495
down €12,495 (-35.8%), from €34,878 to €22,383
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.
Derived cash bridge
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 | €2,916,926 | €5,688,106 | +€2.8m | +95.0% |
| Fixed assets | 21/28 | €2,734,284 | €5,230,080 | +€2.5m | +91.3% |
| Intangible fixed assets | 21 | €37,055 | €7,055 | -€30,000 | -81.0% |
| Tangible fixed assets | 22/27 | €1,497,229 | €1,978,025 | +€480,796 | +32.1% |
| Land and buildings | 22 | €1,391,497 | €1,829,404 | +€437,907 | +31.5% |
| Plant, machinery and equipment | 23 | €3,021 | €2,703 | -€318 | -10.5% |
| Furniture and vehicles | 24 | €13,694 | €10,673 | -€3,022 | -22.1% |
| Assets under construction and advance payments | 27 | €89,017 | €135,245 | +€46,229 | +51.9% |
| Financial fixed assets | 28 | €1,200,000 | €3,245,000 | +€2.0m | +170% |
| Current assets | 29/58 | €182,642 | €458,026 | +€275,384 | +151% |
| Amounts receivable within one year | 40/41 | €156,028 | €234,644 | +€78,616 | +50.4% |
| Trade receivables | 40 | €30,906 | €1,784 | -€29,122 | -94.2% |
| Other amounts receivable | 41 | €125,122 | €232,860 | +€107,738 | +86.1% |
| Cash at bank and in hand | 54/58 | €26,615 | €223,383 | +€196,768 | +739% |
| Total equity and liabilities | 10/49 | €2,916,926 | €5,688,106 | +€2.8m | +95.0% |
| Equity | 10/15 | €227,719 | €297,139 | +€69,419 | +30.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,719 | €277,139 | +€69,419 | +33.4% |
| Amounts payable | 17/49 | €2,689,207 | €5,390,968 | +€2.7m | +100% |
| Amounts payable after more than one year | 17 | €1,953,265 | €3,502,033 | +€1.5m | +79.3% |
| Financial debts | 170/4 | €1,953,265 | €3,202,033 | +€1.2m | +63.9% |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €735,942 | €1,888,935 | +€1.2m | +157% |
| Current portion of amounts payable after more than one year | 42 | €188,860 | €339,697 | +€150,837 | +79.9% |
| Trade debts | 44 | €27,358 | €2,211 | -€25,147 | -91.9% |
| Suppliers | 440/4 | €27,358 | €2,211 | -€25,147 | -91.9% |
| Taxes, remuneration and social security | 45 | €15,141 | €3,548 | -€11,593 | -76.6% |
| Taxes | 450/3 | €15,141 | €3,548 | -€11,593 | -76.6% |
| Other amounts payable | 47/48 | €504,583 | €1,543,480 | +€1.0m | +206% |
| Non-recurring operating income | 76A | €1,492 | - | -€1,492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,485 | €129,827 | +€56,342 | +76.7% |
| Other operating charges | 640/8 | €7,557 | €7,946 | +€388 | +5.1% |
| Gross operating margin | 9900 | €258,028 | €323,366 | +€65,339 | +25.3% |
| Operating profit (loss) | 9901 | €176,985 | €185,594 | +€8,609 | +4.9% |
| Financial income | 75/76B | €2,073 | €2,037 | -€36 | -1.7% |
| Recurring financial income | 75 | €2,073 | €2,037 | -€36 | -1.7% |
| Financial charges | 65/66B | €34,469 | €95,828 | +€61,360 | +178% |
| Recurring financial charges | 65 | €34,469 | €95,828 | +€61,360 | +178% |
| Profit (loss) for the period before taxes | 9903 | €144,590 | €91,803 | -€52,787 | -36.5% |
| Income taxes | 67/77 | €34,878 | €22,383 | -€12,495 | -35.8% |
| Profit (loss) for the period | 9904 | €109,712 | €69,419 | -€40,292 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €109,712 | €69,419 | -€40,292 | -36.7% |
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 22 October 2026 via checked.be.