TAKE-OFF: 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.
TAKE-OFF
Largest movements
- Cash +€10,899
up €10,899 (+26.0%), from €41,984 to €52,883
mainly Net result for the year (+€18,173) and Depreciation (+€10,803)
- Tangible fixed assets -€10,803
down €10,803 (-9.1%), from €118,489 to €107,686
of which Land and buildings: -€6,460
- Receivables within one year -€6,575
down €6,575 (-20.5%), from €32,084 to €25,509
of which Trade receivables: -€6,652
- Deferred charges and accrued income +€2,195
up €2,195 (+43.1%), from €5,096 to €7,291
- Current portion of long-term debt -€13,742
down €13,742 (-63.4%), from €21,666 to €7,923
- Reserves +€8,173
up €8,173 (+6.0%), from €136,628 to €144,802
- Trade debts +€5,586
up €5,586 (+155.7%), from €3,589 to €9,175
- Debts after one year -€4,507
down €4,507 (-27.6%), from €16,345 to €11,839
of which Financial debts: -€4,507
- Gross operating margin -€47,437
down €47,437 (-51.6%), from €91,972 to €44,535
- Financial charges -€20,334
down €20,334 (-90.6%), from €22,454 to €2,120
of which Non-recurring financial charges: -€19,700
- Depreciation -€11,176
down €11,176 (-50.8%), from €21,979 to €10,803
- Taxes -€4,838
down €4,838 (-30.7%), from €15,763 to €10,925
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 | €198,945 | €194,661 | -€4,284 | -2.2% |
| Fixed assets | 21/28 | €118,489 | €107,686 | -€10,803 | -9.1% |
| Tangible fixed assets | 22/27 | €118,489 | €107,686 | -€10,803 | -9.1% |
| Land and buildings | 22 | €90,788 | €84,328 | -€6,460 | -7.1% |
| Plant, machinery and equipment | 23 | €25,932 | €22,444 | -€3,488 | -13.5% |
| Furniture and vehicles | 24 | €1,769 | €915 | -€854 | -48.3% |
| Current assets | 29/58 | €80,456 | €86,975 | +€6,519 | +8.1% |
| Stocks and contracts in progress | 3 | €1,291 | €1,291 | = | 0.0% |
| Stocks | 30/36 | €1,291 | €1,291 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,084 | €25,509 | -€6,575 | -20.5% |
| Trade receivables | 40 | €31,801 | €25,149 | -€6,652 | -20.9% |
| Other amounts receivable | 41 | €283 | €360 | +€77 | +27.2% |
| Cash at bank and in hand | 54/58 | €41,984 | €52,883 | +€10,899 | +26.0% |
| Deferred charges and accrued income | 490/1 | €5,096 | €7,291 | +€2,195 | +43.1% |
| Total equity and liabilities | 10/49 | €198,945 | €194,661 | -€4,284 | -2.2% |
| Equity | 10/15 | €142,828 | €151,002 | +€8,173 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €136,628 | €144,802 | +€8,173 | +6.0% |
| Distributable reserves | 133 | €136,628 | €144,802 | +€8,173 | +6.0% |
| Amounts payable | 17/49 | €56,117 | €43,660 | -€12,457 | -22.2% |
| Amounts payable after more than one year | 17 | €16,345 | €11,839 | -€4,507 | -27.6% |
| Financial debts | 170/4 | €14,311 | €9,805 | -€4,507 | -31.5% |
| Other amounts payable | 178/9 | €2,034 | €2,034 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,771 | €31,821 | -€7,950 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €21,666 | €7,923 | -€13,742 | -63.4% |
| Financial debts | 43 | - | €833 | +€833 | |
| Credit institutions | 430/8 | - | €833 | +€833 | |
| Trade debts | 44 | €3,589 | €9,175 | +€5,586 | +155.7% |
| Suppliers | 440/4 | €3,589 | €9,175 | +€5,586 | +155.7% |
| Taxes, remuneration and social security | 45 | €12,911 | €11,133 | -€1,778 | -13.8% |
| Taxes | 450/3 | €12,911 | €11,133 | -€1,778 | -13.8% |
| Other amounts payable | 47/48 | €1,605 | €2,756 | +€1,151 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,979 | €10,803 | -€11,176 | -50.8% |
| Other operating charges | 640/8 | €2,908 | €2,575 | -€333 | -11.5% |
| Gross operating margin | 9900 | €91,972 | €44,535 | -€47,437 | -51.6% |
| Operating profit (loss) | 9901 | €67,085 | €31,158 | -€35,927 | -53.6% |
| Financial income | 75/76B | €149 | €61 | -€88 | -59.0% |
| Recurring financial income | 75 | €149 | €61 | -€88 | -59.0% |
| Financial charges | 65/66B | €22,454 | €2,120 | -€20,334 | -90.6% |
| Recurring financial charges | 65 | €2,754 | €2,120 | -€634 | -23.0% |
| Non-recurring financial charges | 66B | €19,700 | - | -€19,700 | |
| Profit (loss) for the period before taxes | 9903 | €44,780 | €29,099 | -€15,682 | -35.0% |
| Income taxes | 67/77 | €15,763 | €10,925 | -€4,838 | -30.7% |
| Profit (loss) for the period | 9904 | €29,017 | €18,173 | -€10,844 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,017 | €18,173 | -€10,844 | -37.4% |
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 5 October 2026 via checked.be.