TECHNICAL POINT: 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.
TECHNICAL POINT
Largest movements
- Stocks and contracts +€1.9m
up €1.9m (+48.2%), from €3.8m to €5.7m
- Cash -€781,144
down €781,144 (-96.3%), from €811,076 to €29,932
mainly Stocks and contracts (-€1.9m) and Receivables within one year (-€418,568)
- Receivables within one year +€418,568
up €418,568 (+26.8%), from €1.6m to €2.0m
of which Trade receivables: +€596,435
- Tangible fixed assets +€303,018
up €303,018 (+30.0%), from €1.0m to €1.3m
of which Furniture and vehicles: +€300,912
- Intangible fixed assets -€192,352
down €192,352 (-99.1%), from €194,160 to €1,808
- Trade debts +€1.0m
up €1.0m (+141.8%), from €725,860 to €1.8m
- Short-term financial debts +€500,000
up €500,000 (+58.8%), from €850,000 to €1.4m
- Tax, wage and social debts +€350,562
up €350,562 (+225.9%), from €155,202 to €505,764
of which Taxes: +€317,369
- Debts after one year -€183,520
down €183,520 (-31.7%), from €578,860 to €395,339
- Advances received -€181,258
down €181,258 (-100.0%), from €181,258 to €0
- Staff costs +€99,967
up €99,967 (+21.8%), from €458,398 to €558,365
- Financial charges +€51,258
up €51,258 (+16.9%), from €302,891 to €354,149
- Depreciation +€33,851
up €33,851 (+13.0%), from €259,799 to €293,650
- Taxes -€28,722
down €28,722 (-99.2%), from €28,956 to €233
- Provisions -€11,875
down €11,875 (-43.4%), from €27,375 to €15,500
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 | €7,431,950 | €9,035,228 | +€1.6m | +21.6% |
| Fixed assets | 21/28 | €1,205,400 | €1,316,065 | +€110,666 | +9.2% |
| Intangible fixed assets | 21 | €194,160 | €1,808 | -€192,352 | -99.1% |
| Tangible fixed assets | 22/27 | €1,010,490 | €1,313,507 | +€303,018 | +30.0% |
| Land and buildings | 22 | €846,648 | €825,508 | -€21,140 | -2.5% |
| Plant, machinery and equipment | 23 | €65,585 | €111,630 | +€46,045 | +70.2% |
| Furniture and vehicles | 24 | €11,992 | €312,904 | +€300,912 | +2509.4% |
| Leasing and similar rights | 25 | €86,265 | €63,465 | -€22,800 | -26.4% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €6,226,550 | €7,719,162 | +€1.5m | +24.0% |
| Stocks and contracts in progress | 3 | €3,844,143 | €5,698,079 | +€1.9m | +48.2% |
| Stocks | 30/36 | €3,844,143 | €5,698,079 | +€1.9m | +48.2% |
| Amounts receivable within one year | 40/41 | €1,560,129 | €1,978,697 | +€418,568 | +26.8% |
| Trade receivables | 40 | €1,185,328 | €1,781,763 | +€596,435 | +50.3% |
| Other amounts receivable | 41 | €374,801 | €196,934 | -€177,867 | -47.5% |
| Cash at bank and in hand | 54/58 | €811,076 | €29,932 | -€781,144 | -96.3% |
| Deferred charges and accrued income | 490/1 | €11,201 | €12,455 | +€1,253 | +11.2% |
| Total equity and liabilities | 10/49 | €7,431,950 | €9,035,228 | +€1.6m | +21.6% |
| Equity | 10/15 | €719,647 | €639,015 | -€80,632 | -11.2% |
| Contributions | 10/11 | €74,789 | €74,789 | = | 0.0% |
| Revaluation surpluses | 12 | €407,822 | €407,822 | = | 0.0% |
| Reserves | 13 | €7,479 | €7,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,479 | €7,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,479 | €7,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,557 | €148,925 | -€80,632 | -35.1% |
| Provisions and deferred taxes | 16 | €99,000 | €114,500 | +€15,500 | +15.7% |
| Provisions for liabilities and charges | 160/5 | €99,000 | €114,500 | +€15,500 | +15.7% |
| Other liabilities and charges | 164/5 | €99,000 | €114,500 | +€15,500 | +15.7% |
| Amounts payable | 17/49 | €6,613,303 | €8,281,713 | +€1.7m | +25.2% |
| Amounts payable after more than one year | 17 | €578,860 | €395,339 | -€183,520 | -31.7% |
| Financial debts | 170/4 | €578,860 | €395,339 | -€183,520 | -31.7% |
| Amounts payable within one year | 42/48 | €5,787,598 | €7,613,538 | +€1.8m | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €214,765 | €183,520 | -€31,245 | -14.5% |
| Financial debts | 43 | €850,000 | €1,350,000 | +€500,000 | +58.8% |
| Credit institutions | 430/8 | €850,000 | €1,350,000 | +€500,000 | +58.8% |
| Trade debts | 44 | €725,860 | €1,755,109 | +€1.0m | +141.8% |
| Suppliers | 440/4 | €725,860 | €1,755,109 | +€1.0m | +141.8% |
| Advances received on contracts in progress | 46 | €181,258 | €0 | -€181,258 | -100.0% |
| Taxes, remuneration and social security | 45 | €155,202 | €505,764 | +€350,562 | +225.9% |
| Taxes | 450/3 | €92,149 | €409,519 | +€317,369 | +344.4% |
| Remuneration and social security | 454/9 | €63,053 | €96,245 | +€33,192 | +52.6% |
| Other amounts payable | 47/48 | €3,660,513 | €3,819,144 | +€158,631 | +4.3% |
| Accrued charges and deferred income | 492/3 | €246,845 | €272,836 | +€25,991 | +10.5% |
| Non-recurring operating income | 76A | €1,438 | €0 | -€1,438 | -100.0% |
| Remuneration, social security and pensions | 62 | €458,398 | €558,365 | +€99,967 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,799 | €293,650 | +€33,851 | +13.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €27,375 | €15,500 | -€11,875 | -43.4% |
| Other operating charges | 640/8 | €16,067 | €16,774 | +€708 | +4.4% |
| Gross operating margin | 9900 | €1,160,900 | €1,151,658 | -€9,242 | -0.8% |
| Operating profit (loss) | 9901 | €399,261 | €267,369 | -€131,893 | -33.0% |
| Financial income | 75/76B | €586 | €6,382 | +€5,796 | +989.5% |
| Recurring financial income | 75 | €586 | €6,382 | +€5,796 | +989.5% |
| Financial charges | 65/66B | €302,891 | €354,149 | +€51,258 | +16.9% |
| Recurring financial charges | 65 | €302,891 | €354,149 | +€51,258 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €96,956 | -€80,399 | -€177,355 | |
| Income taxes | 67/77 | €28,956 | €233 | -€28,722 | -99.2% |
| Profit (loss) for the period | 9904 | €68,000 | -€80,632 | -€148,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,000 | -€80,632 | -€148,632 |
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 11 October 2026 via checked.be.