Tender Law: 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.
Tender Law
Largest movements
- Receivables within one year +€365,917
up €365,917 (+58.9%), from €621,717 to €987,634
of which Trade receivables: +€380,598
- Cash +€229,554
up €229,554 (+175%), from €131,546 to €361,100
mainly Trade debts (+€377,035) and Net result for the year (+€260,535)
- Stocks and contracts +€100,507
up €100,507 (+671%), from €14,987 to €115,493
- Intangible fixed assets +€20,270
up €20,270 (+1,034%), from €1,960 to €22,230
- Deferred charges and accrued income +€18,987
up €18,987 (+287%), from €6,617 to €25,604
- Trade debts +€377,035
up €377,035 (+99.4%), from €379,485 to €756,519
- Reserves +€260,535
up €260,535 (+91.0%), from €286,356 to €546,892
- Tax, wage and social debts +€196,041
up €196,041 (+538%), from €36,457 to €232,499
of which Taxes: +€180,360
- Other debts -€99,433
down €99,433 (-94.1%), from €105,657 to €6,224
- Gross operating margin +€210,989
up €210,989 (+72.8%), from €289,922 to €500,911
- Taxes +€49,911
up €49,911 (+101%), from €49,233 to €99,144
- Staff costs +€32,390
up €32,390 (+35.2%), from €92,023 to €124,413
- Other operating charges +€6,363
up €6,363 (+802%), from €794 to €7,157
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 | €811,173 | €1,545,552 | +€734,378 | +90.5% |
| Fixed assets | 21/28 | €36,307 | €55,720 | +€19,414 | +53.5% |
| Intangible fixed assets | 21 | €1,960 | €22,230 | +€20,270 | +1,034% |
| Tangible fixed assets | 22/27 | €28,592 | €23,565 | -€5,027 | -17.6% |
| Plant, machinery and equipment | 23 | €1,338 | €806 | -€532 | -39.8% |
| Furniture and vehicles | 24 | €6,984 | €4,762 | -€2,222 | -31.8% |
| Other tangible fixed assets | 26 | €20,270 | €17,997 | -€2,273 | -11.2% |
| Financial fixed assets | 28 | €5,755 | €9,925 | +€4,170 | +72.5% |
| Current assets | 29/58 | €774,867 | €1,489,832 | +€714,965 | +92.3% |
| Stocks and contracts in progress | 3 | €14,987 | €115,493 | +€100,507 | +671% |
| Contracts in progress | 37 | €14,987 | €115,493 | +€100,507 | +671% |
| Amounts receivable within one year | 40/41 | €621,717 | €987,634 | +€365,917 | +58.9% |
| Trade receivables | 40 | €597,089 | €977,686 | +€380,598 | +63.7% |
| Other amounts receivable | 41 | €24,628 | €9,947 | -€14,681 | -59.6% |
| Cash at bank and in hand | 54/58 | €131,546 | €361,100 | +€229,554 | +175% |
| Deferred charges and accrued income | 490/1 | €6,617 | €25,604 | +€18,987 | +287% |
| Total equity and liabilities | 10/49 | €811,173 | €1,545,552 | +€734,378 | +90.5% |
| Equity | 10/15 | €288,356 | €548,892 | +€260,535 | +90.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €286,356 | €546,892 | +€260,535 | +91.0% |
| Distributable reserves | 133 | €286,356 | €546,892 | +€260,535 | +91.0% |
| Amounts payable | 17/49 | €522,817 | €996,660 | +€473,843 | +90.6% |
| Amounts payable within one year | 42/48 | €522,817 | €996,660 | +€473,843 | +90.6% |
| Trade debts | 44 | €379,485 | €756,519 | +€377,035 | +99.4% |
| Suppliers | 440/4 | €379,485 | €756,519 | +€377,035 | +99.4% |
| Advances received on contracts in progress | 46 | €1,218 | €1,418 | +€200 | +16.4% |
| Taxes, remuneration and social security | 45 | €36,457 | €232,499 | +€196,041 | +538% |
| Taxes | 450/3 | €26,233 | €206,593 | +€180,360 | +688% |
| Remuneration and social security | 454/9 | €10,224 | €25,906 | +€15,682 | +153% |
| Other amounts payable | 47/48 | €105,657 | €6,224 | -€99,433 | -94.1% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €92,023 | €124,413 | +€32,390 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,633 | €9,177 | -€456 | -4.7% |
| Other operating charges | 640/8 | €794 | €7,157 | +€6,363 | +802% |
| Gross operating margin | 9900 | €289,922 | €500,911 | +€210,989 | +72.8% |
| Operating profit (loss) | 9901 | €187,472 | €360,163 | +€172,691 | +92.1% |
| Financial income | 75/76B | €348 | €140 | -€209 | -59.9% |
| Recurring financial income | 75 | €348 | €140 | -€209 | -59.9% |
| Financial charges | 65/66B | €296 | €623 | +€328 | +111% |
| Recurring financial charges | 65 | €296 | €623 | +€328 | +111% |
| Profit (loss) for the period before taxes | 9903 | €187,525 | €359,679 | +€172,155 | +91.8% |
| Income taxes | 67/77 | €49,233 | €99,144 | +€49,911 | +101% |
| Profit (loss) for the period | 9904 | €138,291 | €260,535 | +€122,244 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,291 | €260,535 | +€122,244 | +88.4% |
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 30 October 2026 via checked.be.