Th ijs: 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.
Th ijs
Largest movements
- Tangible fixed assets -€26,342
down €26,342 (-5.2%), from €501,926 to €475,584
of which Land and buildings: -€14,253
- Cash -€9,941
down €9,941 (-15.8%), from €63,068 to €53,127
mainly Debts after one year (-€59,289) and Other debts (-€58,425)
- Profit (loss) carried forward +€92,954
up €92,954 (+232.2%), from €40,037 to €132,990
- Debts after one year -€59,289
down €59,289 (-15.7%), from €378,653 to €319,364
of which Financial debts: -€58,800
- Other debts -€58,425
down €58,425 (-77.2%), from €75,665 to €17,240
- Current portion of long-term debt -€7,166
down €7,166 (-10.9%), from €65,966 to €58,800
- Gross operating margin +€35,241
up €35,241 (+22.4%), from €157,462 to €192,702
- Depreciation -€21,585
down €21,585 (-28.3%), from €76,397 to €54,812
- Taxes +€13,127
up €13,127 (+99.1%), from €13,242 to €26,369
- Staff costs +€2,237
new in 2025: €2,237
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 | €607,306 | €565,060 | -€42,246 | -7.0% |
| Fixed assets | 21/28 | €502,176 | €475,834 | -€26,342 | -5.2% |
| Tangible fixed assets | 22/27 | €501,926 | €475,584 | -€26,342 | -5.2% |
| Land and buildings | 22 | €396,401 | €382,147 | -€14,253 | -3.6% |
| Plant, machinery and equipment | 23 | €94,341 | €89,401 | -€4,940 | -5.2% |
| Furniture and vehicles | 24 | €11,184 | €4,036 | -€7,149 | -63.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €105,130 | €89,226 | -€15,904 | -15.1% |
| Stocks and contracts in progress | 3 | €21,324 | €19,199 | -€2,124 | -10.0% |
| Stocks | 30/36 | €21,324 | €19,199 | -€2,124 | -10.0% |
| Amounts receivable within one year | 40/41 | €16,674 | €13,911 | -€2,764 | -16.6% |
| Trade receivables | 40 | €11,124 | €13,911 | +€2,787 | +25.1% |
| Other amounts receivable | 41 | €5,550 | €0 | -€5,550 | -100.0% |
| Cash at bank and in hand | 54/58 | €63,068 | €53,127 | -€9,941 | -15.8% |
| Deferred charges and accrued income | 490/1 | €4,064 | €2,988 | -€1,075 | -26.5% |
| Total equity and liabilities | 10/49 | €607,306 | €565,060 | -€42,246 | -7.0% |
| Equity | 10/15 | €60,037 | €152,990 | +€92,954 | +154.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,037 | €132,990 | +€92,954 | +232.2% |
| Amounts payable | 17/49 | €547,269 | €412,070 | -€135,199 | -24.7% |
| Amounts payable after more than one year | 17 | €378,653 | €319,364 | -€59,289 | -15.7% |
| Financial debts | 170/4 | €377,169 | €318,369 | -€58,800 | -15.6% |
| Other amounts payable | 178/9 | €1,484 | €995 | -€489 | -33.0% |
| Amounts payable within one year | 42/48 | €168,616 | €92,706 | -€75,910 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €65,966 | €58,800 | -€7,166 | -10.9% |
| Financial debts | 43 | €429 | €554 | +€126 | +29.4% |
| Credit institutions | 430/8 | €429 | €554 | +€126 | +29.4% |
| Trade debts | 44 | €19,314 | €14,167 | -€5,147 | -26.6% |
| Suppliers | 440/4 | €19,314 | €14,167 | -€5,147 | -26.6% |
| Taxes, remuneration and social security | 45 | €7,242 | €1,944 | -€5,298 | -73.2% |
| Taxes | 450/3 | €3,242 | €1,944 | -€1,298 | -40.0% |
| Remuneration and social security | 454/9 | €4,000 | €0 | -€4,000 | -100.0% |
| Other amounts payable | 47/48 | €75,665 | €17,240 | -€58,425 | -77.2% |
| Remuneration, social security and pensions | 62 | - | €2,237 | +€2,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,397 | €54,812 | -€21,585 | -28.3% |
| Other operating charges | 640/8 | €3,643 | €2,916 | -€727 | -20.0% |
| Gross operating margin | 9900 | €157,462 | €192,702 | +€35,241 | +22.4% |
| Operating profit (loss) | 9901 | €77,422 | €132,738 | +€55,316 | +71.4% |
| Financial income | 75/76B | €634 | €36 | -€598 | -94.4% |
| Recurring financial income | 75 | €634 | €36 | -€598 | -94.4% |
| Financial charges | 65/66B | €15,233 | €13,450 | -€1,783 | -11.7% |
| Recurring financial charges | 65 | €15,233 | €13,450 | -€1,783 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €62,822 | €119,323 | +€56,501 | +89.9% |
| Income taxes | 67/77 | €13,242 | €26,369 | +€13,127 | +99.1% |
| Profit (loss) for the period | 9904 | €49,580 | €92,954 | +€43,373 | +87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,580 | €92,954 | +€43,373 | +87.5% |
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 4 October 2026 via checked.be.