THE: 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.
THE
Largest movements
- Tangible fixed assets -€158,835
down €158,835 (-25.4%), from €625,756 to €466,921
of which Assets under construction and advance payments: -€120,917
- Receivables within one year +€56,147
up €56,147 (+21.2%), from €265,315 to €321,462
of which Trade receivables: +€84,743
- Reserves -€123,687
down €123,687 (-56.6%), from €218,359 to €94,673
- Current portion of long-term debt -€83,733
down €83,733 (-82.6%), from €101,363 to €17,630
- Trade debts +€66,889
up €66,889 (+33.2%), from €201,511 to €268,401
- Other debts +€25,628
up €25,628 (+690.2%), from €3,713 to €29,342
- Debts after one year +€24,042
up €24,042 (+8.2%), from €293,253 to €317,295
of which Other amounts payable: +€41,672
- Gross operating margin +€20,446
up €20,446 (+4.8%), from €423,304 to €443,750
- Staff costs -€18,235
down €18,235 (-4.6%), from €399,772 to €381,537
- Depreciation +€5,733
up €5,733 (+3.9%), from €145,903 to €151,636
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 | €917,674 | €806,630 | -€111,043 | -12.1% |
| Fixed assets | 21/28 | €629,313 | €468,822 | -€160,491 | -25.5% |
| Intangible fixed assets | 21 | €3,557 | €1,901 | -€1,656 | -46.6% |
| Tangible fixed assets | 22/27 | €625,756 | €466,921 | -€158,835 | -25.4% |
| Land and buildings | 22 | €301,986 | €297,368 | -€4,618 | -1.5% |
| Plant, machinery and equipment | 23 | €128,954 | €104,762 | -€24,192 | -18.8% |
| Furniture and vehicles | 24 | €15,535 | €6,560 | -€8,975 | -57.8% |
| Other tangible fixed assets | 26 | €58,363 | €58,231 | -€133 | -0.2% |
| Assets under construction and advance payments | 27 | €120,917 | €0 | -€120,917 | -100.0% |
| Current assets | 29/58 | €288,360 | €337,808 | +€49,448 | +17.1% |
| Stocks and contracts in progress | 3 | €476 | €442 | -€33 | -7.0% |
| Stocks | 30/36 | €476 | €442 | -€33 | -7.0% |
| Amounts receivable within one year | 40/41 | €265,315 | €321,462 | +€56,147 | +21.2% |
| Trade receivables | 40 | €117,109 | €201,852 | +€84,743 | +72.4% |
| Other amounts receivable | 41 | €148,206 | €119,610 | -€28,596 | -19.3% |
| Cash at bank and in hand | 54/58 | €16,510 | €8,190 | -€8,320 | -50.4% |
| Deferred charges and accrued income | 490/1 | €6,060 | €7,714 | +€1,654 | +27.3% |
| Total equity and liabilities | 10/49 | €917,674 | €806,630 | -€111,043 | -12.1% |
| Equity | 10/15 | €236,959 | €113,273 | -€123,687 | -52.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €218,359 | €94,673 | -€123,687 | -56.6% |
| Distributable reserves | 133 | €218,359 | €94,673 | -€123,687 | -56.6% |
| Amounts payable | 17/49 | €680,714 | €693,358 | +€12,644 | +1.9% |
| Amounts payable after more than one year | 17 | €293,253 | €317,295 | +€24,042 | +8.2% |
| Financial debts | 170/4 | €17,630 | €0 | -€17,630 | -100.0% |
| Other amounts payable | 178/9 | €275,624 | €317,295 | +€41,672 | +15.1% |
| Amounts payable within one year | 42/48 | €379,801 | €376,062 | -€3,739 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €101,363 | €17,630 | -€83,733 | -82.6% |
| Financial debts | 43 | €19,680 | €11,438 | -€8,242 | -41.9% |
| Credit institutions | 430/8 | €19,680 | €11,438 | -€8,242 | -41.9% |
| Trade debts | 44 | €201,511 | €268,401 | +€66,889 | +33.2% |
| Suppliers | 440/4 | €201,511 | €268,401 | +€66,889 | +33.2% |
| Taxes, remuneration and social security | 45 | €53,534 | €49,253 | -€4,281 | -8.0% |
| Taxes | 450/3 | €3,102 | €5,833 | +€2,730 | +88.0% |
| Remuneration and social security | 454/9 | €50,432 | €43,420 | -€7,011 | -13.9% |
| Other amounts payable | 47/48 | €3,713 | €29,342 | +€25,628 | +690.2% |
| Accrued charges and deferred income | 492/3 | €7,660 | €0 | -€7,660 | -100.0% |
| Remuneration, social security and pensions | 62 | €399,772 | €381,537 | -€18,235 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,903 | €151,636 | +€5,733 | +3.9% |
| Other operating charges | 640/8 | €3,110 | €3,892 | +€782 | +25.1% |
| Non-recurring operating charges | 66A | - | €6,189 | +€6,189 | |
| Gross operating margin | 9900 | €423,304 | €443,750 | +€20,446 | +4.8% |
| Operating profit (loss) | 9901 | -€125,480 | -€99,504 | +€25,976 | +20.7% |
| Financial income | 75/76B | €4,643 | €5,269 | +€626 | +13.5% |
| Recurring financial income | 75 | €4,643 | €5,269 | +€626 | +13.5% |
| Financial charges | 65/66B | €27,328 | €29,452 | +€2,123 | +7.8% |
| Recurring financial charges | 65 | €27,328 | €29,452 | +€2,123 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€148,166 | -€123,687 | +€24,480 | +16.5% |
| Profit (loss) for the period | 9904 | -€148,166 | -€123,687 | +€24,480 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,166 | -€123,687 | +€24,480 | +16.5% |
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 5 October 2026 via checked.be.