THE BIG GAME: 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.
THE BIG GAME
Largest movements
- Receivables within one year +€547,175
up €547,175 (+140%), from €392,091 to €939,266
of which Other amounts receivable: +€569,851
- Cash -€41,521
down €41,521 (-9.6%), from €433,179 to €391,659
mainly Receivables within one year (-€547,175) and Trade debts (-€82,704)
- Tangible fixed assets -€21,694
down €21,694 (-19.8%), from €109,838 to €88,143
of which Furniture and vehicles: -€16,224
- Reserves +€377,000
up €377,000 (+64.6%), from €584,000 to €961,000
- Tax, wage and social debts +€172,850
up €172,850 (+82.8%), from €208,798 to €381,647
of which Taxes: +€155,830
- Trade debts -€82,704
down €82,704 (-58.4%), from €141,556 to €58,852
- Current portion of long-term debt +€15,170
up €15,170 (+236%), from €6,435 to €21,605
- Gross operating margin +€125,166
up €125,166 (+18.1%), from €691,303 to €816,470
- Other operating charges -€79,892
down €79,892 (-84.9%), from €94,104 to €14,212
- Staff costs +€77,553
up €77,553 (+40.9%), from €189,469 to €267,021
- Financial charges -€28,706
down €28,706 (-93.9%), from €30,581 to €1,875
- Taxes +€16,771
up €16,771 (+14.0%), from €119,729 to €136,500
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.
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 | €961,906 | €1,447,617 | +€485,711 | +50.5% |
| Fixed assets | 21/28 | €110,088 | €88,393 | -€21,694 | -19.7% |
| Tangible fixed assets | 22/27 | €109,838 | €88,143 | -€21,694 | -19.8% |
| Land and buildings | 22 | €2,980 | - | -€2,980 | |
| Plant, machinery and equipment | 23 | €13,962 | €12,242 | -€1,720 | -12.3% |
| Furniture and vehicles | 24 | €62,040 | €45,816 | -€16,224 | -26.2% |
| Other tangible fixed assets | 26 | €30,856 | €30,085 | -€771 | -2.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €851,818 | €1,359,224 | +€507,406 | +59.6% |
| Stocks and contracts in progress | 3 | €22,657 | €18,620 | -€4,037 | -17.8% |
| Stocks | 30/36 | €22,657 | €18,620 | -€4,037 | -17.8% |
| Amounts receivable within one year | 40/41 | €392,091 | €939,266 | +€547,175 | +140% |
| Trade receivables | 40 | €22,766 | €90 | -€22,676 | -99.6% |
| Other amounts receivable | 41 | €369,326 | €939,176 | +€569,851 | +154% |
| Cash at bank and in hand | 54/58 | €433,179 | €391,659 | -€41,521 | -9.6% |
| Deferred charges and accrued income | 490/1 | €3,891 | €9,679 | +€5,789 | +149% |
| Total equity and liabilities | 10/49 | €961,906 | €1,447,617 | +€485,711 | +50.5% |
| Equity | 10/15 | €605,117 | €982,751 | +€377,634 | +62.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €584,000 | €961,000 | +€377,000 | +64.6% |
| Distributable reserves | 133 | €584,000 | €961,000 | +€377,000 | +64.6% |
| Profit (loss) carried forward | 14 | €657 | €1,291 | +€634 | +96.5% |
| Amounts payable | 17/49 | €356,789 | €464,866 | +€108,078 | +30.3% |
| Amounts payable within one year | 42/48 | €356,789 | €463,268 | +€106,480 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €6,435 | €21,605 | +€15,170 | +236% |
| Financial debts | 43 | - | €1,164 | +€1,164 | |
| Credit institutions | 430/8 | - | €1,164 | +€1,164 | |
| Trade debts | 44 | €141,556 | €58,852 | -€82,704 | -58.4% |
| Suppliers | 440/4 | €141,556 | €58,852 | -€82,704 | -58.4% |
| Taxes, remuneration and social security | 45 | €208,798 | €381,647 | +€172,850 | +82.8% |
| Taxes | 450/3 | €184,173 | €340,003 | +€155,830 | +84.6% |
| Remuneration and social security | 454/9 | €24,625 | €41,645 | +€17,020 | +69.1% |
| Accrued charges and deferred income | 492/3 | - | €1,598 | +€1,598 | |
| Remuneration, social security and pensions | 62 | €189,469 | €267,021 | +€77,553 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,814 | €28,085 | +€271 | +1.0% |
| Other operating charges | 640/8 | €94,104 | €14,212 | -€79,892 | -84.9% |
| Gross operating margin | 9900 | €691,303 | €816,470 | +€125,166 | +18.1% |
| Operating profit (loss) | 9901 | €379,917 | €507,152 | +€127,235 | +33.5% |
| Financial income | 75/76B | €7,447 | €8,856 | +€1,409 | +18.9% |
| Recurring financial income | 75 | €7,447 | €8,856 | +€1,409 | +18.9% |
| Financial charges | 65/66B | €30,581 | €1,875 | -€28,706 | -93.9% |
| Recurring financial charges | 65 | €30,581 | €1,875 | -€28,706 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €356,783 | €514,134 | +€157,350 | +44.1% |
| Income taxes | 67/77 | €119,729 | €136,500 | +€16,771 | +14.0% |
| Profit (loss) for the period | 9904 | €237,054 | €377,634 | +€140,580 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €237,054 | €377,634 | +€140,580 | +59.3% |
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 25 October 2026 via checked.be.