The Big Tree: 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 Tree
Largest movements
- Receivables within one year +€47,410
up €47,410 (+6.1%), from €771,446 to €818,856
of which Other amounts receivable: +€36,084
- Cash +€39,186
up €39,186 (+61.5%), from €63,685 to €102,871
mainly Debts after one year (+€250,000) and Tax, wage and social debts (+€15,076)
- Debts after one year +€250,000
up €250,000 (+2,615%), from €9,560 to €259,560
of which Financial debts: +€250,000
- Profit (loss) carried forward -€185,957
down €185,957 (-29.8%), from -€625,030 to -€810,988
- Tax, wage and social debts +€15,076
up €15,076 (+54.3%), from €27,781 to €42,858
of which Taxes: +€11,897
- Gross operating margin -€225,186
down €225,186, from €199,429 to -€25,756
- Staff costs -€14,355
down €14,355 (-9.1%), from €157,547 to €143,192
- Financial charges +€3,796
up €3,796 (+71.8%), from €5,288 to €9,084
- Other operating charges -€2,875
down €2,875 (-64.5%), from €4,455 to €1,580
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 | €892,525 | €971,988 | +€79,462 | +8.9% |
| Fixed assets | 21/28 | €14,590 | €16,140 | +€1,549 | +10.6% |
| Tangible fixed assets | 22/27 | €12,946 | €9,146 | -€3,801 | -29.4% |
| Plant, machinery and equipment | 23 | €10,972 | €5,803 | -€5,169 | -47.1% |
| Furniture and vehicles | 24 | €1,974 | €3,343 | +€1,369 | +69.3% |
| Financial fixed assets | 28 | €1,644 | €6,994 | +€5,350 | +325% |
| Current assets | 29/58 | €877,935 | €955,848 | +€77,913 | +8.9% |
| Amounts receivable within one year | 40/41 | €771,446 | €818,856 | +€47,410 | +6.1% |
| Trade receivables | 40 | €768,807 | €780,134 | +€11,326 | +1.5% |
| Other amounts receivable | 41 | €2,638 | €38,722 | +€36,084 | +1,368% |
| Cash at bank and in hand | 54/58 | €63,685 | €102,871 | +€39,186 | +61.5% |
| Deferred charges and accrued income | 490/1 | €42,805 | €34,121 | -€8,683 | -20.3% |
| Total equity and liabilities | 10/49 | €892,525 | €971,988 | +€79,462 | +8.9% |
| Equity | 10/15 | €137,622 | -€48,335 | -€185,957 | |
| Contributions | 10/11 | €762,640 | €762,640 | = | 0.0% |
| Reserves | 13 | €12 | €12 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12 | €12 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12 | €12 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€625,030 | -€810,988 | -€185,957 | -29.8% |
| Amounts payable | 17/49 | €754,904 | €1,020,323 | +€265,420 | +35.2% |
| Amounts payable after more than one year | 17 | €9,560 | €259,560 | +€250,000 | +2,615% |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Other amounts payable | 178/9 | €9,560 | €9,560 | = | 0.0% |
| Amounts payable within one year | 42/48 | €733,366 | €753,037 | +€19,671 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €812 | - | -€812 | |
| Trade debts | 44 | €453,302 | €456,016 | +€2,714 | +0.6% |
| Suppliers | 440/4 | €453,302 | €456,016 | +€2,714 | +0.6% |
| Advances received on contracts in progress | 46 | €236,509 | €243,183 | +€6,674 | +2.8% |
| Taxes, remuneration and social security | 45 | €27,781 | €42,858 | +€15,076 | +54.3% |
| Taxes | 450/3 | €7,067 | €18,965 | +€11,897 | +168% |
| Remuneration and social security | 454/9 | €20,714 | €23,893 | +€3,179 | +15.3% |
| Other amounts payable | 47/48 | €14,963 | €10,981 | -€3,981 | -26.6% |
| Accrued charges and deferred income | 492/3 | €11,977 | €7,726 | -€4,252 | -35.5% |
| Non-recurring operating income | 76A | - | €13,751 | +€13,751 | |
| Remuneration, social security and pensions | 62 | €157,547 | €143,192 | -€14,355 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,955 | €7,153 | +€199 | +2.9% |
| Other operating charges | 640/8 | €4,455 | €1,580 | -€2,875 | -64.5% |
| Gross operating margin | 9900 | €199,429 | -€25,756 | -€225,186 | |
| Operating profit (loss) | 9901 | €30,473 | -€177,681 | -€208,154 | |
| Financial income | 75/76B | €71 | €1,286 | +€1,215 | +1,706% |
| Recurring financial income | 75 | €71 | €1,286 | +€1,215 | +1,706% |
| Financial charges | 65/66B | €5,288 | €9,084 | +€3,796 | +71.8% |
| Recurring financial charges | 65 | €5,288 | €9,084 | +€3,796 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €25,256 | -€185,480 | -€210,735 | |
| Income taxes | 67/77 | €505 | €478 | -€27 | -5.4% |
| Profit (loss) for the period | 9904 | €24,750 | -€185,957 | -€210,708 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,750 | -€185,957 | -€210,708 |
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 19 October 2026 via checked.be.