The Binding Energy: 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 Binding Energy
Largest movements
- Receivables within one year +€244,125
up €244,125 (+200%), from €122,069 to €366,194
of which Trade receivables: +€178,676
- Tangible fixed assets +€149,152
up €149,152 (+89.7%), from €166,248 to €315,400
of which Other tangible fixed assets: +€85,446
- Cash -€25,009
down €25,009 (-7.2%), from €348,715 to €323,707
mainly Receivables within one year (-€244,125) and Investment in fixed assets (net) (-€216,738)
- Profit (loss) carried forward +€186,769
up €186,769 (+92.9%), from €201,068 to €387,837
- Accrued charges and deferred income +€102,136
up €102,136 (+52.2%), from €195,739 to €297,875
- Tax, wage and social debts +€78,307
up €78,307 (+81.0%), from €96,694 to €175,001
of which Taxes: +€52,079
- Trade debts -€21,353
down €21,353 (-73.7%), from €28,970 to €7,617
- Debts after one year +€16,834
up €16,834 (+38.1%), from €44,151 to €60,985
- Gross operating margin +€480,254
up €480,254 (+84.4%), from €569,200 to €1.0m
- Staff costs +€256,546
up €256,546 (+57.3%), from €447,422 to €703,968
- Depreciation +€29,564
up €29,564 (+82.4%), from €35,887 to €65,451
- Taxes +€16,211
up €16,211 (+1,224%), from €1,325 to €17,536
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 | €669,922 | €1,045,662 | +€375,741 | +56.1% |
| Fixed assets | 21/28 | €169,612 | €320,900 | +€151,287 | +89.2% |
| Intangible fixed assets | 21 | €3,264 | €5,400 | +€2,135 | +65.4% |
| Tangible fixed assets | 22/27 | €166,248 | €315,400 | +€149,152 | +89.7% |
| Plant, machinery and equipment | 23 | €15,042 | €27,040 | +€11,998 | +79.8% |
| Furniture and vehicles | 24 | €81,659 | €133,367 | +€51,708 | +63.3% |
| Other tangible fixed assets | 26 | €69,547 | €154,993 | +€85,446 | +123% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €500,309 | €724,763 | +€224,454 | +44.9% |
| Amounts receivable within one year | 40/41 | €122,069 | €366,194 | +€244,125 | +200% |
| Trade receivables | 40 | €91,184 | €269,860 | +€178,676 | +196% |
| Other amounts receivable | 41 | €30,885 | €96,334 | +€65,449 | +212% |
| Cash at bank and in hand | 54/58 | €348,715 | €323,707 | -€25,009 | -7.2% |
| Deferred charges and accrued income | 490/1 | €29,525 | €34,863 | +€5,338 | +18.1% |
| Total equity and liabilities | 10/49 | €669,922 | €1,045,662 | +€375,741 | +56.1% |
| Equity | 10/15 | €221,528 | €408,297 | +€186,769 | +84.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,068 | €387,837 | +€186,769 | +92.9% |
| Amounts payable | 17/49 | €448,393 | €637,365 | +€188,972 | +42.1% |
| Amounts payable after more than one year | 17 | €44,151 | €60,985 | +€16,834 | +38.1% |
| Financial debts | 170/4 | €44,151 | €60,985 | +€16,834 | +38.1% |
| Amounts payable within one year | 42/48 | €208,502 | €278,505 | +€70,002 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €25,639 | €35,387 | +€9,748 | +38.0% |
| Trade debts | 44 | €28,970 | €7,617 | -€21,353 | -73.7% |
| Suppliers | 440/4 | €28,970 | €7,617 | -€21,353 | -73.7% |
| Taxes, remuneration and social security | 45 | €96,694 | €175,001 | +€78,307 | +81.0% |
| Taxes | 450/3 | €21,651 | €73,730 | +€52,079 | +241% |
| Remuneration and social security | 454/9 | €75,043 | €101,271 | +€26,228 | +35.0% |
| Other amounts payable | 47/48 | €57,200 | €60,500 | +€3,300 | +5.8% |
| Accrued charges and deferred income | 492/3 | €195,739 | €297,875 | +€102,136 | +52.2% |
| Remuneration, social security and pensions | 62 | €447,422 | €703,968 | +€256,546 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,887 | €65,451 | +€29,564 | +82.4% |
| Other operating charges | 640/8 | €4,320 | €8,633 | +€4,314 | +99.9% |
| Gross operating margin | 9900 | €569,200 | €1,049,454 | +€480,254 | +84.4% |
| Operating profit (loss) | 9901 | €81,570 | €271,401 | +€189,831 | +233% |
| Financial income | 75/76B | €5,256 | €81 | -€5,175 | -98.5% |
| Recurring financial income | 75 | €3,950 | €81 | -€3,869 | -97.9% |
| Non-recurring financial income | 76B | €1,305 | - | -€1,305 | |
| Financial charges | 65/66B | €2,996 | €6,677 | +€3,681 | +123% |
| Recurring financial charges | 65 | €2,996 | €6,677 | +€3,681 | +123% |
| Profit (loss) for the period before taxes | 9903 | €83,830 | €264,805 | +€180,975 | +216% |
| Income taxes | 67/77 | €1,325 | €17,536 | +€16,211 | +1,224% |
| Profit (loss) for the period | 9904 | €82,505 | €247,269 | +€164,764 | +200% |
| Profit (loss) for the period to be appropriated | 9905 | €82,505 | €247,269 | +€164,764 | +200% |
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 27 October 2026 via checked.be.