THE BOX: 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 BOX
Largest movements
- Cash -€2,205
down €2,205 (-8.5%), from €25,874 to €23,670
mainly Other debts (-€12,371) and Tax, wage and social debts (-€4,253)
- Receivables within one year +€1,651
up €1,651 (+9.4%), from €17,590 to €19,241
of which Other amounts receivable: +€980
- Tangible fixed assets -€1,387
down €1,387 (-21.5%), from €6,450 to €5,064
of which Plant, machinery and equipment: -€1,337
- Reserves +€15,204
up €15,204 (+85.4%), from €17,800 to €33,004
- Other debts -€12,371
down €12,371 (-71.8%), from €17,222 to €4,851
- Tax, wage and social debts -€4,253
down €4,253 (-76.3%), from €5,574 to €1,322
of which Taxes: -€4,670
- Trade debts -€827
down €827 (-20.6%), from €4,012 to €3,184
- Gross operating margin +€7,653
up €7,653 (+18.0%), from €42,433 to €50,086
- Staff costs +€4,233
up €4,233 (+21.0%), from €20,145 to €24,378
- Write-downs +€848
new in 2025: €848
- Taxes +€570
up €570 (+11.1%), from €5,116 to €5,686
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 | €50,806 | €48,559 | -€2,247 | -4.4% |
| Fixed assets | 21/28 | €6,450 | €5,064 | -€1,387 | -21.5% |
| Tangible fixed assets | 22/27 | €6,450 | €5,064 | -€1,387 | -21.5% |
| Plant, machinery and equipment | 23 | €5,300 | €3,962 | -€1,337 | -25.2% |
| Furniture and vehicles | 24 | €1,075 | €1,063 | -€12 | -1.1% |
| Other tangible fixed assets | 26 | €76 | €38 | -€38 | -50.0% |
| Current assets | 29/58 | €44,355 | €43,495 | -€860 | -1.9% |
| Stocks and contracts in progress | 3 | €581 | €251 | -€330 | -56.8% |
| Stocks | 30/36 | €581 | €251 | -€330 | -56.8% |
| Amounts receivable within one year | 40/41 | €17,590 | €19,241 | +€1,651 | +9.4% |
| Trade receivables | 40 | €13,728 | €14,399 | +€671 | +4.9% |
| Other amounts receivable | 41 | €3,862 | €4,842 | +€980 | +25.4% |
| Cash at bank and in hand | 54/58 | €25,874 | €23,670 | -€2,205 | -8.5% |
| Deferred charges and accrued income | 490/1 | €310 | €333 | +€23 | +7.5% |
| Total equity and liabilities | 10/49 | €50,806 | €48,559 | -€2,247 | -4.4% |
| Equity | 10/15 | €23,998 | €39,202 | +€15,204 | +63.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €17,800 | €33,004 | +€15,204 | +85.4% |
| Distributable reserves | 133 | €17,800 | €33,004 | +€15,204 | +85.4% |
| Amounts payable | 17/49 | €26,808 | €9,357 | -€17,451 | -65.1% |
| Amounts payable within one year | 42/48 | €26,808 | €9,357 | -€17,451 | -65.1% |
| Trade debts | 44 | €4,012 | €3,184 | -€827 | -20.6% |
| Suppliers | 440/4 | €4,012 | €3,184 | -€827 | -20.6% |
| Taxes, remuneration and social security | 45 | €5,574 | €1,322 | -€4,253 | -76.3% |
| Taxes | 450/3 | €5,260 | €589 | -€4,670 | -88.8% |
| Remuneration and social security | 454/9 | €315 | €732 | +€418 | +132.7% |
| Other amounts payable | 47/48 | €17,222 | €4,851 | -€12,371 | -71.8% |
| Remuneration, social security and pensions | 62 | €20,145 | €24,378 | +€4,233 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,864 | €2,543 | -€321 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €848 | +€848 | |
| Other operating charges | 640/8 | €902 | €1,312 | +€409 | +45.4% |
| Gross operating margin | 9900 | €42,433 | €50,086 | +€7,653 | +18.0% |
| Operating profit (loss) | 9901 | €18,522 | €21,006 | +€2,484 | +13.4% |
| Financial income | 75/76B | €156 | €143 | -€13 | -8.4% |
| Recurring financial income | 75 | €156 | €143 | -€13 | -8.4% |
| Financial charges | 65/66B | €222 | €259 | +€37 | +16.7% |
| Recurring financial charges | 65 | €222 | €259 | +€37 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €18,456 | €20,890 | +€2,434 | +13.2% |
| Income taxes | 67/77 | €5,116 | €5,686 | +€570 | +11.1% |
| Profit (loss) for the period | 9904 | €13,340 | €15,204 | +€1,864 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,340 | €15,204 | +€1,864 | +14.0% |
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 7 October 2026 via checked.be.