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
- Tangible fixed assets -€45,402
down €45,402 (-6.3%), from €718,041 to €672,639
of which Land and buildings: -€53,114
- Cash +€24,788
up €24,788 (+108.7%), from €22,814 to €47,603
mainly Depreciation (+€70,003) and Trade debts (+€30,230)
- Current investments -€15,089
no longer reported in 2025 (was €15,089)
- Debts after one year -€67,948
down €67,948 (-18.7%), from €362,506 to €294,558
- Trade debts +€30,230
up €30,230 (+220.9%), from €13,687 to €43,917
- Current portion of long-term debt -€11,189
down €11,189 (-14.1%), from €79,115 to €67,926
- Depreciation -€15,670
down €15,670 (-18.3%), from €85,673 to €70,003
- Financial income -€8,785
down €8,785 (-69.9%), from €12,566 to €3,781
- Gross operating margin +€6,797
up €6,797 (+5.8%), from €117,588 to €124,386
- Financial charges +€6,724
up €6,724 (+96.3%), from €6,982 to €13,706
- Taxes -€1,519
down €1,519 (-23.0%), from €6,591 to €5,072
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 | €963,209 | €915,443 | -€47,765 | -5.0% |
| Fixed assets | 21/28 | €718,041 | €672,639 | -€45,402 | -6.3% |
| Tangible fixed assets | 22/27 | €718,041 | €672,639 | -€45,402 | -6.3% |
| Land and buildings | 22 | €704,213 | €651,099 | -€53,114 | -7.5% |
| Plant, machinery and equipment | 23 | - | €9,065 | +€9,065 | |
| Furniture and vehicles | 24 | €9,480 | €6,386 | -€3,095 | -32.6% |
| Other tangible fixed assets | 26 | €4,347 | €6,090 | +€1,742 | +40.1% |
| Current assets | 29/58 | €245,168 | €242,804 | -€2,363 | -1.0% |
| Amounts receivable within one year | 40/41 | €195,199 | €189,625 | -€5,574 | -2.9% |
| Trade receivables | 40 | €11,771 | €3,737 | -€8,034 | -68.3% |
| Other amounts receivable | 41 | €183,428 | €185,888 | +€2,460 | +1.3% |
| Current investments | 50/53 | €15,089 | - | -€15,089 | |
| Cash at bank and in hand | 54/58 | €22,814 | €47,603 | +€24,788 | +108.7% |
| Deferred charges and accrued income | 490/1 | €12,065 | €5,576 | -€6,488 | -53.8% |
| Total equity and liabilities | 10/49 | €963,209 | €915,443 | -€47,765 | -5.0% |
| Equity | 10/15 | €479,764 | €484,045 | +€4,281 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €473,564 | €477,845 | +€4,281 | +0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €471,704 | €475,985 | +€4,281 | +0.9% |
| Amounts payable | 17/49 | €483,444 | €431,398 | -€52,046 | -10.8% |
| Amounts payable after more than one year | 17 | €362,506 | €294,558 | -€67,948 | -18.7% |
| Financial debts | 170/4 | €362,506 | €294,558 | -€67,948 | -18.7% |
| Amounts payable within one year | 42/48 | €120,938 | €136,840 | +€15,902 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €79,115 | €67,926 | -€11,189 | -14.1% |
| Financial debts | 43 | - | €1,743 | +€1,743 | |
| Credit institutions | 430/8 | - | €1,743 | +€1,743 | |
| Trade debts | 44 | €13,687 | €43,917 | +€30,230 | +220.9% |
| Suppliers | 440/4 | €13,687 | €43,917 | +€30,230 | +220.9% |
| Taxes, remuneration and social security | 45 | €20,112 | €16,244 | -€3,868 | -19.2% |
| Taxes | 450/3 | €17,993 | €14,050 | -€3,943 | -21.9% |
| Remuneration and social security | 454/9 | €2,119 | €2,194 | +€75 | +3.5% |
| Other amounts payable | 47/48 | €8,024 | €7,010 | -€1,015 | -12.6% |
| Non-recurring operating income | 76A | - | €79 | +€79 | |
| Remuneration, social security and pensions | 62 | €17,565 | €18,688 | +€1,123 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,673 | €70,003 | -€15,670 | -18.3% |
| Other operating charges | 640/8 | €6,292 | €7,208 | +€916 | +14.6% |
| Non-recurring operating charges | 66A | - | €9,210 | +€9,210 | |
| Gross operating margin | 9900 | €117,588 | €124,386 | +€6,797 | +5.8% |
| Operating profit (loss) | 9901 | €8,059 | €19,277 | +€11,218 | +139.2% |
| Financial income | 75/76B | €12,566 | €3,781 | -€8,785 | -69.9% |
| Recurring financial income | 75 | €12,566 | €3,781 | -€8,785 | -69.9% |
| Financial charges | 65/66B | €6,982 | €13,706 | +€6,724 | +96.3% |
| Recurring financial charges | 65 | €6,982 | €13,706 | +€6,724 | +96.3% |
| Profit (loss) for the period before taxes | 9903 | €13,643 | €9,352 | -€4,291 | -31.5% |
| Income taxes | 67/77 | €6,591 | €5,072 | -€1,519 | -23.0% |
| Profit (loss) for the period | 9904 | €7,052 | €4,281 | -€2,772 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,052 | €4,281 | -€2,772 | -39.3% |
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 8 October 2026 via checked.be.