The Cage: 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 Cage
Largest movements
- Stocks and contracts -€35,221
down €35,221 (-11.2%), from €313,909 to €278,688
- Cash +€24,324
up €24,324 (+144.5%), from €16,829 to €41,153
mainly Net result for the year (+€104,601) and Stocks and contracts (+€35,221)
- Receivables within one year +€17,249
up €17,249 (+35.2%), from €49,004 to €66,254
of which Trade receivables: +€21,255
- Tangible fixed assets -€11,222
down €11,222 (-36.6%), from €30,669 to €19,447
of which Leasing and similar rights: -€8,496
- Reserves +€92,846
up €92,846 (+95.7%), from €97,014 to €189,860
- Provisions -€76,875
down €76,875 (-100.0%), from €76,875 to €0
- Tax, wage and social debts +€26,571
up €26,571 (+122.6%), from €21,675 to €48,246
of which Taxes: +€24,976
- Short-term financial debts -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Debts after one year -€9,690
down €9,690 (-100.0%), from €9,690 to €0
- Gross operating margin +€88,914
up €88,914 (+83.5%), from €106,428 to €195,342
- Taxes +€31,126
up €31,126 (+142.9%), from €21,786 to €52,912
- Staff costs +€5,808
up €5,808 (+58.1%), from €10,004 to €15,812
- Financial charges -€2,997
down €2,997 (-26.2%), from €11,446 to €8,449
- Financial income +€2,468
up €2,468 (+706.2%), from €350 to €2,818
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 | €418,133 | €413,021 | -€5,112 | -1.2% |
| Fixed assets | 21/28 | €35,151 | €23,539 | -€11,612 | -33.0% |
| Intangible fixed assets | 21 | €1,233 | €843 | -€390 | -31.6% |
| Tangible fixed assets | 22/27 | €30,669 | €19,447 | -€11,222 | -36.6% |
| Plant, machinery and equipment | 23 | €371 | €297 | -€74 | -19.8% |
| Furniture and vehicles | 24 | €6,849 | €5,270 | -€1,579 | -23.0% |
| Leasing and similar rights | 25 | €17,387 | €8,891 | -€8,496 | -48.9% |
| Other tangible fixed assets | 26 | €6,062 | €4,988 | -€1,074 | -17.7% |
| Financial fixed assets | 28 | €3,249 | €3,249 | = | 0.0% |
| Current assets | 29/58 | €382,982 | €389,482 | +€6,500 | +1.7% |
| Stocks and contracts in progress | 3 | €313,909 | €278,688 | -€35,221 | -11.2% |
| Stocks | 30/36 | €313,909 | €278,688 | -€35,221 | -11.2% |
| Amounts receivable within one year | 40/41 | €49,004 | €66,254 | +€17,249 | +35.2% |
| Trade receivables | 40 | €24,891 | €46,145 | +€21,255 | +85.4% |
| Other amounts receivable | 41 | €24,114 | €20,108 | -€4,005 | -16.6% |
| Cash at bank and in hand | 54/58 | €16,829 | €41,153 | +€24,324 | +144.5% |
| Deferred charges and accrued income | 490/1 | €3,240 | €3,388 | +€148 | +4.6% |
| Total equity and liabilities | 10/49 | €418,133 | €413,021 | -€5,112 | -1.2% |
| Equity | 10/15 | €103,214 | €196,060 | +€92,846 | +90.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €97,014 | €189,860 | +€92,846 | +95.7% |
| Distributable reserves | 133 | €97,014 | €189,860 | +€92,846 | +95.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €76,875 | €0 | -€76,875 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €76,875 | €0 | -€76,875 | -100.0% |
| Pensions and similar obligations | 160 | €76,875 | €0 | -€76,875 | -100.0% |
| Amounts payable | 17/49 | €238,044 | €216,961 | -€21,083 | -8.9% |
| Amounts payable after more than one year | 17 | €9,690 | €0 | -€9,690 | -100.0% |
| Financial debts | 170/4 | €9,690 | €0 | -€9,690 | -100.0% |
| Amounts payable within one year | 42/48 | €225,586 | €214,514 | -€11,072 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €29,580 | €26,393 | -€3,187 | -10.8% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Credit institutions | 430/8 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €54,975 | €52,582 | -€2,393 | -4.4% |
| Suppliers | 440/4 | €54,975 | €52,582 | -€2,393 | -4.4% |
| Taxes, remuneration and social security | 45 | €21,675 | €48,246 | +€26,571 | +122.6% |
| Taxes | 450/3 | €20,888 | €45,864 | +€24,976 | +119.6% |
| Remuneration and social security | 454/9 | €787 | €2,382 | +€1,595 | +202.7% |
| Other amounts payable | 47/48 | €44,357 | €37,294 | -€7,064 | -15.9% |
| Accrued charges and deferred income | 492/3 | €2,767 | €2,447 | -€321 | -11.6% |
| Non-recurring operating income | 76A | €7,000 | €0 | -€7,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €10,004 | €15,812 | +€5,808 | +58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,094 | €13,270 | +€176 | +1.3% |
| Other operating charges | 640/8 | €3,540 | €3,116 | -€424 | -12.0% |
| Gross operating margin | 9900 | €106,428 | €195,342 | +€88,914 | +83.5% |
| Operating profit (loss) | 9901 | €79,791 | €163,145 | +€83,354 | +104.5% |
| Financial income | 75/76B | €350 | €2,818 | +€2,468 | +706.2% |
| Recurring financial income | 75 | €350 | €2,818 | +€2,468 | +706.2% |
| Financial charges | 65/66B | €11,446 | €8,449 | -€2,997 | -26.2% |
| Recurring financial charges | 65 | €11,446 | €8,449 | -€2,997 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €68,694 | €157,514 | +€88,819 | +129.3% |
| Income taxes | 67/77 | €21,786 | €52,912 | +€31,126 | +142.9% |
| Profit (loss) for the period | 9904 | €46,908 | €104,601 | +€57,693 | +123.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,908 | €104,601 | +€57,693 | +123.0% |
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 5 October 2026 via checked.be.