THE CAPTAIN'S TABLE: 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 CAPTAIN'S TABLE
Largest movements
- Stocks and contracts -€35,024
down €35,024 (-89.2%), from €39,286 to €4,262
- Cash -€18,951
down €18,951 (-16.0%), from €118,325 to €99,375
mainly Other debts (-€28,941) and Investment in fixed assets (net) (-€28,062)
- Tangible fixed assets -€5,861
down €5,861 (-5.1%), from €115,483 to €109,622
of which Other tangible fixed assets: -€13,200
- Deferred charges and accrued income -€4,968
no longer reported in 2025 (was €4,968)
- Other debts -€28,941
down €28,941 (-99.6%), from €29,062 to €121
- Debts after one year -€25,174
down €25,174 (-24.7%), from €101,813 to €76,640
- Reserves -€5,037
down €5,037 (-4.2%), from €121,345 to €116,308
of which Distributable reserves: -€5,037
- Trade debts -€4,736
down €4,736 (-14.4%), from €32,773 to €28,037
- Gross operating margin -€23,679
down €23,679 (-11.1%), from €213,907 to €190,228
- Taxes -€9,281
down €9,281 (-97.6%), from €9,510 to €228
- Depreciation +€4,853
up €4,853 (+16.7%), from €29,071 to €33,923
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 | €341,280 | €274,947 | -€66,333 | -19.4% |
| Fixed assets | 21/28 | €115,483 | €109,622 | -€5,861 | -5.1% |
| Tangible fixed assets | 22/27 | €115,483 | €109,622 | -€5,861 | -5.1% |
| Plant, machinery and equipment | 23 | €56,088 | €66,607 | +€10,519 | +18.8% |
| Furniture and vehicles | 24 | €6,595 | €3,415 | -€3,180 | -48.2% |
| Other tangible fixed assets | 26 | €52,800 | €39,600 | -€13,200 | -25.0% |
| Current assets | 29/58 | €225,797 | €165,325 | -€60,472 | -26.8% |
| Amounts receivable after more than one year | 29 | €14,000 | €14,000 | = | 0.0% |
| Other amounts receivable | 291 | €14,000 | €14,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €39,286 | €4,262 | -€35,024 | -89.2% |
| Stocks | 30/36 | €39,286 | €4,262 | -€35,024 | -89.2% |
| Amounts receivable within one year | 40/41 | €49,218 | €47,689 | -€1,529 | -3.1% |
| Trade receivables | 40 | €49,173 | €42,909 | -€6,264 | -12.7% |
| Other amounts receivable | 41 | €45 | €4,780 | +€4,735 | +10,483% |
| Cash at bank and in hand | 54/58 | €118,325 | €99,375 | -€18,951 | -16.0% |
| Deferred charges and accrued income | 490/1 | €4,968 | - | -€4,968 | |
| Total equity and liabilities | 10/49 | €341,280 | €274,947 | -€66,333 | -19.4% |
| Equity | 10/15 | €133,745 | €128,708 | -€5,037 | -3.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €121,345 | €116,308 | -€5,037 | -4.2% |
| Tax-exempt reserves | 132 | €2,835 | €2,835 | = | 0.0% |
| Distributable reserves | 133 | €118,510 | €113,473 | -€5,037 | -4.3% |
| Amounts payable | 17/49 | €207,535 | €146,239 | -€61,296 | -29.5% |
| Amounts payable after more than one year | 17 | €101,813 | €76,640 | -€25,174 | -24.7% |
| Financial debts | 170/4 | €101,813 | €76,640 | -€25,174 | -24.7% |
| Amounts payable within one year | 42/48 | €105,722 | €69,599 | -€36,122 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €26,291 | €25,174 | -€1,118 | -4.3% |
| Trade debts | 44 | €32,773 | €28,037 | -€4,736 | -14.4% |
| Suppliers | 440/4 | €32,773 | €28,037 | -€4,736 | -14.4% |
| Taxes, remuneration and social security | 45 | €17,596 | €16,268 | -€1,328 | -7.5% |
| Taxes | 450/3 | €8,198 | €6,633 | -€1,565 | -19.1% |
| Remuneration and social security | 454/9 | €9,397 | €9,634 | +€237 | +2.5% |
| Other amounts payable | 47/48 | €29,062 | €121 | -€28,941 | -99.6% |
| Non-recurring operating income | 76A | €508 | - | -€508 | |
| Remuneration, social security and pensions | 62 | €143,691 | €144,705 | +€1,014 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,071 | €33,923 | +€4,853 | +16.7% |
| Other operating charges | 640/8 | €5,016 | €6,614 | +€1,598 | +31.9% |
| Non-recurring operating charges | 66A | - | €571 | +€571 | |
| Gross operating margin | 9900 | €213,907 | €190,228 | -€23,679 | -11.1% |
| Operating profit (loss) | 9901 | €36,129 | €4,415 | -€31,714 | -87.8% |
| Financial income | 75/76B | €238 | €211 | -€27 | -11.5% |
| Recurring financial income | 75 | €238 | €211 | -€27 | -11.5% |
| Financial charges | 65/66B | €7,978 | €6,435 | -€1,544 | -19.4% |
| Recurring financial charges | 65 | €7,978 | €6,435 | -€1,544 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €28,389 | -€1,809 | -€30,197 | |
| Income taxes | 67/77 | €9,510 | €228 | -€9,281 | -97.6% |
| Profit (loss) for the period | 9904 | €18,879 | -€2,037 | -€20,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,879 | -€2,037 | -€20,916 |
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 23 October 2026 via checked.be.