THE DEPOT: 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 DEPOT
Largest movements
- Stocks and contracts -€38,590
down €38,590 (-7.6%), from €505,123 to €466,533
- Receivables within one year +€27,079
up €27,079 (+8.3%), from €327,096 to €354,174
of which Other amounts receivable: +€24,528
- Cash -€24,207
down €24,207 (-6.9%), from €349,666 to €325,459
mainly Contributions, distributions and other (-€175,000) and Short-term financial debts (-€85,323)
- Short-term financial debts -€85,323
down €85,323 (-94.4%), from €90,377 to €5,054
- Other debts +€68,736
up €68,736 (+64.6%), from €106,444 to €175,180
- Debts after one year -€29,068
down €29,068 (-2.7%), from €1.1m to €1.0m
- Current portion of long-term debt +€18,499
up €18,499 (+18.9%), from €97,630 to €116,128
- Gross operating margin +€124,936
up €124,936 (+45.0%), from €277,849 to €402,785
- Staff costs +€35,412
up €35,412 (+197%), from €17,978 to €53,390
- Taxes +€25,480
up €25,480 (+70.6%), from €36,080 to €61,560
- Depreciation -€11,144
down €11,144 (-20.9%), from €53,249 to €42,105
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 | €1,700,568 | €1,676,318 | -€24,250 | -1.4% |
| Fixed assets | 21/28 | €498,424 | €509,999 | +€11,575 | +2.3% |
| Intangible fixed assets | 21 | €9,703 | €5,692 | -€4,011 | -41.3% |
| Tangible fixed assets | 22/27 | €488,721 | €504,307 | +€15,587 | +3.2% |
| Land and buildings | 22 | €471,505 | €477,719 | +€6,214 | +1.3% |
| Plant, machinery and equipment | 23 | €15,609 | €14,886 | -€723 | -4.6% |
| Furniture and vehicles | 24 | €1,607 | €11,703 | +€10,096 | +628% |
| Current assets | 29/58 | €1,202,144 | €1,166,319 | -€35,825 | -3.0% |
| Stocks and contracts in progress | 3 | €505,123 | €466,533 | -€38,590 | -7.6% |
| Stocks | 30/36 | €505,123 | €466,533 | -€38,590 | -7.6% |
| Amounts receivable within one year | 40/41 | €327,096 | €354,174 | +€27,079 | +8.3% |
| Trade receivables | 40 | €311,779 | €314,329 | +€2,550 | +0.8% |
| Other amounts receivable | 41 | €15,317 | €39,845 | +€24,528 | +160% |
| Cash at bank and in hand | 54/58 | €349,666 | €325,459 | -€24,207 | -6.9% |
| Deferred charges and accrued income | 490/1 | €20,259 | €20,153 | -€106 | -0.5% |
| Total equity and liabilities | 10/49 | €1,700,568 | €1,676,318 | -€24,250 | -1.4% |
| Equity | 10/15 | €217,588 | €220,626 | +€3,037 | +1.4% |
| Contributions | 10/11 | €39,000 | €39,000 | = | 0.0% |
| Reserves | 13 | €178,588 | €181,626 | +€3,037 | +1.7% |
| Tax-exempt reserves | 132 | €2,377 | €2,377 | = | 0.0% |
| Distributable reserves | 133 | €176,211 | €179,249 | +€3,037 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,482,979 | €1,455,692 | -€27,287 | -1.8% |
| Amounts payable after more than one year | 17 | €1,057,578 | €1,028,509 | -€29,068 | -2.7% |
| Financial debts | 170/4 | €1,057,578 | €1,028,509 | -€29,068 | -2.7% |
| Amounts payable within one year | 42/48 | €425,402 | €427,183 | +€1,781 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €97,630 | €116,128 | +€18,499 | +18.9% |
| Financial debts | 43 | €90,377 | €5,054 | -€85,323 | -94.4% |
| Credit institutions | 430/8 | €90,377 | €5,054 | -€85,323 | -94.4% |
| Trade debts | 44 | €57,357 | €43,998 | -€13,359 | -23.3% |
| Suppliers | 440/4 | €57,357 | €43,998 | -€13,359 | -23.3% |
| Taxes, remuneration and social security | 45 | €73,594 | €86,823 | +€13,230 | +18.0% |
| Taxes | 450/3 | €72,343 | €81,311 | +€8,968 | +12.4% |
| Remuneration and social security | 454/9 | €1,251 | €5,513 | +€4,262 | +341% |
| Other amounts payable | 47/48 | €106,444 | €175,180 | +€68,736 | +64.6% |
| Remuneration, social security and pensions | 62 | €17,978 | €53,390 | +€35,412 | +197% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,249 | €42,105 | -€11,144 | -20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €469 | €1,302 | +€832 | +177% |
| Other operating charges | 640/8 | €9,503 | €9,395 | -€109 | -1.1% |
| Gross operating margin | 9900 | €277,849 | €402,785 | +€124,936 | +45.0% |
| Operating profit (loss) | 9901 | €196,650 | €296,594 | +€99,944 | +50.8% |
| Financial income | 75/76B | €2,648 | €4,754 | +€2,106 | +79.5% |
| Recurring financial income | 75 | €2,648 | €4,754 | +€2,106 | +79.5% |
| Financial charges | 65/66B | €58,277 | €61,751 | +€3,474 | +6.0% |
| Recurring financial charges | 65 | €58,277 | €61,751 | +€3,474 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €141,021 | €239,597 | +€98,576 | +69.9% |
| Income taxes | 67/77 | €36,080 | €61,560 | +€25,480 | +70.6% |
| Profit (loss) for the period | 9904 | €104,942 | €178,037 | +€73,096 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €104,942 | €178,037 | +€73,096 | +69.7% |
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 1 November 2026 via checked.be.