THE ENGINE ROOM: 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 ENGINE ROOM
Largest movements
- Receivables within one year +€125,440
up €125,440 (+20.8%), from €601,885 to €727,325
of which Other amounts receivable: +€132,296
- Stocks and contracts -€121,183
down €121,183 (-72.8%), from €166,484 to €45,301
- Reserves +€89,535
up €89,535 (+25.3%), from €353,468 to €443,003
of which Distributable reserves: +€89,535
- Short-term financial debts -€62,552
no longer reported in 2025 (was €62,552)
- Tax, wage and social debts -€49,564
down €49,564 (-60.3%), from €82,157 to €32,593
- Other debts +€39,572
up €39,572 (+20.2%), from €196,096 to €235,668
- Trade debts -€11,864
down €11,864 (-97.4%), from €12,181 to €317
- Write-downs -€85,000
down €85,000 (-54.8%), from €155,000 to €70,000
- Other operating charges -€57,708
down €57,708 (-96.8%), from €59,621 to €1,912
- Gross operating margin -€37,328
down €37,328 (-17.8%), from €209,448 to €172,121
- Taxes +€28,864
up €28,864 (+774%), from €3,729 to €32,593
- Financial charges -€7,062
down €7,062 (-34.5%), from €20,478 to €13,415
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 | €768,454 | €773,581 | +€5,127 | +0.7% |
| Current assets | 29/58 | €768,454 | €773,581 | +€5,127 | +0.7% |
| Stocks and contracts in progress | 3 | €166,484 | €45,301 | -€121,183 | -72.8% |
| Stocks | 30/36 | €166,484 | €45,301 | -€121,183 | -72.8% |
| Amounts receivable within one year | 40/41 | €601,885 | €727,325 | +€125,440 | +20.8% |
| Trade receivables | 40 | €7,260 | €404 | -€6,856 | -94.4% |
| Other amounts receivable | 41 | €594,625 | €726,921 | +€132,296 | +22.2% |
| Cash at bank and in hand | 54/58 | €85 | €955 | +€870 | +1,024% |
| Total equity and liabilities | 10/49 | €768,454 | €773,581 | +€5,127 | +0.7% |
| Equity | 10/15 | €415,468 | €505,003 | +€89,535 | +21.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €353,468 | €443,003 | +€89,535 | +25.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €347,268 | €436,803 | +€89,535 | +25.8% |
| Amounts payable | 17/49 | €352,986 | €268,578 | -€84,408 | -23.9% |
| Amounts payable within one year | 42/48 | €352,986 | €268,578 | -€84,408 | -23.9% |
| Financial debts | 43 | €62,552 | - | -€62,552 | |
| Credit institutions | 430/8 | €62,552 | - | -€62,552 | |
| Trade debts | 44 | €12,181 | €317 | -€11,864 | -97.4% |
| Suppliers | 440/4 | €12,181 | €317 | -€11,864 | -97.4% |
| Taxes, remuneration and social security | 45 | €82,157 | €32,593 | -€49,564 | -60.3% |
| Taxes | 450/3 | €82,157 | €32,593 | -€49,564 | -60.3% |
| Other amounts payable | 47/48 | €196,096 | €235,668 | +€39,572 | +20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €155,000 | €70,000 | -€85,000 | -54.8% |
| Other operating charges | 640/8 | €59,621 | €1,912 | -€57,708 | -96.8% |
| Gross operating margin | 9900 | €209,448 | €172,121 | -€37,328 | -17.8% |
| Operating profit (loss) | 9901 | -€5,172 | €100,208 | +€105,381 | |
| Financial income | 75/76B | €31,291 | €35,335 | +€4,044 | +12.9% |
| Recurring financial income | 75 | €28,311 | €30,661 | +€2,351 | +8.3% |
| Non-recurring financial income | 76B | €2,980 | €4,673 | +€1,693 | +56.8% |
| Financial charges | 65/66B | €20,478 | €13,415 | -€7,062 | -34.5% |
| Recurring financial charges | 65 | €20,478 | €13,415 | -€7,062 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €5,641 | €122,128 | +€116,487 | +2,065% |
| Income taxes | 67/77 | €3,729 | €32,593 | +€28,864 | +774% |
| Profit (loss) for the period | 9904 | €1,912 | €89,535 | +€87,623 | +4,584% |
| Profit (loss) for the period to be appropriated | 9905 | €1,912 | €89,535 | +€87,623 | +4,584% |
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 31 October 2026 via checked.be.