The Factory: 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 Factory
Largest movements
- Tangible fixed assets +€167,774
new in 2025: €167,774
- Financial fixed assets -€119,935
down €119,935 (-17.1%), from €702,946 to €583,011
- Receivables within one year -€101,443
down €101,443 (-96.5%), from €105,108 to €3,665
of which Other amounts receivable: -€103,260
- Receivables after one year +€68,724
up €68,724 (+32.6%), from €210,526 to €279,250
- Debts after one year +€46,954
up €46,954 (+10.7%), from €439,727 to €486,681
of which Financial debts: +€57,689
- Profit (loss) carried forward -€33,896
down €33,896 (-63.5%), from €53,393 to €19,497
- Tax, wage and social debts -€22,997
down €22,997 (-47.8%), from €48,077 to €25,080
- Current portion of long-term debt +€18,024
new in 2025: €18,024
- Trade debts +€10,508
up €10,508 (+196%), from €5,359 to €15,867
- Financial charges +€70,246
up €70,246 (+380%), from €18,475 to €88,721
of which Non-recurring financial charges: +€67,672
- Taxes -€20,723
down €20,723 (-64.5%), from €32,116 to €11,393
- Depreciation +€18,169
new in 2025: €18,169
- Gross operating margin +€9,856
up €9,856 (+14.5%), from €68,068 to €77,924
- Other operating charges +€2,377
up €2,377 (+134%), from €1,768 to €4,144
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 | €1,031,915 | €1,049,952 | +€18,037 | +1.7% |
| Fixed assets | 21/28 | €702,946 | €750,785 | +€47,839 | +6.8% |
| Tangible fixed assets | 22/27 | - | €167,774 | +€167,774 | |
| Other tangible fixed assets | 26 | - | €167,774 | +€167,774 | |
| Financial fixed assets | 28 | €702,946 | €583,011 | -€119,935 | -17.1% |
| Current assets | 29/58 | €328,969 | €299,167 | -€29,802 | -9.1% |
| Amounts receivable after more than one year | 29 | €210,526 | €279,250 | +€68,724 | +32.6% |
| Other amounts receivable | 291 | €210,526 | €279,250 | +€68,724 | +32.6% |
| Amounts receivable within one year | 40/41 | €105,108 | €3,665 | -€101,443 | -96.5% |
| Trade receivables | 40 | €490 | €2,307 | +€1,816 | +371% |
| Other amounts receivable | 41 | €104,618 | €1,359 | -€103,260 | -98.7% |
| Cash at bank and in hand | 54/58 | €1,316 | €5,645 | +€4,328 | +329% |
| Deferred charges and accrued income | 490/1 | €12,019 | €10,608 | -€1,411 | -11.7% |
| Total equity and liabilities | 10/49 | €1,031,915 | €1,049,952 | +€18,037 | +1.7% |
| Equity | 10/15 | €520,603 | €486,707 | -€33,896 | -6.5% |
| Contributions | 10/11 | €321,538 | €321,538 | = | 0.0% |
| Reserves | 13 | €145,672 | €145,672 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,110 | €0 | -€3,110 | -100% |
| Reserves not available under the articles | 1311 | €3,110 | €0 | -€3,110 | -100% |
| Distributable reserves | 133 | €142,562 | €145,672 | +€3,110 | +2.2% |
| Profit (loss) carried forward | 14 | €53,393 | €19,497 | -€33,896 | -63.5% |
| Amounts payable | 17/49 | €511,312 | €563,245 | +€51,933 | +10.2% |
| Amounts payable after more than one year | 17 | €439,727 | €486,681 | +€46,954 | +10.7% |
| Financial debts | 170/4 | - | €57,689 | +€57,689 | |
| Other amounts payable | 178/9 | €439,727 | €428,992 | -€10,735 | -2.4% |
| Amounts payable within one year | 42/48 | €53,436 | €59,189 | +€5,753 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | - | €18,024 | +€18,024 | |
| Trade debts | 44 | €5,359 | €15,867 | +€10,508 | +196% |
| Suppliers | 440/4 | €5,359 | €15,867 | +€10,508 | +196% |
| Taxes, remuneration and social security | 45 | €48,077 | €25,080 | -€22,997 | -47.8% |
| Taxes | 450/3 | €48,077 | €25,080 | -€22,997 | -47.8% |
| Other amounts payable | 47/48 | - | €218 | +€218 | |
| Accrued charges and deferred income | 492/3 | €18,149 | €17,374 | -€774 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €18,169 | +€18,169 | |
| Other operating charges | 640/8 | €1,768 | €4,144 | +€2,377 | +134% |
| Gross operating margin | 9900 | €68,068 | €77,924 | +€9,856 | +14.5% |
| Operating profit (loss) | 9901 | €66,300 | €55,610 | -€10,690 | -16.1% |
| Financial income | 75/76B | €12,019 | €10,608 | -€1,411 | -11.7% |
| Recurring financial income | 75 | €12,019 | €10,608 | -€1,411 | -11.7% |
| Financial charges | 65/66B | €18,475 | €88,721 | +€70,246 | +380% |
| Recurring financial charges | 65 | €18,475 | €21,049 | +€2,575 | +13.9% |
| Non-recurring financial charges | 66B | - | €67,672 | +€67,672 | |
| Profit (loss) for the period before taxes | 9903 | €59,844 | -€22,503 | -€82,347 | |
| Income taxes | 67/77 | €32,116 | €11,393 | -€20,723 | -64.5% |
| Profit (loss) for the period | 9904 | €27,728 | -€33,896 | -€61,624 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,728 | -€33,896 | -€61,624 |
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 19 October 2026 via checked.be.