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
- Receivables within one year -€244,927
down €244,927 (-21.3%), from €1.2m to €907,091
of which Other amounts receivable: -€219,365
- Cash +€75,669
up €75,669 (+72.9%), from €103,782 to €179,451
mainly Receivables within one year (+€244,927) and Depreciation (+€89,249)
- Intangible fixed assets -€43,500
down €43,500 (-25.0%), from €173,950 to €130,450
- Stocks and contracts -€32,826
down €32,826 (-13.0%), from €252,979 to €220,153
- Financial fixed assets +€24,000
up €24,000 (+941%), from €2,550 to €26,550
- Trade debts -€169,071
down €169,071 (-61.7%), from €274,060 to €104,990
- Other debts -€36,691
down €36,691 (-5.8%), from €633,684 to €596,993
- Reserves -€27,263
down €27,263 (-3.1%), from €882,858 to €855,596
of which Distributable reserves: -€27,263
- Gross operating margin +€126,714
up €126,714 (+83.6%), from €151,614 to €278,328
- Staff costs +€78,721
up €78,721 (+64.4%), from €122,193 to €200,914
- Financial income -€47,932
down €47,932 (-68.4%), from €70,025 to €22,093
- Other operating charges -€4,876
down €4,876 (-41.2%), from €11,832 to €6,956
- Depreciation -€4,752
down €4,752 (-5.1%), from €94,002 to €89,249
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 | €1,816,145 | €1,599,001 | -€217,144 | -12.0% |
| Fixed assets | 21/28 | €298,266 | €284,549 | -€13,717 | -4.6% |
| Intangible fixed assets | 21 | €173,950 | €130,450 | -€43,500 | -25.0% |
| Tangible fixed assets | 22/27 | €121,766 | €127,549 | +€5,783 | +4.7% |
| Land and buildings | 22 | €20,091 | €53,743 | +€33,652 | +167% |
| Plant, machinery and equipment | 23 | €62,471 | €41,023 | -€21,448 | -34.3% |
| Furniture and vehicles | 24 | €1,582 | €2,470 | +€888 | +56.2% |
| Other tangible fixed assets | 26 | €37,622 | €30,313 | -€7,309 | -19.4% |
| Financial fixed assets | 28 | €2,550 | €26,550 | +€24,000 | +941% |
| Current assets | 29/58 | €1,517,879 | €1,314,452 | -€203,427 | -13.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €252,979 | €220,153 | -€32,826 | -13.0% |
| Stocks | 30/36 | €252,979 | €220,153 | -€32,826 | -13.0% |
| Amounts receivable within one year | 40/41 | €1,152,018 | €907,091 | -€244,927 | -21.3% |
| Trade receivables | 40 | €64,729 | €39,166 | -€25,562 | -39.5% |
| Other amounts receivable | 41 | €1,087,290 | €867,925 | -€219,365 | -20.2% |
| Cash at bank and in hand | 54/58 | €103,782 | €179,451 | +€75,669 | +72.9% |
| Deferred charges and accrued income | 490/1 | €9,099 | €7,757 | -€1,342 | -14.8% |
| Total equity and liabilities | 10/49 | €1,816,145 | €1,599,001 | -€217,144 | -12.0% |
| Equity | 10/15 | €901,458 | €874,196 | -€27,263 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €882,858 | €855,596 | -€27,263 | -3.1% |
| Tax-exempt reserves | 132 | €330 | €330 | = | 0.0% |
| Distributable reserves | 133 | €882,528 | €855,265 | -€27,263 | -3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €914,686 | €724,805 | -€189,881 | -20.8% |
| Amounts payable within one year | 42/48 | €913,497 | €723,757 | -€189,740 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €274,060 | €104,990 | -€169,071 | -61.7% |
| Suppliers | 440/4 | €274,060 | €104,990 | -€169,071 | -61.7% |
| Taxes, remuneration and social security | 45 | €5,753 | €21,775 | +€16,022 | +279% |
| Taxes | 450/3 | €871 | €7,746 | +€6,875 | +789% |
| Remuneration and social security | 454/9 | €4,882 | €14,029 | +€9,147 | +187% |
| Other amounts payable | 47/48 | €633,684 | €596,993 | -€36,691 | -5.8% |
| Accrued charges and deferred income | 492/3 | €1,189 | €1,047 | -€142 | -11.9% |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €122,193 | €200,914 | +€78,721 | +64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,002 | €89,249 | -€4,752 | -5.1% |
| Other operating charges | 640/8 | €11,832 | €6,956 | -€4,876 | -41.2% |
| Gross operating margin | 9900 | €151,614 | €278,328 | +€126,714 | +83.6% |
| Operating profit (loss) | 9901 | -€76,413 | -€18,791 | +€57,622 | +75.4% |
| Financial income | 75/76B | €70,025 | €22,093 | -€47,932 | -68.4% |
| Recurring financial income | 75 | €70,025 | €22,093 | -€47,932 | -68.4% |
| Financial charges | 65/66B | €30,598 | €30,076 | -€522 | -1.7% |
| Recurring financial charges | 65 | €30,598 | €30,076 | -€522 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€36,986 | -€26,774 | +€10,212 | +27.6% |
| Income taxes | 67/77 | - | €489 | +€489 | |
| Profit (loss) for the period | 9904 | -€36,986 | -€27,263 | +€9,723 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,986 | -€27,263 | +€9,723 | +26.3% |
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 25 October 2026 via checked.be.