THE HOUSE: 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 HOUSE
Largest movements
- Receivables within one year +€9.3m
up €9.3m (+429%), from €2.2m to €11.4m
of which Trade receivables: +€9.4m
- Stocks and contracts +€2.6m
up €2.6m (+227%), from €1.2m to €3.8m
- Current investments -€294,895
down €294,895 (-100%), from €294,895 to €0
- Cash -€245,034
down €245,034 (-70.8%), from €346,053 to €101,019
mainly Receivables within one year (-€9.3m) and Stocks and contracts (-€2.6m)
- Trade debts +€10.6m
up €10.6m (+634%), from €1.7m to €12.2m
- Reserves +€626,006
up €626,006 (+43.5%), from €1.4m to €2.1m
of which Distributable reserves: +€626,006
- Gross operating margin +€815,759
up €815,759 (+74.3%), from €1.1m to €1.9m
- Taxes +€153,956
up €153,956 (+93.1%), from €165,347 to €319,302
- Staff costs +€138,953
up €138,953 (+28.2%), from €492,870 to €631,823
- Financial charges +€132,688
up €132,688 (+1,530%), from €8,673 to €141,361
- Financial income -€31,402
down €31,402 (-78.3%), from €40,093 to €8,691
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 | €4,292,061 | €15,621,784 | +€11.3m | +264% |
| Fixed assets | 21/28 | €267,796 | €292,546 | +€24,750 | +9.2% |
| Tangible fixed assets | 22/27 | €246,090 | €260,840 | +€14,750 | +6.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €25,740 | €16,656 | -€9,084 | -35.3% |
| Furniture and vehicles | 24 | €78,462 | €107,475 | +€29,013 | +37.0% |
| Other tangible fixed assets | 26 | €141,888 | €136,709 | -€5,179 | -3.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €21,706 | €31,706 | +€10,000 | +46.1% |
| Current assets | 29/58 | €4,024,265 | €15,329,238 | +€11.3m | +281% |
| Stocks and contracts in progress | 3 | €1,150,147 | €3,762,360 | +€2.6m | +227% |
| Stocks | 30/36 | €1,150,147 | €3,762,360 | +€2.6m | +227% |
| Amounts receivable within one year | 40/41 | €2,162,281 | €11,436,376 | +€9.3m | +429% |
| Trade receivables | 40 | €1,048,910 | €10,436,197 | +€9.4m | +895% |
| Other amounts receivable | 41 | €1,113,372 | €1,000,179 | -€113,192 | -10.2% |
| Current investments | 50/53 | €294,895 | €0 | -€294,895 | -100% |
| Cash at bank and in hand | 54/58 | €346,053 | €101,019 | -€245,034 | -70.8% |
| Deferred charges and accrued income | 490/1 | €70,888 | €29,483 | -€41,405 | -58.4% |
| Total equity and liabilities | 10/49 | €4,292,061 | €15,621,784 | +€11.3m | +264% |
| Equity | 10/15 | €1,644,648 | €2,270,655 | +€626,006 | +38.1% |
| Contributions | 10/11 | €206,000 | €206,000 | = | 0.0% |
| Capital | 10 | €206,000 | €206,000 | = | 0.0% |
| Issued capital | 100 | €206,000 | €206,000 | = | 0.0% |
| Reserves | 13 | €1,438,648 | €2,064,655 | +€626,006 | +43.5% |
| Non-distributable reserves | 130/1 | €20,600 | €20,600 | = | 0.0% |
| Legal reserve | 130 | €20,600 | €20,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,520 | €3,520 | = | 0.0% |
| Distributable reserves | 133 | €1,414,528 | €2,040,534 | +€626,006 | +44.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,647,413 | €13,351,129 | +€10.7m | +404% |
| Amounts payable after more than one year | 17 | €307,071 | €307,071 | = | 0.0% |
| Financial debts | 170/4 | €307,071 | €307,071 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,331,487 | €13,035,436 | +€10.7m | +459% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €1,665,777 | €12,226,807 | +€10.6m | +634% |
| Suppliers | 440/4 | €1,665,777 | €12,226,807 | +€10.6m | +634% |
| Taxes, remuneration and social security | 45 | €483,457 | €504,864 | +€21,407 | +4.4% |
| Taxes | 450/3 | €419,477 | €370,739 | -€48,737 | -11.6% |
| Remuneration and social security | 454/9 | €63,980 | €134,125 | +€70,145 | +110% |
| Other amounts payable | 47/48 | €182,254 | €303,763 | +€121,509 | +66.7% |
| Accrued charges and deferred income | 492/3 | €8,854 | €8,622 | -€232 | -2.6% |
| Remuneration, social security and pensions | 62 | €492,870 | €631,823 | +€138,953 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,440 | €56,297 | +€25,856 | +84.9% |
| Other operating charges | 640/8 | €12,079 | €26,389 | +€14,310 | +118% |
| Non-recurring operating charges | 66A | €1 | €0 | -€1 | -100% |
| Gross operating margin | 9900 | €1,098,238 | €1,913,997 | +€815,759 | +74.3% |
| Operating profit (loss) | 9901 | €562,847 | €1,199,488 | +€636,641 | +113% |
| Financial income | 75/76B | €40,093 | €8,691 | -€31,402 | -78.3% |
| Recurring financial income | 75 | €40,093 | €8,691 | -€31,402 | -78.3% |
| Financial charges | 65/66B | €8,673 | €141,361 | +€132,688 | +1,530% |
| Recurring financial charges | 65 | €8,673 | €141,361 | +€132,688 | +1,530% |
| Profit (loss) for the period before taxes | 9903 | €594,268 | €1,066,818 | +€472,550 | +79.5% |
| Income taxes | 67/77 | €165,347 | €319,302 | +€153,956 | +93.1% |
| Profit (loss) for the period | 9904 | €428,921 | €747,515 | +€318,595 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €428,921 | €747,515 | +€318,595 | +74.3% |
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.