THE MORE: 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 MORE
Largest movements
- Cash +€49,328
up €49,328 (+36.3%), from €135,976 to €185,305
mainly Net result for the year (+€276,359) and Other debts (+€195,000)
- Tangible fixed assets -€43,332
down €43,332 (-23.8%), from €182,201 to €138,869
of which Land and buildings: -€28,000
- Stocks and contracts +€38,247
up €38,247 (+19.9%), from €192,394 to €230,641
- Intangible fixed assets -€15,000
down €15,000 (-18.7%), from €80,411 to €65,411
- Other debts +€195,000
up €195,000 (+260%), from €75,000 to €270,000
- Debts after one year -€168,900
down €168,900 (-76.0%), from €222,209 to €53,309
of which Other amounts payable: -€98,165
- Reserves +€6,359
up €6,359 (+9.3%), from €68,701 to €75,060
- Gross operating margin +€149,068
up €149,068 (+66.3%), from €224,817 to €373,885
- Staff costs -€23,128
down €23,128 (-30.7%), from €75,360 to €52,231
- Financial income +€15,141
up €15,141 (+217%), from €6,981 to €22,122
- Depreciation -€10,204
down €10,204 (-14.5%), from €70,606 to €60,402
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 | €600,793 | €633,158 | +€32,365 | +5.4% |
| Fixed assets | 21/28 | €262,611 | €204,280 | -€58,332 | -22.2% |
| Intangible fixed assets | 21 | €80,411 | €65,411 | -€15,000 | -18.7% |
| Tangible fixed assets | 22/27 | €182,201 | €138,869 | -€43,332 | -23.8% |
| Land and buildings | 22 | €150,100 | €122,100 | -€28,000 | -18.7% |
| Plant, machinery and equipment | 23 | €27,160 | €13,392 | -€13,768 | -50.7% |
| Furniture and vehicles | 24 | €4,940 | €3,376 | -€1,564 | -31.7% |
| Current assets | 29/58 | €338,182 | €428,878 | +€90,697 | +26.8% |
| Stocks and contracts in progress | 3 | €192,394 | €230,641 | +€38,247 | +19.9% |
| Stocks | 30/36 | €192,394 | €230,641 | +€38,247 | +19.9% |
| Amounts receivable within one year | 40/41 | €9,812 | €12,933 | +€3,121 | +31.8% |
| Trade receivables | 40 | €5,301 | €12,900 | +€7,599 | +143% |
| Other amounts receivable | 41 | €4,511 | €33 | -€4,478 | -99.3% |
| Cash at bank and in hand | 54/58 | €135,976 | €185,305 | +€49,328 | +36.3% |
| Total equity and liabilities | 10/49 | €600,793 | €633,158 | +€32,365 | +5.4% |
| Equity | 10/15 | €168,701 | €175,060 | +€6,359 | +3.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €68,701 | €75,060 | +€6,359 | +9.3% |
| Distributable reserves | 133 | €68,701 | €75,060 | +€6,359 | +9.3% |
| Amounts payable | 17/49 | €432,092 | €458,098 | +€26,006 | +6.0% |
| Amounts payable after more than one year | 17 | €222,209 | €53,309 | -€168,900 | -76.0% |
| Financial debts | 170/4 | €112,423 | €41,688 | -€70,735 | -62.9% |
| Other amounts payable | 178/9 | €109,786 | €11,621 | -€98,165 | -89.4% |
| Amounts payable within one year | 42/48 | €209,883 | €404,789 | +€194,906 | +92.9% |
| Current portion of amounts payable after more than one year | 42 | €69,823 | €68,786 | -€1,037 | -1.5% |
| Trade debts | 44 | €38,286 | €35,574 | -€2,712 | -7.1% |
| Suppliers | 440/4 | €38,286 | €35,574 | -€2,712 | -7.1% |
| Taxes, remuneration and social security | 45 | €26,774 | €30,429 | +€3,655 | +13.7% |
| Taxes | 450/3 | €20,982 | €25,596 | +€4,614 | +22.0% |
| Remuneration and social security | 454/9 | €5,792 | €4,833 | -€959 | -16.6% |
| Other amounts payable | 47/48 | €75,000 | €270,000 | +€195,000 | +260% |
| Remuneration, social security and pensions | 62 | €75,360 | €52,231 | -€23,128 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,606 | €60,402 | -€10,204 | -14.5% |
| Other operating charges | 640/8 | €795 | €1,186 | +€391 | +49.1% |
| Gross operating margin | 9900 | €224,817 | €373,885 | +€149,068 | +66.3% |
| Operating profit (loss) | 9901 | €78,057 | €260,066 | +€182,009 | +233% |
| Financial income | 75/76B | €6,981 | €22,122 | +€15,141 | +217% |
| Recurring financial income | 75 | €6,981 | €22,122 | +€15,141 | +217% |
| Financial charges | 65/66B | €5,938 | €2,403 | -€3,535 | -59.5% |
| Recurring financial charges | 65 | €5,938 | €2,403 | -€3,535 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €79,100 | €279,785 | +€200,685 | +254% |
| Income taxes | 67/77 | €1,795 | €3,426 | +€1,631 | +90.9% |
| Profit (loss) for the period | 9904 | €77,305 | €276,359 | +€199,054 | +257% |
| Profit (loss) for the period to be appropriated | 9905 | €77,305 | €276,359 | +€199,054 | +257% |
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 17 October 2026 via checked.be.