THE ORIGINAL: 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 ORIGINAL
Largest movements
- Receivables within one year +€11,337
up €11,337 (+41.4%), from €27,356 to €38,693
of which Other amounts receivable: +€12,608
- Cash -€7,918
down €7,918 (-16.5%), from €47,925 to €40,007
mainly Investment in fixed assets (net) (-€48,119) and Receivables within one year (-€11,337)
- Other debts +€12,173
up €12,173 (+5.5%), from €222,927 to €235,101
- Gross operating margin -€112,945
down €112,945 (-62.0%), from €182,121 to €69,176
- Taxes -€35,469
down €35,469 (-99.3%), from €35,731 to €262
- Financial charges -€2,777
down €2,777 (-13.7%), from €20,219 to €17,442
- Financial income +€1,890
up €1,890 (+34,045%), from €6 to €1,895
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 | €736,762 | €740,595 | +€3,833 | +0.5% |
| Fixed assets | 21/28 | €510,483 | €510,456 | -€27 | 0.0% |
| Tangible fixed assets | 22/27 | €510,483 | €510,456 | -€27 | 0.0% |
| Land and buildings | 22 | €428,854 | €419,124 | -€9,730 | -2.3% |
| Plant, machinery and equipment | 23 | €31,110 | €23,210 | -€7,899 | -25.4% |
| Furniture and vehicles | 24 | €50,520 | €68,122 | +€17,602 | +34.8% |
| Current assets | 29/58 | €226,278 | €230,139 | +€3,860 | +1.7% |
| Stocks and contracts in progress | 3 | €47,500 | €47,500 | = | 0.0% |
| Stocks | 30/36 | €47,500 | €47,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,356 | €38,693 | +€11,337 | +41.4% |
| Trade receivables | 40 | €27,010 | €25,739 | -€1,271 | -4.7% |
| Other amounts receivable | 41 | €346 | €12,954 | +€12,608 | +3,643% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,925 | €40,007 | -€7,918 | -16.5% |
| Deferred charges and accrued income | 490/1 | €3,498 | €3,939 | +€442 | +12.6% |
| Total equity and liabilities | 10/49 | €736,762 | €740,595 | +€3,833 | +0.5% |
| Equity | 10/15 | €329,072 | €328,435 | -€637 | -0.2% |
| Contributions | 10/11 | €202,190 | €202,190 | = | 0.0% |
| Reserves | 13 | €159,627 | €159,627 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,726 | €1,726 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,726 | €1,726 | = | 0.0% |
| Distributable reserves | 133 | €157,901 | €157,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,745 | -€33,382 | -€637 | -1.9% |
| Amounts payable | 17/49 | €407,690 | €412,160 | +€4,470 | +1.1% |
| Amounts payable after more than one year | 17 | €163,317 | €163,317 | = | 0.0% |
| Financial debts | 170/4 | €163,317 | €163,317 | = | 0.0% |
| Amounts payable within one year | 42/48 | €244,373 | €248,843 | +€4,470 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €12,632 | €5,574 | -€7,058 | -55.9% |
| Suppliers | 440/4 | €12,632 | €5,574 | -€7,058 | -55.9% |
| Taxes, remuneration and social security | 45 | €8,814 | €8,169 | -€645 | -7.3% |
| Taxes | 450/3 | €8,814 | €7,674 | -€1,140 | -12.9% |
| Remuneration and social security | 454/9 | - | €495 | +€495 | |
| Other amounts payable | 47/48 | €222,927 | €235,101 | +€12,173 | +5.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €495 | +€495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,267 | €48,146 | +€878 | +1.9% |
| Other operating charges | 640/8 | €4,865 | €5,364 | +€499 | +10.2% |
| Gross operating margin | 9900 | €182,121 | €69,176 | -€112,945 | -62.0% |
| Operating profit (loss) | 9901 | €129,989 | €15,172 | -€114,817 | -88.3% |
| Financial income | 75/76B | €6 | €1,895 | +€1,890 | +34,045% |
| Recurring financial income | 75 | €6 | €1,895 | +€1,890 | +34,045% |
| Financial charges | 65/66B | €20,219 | €17,442 | -€2,777 | -13.7% |
| Recurring financial charges | 65 | €20,219 | €17,442 | -€2,777 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €109,775 | -€375 | -€110,150 | |
| Income taxes | 67/77 | €35,731 | €262 | -€35,469 | -99.3% |
| Profit (loss) for the period | 9904 | €74,044 | -€637 | -€74,682 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,044 | -€637 | -€74,682 |
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 26 October 2026 via checked.be.