The Pack: what changed
Two fiscal 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 Pack
Largest movements
- Receivables within one year -€24,488
down €24,488 (-71.0%), from €34,500 to €10,012
of which Trade receivables: -€14,900
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€10,150
up €10,150 (+371.9%), from €2,729 to €12,879
- Write-downs +€9,800
new in 2025: €9,800
- Other operating charges +€346
up €346 (+35.8%), from €968 to €1,314
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.
Cash bridge derived
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 | €2,044,859 | €2,043,093 | -€1,766 | -0.1% |
| Fixed assets | 21/28 | €1,997,388 | €1,997,387 | -€1 | 0.0% |
| Financial fixed assets | 28 | €1,997,388 | €1,997,387 | -€1 | 0.0% |
| Current assets | 29/58 | €47,471 | €45,706 | -€1,765 | -3.7% |
| Amounts receivable within one year | 40/41 | €34,500 | €10,012 | -€24,488 | -71.0% |
| Trade receivables | 40 | €24,500 | €9,600 | -€14,900 | -60.8% |
| Other amounts receivable | 41 | €10,000 | €412 | -€9,588 | -95.9% |
| Cash at bank and in hand | 54/58 | €3,891 | €15,654 | +€11,763 | +302.3% |
| Deferred charges and accrued income | 490/1 | €9,080 | €20,040 | +€10,960 | +120.7% |
| Total equity and liabilities | 10/49 | €2,044,859 | €2,043,093 | -€1,766 | -0.1% |
| Equity | 10/15 | €1,376,554 | €1,377,730 | +€1,176 | +0.1% |
| Contributions | 10/11 | €1,362,500 | €1,362,500 | = | 0.0% |
| Capital | 10 | €1,362,500 | €1,362,500 | = | 0.0% |
| Issued capital | 100 | €1,362,500 | €1,362,500 | = | 0.0% |
| Reserves | 13 | €1,140 | €1,199 | +€59 | +5.2% |
| Non-distributable reserves | 130/1 | €1,140 | €1,199 | +€59 | +5.2% |
| Legal reserve | 130 | €1,140 | €1,199 | +€59 | +5.2% |
| Profit (loss) carried forward | 14 | €12,914 | €14,031 | +€1,117 | +8.6% |
| Amounts payable | 17/49 | €668,305 | €665,363 | -€2,942 | -0.4% |
| Amounts payable after more than one year | 17 | €643,860 | €643,860 | +€0 | 0.0% |
| Financial debts | 170/4 | €643,860 | €643,860 | +€0 | 0.0% |
| Amounts payable within one year | 42/48 | €10,008 | €7,065 | -€2,943 | -29.4% |
| Trade debts | 44 | €9,558 | €6,615 | -€2,943 | -30.8% |
| Suppliers | 440/4 | €9,558 | €6,615 | -€2,943 | -30.8% |
| Taxes, remuneration and social security | 45 | €450 | €450 | = | 0.0% |
| Taxes | 450/3 | €450 | €450 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,438 | €14,438 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,800 | +€9,800 | |
| Other operating charges | 640/8 | €968 | €1,314 | +€346 | +35.8% |
| Gross operating margin | 9900 | €2,729 | €12,879 | +€10,150 | +371.9% |
| Operating profit (loss) | 9901 | €1,762 | €1,765 | +€3 | +0.2% |
| Financial charges | 65/66B | €242 | €175 | -€67 | -27.6% |
| Recurring financial charges | 65 | €242 | €175 | -€67 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €1,520 | €1,590 | +€70 | +4.6% |
| Income taxes | 67/77 | €340 | €414 | +€74 | +21.7% |
| Profit (loss) for the period | 9904 | €1,180 | €1,176 | -€4 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,180 | €1,176 | -€4 | -0.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.