THE PRINCIPALS: 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 PRINCIPALS
Largest movements
- Receivables within one year +€16,804
up €16,804 (+43.1%), from €39,016 to €55,820
of which Other amounts receivable: +€17,963
- Tangible fixed assets -€12,498
down €12,498 (-18.4%), from €67,772 to €55,273
of which Other tangible fixed assets: -€11,543
- Stocks and contracts +€1,701
up €1,701 (+14.7%), from €11,539 to €13,240
- Debts after one year -€9,427
down €9,427 (-20.7%), from €45,478 to €36,051
- Reserves +€8,858
up €8,858 (+17.7%), from €49,941 to €58,799
- Tax, wage and social debts +€3,089
up €3,089 (+22.1%), from €13,971 to €17,060
of which Remuneration and social security: +€1,679
- Trade debts +€1,965
up €1,965 (+44.4%), from €4,424 to €6,390
- Profit (loss) carried forward +€1,828
new in 2025: €1,828
- Gross operating margin +€14,849
up €14,849 (+18.4%), from €80,598 to €95,447
- Staff costs +€14,173
up €14,173 (+29.0%), from €48,898 to €63,071
- Taxes +€1,352
up €1,352 (+22.1%), from €6,112 to €7,464
- Financial income +€985
up €985 (+47.5%), from €2,075 to €3,060
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 | €142,486 | €148,967 | +€6,481 | +4.5% |
| Fixed assets | 21/28 | €67,772 | €55,273 | -€12,498 | -18.4% |
| Tangible fixed assets | 22/27 | €67,772 | €55,273 | -€12,498 | -18.4% |
| Furniture and vehicles | 24 | €1,806 | €851 | -€955 | -52.9% |
| Other tangible fixed assets | 26 | €65,965 | €54,423 | -€11,543 | -17.5% |
| Current assets | 29/58 | €74,714 | €93,693 | +€18,979 | +25.4% |
| Stocks and contracts in progress | 3 | €11,539 | €13,240 | +€1,701 | +14.7% |
| Stocks | 30/36 | €11,539 | €13,240 | +€1,701 | +14.7% |
| Amounts receivable within one year | 40/41 | €39,016 | €55,820 | +€16,804 | +43.1% |
| Trade receivables | 40 | €2,121 | €962 | -€1,159 | -54.6% |
| Other amounts receivable | 41 | €36,894 | €54,858 | +€17,963 | +48.7% |
| Cash at bank and in hand | 54/58 | €23,815 | €24,272 | +€457 | +1.9% |
| Deferred charges and accrued income | 490/1 | €345 | €361 | +€16 | +4.6% |
| Total equity and liabilities | 10/49 | €142,486 | €148,967 | +€6,481 | +4.5% |
| Equity | 10/15 | €68,533 | €79,219 | +€10,686 | +15.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €49,941 | €58,799 | +€8,858 | +17.7% |
| Distributable reserves | 133 | €49,941 | €58,799 | +€8,858 | +17.7% |
| Profit (loss) carried forward | 14 | - | €1,828 | +€1,828 | |
| Amounts payable | 17/49 | €73,953 | €69,748 | -€4,205 | -5.7% |
| Amounts payable after more than one year | 17 | €45,478 | €36,051 | -€9,427 | -20.7% |
| Financial debts | 170/4 | €45,478 | €36,051 | -€9,427 | -20.7% |
| Amounts payable within one year | 42/48 | €27,655 | €32,877 | +€5,222 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €9,260 | €9,427 | +€168 | +1.8% |
| Trade debts | 44 | €4,424 | €6,390 | +€1,965 | +44.4% |
| Suppliers | 440/4 | €4,424 | €6,390 | +€1,965 | +44.4% |
| Taxes, remuneration and social security | 45 | €13,971 | €17,060 | +€3,089 | +22.1% |
| Taxes | 450/3 | €7,101 | €8,511 | +€1,410 | +19.9% |
| Remuneration and social security | 454/9 | €6,870 | €8,549 | +€1,679 | +24.4% |
| Accrued charges and deferred income | 492/3 | €820 | €820 | = | 0.0% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | €48,898 | €63,071 | +€14,173 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,118 | €13,742 | -€376 | -2.7% |
| Other operating charges | 640/8 | €1,594 | €1,697 | +€103 | +6.5% |
| Gross operating margin | 9900 | €80,598 | €95,447 | +€14,849 | +18.4% |
| Operating profit (loss) | 9901 | €15,989 | €16,937 | +€948 | +5.9% |
| Financial income | 75/76B | €2,075 | €3,060 | +€985 | +47.5% |
| Recurring financial income | 75 | €2,075 | €3,060 | +€985 | +47.5% |
| Financial charges | 65/66B | €1,582 | €2,002 | +€420 | +26.6% |
| Recurring financial charges | 65 | €1,582 | €2,002 | +€420 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €16,482 | €17,995 | +€1,512 | +9.2% |
| Income taxes | 67/77 | €6,112 | €7,464 | +€1,352 | +22.1% |
| Profit (loss) for the period | 9904 | €10,370 | €10,531 | +€161 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,370 | €10,531 | +€161 | +1.5% |
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 18 October 2026 via checked.be.