The Secret: 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 Secret
Largest movements
- Receivables within one year +€45,820
up €45,820 (+46.3%), from €98,960 to €144,780
of which Trade receivables: +€57,876
- Cash +€35,481
up €35,481 (+46.8%), from €75,751 to €111,232
mainly Debts after one year (+€120,650) and Trade debts (+€12,173)
- Stocks and contracts +€11,080
up €11,080 (+1.8%), from €619,024 to €630,104
- Debts after one year +€120,650
new in 2025: €120,650
- Profit (loss) carried forward -€30,803
down €30,803 (-54.1%), from €56,941 to €26,139
- Other debts -€24,790
down €24,790 (-6.4%), from €386,480 to €361,690
- Trade debts +€12,173
up €12,173 (+8.7%), from €139,175 to €151,348
- Gross operating margin -€70,703
down €70,703, from €45,100 to -€25,603
- Taxes -€10,776
down €10,776 (-99.1%), from €10,876 to €101
- Other operating charges -€7,328
down €7,328 (-87.6%), from €8,361 to €1,033
- Financial charges +€2,006
up €2,006 (+14.5%), from €13,859 to €15,865
- Depreciation -€720
down €720 (-8.5%), from €8,455 to €7,735
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 | €835,993 | €920,629 | +€84,636 | +10.1% |
| Fixed assets | 21/28 | €42,259 | €34,513 | -€7,745 | -18.3% |
| Intangible fixed assets | 21 | €25,779 | €25,779 | = | 0.0% |
| Tangible fixed assets | 22/27 | €16,470 | €8,734 | -€7,735 | -47.0% |
| Plant, machinery and equipment | 23 | €11,567 | €8,734 | -€2,833 | -24.5% |
| Furniture and vehicles | 24 | €4,902 | €0 | -€4,902 | -100.0% |
| Financial fixed assets | 28 | €10 | - | -€10 | |
| Current assets | 29/58 | €793,734 | €886,116 | +€92,381 | +11.6% |
| Stocks and contracts in progress | 3 | €619,024 | €630,104 | +€11,080 | +1.8% |
| Stocks | 30/36 | €619,024 | €630,104 | +€11,080 | +1.8% |
| Amounts receivable within one year | 40/41 | €98,960 | €144,780 | +€45,820 | +46.3% |
| Trade receivables | 40 | €56,025 | €113,902 | +€57,876 | +103% |
| Other amounts receivable | 41 | €42,934 | €30,878 | -€12,056 | -28.1% |
| Cash at bank and in hand | 54/58 | €75,751 | €111,232 | +€35,481 | +46.8% |
| Total equity and liabilities | 10/49 | €835,993 | €920,629 | +€84,636 | +10.1% |
| Equity | 10/15 | €285,297 | €254,494 | -€30,803 | -10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,756 | €209,756 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €207,896 | €207,896 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,941 | €26,139 | -€30,803 | -54.1% |
| Amounts payable | 17/49 | €550,696 | €666,135 | +€115,439 | +21.0% |
| Amounts payable after more than one year | 17 | - | €120,650 | +€120,650 | |
| Financial debts | 170/4 | - | €120,650 | +€120,650 | |
| Amounts payable within one year | 42/48 | €550,696 | €545,485 | -€5,211 | -0.9% |
| Financial debts | 43 | €5 | - | -€5 | |
| Credit institutions | 430/8 | €5 | - | -€5 | |
| Trade debts | 44 | €139,175 | €151,348 | +€12,173 | +8.7% |
| Suppliers | 440/4 | €139,175 | €151,348 | +€12,173 | +8.7% |
| Advances received on contracts in progress | 46 | €6,825 | €10,325 | +€3,500 | +51.3% |
| Taxes, remuneration and social security | 45 | €18,211 | €22,122 | +€3,911 | +21.5% |
| Taxes | 450/3 | €11,605 | €18,767 | +€7,162 | +61.7% |
| Remuneration and social security | 454/9 | €6,606 | €3,355 | -€3,251 | -49.2% |
| Other amounts payable | 47/48 | €386,480 | €361,690 | -€24,790 | -6.4% |
| Remuneration, social security and pensions | 62 | - | €286 | +€286 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,455 | €7,735 | -€720 | -8.5% |
| Other operating charges | 640/8 | €8,361 | €1,033 | -€7,328 | -87.6% |
| Gross operating margin | 9900 | €45,100 | -€25,603 | -€70,703 | |
| Operating profit (loss) | 9901 | €28,284 | -€34,658 | -€62,942 | |
| Financial income | 75/76B | €20,063 | €19,821 | -€243 | -1.2% |
| Recurring financial income | 75 | €20,063 | €19,821 | -€243 | -1.2% |
| Financial charges | 65/66B | €13,859 | €15,865 | +€2,006 | +14.5% |
| Recurring financial charges | 65 | €13,859 | €15,865 | +€2,006 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €34,489 | -€30,702 | -€65,191 | |
| Income taxes | 67/77 | €10,876 | €101 | -€10,776 | -99.1% |
| Profit (loss) for the period | 9904 | €23,612 | -€30,803 | -€54,415 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,612 | -€30,803 | -€54,415 |
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.