The Third Territory: 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 Third Territory
Largest movements
- Stocks and contracts +€200,941
up €200,941 (+277%), from €72,547 to €273,488
- Deferred charges and accrued income -€49,788
down €49,788 (-57.5%), from €86,544 to €36,756
- Cash -€47,721
down €47,721 (-13.4%), from €357,216 to €309,495
mainly Stocks and contracts (-€200,941) and Investment in fixed assets (net) (-€60,756)
- Receivables within one year -€36,620
down €36,620 (-9.1%), from €403,941 to €367,321
of which Trade receivables: -€43,499
- Reserves +€84,000
up €84,000 (+26.9%), from €312,500 to €396,500
- Tax, wage and social debts -€44,716
down €44,716 (-13.1%), from €340,084 to €295,368
of which Taxes: -€30,740
- Short-term financial debts +€39,573
up €39,573 (+13.5%), from €292,736 to €332,309
- Trade debts +€27,542
up €27,542 (+37.1%), from €74,334 to €101,876
- Debts after one year -€25,767
down €25,767 (-14.7%), from €175,421 to €149,654
- Gross operating margin -€66,879
down €66,879 (-5.2%), from €1.3m to €1.2m
- Financial charges -€14,247
down €14,247 (-42.5%), from €33,514 to €19,267
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 | €1,331,978 | €1,399,487 | +€67,508 | +5.1% |
| Fixed assets | 21/28 | €411,731 | €412,427 | +€697 | +0.2% |
| Intangible fixed assets | 21 | €9,588 | €15,278 | +€5,690 | +59.3% |
| Tangible fixed assets | 22/27 | €396,534 | €391,541 | -€4,993 | -1.3% |
| Land and buildings | 22 | €326,944 | €310,322 | -€16,622 | -5.1% |
| Plant, machinery and equipment | 23 | €601 | €298 | -€303 | -50.4% |
| Furniture and vehicles | 24 | €68,989 | €80,921 | +€11,932 | +17.3% |
| Financial fixed assets | 28 | €5,609 | €5,609 | = | 0.0% |
| Current assets | 29/58 | €920,248 | €987,060 | +€66,812 | +7.3% |
| Stocks and contracts in progress | 3 | €72,547 | €273,488 | +€200,941 | +277% |
| Contracts in progress | 37 | €72,547 | €273,488 | +€200,941 | +277% |
| Amounts receivable within one year | 40/41 | €403,941 | €367,321 | -€36,620 | -9.1% |
| Trade receivables | 40 | €386,006 | €342,507 | -€43,499 | -11.3% |
| Other amounts receivable | 41 | €17,936 | €24,815 | +€6,879 | +38.4% |
| Cash at bank and in hand | 54/58 | €357,216 | €309,495 | -€47,721 | -13.4% |
| Deferred charges and accrued income | 490/1 | €86,544 | €36,756 | -€49,788 | -57.5% |
| Total equity and liabilities | 10/49 | €1,331,978 | €1,399,487 | +€67,508 | +5.1% |
| Equity | 10/15 | €369,167 | €453,678 | +€84,511 | +22.9% |
| Contributions | 10/11 | €56,200 | €56,200 | = | 0.0% |
| Reserves | 13 | €312,500 | €396,500 | +€84,000 | +26.9% |
| Distributable reserves | 133 | €312,500 | €396,500 | +€84,000 | +26.9% |
| Profit (loss) carried forward | 14 | €467 | €978 | +€511 | +109% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €962,811 | €945,809 | -€17,003 | -1.8% |
| Amounts payable after more than one year | 17 | €175,421 | €149,654 | -€25,767 | -14.7% |
| Financial debts | 170/4 | €175,421 | €149,654 | -€25,767 | -14.7% |
| Amounts payable within one year | 42/48 | €767,583 | €794,651 | +€27,068 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €59,870 | €60,581 | +€711 | +1.2% |
| Financial debts | 43 | €292,736 | €332,309 | +€39,573 | +13.5% |
| Credit institutions | 430/8 | €292,736 | €332,309 | +€39,573 | +13.5% |
| Trade debts | 44 | €74,334 | €101,876 | +€27,542 | +37.1% |
| Suppliers | 440/4 | €74,334 | €101,876 | +€27,542 | +37.1% |
| Taxes, remuneration and social security | 45 | €340,084 | €295,368 | -€44,716 | -13.1% |
| Taxes | 450/3 | €146,038 | €115,298 | -€30,740 | -21.0% |
| Remuneration and social security | 454/9 | €194,046 | €180,070 | -€13,976 | -7.2% |
| Other amounts payable | 47/48 | €559 | €4,517 | +€3,958 | +708% |
| Accrued charges and deferred income | 492/3 | €19,808 | €1,504 | -€18,304 | -92.4% |
| Non-recurring operating income | 76A | - | €8,215 | +€8,215 | |
| Remuneration, social security and pensions | 62 | €998,426 | €988,286 | -€10,140 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,706 | €60,060 | +€6,354 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,625 | €0 | +€2,625 | |
| Other operating charges | 640/8 | €13,038 | €10,358 | -€2,679 | -20.6% |
| Non-recurring operating charges | 66A | €13 | €425 | +€412 | +3,173% |
| Gross operating margin | 9900 | €1,277,772 | €1,210,893 | -€66,879 | -5.2% |
| Operating profit (loss) | 9901 | €215,215 | €151,763 | -€63,451 | -29.5% |
| Financial income | 75/76B | €1,449 | €3,244 | +€1,795 | +124% |
| Recurring financial income | 75 | €279 | €134 | -€145 | -51.9% |
| Non-recurring financial income | 76B | €1,170 | €3,110 | +€1,940 | +166% |
| Financial charges | 65/66B | €33,514 | €19,267 | -€14,247 | -42.5% |
| Recurring financial charges | 65 | €33,514 | €19,267 | -€14,247 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €183,150 | €135,740 | -€47,409 | -25.9% |
| Income taxes | 67/77 | €56,618 | €51,229 | -€5,389 | -9.5% |
| Profit (loss) for the period | 9904 | €126,532 | €84,511 | -€42,021 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €126,532 | €84,511 | -€42,021 | -33.2% |
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 23 October 2026 via checked.be.