The Tipping Point: what changed
The Tipping Point
Largest movements
- Cash +€150,514
up €150,514 (+37.4%), from €402,349 to €552,863
mainly Net result for the year (+€182,612) and Depreciation (+€179,848)
- Tangible fixed assets -€141,233
down €141,233 (-4.7%), from €3.0m to €2.9m
of which Land and buildings: -€123,147
- Receivables within one year -€113,659
down €113,659 (-20.1%), from €565,926 to €452,268
of which Trade receivables: -€134,507
- Deferred charges and accrued income +€99,086
up €99,086 (+50.5%), from €196,169 to €295,255
- Reserves +€182,612
up €182,612 (+35.3%), from €516,964 to €699,575
- Debts after one year -€174,438
down €174,438 (-9.0%), from €1.9m to €1.8m
- Trade debts -€169,836
down €169,836 (-28.5%), from €595,490 to €425,654
- Accrued charges and deferred income +€100,942
up €100,942 (+23.7%), from €425,772 to €526,715
- Current portion of long-term debt +€90,990
up €90,990 (+22.6%), from €402,479 to €493,469
- Gross operating margin +€502,900
up €502,900 (+72.5%), from €693,268 to €1.2m
- Staff costs +€264,401
up €264,401 (+67.7%), from €390,775 to €655,176
- Taxes +€77,195
up €77,195 (+4,253%), from €1,815 to €79,010
- Depreciation -€42,751
down €42,751 (-19.2%), from €222,600 to €179,848
- Financial charges +€23,271
up €23,271 (+32.8%), from €70,986 to €94,257
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,327,358 | €4,322,067 | -€5,291 | -0.1% |
| Fixed assets | 21/28 | €3,012,914 | €2,871,682 | -€141,233 | -4.7% |
| Tangible fixed assets | 22/27 | €3,012,514 | €2,871,282 | -€141,233 | -4.7% |
| Land and buildings | 22 | €2,860,945 | €2,737,797 | -€123,147 | -4.3% |
| Plant, machinery and equipment | 23 | €1,597 | €948 | -€649 | -40.6% |
| Furniture and vehicles | 24 | €135,902 | €120,519 | -€15,383 | -11.3% |
| Other tangible fixed assets | 26 | €14,071 | €12,017 | -€2,053 | -14.6% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €1,314,444 | €1,450,386 | +€135,942 | +10.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €565,926 | €452,268 | -€113,659 | -20.1% |
| Trade receivables | 40 | €491,648 | €357,141 | -€134,507 | -27.4% |
| Other amounts receivable | 41 | €74,278 | €95,127 | +€20,849 | +28.1% |
| Cash at bank and in hand | 54/58 | €402,349 | €552,863 | +€150,514 | +37.4% |
| Deferred charges and accrued income | 490/1 | €196,169 | €295,255 | +€99,086 | +50.5% |
| Total equity and liabilities | 10/49 | €4,327,358 | €4,322,067 | -€5,291 | -0.1% |
| Equity | 10/15 | €523,164 | €705,775 | +€182,612 | +34.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €516,964 | €699,575 | +€182,612 | +35.3% |
| Distributable reserves | 133 | €516,964 | €699,575 | +€182,612 | +35.3% |
| Amounts payable | 17/49 | €3,804,195 | €3,616,292 | -€187,902 | -4.9% |
| Amounts payable after more than one year | 17 | €1,941,684 | €1,767,245 | -€174,438 | -9.0% |
| Financial debts | 170/4 | €1,941,684 | €1,767,245 | -€174,438 | -9.0% |
| Amounts payable within one year | 42/48 | €1,436,739 | €1,322,332 | -€114,406 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €402,479 | €493,469 | +€90,990 | +22.6% |
| Trade debts | 44 | €595,490 | €425,654 | -€169,836 | -28.5% |
| Suppliers | 440/4 | €595,490 | €425,654 | -€169,836 | -28.5% |
| Advances received on contracts in progress | 46 | €122 | - | -€122 | |
| Taxes, remuneration and social security | 45 | €111,917 | €99,459 | -€12,458 | -11.1% |
| Taxes | 450/3 | €63,837 | €33,430 | -€30,407 | -47.6% |
| Remuneration and social security | 454/9 | €48,081 | €66,029 | +€17,949 | +37.3% |
| Other amounts payable | 47/48 | €326,730 | €303,750 | -€22,980 | -7.0% |
| Accrued charges and deferred income | 492/3 | €425,772 | €526,715 | +€100,942 | +23.7% |
| Non-recurring operating income | 76A | €1,179 | €25,113 | +€23,934 | +2,031% |
| Remuneration, social security and pensions | 62 | €390,775 | €655,176 | +€264,401 | +67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,600 | €179,848 | -€42,751 | -19.2% |
| Other operating charges | 640/8 | €9,713 | €10,518 | +€805 | +8.3% |
| Gross operating margin | 9900 | €693,268 | €1,196,169 | +€502,900 | +72.5% |
| Operating profit (loss) | 9901 | €70,180 | €350,626 | +€280,446 | +400% |
| Financial income | 75/76B | €4,642 | €5,253 | +€611 | +13.2% |
| Recurring financial income | 75 | €4,642 | €5,253 | +€611 | +13.2% |
| Financial charges | 65/66B | €70,986 | €94,257 | +€23,271 | +32.8% |
| Recurring financial charges | 65 | €70,986 | €94,257 | +€23,271 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €3,837 | €261,622 | +€257,786 | +6,719% |
| Income taxes | 67/77 | €1,815 | €79,010 | +€77,195 | +4,253% |
| Profit (loss) for the period | 9904 | €2,021 | €182,612 | +€180,591 | +8,934% |
| Profit (loss) for the period to be appropriated | 9905 | €2,021 | €182,612 | +€180,591 | +8,934% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.