The Wall: 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 Wall
Largest movements
- Tangible fixed assets +€88,114
up €88,114 (+20.4%), from €432,707 to €520,822
of which Plant, machinery and equipment: +€90,772
- Receivables within one year +€15,582
up €15,582 (+332.9%), from €4,681 to €20,264
- Deferred charges and accrued income +€6,479
up €6,479 (+1820.9%), from €356 to €6,835
- Other debts +€126,752
up €126,752 (+198.3%), from €63,915 to €190,667
- Profit (loss) carried forward -€28,122
down €28,122 (-936.5%), from -€3,003 to -€31,125
- Trade debts -€15,419
down €15,419 (-37.6%), from €40,962 to €25,543
- Current portion of long-term debt +€15,000
up €15,000 (+100.0%), from €15,000 to €30,000
- Debts after one year +€13,429
up €13,429 (+5.6%), from €241,571 to €255,000
- Gross operating margin -€31,164
down €31,164, from €19,356 to -€11,808
- Other operating charges -€3,631
down €3,631 (-62.2%), from €5,838 to €2,207
- Depreciation -€2,575
down €2,575 (-49.2%), from €5,233 to €2,658
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 | €443,087 | €548,899 | +€105,811 | +23.9% |
| Fixed assets | 21/28 | €432,707 | €520,822 | +€88,114 | +20.4% |
| Tangible fixed assets | 22/27 | €432,707 | €520,822 | +€88,114 | +20.4% |
| Land and buildings | 22 | €50,533 | €47,875 | -€2,658 | -5.3% |
| Plant, machinery and equipment | 23 | €382,175 | €472,947 | +€90,772 | +23.8% |
| Current assets | 29/58 | €10,380 | €28,077 | +€17,697 | +170.5% |
| Amounts receivable within one year | 40/41 | €4,681 | €20,264 | +€15,582 | +332.9% |
| Other amounts receivable | 41 | €4,681 | €20,264 | +€15,582 | +332.9% |
| Cash at bank and in hand | 54/58 | €5,343 | €979 | -€4,364 | -81.7% |
| Deferred charges and accrued income | 490/1 | €356 | €6,835 | +€6,479 | +1820.9% |
| Total equity and liabilities | 10/49 | €443,087 | €548,899 | +€105,811 | +23.9% |
| Equity | 10/15 | €75,285 | €47,163 | -€28,122 | -37.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €58,288 | €58,288 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €58,288 | €58,288 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,003 | -€31,125 | -€28,122 | -936.5% |
| Amounts payable | 17/49 | €367,802 | €501,736 | +€133,934 | +36.4% |
| Amounts payable after more than one year | 17 | €241,571 | €255,000 | +€13,429 | +5.6% |
| Financial debts | 170/4 | €241,571 | €255,000 | +€13,429 | +5.6% |
| Amounts payable within one year | 42/48 | €120,401 | €246,736 | +€126,335 | +104.9% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €30,000 | +€15,000 | +100.0% |
| Trade debts | 44 | €40,962 | €25,543 | -€15,419 | -37.6% |
| Suppliers | 440/4 | €40,962 | €25,543 | -€15,419 | -37.6% |
| Taxes, remuneration and social security | 45 | €524 | €525 | +€1 | +0.3% |
| Taxes | 450/3 | €524 | €525 | +€1 | +0.3% |
| Other amounts payable | 47/48 | €63,915 | €190,667 | +€126,752 | +198.3% |
| Accrued charges and deferred income | 492/3 | €5,830 | €0 | -€5,830 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,233 | €2,658 | -€2,575 | -49.2% |
| Other operating charges | 640/8 | €5,838 | €2,207 | -€3,631 | -62.2% |
| Gross operating margin | 9900 | €19,356 | -€11,808 | -€31,164 | |
| Operating profit (loss) | 9901 | €8,285 | -€16,672 | -€24,958 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +566.7% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +566.7% |
| Financial charges | 65/66B | €11,289 | €11,452 | +€163 | +1.4% |
| Recurring financial charges | 65 | €11,289 | €11,452 | +€163 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,003 | -€28,122 | -€25,119 | -836.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,003 | -€28,122 | -€25,119 | -836.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,003 | -€28,122 | -€25,119 | -836.5% |
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 10 October 2026 via checked.be.