THE WALLS: 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 WALLS
Largest movements
- Receivables within one year -€69,659
down €69,659 (-20.9%), from €333,988 to €264,329
of which Trade receivables: -€68,480
- Cash +€45,896
up €45,896 (+43.6%), from €105,196 to €151,092
mainly Receivables within one year (+€69,659) and Net result for the year (+€35,880)
- Profit (loss) carried forward +€35,880
up €35,880 (+7.7%), from €465,794 to €501,674
- Debts after one year -€21,767
down €21,767 (-8.9%), from €245,384 to €223,617
- Trade debts -€16,811
down €16,811 (-58.0%), from €29,009 to €12,198
- Other debts -€14,294
down €14,294 (-53.2%), from €26,883 to €12,589
- Taxes -€8,599
down €8,599 (-24.4%), from €35,242 to €26,643
- Financial income -€8,159
down €8,159 (-99.7%), from €8,183 to €24
- Depreciation -€7,184
no longer reported in 2025 (was €7,184)
- Gross operating margin -€6,970
down €6,970 (-5.0%), from €140,784 to €133,814
- Staff costs +€2,169
up €2,169 (+3.5%), from €62,153 to €64,322
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 | €836,827 | €816,677 | -€20,150 | -2.4% |
| Fixed assets | 21/28 | €397,643 | €401,256 | +€3,613 | +0.9% |
| Tangible fixed assets | 22/27 | €396,223 | €399,836 | +€3,613 | +0.9% |
| Land and buildings | 22 | €378,844 | €378,844 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,499 | €3,717 | +€1,218 | +48.7% |
| Furniture and vehicles | 24 | €14,880 | €17,275 | +€2,395 | +16.1% |
| Financial fixed assets | 28 | €1,420 | €1,420 | = | 0.0% |
| Current assets | 29/58 | €439,184 | €415,421 | -€23,763 | -5.4% |
| Amounts receivable within one year | 40/41 | €333,988 | €264,329 | -€69,659 | -20.9% |
| Trade receivables | 40 | €319,074 | €250,594 | -€68,480 | -21.5% |
| Other amounts receivable | 41 | €14,914 | €13,735 | -€1,179 | -7.9% |
| Cash at bank and in hand | 54/58 | €105,196 | €151,092 | +€45,896 | +43.6% |
| Total equity and liabilities | 10/49 | €836,827 | €816,677 | -€20,150 | -2.4% |
| Equity | 10/15 | €528,345 | €564,225 | +€35,880 | +6.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €43,959 | €43,959 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €465,794 | €501,674 | +€35,880 | +7.7% |
| Amounts payable | 17/49 | €308,482 | €252,452 | -€56,030 | -18.2% |
| Amounts payable after more than one year | 17 | €245,384 | €223,617 | -€21,767 | -8.9% |
| Financial debts | 170/4 | €245,384 | €223,617 | -€21,767 | -8.9% |
| Amounts payable within one year | 42/48 | €55,892 | €28,835 | -€27,057 | -48.4% |
| Trade debts | 44 | €29,009 | €12,198 | -€16,811 | -58.0% |
| Suppliers | 440/4 | €29,009 | €12,198 | -€16,811 | -58.0% |
| Taxes, remuneration and social security | 45 | - | €4,048 | +€4,048 | |
| Taxes | 450/3 | - | €4,048 | +€4,048 | |
| Other amounts payable | 47/48 | €26,883 | €12,589 | -€14,294 | -53.2% |
| Accrued charges and deferred income | 492/3 | €7,206 | - | -€7,206 | |
| Remuneration, social security and pensions | 62 | €62,153 | €64,322 | +€2,169 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,184 | - | -€7,184 | |
| Other operating charges | 640/8 | €5,254 | €4,339 | -€915 | -17.4% |
| Gross operating margin | 9900 | €140,784 | €133,814 | -€6,970 | -5.0% |
| Operating profit (loss) | 9901 | €66,193 | €65,153 | -€1,040 | -1.6% |
| Financial income | 75/76B | €8,183 | €24 | -€8,159 | -99.7% |
| Recurring financial income | 75 | €8,183 | €24 | -€8,159 | -99.7% |
| Financial charges | 65/66B | €1,245 | €2,654 | +€1,409 | +113% |
| Recurring financial charges | 65 | €1,245 | €2,654 | +€1,409 | +113% |
| Profit (loss) for the period before taxes | 9903 | €73,131 | €62,523 | -€10,608 | -14.5% |
| Income taxes | 67/77 | €35,242 | €26,643 | -€8,599 | -24.4% |
| Profit (loss) for the period | 9904 | €37,889 | €35,880 | -€2,009 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,889 | €35,880 | -€2,009 | -5.3% |
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 31 October 2026 via checked.be.