THE WORKING GROUP: 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 WORKING GROUP
Largest movements
- Receivables within one year +€200,548
up €200,548 (+55.4%), from €362,071 to €562,619
of which Trade receivables: +€200,330
- Cash +€126,273
up €126,273 (+54.0%), from €233,771 to €360,044
mainly Net result for the year (+€229,439) and Accrued charges and deferred income (+€69,761)
- Tangible fixed assets -€36,340
down €36,340 (-40.1%), from €90,675 to €54,334
of which Leasing and similar rights: -€31,555
- Financial fixed assets +€30,000
up €30,000 (+1301.7%), from €2,305 to €32,305
- Profit (loss) carried forward +€229,439
up €229,439, from -€187,822 to €41,617
- Accrued charges and deferred income +€69,761
new in 2025: €69,761
- Tax, wage and social debts +€60,819
up €60,819 (+37.1%), from €163,726 to €224,545
of which Remuneration and social security: +€56,408
- Current portion of long-term debt -€23,033
down €23,033 (-58.8%), from €39,199 to €16,166
- Debts after one year -€16,195
down €16,195 (-69.2%), from €23,406 to €7,211
of which Financial debts: -€16,195
- Gross operating margin +€245,603
up €245,603 (+31.2%), from €786,497 to €1.0m
- Staff costs +€85,790
up €85,790 (+14.2%), from €604,436 to €690,226
- Taxes +€48,041
up €48,041 (+1422.4%), from €3,378 to €51,418
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 | €722,781 | €1,045,177 | +€322,397 | +44.6% |
| Formation expenses | 20 | €2,995 | €2,159 | -€836 | -27.9% |
| Fixed assets | 21/28 | €92,979 | €86,639 | -€6,340 | -6.8% |
| Tangible fixed assets | 22/27 | €90,675 | €54,334 | -€36,340 | -40.1% |
| Plant, machinery and equipment | 23 | €18,816 | €21,095 | +€2,279 | +12.1% |
| Furniture and vehicles | 24 | €2,439 | €257 | -€2,182 | -89.5% |
| Leasing and similar rights | 25 | €41,123 | €9,569 | -€31,555 | -76.7% |
| Other tangible fixed assets | 26 | €28,297 | €23,414 | -€4,883 | -17.3% |
| Financial fixed assets | 28 | €2,305 | €32,305 | +€30,000 | +1301.7% |
| Current assets | 29/58 | €626,806 | €956,380 | +€329,574 | +52.6% |
| Stocks and contracts in progress | 3 | €30,964 | €33,302 | +€2,338 | +7.6% |
| Stocks | 30/36 | €30,964 | €33,302 | +€2,338 | +7.6% |
| Amounts receivable within one year | 40/41 | €362,071 | €562,619 | +€200,548 | +55.4% |
| Trade receivables | 40 | €359,071 | €559,401 | +€200,330 | +55.8% |
| Other amounts receivable | 41 | €3,000 | €3,218 | +€218 | +7.3% |
| Cash at bank and in hand | 54/58 | €233,771 | €360,044 | +€126,273 | +54.0% |
| Deferred charges and accrued income | 490/1 | - | €416 | +€416 | |
| Total equity and liabilities | 10/49 | €722,781 | €1,045,177 | +€322,397 | +44.6% |
| Equity | 10/15 | €177,934 | €407,373 | +€229,439 | +128.9% |
| Contributions | 10/11 | €3,400 | €3,400 | = | 0.0% |
| Reserves | 13 | €362,356 | €362,356 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,870 | €1,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,870 | €1,870 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,963 | €14,963 | = | 0.0% |
| Distributable reserves | 133 | €345,523 | €345,523 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,822 | €41,617 | +€229,439 | |
| Amounts payable | 17/49 | €544,847 | €637,805 | +€92,958 | +17.1% |
| Amounts payable after more than one year | 17 | €23,406 | €7,211 | -€16,195 | -69.2% |
| Financial debts | 170/4 | €22,606 | €6,411 | -€16,195 | -71.6% |
| Other amounts payable | 178/9 | €800 | €800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €521,441 | €560,833 | +€39,392 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €39,199 | €16,166 | -€23,033 | -58.8% |
| Financial debts | 43 | €10,002 | €7,005 | -€2,997 | -30.0% |
| Credit institutions | 430/8 | €10,002 | €7,005 | -€2,997 | -30.0% |
| Trade debts | 44 | €108,513 | €113,116 | +€4,603 | +4.2% |
| Suppliers | 440/4 | €108,513 | €113,116 | +€4,603 | +4.2% |
| Taxes, remuneration and social security | 45 | €163,726 | €224,545 | +€60,819 | +37.1% |
| Taxes | 450/3 | €74,798 | €79,209 | +€4,411 | +5.9% |
| Remuneration and social security | 454/9 | €88,928 | €145,336 | +€56,408 | +63.4% |
| Other amounts payable | 47/48 | €200,000 | €200,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €69,761 | +€69,761 | |
| Non-recurring operating income | 76A | €23,441 | €30,000 | +€6,559 | +28.0% |
| Remuneration, social security and pensions | 62 | €604,436 | €690,226 | +€85,790 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,262 | €47,074 | -€188 | -0.4% |
| Other operating charges | 640/8 | €5,955 | €3,816 | -€2,139 | -35.9% |
| Non-recurring operating charges | 66A | €227 | - | -€227 | |
| Gross operating margin | 9900 | €786,497 | €1,032,100 | +€245,603 | +31.2% |
| Operating profit (loss) | 9901 | €128,618 | €290,984 | +€162,366 | +126.2% |
| Financial income | 75/76B | €1,307 | €129 | -€1,178 | -90.1% |
| Recurring financial income | 75 | €1,307 | €129 | -€1,178 | -90.1% |
| Financial charges | 65/66B | €16,982 | €10,256 | -€6,726 | -39.6% |
| Recurring financial charges | 65 | €16,982 | €10,256 | -€6,726 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €112,943 | €280,857 | +€167,914 | +148.7% |
| Income taxes | 67/77 | €3,378 | €51,418 | +€48,041 | +1422.4% |
| Profit (loss) for the period | 9904 | €109,565 | €229,439 | +€119,874 | +109.4% |
| Profit (loss) for the period to be appropriated | 9905 | €109,565 | €229,439 | +€119,874 | +109.4% |
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.