The Yard: 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 Yard
Largest movements
- Current investments -€80,146
down €80,146 (-97.6%), from €82,119 to €1,972
- Cash +€48,226
up €48,226 (+77.5%), from €62,190 to €110,415
mainly Current investments (+€80,146) and Net result for the year (+€60,006)
- Receivables within one year +€38,382
up €38,382 (+81.4%), from €47,168 to €85,551
of which Trade receivables: +€42,009
- Tangible fixed assets -€24,764
down €24,764 (-7.2%), from €344,274 to €319,510
of which Furniture and vehicles: -€12,952
- Financial fixed assets +€16,000
up €16,000 (+525%), from €3,049 to €19,049
- Debts after one year -€28,413
down €28,413 (-16.3%), from €174,611 to €146,198
- Current portion of long-term debt +€11,036
up €11,036 (+39.9%), from €27,653 to €38,689
- Reserves +€6,006
up €6,006 (+2.0%), from €298,241 to €304,246
- Gross operating margin +€60,790
up €60,790 (+159%), from €38,251 to €99,040
- Taxes +€20,732
up €20,732 (+1,507%), from €1,376 to €22,107
- Financial income +€13,044
up €13,044 (+58.1%), from €22,441 to €35,485
of which Financial income: +€32,754
- Write-downs +€4,338
new in 2025: €4,338
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 | €543,944 | €536,498 | -€7,446 | -1.4% |
| Fixed assets | 21/28 | €347,323 | €338,559 | -€8,764 | -2.5% |
| Tangible fixed assets | 22/27 | €344,274 | €319,510 | -€24,764 | -7.2% |
| Land and buildings | 22 | €290,346 | €280,640 | -€9,706 | -3.3% |
| Plant, machinery and equipment | 23 | €15,403 | €14,269 | -€1,134 | -7.4% |
| Furniture and vehicles | 24 | €33,861 | €20,909 | -€12,952 | -38.3% |
| Other tangible fixed assets | 26 | €4,663 | €3,692 | -€971 | -20.8% |
| Financial fixed assets | 28 | €3,049 | €19,049 | +€16,000 | +525% |
| Current assets | 29/58 | €196,621 | €197,939 | +€1,318 | +0.7% |
| Amounts receivable within one year | 40/41 | €47,168 | €85,551 | +€38,382 | +81.4% |
| Trade receivables | 40 | €26,078 | €68,088 | +€42,009 | +161% |
| Other amounts receivable | 41 | €21,090 | €17,463 | -€3,627 | -17.2% |
| Current investments | 50/53 | €82,119 | €1,972 | -€80,146 | -97.6% |
| Cash at bank and in hand | 54/58 | €62,190 | €110,415 | +€48,226 | +77.5% |
| Deferred charges and accrued income | 490/1 | €5,144 | €0 | -€5,144 | -100% |
| Total equity and liabilities | 10/49 | €543,944 | €536,498 | -€7,446 | -1.4% |
| Equity | 10/15 | €317,241 | €323,246 | +€6,006 | +1.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €298,241 | €304,246 | +€6,006 | +2.0% |
| Distributable reserves | 133 | €298,241 | €304,246 | +€6,006 | +2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €226,704 | €213,252 | -€13,452 | -5.9% |
| Amounts payable after more than one year | 17 | €174,611 | €146,198 | -€28,413 | -16.3% |
| Financial debts | 170/4 | €174,611 | €146,198 | -€28,413 | -16.3% |
| Amounts payable within one year | 42/48 | €52,093 | €67,054 | +€14,961 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €27,653 | €38,689 | +€11,036 | +39.9% |
| Financial debts | 43 | €1,190 | €4,040 | +€2,849 | +239% |
| Credit institutions | 430/8 | €1,190 | €4,040 | +€2,849 | +239% |
| Trade debts | 44 | €15,940 | €21,204 | +€5,264 | +33.0% |
| Suppliers | 440/4 | €15,940 | €21,204 | +€5,264 | +33.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,310 | €3,121 | -€4,189 | -57.3% |
| Taxes | 450/3 | €7,310 | €3,121 | -€4,189 | -57.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €2,730 | +€2,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,501 | €36,746 | +€244 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,338 | +€4,338 | |
| Other operating charges | 640/8 | €2,464 | €1,969 | -€495 | -20.1% |
| Gross operating margin | 9900 | €38,251 | €99,040 | +€60,790 | +159% |
| Operating profit (loss) | 9901 | -€715 | €55,988 | +€56,702 | |
| Financial income | 75/76B | €22,441 | €35,485 | +€13,044 | +58.1% |
| Recurring financial income | 75 | €2,732 | €35,485 | +€32,754 | +1,199% |
| Non-recurring financial income | 76B | €19,709 | €0 | -€19,709 | -100% |
| Financial charges | 65/66B | €8,372 | €9,360 | +€988 | +11.8% |
| Recurring financial charges | 65 | €8,372 | €9,360 | +€988 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €13,354 | €82,113 | +€68,759 | +515% |
| Income taxes | 67/77 | €1,376 | €22,107 | +€20,732 | +1,507% |
| Profit (loss) for the period | 9904 | €11,978 | €60,006 | +€48,027 | +401% |
| Profit (loss) for the period to be appropriated | 9905 | €11,978 | €60,006 | +€48,027 | +401% |
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.