THEAM: 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.
THEAM
Largest movements
- Tangible fixed assets -€12,945
down €12,945 (-5.3%), from €242,331 to €229,386
of which Land and buildings: -€8,980
- Debts after one year -€20,288
down €20,288 (-18.0%), from €112,827 to €92,539
- Reserves +€5,610
up €5,610 (+9.7%), from €57,715 to €63,325
of which Distributable reserves: +€9,810
- Gross operating margin +€9,116
up €9,116 (+6.9%), from €132,441 to €141,557
- Staff costs -€8,287
down €8,287 (-7.3%), from €114,249 to €105,962
- Financial charges +€4,258
up €4,258 (+35.1%), from €12,133 to €16,391
- Financial income -€3,492
down €3,492 (-60.5%), from €5,776 to €2,284
of which Non-recurring financial income: -€3,000
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 | €336,177 | €318,402 | -€17,775 | -5.3% |
| Fixed assets | 21/28 | €242,331 | €229,386 | -€12,945 | -5.3% |
| Tangible fixed assets | 22/27 | €242,331 | €229,386 | -€12,945 | -5.3% |
| Land and buildings | 22 | €225,375 | €216,395 | -€8,980 | -4.0% |
| Plant, machinery and equipment | 23 | €16,956 | €12,991 | -€3,965 | -23.4% |
| Current assets | 29/58 | €93,846 | €89,016 | -€4,830 | -5.1% |
| Stocks and contracts in progress | 3 | €6,272 | €5,216 | -€1,057 | -16.8% |
| Stocks | 30/36 | €6,272 | €5,216 | -€1,057 | -16.8% |
| Amounts receivable within one year | 40/41 | €61,573 | €58,944 | -€2,629 | -4.3% |
| Trade receivables | 40 | €666 | €3,004 | +€2,338 | +351% |
| Other amounts receivable | 41 | €60,907 | €55,940 | -€4,967 | -8.2% |
| Cash at bank and in hand | 54/58 | €24,734 | €23,334 | -€1,400 | -5.7% |
| Deferred charges and accrued income | 490/1 | €1,267 | €1,523 | +€256 | +20.2% |
| Total equity and liabilities | 10/49 | €336,177 | €318,402 | -€17,775 | -5.3% |
| Equity | 10/15 | €66,115 | €71,725 | +€5,610 | +8.5% |
| Contributions | 10/11 | €8,400 | €8,400 | = | 0.0% |
| Reserves | 13 | €57,715 | €63,325 | +€5,610 | +9.7% |
| Non-distributable reserves | 130/1 | €4,200 | €0 | -€4,200 | -100% |
| Reserves not available under the articles | 1311 | €4,200 | €0 | -€4,200 | -100% |
| Distributable reserves | 133 | €53,515 | €63,325 | +€9,810 | +18.3% |
| Amounts payable | 17/49 | €270,062 | €246,678 | -€23,385 | -8.7% |
| Amounts payable after more than one year | 17 | €112,827 | €92,539 | -€20,288 | -18.0% |
| Financial debts | 170/4 | €112,827 | €92,539 | -€20,288 | -18.0% |
| Amounts payable within one year | 42/48 | €157,172 | €154,090 | -€3,082 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €21,232 | €20,288 | -€945 | -4.4% |
| Financial debts | 43 | €63,611 | €61,460 | -€2,151 | -3.4% |
| Credit institutions | 430/8 | €63,611 | €61,460 | -€2,151 | -3.4% |
| Trade debts | 44 | €56,415 | €59,205 | +€2,791 | +4.9% |
| Suppliers | 440/4 | €56,415 | €59,205 | +€2,791 | +4.9% |
| Taxes, remuneration and social security | 45 | €15,914 | €13,137 | -€2,777 | -17.4% |
| Taxes | 450/3 | €1,253 | €122 | -€1,131 | -90.2% |
| Remuneration and social security | 454/9 | €14,660 | €13,015 | -€1,645 | -11.2% |
| Accrued charges and deferred income | 492/3 | €63 | €48 | -€15 | -23.8% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €114,249 | €105,962 | -€8,287 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,787 | €12,945 | +€158 | +1.2% |
| Other operating charges | 640/8 | €2,404 | €2,372 | -€32 | -1.3% |
| Gross operating margin | 9900 | €132,441 | €141,557 | +€9,116 | +6.9% |
| Operating profit (loss) | 9901 | €3,001 | €20,278 | +€17,277 | +576% |
| Financial income | 75/76B | €5,776 | €2,284 | -€3,492 | -60.5% |
| Recurring financial income | 75 | €2,776 | €2,284 | -€492 | -17.7% |
| Non-recurring financial income | 76B | €3,000 | €0 | -€3,000 | -100% |
| Financial charges | 65/66B | €12,133 | €16,391 | +€4,258 | +35.1% |
| Recurring financial charges | 65 | €12,133 | €16,391 | +€4,258 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,356 | €6,171 | +€9,527 | |
| Income taxes | 67/77 | - | €561 | +€561 | |
| Profit (loss) for the period | 9904 | -€3,356 | €5,610 | +€8,966 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,356 | €5,610 | +€8,966 |
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 14 October 2026 via checked.be.