THEFACTORY: 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.
THEFACTORY
Largest movements
- Cash -€35,858
down €35,858 (-11.8%), from €304,191 to €268,334
mainly Net result for the year (-€16,435) and Trade debts (-€13,704)
- Tangible fixed assets -€7,386
down €7,386 (-3.2%), from €234,420 to €227,034
of which Land and buildings: -€6,812
- Reserves -€16,435
down €16,435 (-5.2%), from €317,255 to €300,820
- Trade debts -€13,704
down €13,704 (-100%), from €13,704 to €0
- Debts after one year -€13,395
down €13,395 (-8.2%), from €163,837 to €150,443
- Financial income -€469,373
down €469,373 (-98.5%), from €476,392 to €7,020
of which Non-recurring financial income: -€476,165
- Gross operating margin -€79,980
down €79,980, from €68,618 to -€11,362
- Taxes -€17,891
down €17,891 (-98.1%), from €18,237 to €346
- Financial charges -€4,092
down €4,092 (-77.5%), from €5,283 to €1,191
of which Financial charges: -€4,092
- Other operating charges -€2,290
down €2,290 (-70.7%), from €3,238 to €948
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 | €540,148 | €498,652 | -€41,496 | -7.7% |
| Fixed assets | 21/28 | €234,420 | €227,034 | -€7,386 | -3.2% |
| Tangible fixed assets | 22/27 | €234,420 | €227,034 | -€7,386 | -3.2% |
| Land and buildings | 22 | €232,492 | €225,679 | -€6,812 | -2.9% |
| Furniture and vehicles | 24 | €1,929 | €1,355 | -€574 | -29.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €305,728 | €271,617 | -€34,110 | -11.2% |
| Amounts receivable within one year | 40/41 | €1,018 | €2,166 | +€1,148 | +113% |
| Trade receivables | 40 | €0 | €298 | +€298 | |
| Other amounts receivable | 41 | €1,018 | €1,869 | +€850 | +83.5% |
| Current investments | 50/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €304,191 | €268,334 | -€35,858 | -11.8% |
| Deferred charges and accrued income | 490/1 | €518 | €1,117 | +€600 | +116% |
| Total equity and liabilities | 10/49 | €540,148 | €498,652 | -€41,496 | -7.7% |
| Equity | 10/15 | €335,855 | €319,420 | -€16,435 | -4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €317,255 | €300,820 | -€16,435 | -5.2% |
| Distributable reserves | 133 | €317,255 | €300,820 | -€16,435 | -5.2% |
| Amounts payable | 17/49 | €204,293 | €179,232 | -€25,061 | -12.3% |
| Amounts payable after more than one year | 17 | €163,837 | €150,443 | -€13,395 | -8.2% |
| Financial debts | 170/4 | €163,837 | €150,443 | -€13,395 | -8.2% |
| Amounts payable within one year | 42/48 | €40,456 | €28,790 | -€11,666 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €13,140 | €13,395 | +€255 | +1.9% |
| Trade debts | 44 | €13,704 | €0 | -€13,704 | -100% |
| Suppliers | 440/4 | €13,704 | €0 | -€13,704 | -100% |
| Taxes, remuneration and social security | 45 | €3,470 | €3,237 | -€233 | -6.7% |
| Taxes | 450/3 | €3,470 | €3,237 | -€233 | -6.7% |
| Other amounts payable | 47/48 | €10,142 | €12,158 | +€2,016 | +19.9% |
| Non-recurring operating income | 76A | €54,264 | €0 | -€54,264 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,386 | €7,386 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,238 | €948 | -€2,290 | -70.7% |
| Non-recurring operating charges | 66A | €476,165 | €2,222 | -€473,943 | -99.5% |
| Gross operating margin | 9900 | €68,618 | -€11,362 | -€79,980 | |
| Operating profit (loss) | 9901 | -€418,171 | -€21,918 | +€396,253 | +94.8% |
| Financial income | 75/76B | €476,392 | €7,020 | -€469,373 | -98.5% |
| Recurring financial income | 75 | €227 | €7,020 | +€6,792 | +2,990% |
| Non-recurring financial income | 76B | €476,165 | €0 | -€476,165 | -100% |
| Financial charges | 65/66B | €5,283 | €1,191 | -€4,092 | -77.5% |
| Recurring financial charges | 65 | €5,283 | €1,191 | -€4,092 | -77.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €52,939 | -€16,089 | -€69,028 | |
| Income taxes | 67/77 | €18,237 | €346 | -€17,891 | -98.1% |
| Profit (loss) for the period | 9904 | €34,702 | -€16,435 | -€51,137 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,702 | -€16,435 | -€51,137 |
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 15 October 2026 via checked.be.