THING: what changed
Two fiscal 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.
THING
Largest movements
- Tangible fixed assets -€23,430
down €23,430 (-6.4%), from €366,719 to €343,289
of which Land and buildings: -€13,563
- Receivables within one year +€16,512
up €16,512 (+7.9%), from €210,302 to €226,814
of which Other amounts receivable: +€73,475
- Cash +€9,152
up €9,152 (+10.6%), from €86,212 to €95,365
mainly Net result for the year (+€78,319) and Depreciation (+€30,744)
- Reserves +€64,519
up €64,519 (+18.6%), from €347,399 to €411,918
- Trade debts -€57,259
down €57,259 (-65.4%), from €87,586 to €30,327
- Short-term financial debts +€14,681
new in 2025: €14,681
- Current portion of long-term debt -€12,956
down €12,956 (-61.9%), from €20,947 to €7,991
- Other debts +€11,186
up €11,186 (+131.0%), from €8,540 to €19,726
- Gross operating margin -€24,874
down €24,874 (-15.0%), from €165,871 to €140,998
- Taxes -€14,103
down €14,103 (-31.3%), from €44,993 to €30,890
- Depreciation +€1,914
up €1,914 (+6.6%), from €28,830 to €30,744
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 | €667,673 | €670,394 | +€2,721 | +0.4% |
| Fixed assets | 21/28 | €367,344 | €343,914 | -€23,430 | -6.4% |
| Tangible fixed assets | 22/27 | €366,719 | €343,289 | -€23,430 | -6.4% |
| Land and buildings | 22 | €345,292 | €331,729 | -€13,563 | -3.9% |
| Plant, machinery and equipment | 23 | €561 | €2,437 | +€1,875 | +334.1% |
| Furniture and vehicles | 24 | €19,451 | €8,002 | -€11,449 | -58.9% |
| Other tangible fixed assets | 26 | €1,415 | €1,121 | -€294 | -20.8% |
| Financial fixed assets | 28 | €625 | €625 | = | 0.0% |
| Current assets | 29/58 | €300,329 | €326,480 | +€26,151 | +8.7% |
| Amounts receivable within one year | 40/41 | €210,302 | €226,814 | +€16,512 | +7.9% |
| Trade receivables | 40 | €141,935 | €84,972 | -€56,963 | -40.1% |
| Other amounts receivable | 41 | €68,367 | €141,842 | +€73,475 | +107.5% |
| Cash at bank and in hand | 54/58 | €86,212 | €95,365 | +€9,152 | +10.6% |
| Deferred charges and accrued income | 490/1 | €3,815 | €4,302 | +€487 | +12.8% |
| Total equity and liabilities | 10/49 | €667,673 | €670,394 | +€2,721 | +0.4% |
| Equity | 10/15 | €365,999 | €430,518 | +€64,519 | +17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €347,399 | €411,918 | +€64,519 | +18.6% |
| Distributable reserves | 133 | €347,399 | €411,918 | +€64,519 | +18.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €301,674 | €239,876 | -€61,798 | -20.5% |
| Amounts payable after more than one year | 17 | €135,835 | €127,844 | -€7,991 | -5.9% |
| Financial debts | 170/4 | €135,835 | €127,844 | -€7,991 | -5.9% |
| Amounts payable within one year | 42/48 | €163,339 | €109,532 | -€53,807 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €20,947 | €7,991 | -€12,956 | -61.9% |
| Financial debts | 43 | - | €14,681 | +€14,681 | |
| Credit institutions | 430/8 | - | €14,681 | +€14,681 | |
| Trade debts | 44 | €87,586 | €30,327 | -€57,259 | -65.4% |
| Suppliers | 440/4 | €87,586 | €30,327 | -€57,259 | -65.4% |
| Taxes, remuneration and social security | 45 | €46,266 | €36,807 | -€9,459 | -20.4% |
| Taxes | 450/3 | €46,266 | €36,807 | -€9,459 | -20.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,540 | €19,726 | +€11,186 | +131.0% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,830 | €30,744 | +€1,914 | +6.6% |
| Other operating charges | 640/8 | €1,285 | €1,816 | +€530 | +41.3% |
| Gross operating margin | 9900 | €165,871 | €140,998 | -€24,874 | -15.0% |
| Operating profit (loss) | 9901 | €135,756 | €108,437 | -€27,319 | -20.1% |
| Financial income | 75/76B | €3,897 | €4,064 | +€167 | +4.3% |
| Recurring financial income | 75 | €3,897 | €4,064 | +€167 | +4.3% |
| Financial charges | 65/66B | €3,749 | €3,292 | -€457 | -12.2% |
| Recurring financial charges | 65 | €3,749 | €3,292 | -€457 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €135,904 | €109,209 | -€26,695 | -19.6% |
| Income taxes | 67/77 | €44,993 | €30,890 | -€14,103 | -31.3% |
| Profit (loss) for the period | 9904 | €90,911 | €78,319 | -€12,592 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,911 | €78,319 | -€12,592 | -13.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.