THINK & DO: 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.
THINK & DO
Largest movements
- Current investments -€90,000
no longer reported in 2025 (was €90,000)
- Cash +€73,928
up €73,928 (+244.0%), from €30,296 to €104,224
mainly Current investments (+€90,000) and Depreciation (+€37,915)
- Receivables within one year +€30,229
up €30,229 (+36.9%), from €82,006 to €112,235
of which Trade receivables: +€19,191
- Tangible fixed assets -€24,986
down €24,986 (-15.3%), from €162,915 to €137,929
of which Other tangible fixed assets: -€24,805
- Deferred charges and accrued income -€4,932
down €4,932 (-76.6%), from €6,436 to €1,503
- Debts after one year -€28,367
down €28,367 (-30.2%), from €93,814 to €65,447
- Reserves +€20,238
up €20,238 (+8.3%), from €243,883 to €264,120
- Advances received -€11,019
no longer reported in 2025 (was €11,019)
- Trade debts -€7,387
down €7,387 (-88.9%), from €8,312 to €925
- Tax, wage and social debts +€7,126
up €7,126 (+338.9%), from €2,103 to €9,228
- Gross operating margin -€23,866
down €23,866 (-22.0%), from €108,664 to €84,797
- Taxes -€2,194
down €2,194 (-12.2%), from €18,041 to €15,847
- Write-downs -€1,834
no longer reported in 2025 (was €1,834)
- Depreciation +€1,825
up €1,825 (+5.1%), from €36,090 to €37,915
- Financial income +€1,406
up €1,406 (+343.1%), from €410 to €1,816
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 | €405,182 | €387,361 | -€17,821 | -4.4% |
| Fixed assets | 21/28 | €183,915 | €157,929 | -€25,986 | -14.1% |
| Tangible fixed assets | 22/27 | €162,915 | €137,929 | -€24,986 | -15.3% |
| Land and buildings | 22 | €50,447 | €41,546 | -€8,901 | -17.6% |
| Plant, machinery and equipment | 23 | €61 | €2,965 | +€2,904 | +4725.1% |
| Furniture and vehicles | 24 | €9,191 | €15,007 | +€5,816 | +63.3% |
| Other tangible fixed assets | 26 | €103,216 | €78,411 | -€24,805 | -24.0% |
| Financial fixed assets | 28 | €21,000 | €20,000 | -€1,000 | -4.8% |
| Current assets | 29/58 | €221,267 | €229,432 | +€8,165 | +3.7% |
| Stocks and contracts in progress | 3 | €12,529 | €11,469 | -€1,059 | -8.5% |
| Stocks | 30/36 | €12,529 | €11,469 | -€1,059 | -8.5% |
| Amounts receivable within one year | 40/41 | €82,006 | €112,235 | +€30,229 | +36.9% |
| Trade receivables | 40 | €38,822 | €58,013 | +€19,191 | +49.4% |
| Other amounts receivable | 41 | €43,184 | €54,222 | +€11,038 | +25.6% |
| Current investments | 50/53 | €90,000 | - | -€90,000 | |
| Cash at bank and in hand | 54/58 | €30,296 | €104,224 | +€73,928 | +244.0% |
| Deferred charges and accrued income | 490/1 | €6,436 | €1,503 | -€4,932 | -76.6% |
| Total equity and liabilities | 10/49 | €405,182 | €387,361 | -€17,821 | -4.4% |
| Equity | 10/15 | €262,433 | €282,670 | +€20,238 | +7.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €243,883 | €264,120 | +€20,238 | +8.3% |
| Distributable reserves | 133 | €243,883 | €264,120 | +€20,238 | +8.3% |
| Amounts payable | 17/49 | €142,750 | €104,691 | -€38,059 | -26.7% |
| Amounts payable after more than one year | 17 | €93,814 | €65,447 | -€28,367 | -30.2% |
| Financial debts | 170/4 | €93,814 | €65,447 | -€28,367 | -30.2% |
| Amounts payable within one year | 42/48 | €48,915 | €39,004 | -€9,911 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €26,898 | €28,267 | +€1,369 | +5.1% |
| Trade debts | 44 | €8,312 | €925 | -€7,387 | -88.9% |
| Suppliers | 440/4 | €8,312 | €925 | -€7,387 | -88.9% |
| Advances received on contracts in progress | 46 | €11,019 | - | -€11,019 | |
| Taxes, remuneration and social security | 45 | €2,103 | €9,228 | +€7,126 | +338.9% |
| Taxes | 450/3 | €2,103 | €9,228 | +€7,126 | +338.9% |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20 | €240 | +€220 | +1089.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,090 | €37,915 | +€1,825 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,834 | - | -€1,834 | |
| Other operating charges | 640/8 | €5,052 | €4,700 | -€352 | -7.0% |
| Non-recurring operating charges | 66A | €2,799 | €466 | -€2,333 | -83.4% |
| Gross operating margin | 9900 | €108,664 | €84,797 | -€23,866 | -22.0% |
| Operating profit (loss) | 9901 | €62,889 | €41,717 | -€21,172 | -33.7% |
| Financial income | 75/76B | €410 | €1,816 | +€1,406 | +343.1% |
| Recurring financial income | 75 | €410 | €1,816 | +€1,406 | +343.1% |
| Financial charges | 65/66B | €6,944 | €6,615 | -€328 | -4.7% |
| Recurring financial charges | 65 | €6,944 | €6,615 | -€328 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €56,356 | €36,918 | -€19,438 | -34.5% |
| Income taxes | 67/77 | €18,041 | €15,847 | -€2,194 | -12.2% |
| Profit (loss) for the period | 9904 | €38,314 | €21,071 | -€17,244 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,314 | €21,071 | -€17,244 | -45.0% |
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.