THITEM: 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.
THITEM
Largest movements
- Receivables within one year +€834,837
up €834,837 (+59.8%), from €1.4m to €2.2m
of which Other amounts receivable: +€440,567
- Tangible fixed assets +€120,005
up €120,005 (+44.8%), from €268,105 to €388,110
of which Furniture and vehicles: +€168,367
- Cash -€107,829
down €107,829 (-24.1%), from €447,135 to €339,306
mainly Receivables within one year (-€834,837) and Contributions, distributions and other (-€500,000)
- Deferred charges and accrued income +€48,485
up €48,485 (+2058.0%), from €2,356 to €50,841
- Other debts +€354,218
up €354,218 (+35.4%), from €1.0m to €1.4m
- Profit (loss) carried forward +€166,874
up €166,874 (+3542.1%), from €4,711 to €171,585
- Advances received +€149,122
up €149,122 (+138.0%), from €108,058 to €257,181
- Debts after one year +€124,669
up €124,669 (+101.2%), from €123,200 to €247,869
- Trade debts -€89,057
down €89,057 (-24.5%), from €363,188 to €274,131
- Gross operating margin +€191,178
up €191,178 (+14.0%), from €1.4m to €1.6m
- Financial charges +€128,340
up €128,340 (+107.2%), from €119,668 to €248,008
- Staff costs +€121,214
up €121,214 (+65.9%), from €183,847 to €305,061
- Depreciation +€47,717
up €47,717 (+101.9%), from €46,840 to €94,558
- Financial income +€32,399
up €32,399 (+690.1%), from €4,695 to €37,093
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 | €2,219,599 | €3,118,293 | +€898,695 | +40.5% |
| Fixed assets | 21/28 | €268,534 | €388,539 | +€120,005 | +44.7% |
| Tangible fixed assets | 22/27 | €268,105 | €388,110 | +€120,005 | +44.8% |
| Plant, machinery and equipment | 23 | €18,547 | €10,338 | -€8,209 | -44.3% |
| Furniture and vehicles | 24 | €205,470 | €373,836 | +€168,367 | +81.9% |
| Other tangible fixed assets | 26 | €44,089 | €3,936 | -€40,153 | -91.1% |
| Financial fixed assets | 28 | €429 | €429 | = | 0.0% |
| Current assets | 29/58 | €1,951,064 | €2,729,755 | +€778,690 | +39.9% |
| Stocks and contracts in progress | 3 | €106,579 | €109,776 | +€3,197 | +3.0% |
| Stocks | 30/36 | €106,579 | €109,776 | +€3,197 | +3.0% |
| Amounts receivable within one year | 40/41 | €1,394,995 | €2,229,832 | +€834,837 | +59.8% |
| Trade receivables | 40 | €1,234,354 | €1,628,624 | +€394,270 | +31.9% |
| Other amounts receivable | 41 | €160,641 | €601,208 | +€440,567 | +274.3% |
| Cash at bank and in hand | 54/58 | €447,135 | €339,306 | -€107,829 | -24.1% |
| Deferred charges and accrued income | 490/1 | €2,356 | €50,841 | +€48,485 | +2058.0% |
| Total equity and liabilities | 10/49 | €2,219,599 | €3,118,293 | +€898,695 | +40.5% |
| Equity | 10/15 | €460,634 | €627,508 | +€166,874 | +36.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €445,922 | €445,922 | = | 0.0% |
| Distributable reserves | 133 | €445,922 | €445,922 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,711 | €171,585 | +€166,874 | +3542.1% |
| Amounts payable | 17/49 | €1,758,965 | €2,490,786 | +€731,821 | +41.6% |
| Amounts payable after more than one year | 17 | €123,200 | €247,869 | +€124,669 | +101.2% |
| Financial debts | 170/4 | €123,200 | €247,869 | +€124,669 | +101.2% |
| Amounts payable within one year | 42/48 | €1,619,769 | €2,190,021 | +€570,252 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €48,298 | €117,916 | +€69,618 | +144.1% |
| Trade debts | 44 | €363,188 | €274,131 | -€89,057 | -24.5% |
| Suppliers | 440/4 | €363,188 | €274,131 | -€89,057 | -24.5% |
| Advances received on contracts in progress | 46 | €108,058 | €257,181 | +€149,122 | +138.0% |
| Taxes, remuneration and social security | 45 | €99,782 | €186,132 | +€86,350 | +86.5% |
| Taxes | 450/3 | €80,211 | €159,224 | +€79,013 | +98.5% |
| Remuneration and social security | 454/9 | €19,571 | €26,908 | +€7,337 | +37.5% |
| Other amounts payable | 47/48 | €1,000,443 | €1,354,661 | +€354,218 | +35.4% |
| Accrued charges and deferred income | 492/3 | €15,996 | €52,896 | +€36,900 | +230.7% |
| Remuneration, social security and pensions | 62 | €183,847 | €305,061 | +€121,214 | +65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,840 | €94,558 | +€47,717 | +101.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,722 | €22,431 | +€26,153 | |
| Other operating charges | 640/8 | €13,795 | €21,947 | +€8,152 | +59.1% |
| Gross operating margin | 9900 | €1,360,978 | €1,552,156 | +€191,178 | +14.0% |
| Operating profit (loss) | 9901 | €1,120,218 | €1,108,159 | -€12,058 | -1.1% |
| Financial income | 75/76B | €4,695 | €37,093 | +€32,399 | +690.1% |
| Recurring financial income | 75 | €4,695 | €37,093 | +€32,399 | +690.1% |
| Financial charges | 65/66B | €119,668 | €248,008 | +€128,340 | +107.2% |
| Recurring financial charges | 65 | €119,668 | €248,008 | +€128,340 | +107.2% |
| Profit (loss) for the period before taxes | 9903 | €1,005,244 | €897,245 | -€107,999 | -10.7% |
| Income taxes | 67/77 | €250,533 | €230,371 | -€20,162 | -8.0% |
| Profit (loss) for the period | 9904 | €754,711 | €666,874 | -€87,837 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €754,711 | €666,874 | -€87,837 | -11.6% |
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 30 September 2026 via checked.be.