Thursday: 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.
Thursday
Largest movements
- Current investments +€158,078
new in 2025: €158,078
- Receivables within one year -€98,668
down €98,668 (-42.0%), from €234,933 to €136,265
of which Trade receivables: -€104,148
- Cash -€57,363
down €57,363 (-75.4%), from €76,073 to €18,710
mainly Current investments (-€158,078) and Debts after one year (-€24,521)
- Tangible fixed assets -€21,820
down €21,820 (-35.4%), from €61,607 to €39,787
of which Furniture and vehicles: -€10,910
- Stocks and contracts +€14,018
up €14,018 (+55.5%), from €25,255 to €39,274
- Debts after one year -€24,521
down €24,521 (-52.7%), from €46,503 to €21,982
- Trade debts +€19,901
up €19,901 (+36.3%), from €54,759 to €74,661
- Tax, wage and social debts -€19,464
down €19,464 (-19.0%), from €102,273 to €82,809
of which Taxes: -€11,555
- Current portion of long-term debt +€11,820
up €11,820 (+34.4%), from €34,374 to €46,194
- Profit (loss) carried forward +€5,151
new in 2025: €5,151
- Gross operating margin -€57,217
down €57,217 (-20.4%), from €280,720 to €223,503
- Staff costs +€19,099
up €19,099 (+11.9%), from €160,359 to €179,458
- Depreciation -€9,346
down €9,346 (-28.2%), from €33,152 to €23,806
- Taxes -€8,913
down €8,913 (-60.6%), from €14,699 to €5,786
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 | €409,747 | €404,947 | -€4,800 | -1.2% |
| Fixed assets | 21/28 | €67,127 | €45,307 | -€21,820 | -32.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €61,607 | €39,787 | -€21,820 | -35.4% |
| Plant, machinery and equipment | 23 | €15,119 | €5,274 | -€9,846 | -65.1% |
| Furniture and vehicles | 24 | €43,068 | €32,157 | -€10,910 | -25.3% |
| Other tangible fixed assets | 26 | €3,420 | €2,356 | -€1,064 | -31.1% |
| Financial fixed assets | 28 | €5,520 | €5,520 | = | 0.0% |
| Current assets | 29/58 | €342,620 | €359,640 | +€17,020 | +5.0% |
| Stocks and contracts in progress | 3 | €25,255 | €39,274 | +€14,018 | +55.5% |
| Stocks | 30/36 | €25,255 | €39,274 | +€14,018 | +55.5% |
| Amounts receivable within one year | 40/41 | €234,933 | €136,265 | -€98,668 | -42.0% |
| Trade receivables | 40 | €234,410 | €130,262 | -€104,148 | -44.4% |
| Other amounts receivable | 41 | €523 | €6,003 | +€5,480 | +1047.7% |
| Current investments | 50/53 | - | €158,078 | +€158,078 | |
| Cash at bank and in hand | 54/58 | €76,073 | €18,710 | -€57,363 | -75.4% |
| Deferred charges and accrued income | 490/1 | €6,358 | €7,314 | +€956 | +15.0% |
| Total equity and liabilities | 10/49 | €409,747 | €404,947 | -€4,800 | -1.2% |
| Equity | 10/15 | €163,292 | €168,442 | +€5,151 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €157,092 | €157,092 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,042 | €1,042 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,042 | €1,042 | = | 0.0% |
| Distributable reserves | 133 | €156,050 | €156,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,151 | +€5,151 | |
| Amounts payable | 17/49 | €246,456 | €236,505 | -€9,951 | -4.0% |
| Amounts payable after more than one year | 17 | €46,503 | €21,982 | -€24,521 | -52.7% |
| Financial debts | 170/4 | €46,503 | €21,982 | -€24,521 | -52.7% |
| Amounts payable within one year | 42/48 | €197,908 | €214,523 | +€16,615 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €34,374 | €46,194 | +€11,820 | +34.4% |
| Financial debts | 43 | - | €84 | +€84 | |
| Credit institutions | 430/8 | - | €84 | +€84 | |
| Trade debts | 44 | €54,759 | €74,661 | +€19,901 | +36.3% |
| Suppliers | 440/4 | €54,759 | €74,661 | +€19,901 | +36.3% |
| Taxes, remuneration and social security | 45 | €102,273 | €82,809 | -€19,464 | -19.0% |
| Taxes | 450/3 | €75,024 | €63,469 | -€11,555 | -15.4% |
| Remuneration and social security | 454/9 | €27,249 | €19,340 | -€7,909 | -29.0% |
| Other amounts payable | 47/48 | €6,501 | €10,775 | +€4,274 | +65.7% |
| Accrued charges and deferred income | 492/3 | €2,044 | €0 | -€2,044 | -100.0% |
| Remuneration, social security and pensions | 62 | €160,359 | €179,458 | +€19,099 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,152 | €23,806 | -€9,346 | -28.2% |
| Other operating charges | 640/8 | €3,810 | €5,134 | +€1,324 | +34.8% |
| Non-recurring operating charges | 66A | €19,325 | - | -€19,325 | |
| Gross operating margin | 9900 | €280,720 | €223,503 | -€57,217 | -20.4% |
| Operating profit (loss) | 9901 | €64,075 | €15,106 | -€48,969 | -76.4% |
| Financial income | 75/76B | €363 | €363 | +€0 | 0.0% |
| Recurring financial income | 75 | €363 | €363 | +€0 | 0.0% |
| Financial charges | 65/66B | €4,133 | €4,532 | +€398 | +9.6% |
| Recurring financial charges | 65 | €4,133 | €4,532 | +€398 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €60,304 | €10,937 | -€49,367 | -81.9% |
| Income taxes | 67/77 | €14,699 | €5,786 | -€8,913 | -60.6% |
| Profit (loss) for the period | 9904 | €45,605 | €5,151 | -€40,454 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,605 | €5,151 | -€40,454 | -88.7% |
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 9 October 2026 via checked.be.