TLFS: 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.
TLFS
Largest movements
- Receivables within one year -€156,466
down €156,466 (-43.5%), from €359,958 to €203,492
of which Trade receivables: -€158,773
- Cash +€112,138
up €112,138 (+132.6%), from €84,545 to €196,683
mainly Receivables within one year (+€156,466) and Debts after one year (+€121,854)
- Tangible fixed assets -€74,474
down €74,474 (-15.6%), from €476,661 to €402,187
of which Furniture and vehicles: -€50,600
- Stocks and contracts -€61,671
down €61,671 (-73.4%), from €84,058 to €22,387
- Trade debts -€346,953
down €346,953 (-64.3%), from €539,378 to €192,426
- Debts after one year +€121,854
up €121,854 (+180.0%), from €67,696 to €189,550
- Tax, wage and social debts +€36,489
up €36,489 (+82.3%), from €44,353 to €80,842
of which Taxes: +€36,524
- Current portion of long-term debt +€12,161
up €12,161 (+41.9%), from €29,047 to €41,207
- Gross operating margin +€66,520
up €66,520 (+75.9%), from €87,694 to €154,214
- Depreciation +€35,490
up €35,490 (+73.9%), from €48,044 to €83,534
- Staff costs +€14,978
up €14,978 (+41.5%), from €36,133 to €51,110
- Other operating charges +€6,765
up €6,765 (+197.2%), from €3,431 to €10,196
- Financial charges +€4,258
up €4,258 (+51.6%), from €8,258 to €12,516
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 | €1,011,680 | €830,594 | -€181,086 | -17.9% |
| Fixed assets | 21/28 | €477,121 | €402,647 | -€74,474 | -15.6% |
| Tangible fixed assets | 22/27 | €476,661 | €402,187 | -€74,474 | -15.6% |
| Land and buildings | 22 | €189,745 | €184,727 | -€5,018 | -2.6% |
| Plant, machinery and equipment | 23 | €48,690 | €33,825 | -€14,866 | -30.5% |
| Furniture and vehicles | 24 | €222,725 | €172,125 | -€50,600 | -22.7% |
| Leasing and similar rights | 25 | €15,501 | €11,511 | -€3,990 | -25.7% |
| Financial fixed assets | 28 | €460 | €460 | = | 0.0% |
| Current assets | 29/58 | €534,560 | €427,947 | -€106,613 | -19.9% |
| Stocks and contracts in progress | 3 | €84,058 | €22,387 | -€61,671 | -73.4% |
| Stocks | 30/36 | €84,058 | €22,387 | -€61,671 | -73.4% |
| Amounts receivable within one year | 40/41 | €359,958 | €203,492 | -€156,466 | -43.5% |
| Trade receivables | 40 | €312,936 | €154,163 | -€158,773 | -50.7% |
| Other amounts receivable | 41 | €47,023 | €49,329 | +€2,306 | +4.9% |
| Cash at bank and in hand | 54/58 | €84,545 | €196,683 | +€112,138 | +132.6% |
| Deferred charges and accrued income | 490/1 | €5,999 | €5,385 | -€614 | -10.2% |
| Total equity and liabilities | 10/49 | €1,011,680 | €830,594 | -€181,086 | -17.9% |
| Equity | 10/15 | €330,571 | €325,768 | -€4,803 | -1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €174,366 | €174,366 | = | 0.0% |
| Distributable reserves | 133 | €174,366 | €174,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,805 | €139,002 | -€4,803 | -3.3% |
| Amounts payable | 17/49 | €681,110 | €504,826 | -€176,284 | -25.9% |
| Amounts payable after more than one year | 17 | €67,696 | €189,550 | +€121,854 | +180.0% |
| Financial debts | 170/4 | €67,696 | €189,550 | +€121,854 | +180.0% |
| Amounts payable within one year | 42/48 | €613,414 | €315,276 | -€298,138 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €29,047 | €41,207 | +€12,161 | +41.9% |
| Trade debts | 44 | €539,378 | €192,426 | -€346,953 | -64.3% |
| Suppliers | 440/4 | €539,378 | €192,426 | -€346,953 | -64.3% |
| Taxes, remuneration and social security | 45 | €44,353 | €80,842 | +€36,489 | +82.3% |
| Taxes | 450/3 | €31,765 | €68,289 | +€36,524 | +115.0% |
| Remuneration and social security | 454/9 | €12,588 | €12,553 | -€35 | -0.3% |
| Other amounts payable | 47/48 | €635 | €800 | +€165 | +26.0% |
| Remuneration, social security and pensions | 62 | €36,133 | €51,110 | +€14,978 | +41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,044 | €83,534 | +€35,490 | +73.9% |
| Other operating charges | 640/8 | €3,431 | €10,196 | +€6,765 | +197.2% |
| Gross operating margin | 9900 | €87,694 | €154,214 | +€66,520 | +75.9% |
| Operating profit (loss) | 9901 | €87 | €9,374 | +€9,287 | +10703.6% |
| Financial income | 75/76B | €2,117 | €6 | -€2,112 | -99.7% |
| Recurring financial income | 75 | €2,117 | €6 | -€2,112 | -99.7% |
| Financial charges | 65/66B | €8,258 | €12,516 | +€4,258 | +51.6% |
| Recurring financial charges | 65 | €8,258 | €12,516 | +€4,258 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,053 | -€3,136 | +€2,917 | +48.2% |
| Income taxes | 67/77 | €792 | €786 | -€6 | -0.8% |
| Profit (loss) for the period | 9904 | -€6,846 | -€3,922 | +€2,923 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,846 | -€3,922 | +€2,923 | +42.7% |
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 10 October 2026 via checked.be.