TO B-SEEN: 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.
TO B-SEEN
Largest movements
- Tangible fixed assets +€99,106
up €99,106 (+57.8%), from €171,513 to €270,619
of which Other tangible fixed assets: +€117,303
- Cash +€91,207
up €91,207 (+78.7%), from €115,955 to €207,162
mainly Net result for the year (+€136,514) and Debts after one year (+€60,534)
- Receivables within one year -€41,636
down €41,636 (-38.8%), from €107,252 to €65,616
of which Other amounts receivable: -€30,505
- Receivables after one year -€37,000
down €37,000 (-32.7%), from €113,000 to €76,000
- Current investments +€8,000
new in 2025: €8,000
- Debts after one year +€60,534
up €60,534 (+107%), from €56,751 to €117,285
- Reserves +€46,514
up €46,514 (+26.6%), from €174,955 to €221,469
of which Distributable reserves: +€46,514
- Trade debts -€45,385
down €45,385 (-43.6%), from €104,181 to €58,795
- Tax, wage and social debts +€36,897
up €36,897 (+63.0%), from €58,540 to €95,437
of which Remuneration and social security: +€19,115
- Current portion of long-term debt +€19,324
up €19,324 (+124%), from €15,591 to €34,915
- Gross operating margin +€196,702
up €196,702 (+46.4%), from €424,314 to €621,016
- Staff costs +€120,364
up €120,364 (+46.5%), from €258,972 to €379,336
- Depreciation +€22,674
up €22,674 (+127%), from €17,884 to €40,559
- Taxes +€20,565
up €20,565 (+57.2%), from €35,952 to €56,518
- Write-downs +€11,590
no longer reported in 2025 (was -€11,590)
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.
Derived cash bridge
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 | €526,816 | €643,479 | +€116,663 | +22.1% |
| Fixed assets | 21/28 | €171,528 | €270,634 | +€99,106 | +57.8% |
| Tangible fixed assets | 22/27 | €171,513 | €270,619 | +€99,106 | +57.8% |
| Plant, machinery and equipment | 23 | €1,837 | €715 | -€1,122 | -61.1% |
| Furniture and vehicles | 24 | €100,839 | €83,764 | -€17,075 | -16.9% |
| Other tangible fixed assets | 26 | €68,837 | €186,140 | +€117,303 | +170% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €355,288 | €372,845 | +€17,557 | +4.9% |
| Amounts receivable after more than one year | 29 | €113,000 | €76,000 | -€37,000 | -32.7% |
| Other amounts receivable | 291 | €113,000 | €76,000 | -€37,000 | -32.7% |
| Stocks and contracts in progress | 3 | €194 | €195 | +€1 | +0.3% |
| Stocks | 30/36 | €194 | €195 | +€1 | +0.3% |
| Amounts receivable within one year | 40/41 | €107,252 | €65,616 | -€41,636 | -38.8% |
| Trade receivables | 40 | €76,747 | €65,616 | -€11,130 | -14.5% |
| Other amounts receivable | 41 | €30,505 | - | -€30,505 | |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €115,955 | €207,162 | +€91,207 | +78.7% |
| Deferred charges and accrued income | 490/1 | €18,886 | €15,871 | -€3,015 | -16.0% |
| Total equity and liabilities | 10/49 | €526,816 | €643,479 | +€116,663 | +22.1% |
| Equity | 10/15 | €193,505 | €240,019 | +€46,514 | +24.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €174,955 | €221,469 | +€46,514 | +26.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €21 | €21 | = | 0.0% |
| Distributable reserves | 133 | €173,079 | €219,593 | +€46,514 | +26.9% |
| Amounts payable | 17/49 | €333,310 | €403,459 | +€70,149 | +21.0% |
| Amounts payable after more than one year | 17 | €56,751 | €117,285 | +€60,534 | +107% |
| Financial debts | 170/4 | €56,751 | €117,285 | +€60,534 | +107% |
| Amounts payable within one year | 42/48 | €272,061 | €281,423 | +€9,362 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €15,591 | €34,915 | +€19,324 | +124% |
| Trade debts | 44 | €104,181 | €58,795 | -€45,385 | -43.6% |
| Suppliers | 440/4 | €104,181 | €58,795 | -€45,385 | -43.6% |
| Taxes, remuneration and social security | 45 | €58,540 | €95,437 | +€36,897 | +63.0% |
| Taxes | 450/3 | €2,941 | €20,723 | +€17,782 | +605% |
| Remuneration and social security | 454/9 | €55,599 | €74,715 | +€19,115 | +34.4% |
| Other amounts payable | 47/48 | €93,749 | €92,276 | -€1,474 | -1.6% |
| Accrued charges and deferred income | 492/3 | €4,498 | €4,751 | +€253 | +5.6% |
| Remuneration, social security and pensions | 62 | €258,972 | €379,336 | +€120,364 | +46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,884 | €40,559 | +€22,674 | +127% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,590 | - | +€11,590 | |
| Other operating charges | 640/8 | €14,458 | €4,227 | -€10,230 | -70.8% |
| Non-recurring operating charges | 66A | - | €674 | +€674 | |
| Gross operating margin | 9900 | €424,314 | €621,016 | +€196,702 | +46.4% |
| Operating profit (loss) | 9901 | €144,590 | €196,221 | +€51,631 | +35.7% |
| Financial income | 75/76B | €96 | €4,284 | +€4,188 | +4,381% |
| Recurring financial income | 75 | €96 | €603 | +€508 | +531% |
| Non-recurring financial income | 76B | - | €3,680 | +€3,680 | |
| Financial charges | 65/66B | €2,719 | €7,473 | +€4,754 | +175% |
| Recurring financial charges | 65 | €2,719 | €7,473 | +€4,754 | +175% |
| Profit (loss) for the period before taxes | 9903 | €141,966 | €193,032 | +€51,065 | +36.0% |
| Income taxes | 67/77 | €35,952 | €56,518 | +€20,565 | +57.2% |
| Profit (loss) for the period | 9904 | €106,014 | €136,514 | +€30,500 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €106,014 | €136,514 | +€30,500 | +28.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.