TO-DO: what changed
TO-DO
Largest movements
- Tangible fixed assets -€154,425
down €154,425 (-86.3%), from €179,016 to €24,591
of which Land and buildings: -€138,681
- Receivables within one year -€38,253
down €38,253 (-46.8%), from €81,679 to €43,426
of which Trade receivables: -€24,968
- Cash +€38,087
up €38,087 (+299%), from €12,733 to €50,820
mainly Investment in fixed assets (net) (+€138,681) and Receivables within one year (+€38,253)
- Stocks and contracts -€4,758
down €4,758 (-24.9%), from €19,128 to €14,370
- Deferred charges and accrued income -€3,298
no longer reported in 2025 (was €3,298)
- Debts after one year -€107,887
down €107,887 (-90.8%), from €118,790 to €10,903
- Trade debts -€50,380
down €50,380 (-95.7%), from €52,630 to €2,250
- Reserves +€19,150
up €19,150 (+37.2%), from €51,513 to €70,663
- Current portion of long-term debt -€16,495
down €16,495 (-51.0%), from €32,370 to €15,875
- Tax, wage and social debts -€11,169
down €11,169 (-57.4%), from €19,468 to €8,299
of which Remuneration and social security: -€6,018
- Gross operating margin +€18,989
up €18,989 (+18.5%), from €102,522 to €121,511
- Depreciation -€10,756
down €10,756 (-40.6%), from €26,500 to €15,744
- Taxes +€8,732
up €8,732, from -€433 to €8,299
- Staff costs -€7,780
down €7,780 (-10.5%), from €74,144 to €66,364
- Financial charges +€2,102
up €2,102 (+39.8%), from €5,286 to €7,388
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €295,854 | €133,207 | -€162,647 | -55.0% |
| Fixed assets | 21/28 | €179,016 | €24,591 | -€154,425 | -86.3% |
| Tangible fixed assets | 22/27 | €179,016 | €24,591 | -€154,425 | -86.3% |
| Land and buildings | 22 | €138,681 | - | -€138,681 | |
| Plant, machinery and equipment | 23 | €5,185 | €2,006 | -€3,179 | -61.3% |
| Furniture and vehicles | 24 | €35,150 | €22,585 | -€12,565 | -35.7% |
| Current assets | 29/58 | €116,838 | €108,616 | -€8,222 | -7.0% |
| Stocks and contracts in progress | 3 | €19,128 | €14,370 | -€4,758 | -24.9% |
| Stocks | 30/36 | €19,128 | €14,370 | -€4,758 | -24.9% |
| Amounts receivable within one year | 40/41 | €81,679 | €43,426 | -€38,253 | -46.8% |
| Trade receivables | 40 | €56,898 | €31,930 | -€24,968 | -43.9% |
| Other amounts receivable | 41 | €24,781 | €11,496 | -€13,285 | -53.6% |
| Cash at bank and in hand | 54/58 | €12,733 | €50,820 | +€38,087 | +299% |
| Deferred charges and accrued income | 490/1 | €3,298 | - | -€3,298 | |
| Total equity and liabilities | 10/49 | €295,854 | €133,207 | -€162,647 | -55.0% |
| Equity | 10/15 | €72,596 | €91,746 | +€19,150 | +26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,513 | €70,663 | +€19,150 | +37.2% |
| Distributable reserves | 133 | €51,513 | €70,663 | +€19,150 | +37.2% |
| Profit (loss) carried forward | 14 | €2,483 | €2,483 | = | 0.0% |
| Amounts payable | 17/49 | €223,258 | €41,461 | -€181,797 | -81.4% |
| Amounts payable after more than one year | 17 | €118,790 | €10,903 | -€107,887 | -90.8% |
| Financial debts | 170/4 | €118,790 | €10,903 | -€107,887 | -90.8% |
| Amounts payable within one year | 42/48 | €104,468 | €30,558 | -€73,910 | -70.7% |
| Current portion of amounts payable after more than one year | 42 | €32,370 | €15,875 | -€16,495 | -51.0% |
| Trade debts | 44 | €52,630 | €2,250 | -€50,380 | -95.7% |
| Suppliers | 440/4 | €52,630 | €2,250 | -€50,380 | -95.7% |
| Taxes, remuneration and social security | 45 | €19,468 | €8,299 | -€11,169 | -57.4% |
| Taxes | 450/3 | €13,450 | €8,299 | -€5,151 | -38.3% |
| Remuneration and social security | 454/9 | €6,018 | - | -€6,018 | |
| Other amounts payable | 47/48 | - | €4,134 | +€4,134 | |
| Remuneration, social security and pensions | 62 | €74,144 | €66,364 | -€7,780 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,500 | €15,744 | -€10,756 | -40.6% |
| Other operating charges | 640/8 | €3,187 | €4,756 | +€1,569 | +49.2% |
| Gross operating margin | 9900 | €102,522 | €121,511 | +€18,989 | +18.5% |
| Operating profit (loss) | 9901 | -€1,309 | €34,647 | +€35,956 | |
| Financial income | 75/76B | €236 | €190 | -€46 | -19.5% |
| Recurring financial income | 75 | €236 | €190 | -€46 | -19.5% |
| Financial charges | 65/66B | €5,286 | €7,388 | +€2,102 | +39.8% |
| Recurring financial charges | 65 | €5,286 | €7,388 | +€2,102 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,359 | €27,449 | +€33,808 | |
| Income taxes | 67/77 | -€433 | €8,299 | +€8,732 | |
| Profit (loss) for the period | 9904 | -€5,926 | €19,150 | +€25,076 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,926 | €19,150 | +€25,076 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.