TOP WINDOWS: 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.
TOP WINDOWS
Largest movements
- Cash -€159,399
down €159,399 (-46.0%), from €346,605 to €187,207
mainly Trade debts (-€144,029) and Stocks and contracts (-€67,764)
- Stocks and contracts +€67,764
up €67,764 (+14.4%), from €471,977 to €539,742
of which Contracts in progress: +€55,587
- Receivables within one year -€40,778
down €40,778 (-4.4%), from €930,527 to €889,749
of which Trade receivables: -€32,393
- Trade debts -€144,029
down €144,029 (-10.2%), from €1.4m to €1.3m
- Staff costs +€71,702
up €71,702 (+49.0%), from €146,410 to €218,112
- Gross operating margin +€52,176
up €52,176 (+29.1%), from €179,387 to €231,563
- Financial charges -€16,054
down €16,054 (-52.2%), from €30,757 to €14,704
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 | €1,759,700 | €1,616,697 | -€143,002 | -8.1% |
| Formation expenses | 20 | €9,987 | €0 | -€9,987 | -100.0% |
| Current assets | 29/58 | €1,749,713 | €1,616,697 | -€133,015 | -7.6% |
| Stocks and contracts in progress | 3 | €471,977 | €539,742 | +€67,764 | +14.4% |
| Stocks | 30/36 | €49,406 | €61,583 | +€12,178 | +24.6% |
| Contracts in progress | 37 | €422,572 | €478,158 | +€55,587 | +13.2% |
| Amounts receivable within one year | 40/41 | €930,527 | €889,749 | -€40,778 | -4.4% |
| Trade receivables | 40 | €727,691 | €695,298 | -€32,393 | -4.5% |
| Other amounts receivable | 41 | €202,836 | €194,451 | -€8,385 | -4.1% |
| Cash at bank and in hand | 54/58 | €346,605 | €187,207 | -€159,399 | -46.0% |
| Deferred charges and accrued income | 490/1 | €603 | €0 | -€603 | -100.0% |
| Total equity and liabilities | 10/49 | €1,759,700 | €1,616,697 | -€143,002 | -8.1% |
| Equity | 10/15 | €290,955 | €284,463 | -€6,492 | -2.2% |
| Contributions | 10/11 | €340,549 | €340,549 | = | 0.0% |
| Reserves | 13 | €34,055 | €34,055 | = | 0.0% |
| Distributable reserves | 133 | €34,055 | €34,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,649 | -€90,140 | -€6,492 | -7.8% |
| Amounts payable | 17/49 | €1,468,744 | €1,332,234 | -€136,510 | -9.3% |
| Amounts payable within one year | 42/48 | €1,468,462 | €1,332,234 | -€136,228 | -9.3% |
| Trade debts | 44 | €1,415,773 | €1,271,744 | -€144,029 | -10.2% |
| Suppliers | 440/4 | €1,415,773 | €1,271,744 | -€144,029 | -10.2% |
| Taxes, remuneration and social security | 45 | €8,457 | €14,489 | +€6,032 | +71.3% |
| Taxes | 450/3 | €212 | €364 | +€152 | +71.8% |
| Remuneration and social security | 454/9 | €8,245 | €14,125 | +€5,880 | +71.3% |
| Other amounts payable | 47/48 | €44,232 | €46,001 | +€1,769 | +4.0% |
| Accrued charges and deferred income | 492/3 | €283 | €0 | -€283 | -100.0% |
| Remuneration, social security and pensions | 62 | €146,410 | €218,112 | +€71,702 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,014 | €9,987 | -€27 | -0.3% |
| Other operating charges | 640/8 | €1,215 | €1,268 | +€52 | +4.3% |
| Non-recurring operating charges | 66A | - | €1,250 | +€1,250 | |
| Gross operating margin | 9900 | €179,387 | €231,563 | +€52,176 | +29.1% |
| Operating profit (loss) | 9901 | €21,748 | €947 | -€20,801 | -95.6% |
| Financial income | 75/76B | €9,248 | €7,265 | -€1,983 | -21.4% |
| Recurring financial income | 75 | €9,248 | €7,265 | -€1,983 | -21.4% |
| Financial charges | 65/66B | €30,757 | €14,704 | -€16,054 | -52.2% |
| Recurring financial charges | 65 | €30,757 | €14,704 | -€16,054 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €239 | -€6,492 | -€6,731 | |
| Profit (loss) for the period | 9904 | €239 | -€6,492 | -€6,731 | |
| Profit (loss) for the period to be appropriated | 9905 | €239 | -€6,492 | -€6,731 |
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 4 October 2026 via checked.be.