TOTAL CONCEPT: 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.
TOTAL CONCEPT
Largest movements
- Stocks and contracts -€283,179
down €283,179 (-60.8%), from €465,697 to €182,518
of which Contracts in progress: -€315,435
- Receivables within one year +€248,056
up €248,056 (+16.3%), from €1.5m to €1.8m
of which Trade receivables: +€263,892
- Intangible fixed assets -€123,920
down €123,920 (-10.9%), from €1.1m to €1.0m
- Cash -€116,878
down €116,878 (-61.7%), from €189,525 to €72,647
mainly Accrued charges and deferred income (-€274,772) and Receivables within one year (-€248,056)
- Accrued charges and deferred income -€274,772
down €274,772 (-39.6%), from €694,012 to €419,240
- Trade debts -€230,770
down €230,770 (-40.1%), from €575,180 to €344,410
- Debts after one year +€159,502
up €159,502 (+22.9%), from €697,718 to €857,220
- Tax, wage and social debts +€78,682
up €78,682 (+23.6%), from €333,289 to €411,971
of which Remuneration and social security: +€78,762
- Current portion of long-term debt -€43,627
down €43,627 (-32.2%), from €135,610 to €91,982
- Gross operating margin +€1.2m
up €1.2m (+203.4%), from €577,375 to €1.8m
- Staff costs +€1.1m
up €1.1m (+300.6%), from €369,043 to €1.5m
- Financial charges +€56,899
up €56,899 (+162.4%), from €35,028 to €91,927
- Depreciation +€50,617
up €50,617 (+59.6%), from €84,934 to €135,552
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 | €3,414,644 | €3,138,340 | -€276,304 | -8.1% |
| Fixed assets | 21/28 | €1,234,068 | €1,098,516 | -€135,552 | -11.0% |
| Intangible fixed assets | 21 | €1,138,614 | €1,014,694 | -€123,920 | -10.9% |
| Tangible fixed assets | 22/27 | €95,454 | €83,822 | -€11,632 | -12.2% |
| Land and buildings | 22 | €92,272 | €0 | -€92,272 | -100.0% |
| Plant, machinery and equipment | 23 | €1,681 | €1,307 | -€374 | -22.3% |
| Furniture and vehicles | 24 | €1,501 | €650 | -€850 | -56.7% |
| Other tangible fixed assets | 26 | - | €81,865 | +€81,865 | |
| Current assets | 29/58 | €2,180,576 | €2,039,824 | -€140,752 | -6.5% |
| Stocks and contracts in progress | 3 | €465,697 | €182,518 | -€283,179 | -60.8% |
| Stocks | 30/36 | €33,739 | €65,996 | +€32,256 | +95.6% |
| Contracts in progress | 37 | €431,957 | €116,522 | -€315,435 | -73.0% |
| Amounts receivable within one year | 40/41 | €1,524,529 | €1,772,585 | +€248,056 | +16.3% |
| Trade receivables | 40 | €1,505,251 | €1,769,143 | +€263,892 | +17.5% |
| Other amounts receivable | 41 | €19,278 | €3,442 | -€15,837 | -82.1% |
| Cash at bank and in hand | 54/58 | €189,525 | €72,647 | -€116,878 | -61.7% |
| Deferred charges and accrued income | 490/1 | €826 | €12,074 | +€11,249 | +1362.2% |
| Total equity and liabilities | 10/49 | €3,414,644 | €3,138,340 | -€276,304 | -8.1% |
| Equity | 10/15 | €445,980 | €447,904 | +€1,924 | +0.4% |
| Contributions | 10/11 | €218,592 | €218,592 | = | 0.0% |
| Capital | 10 | €218,592 | €218,592 | = | 0.0% |
| Issued capital | 100 | €218,592 | €218,592 | = | 0.0% |
| Reserves | 13 | €227,300 | €229,300 | +€2,000 | +0.9% |
| Non-distributable reserves | 130/1 | €5,600 | €5,700 | +€100 | +1.8% |
| Legal reserve | 130 | €5,600 | €5,700 | +€100 | +1.8% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €184,200 | €186,100 | +€1,900 | +1.0% |
| Profit (loss) carried forward | 14 | €88 | €12 | -€77 | -86.7% |
| Amounts payable | 17/49 | €2,968,664 | €2,690,437 | -€278,227 | -9.4% |
| Amounts payable after more than one year | 17 | €697,718 | €857,220 | +€159,502 | +22.9% |
| Financial debts | 170/4 | €697,718 | €857,220 | +€159,502 | +22.9% |
| Amounts payable within one year | 42/48 | €1,576,935 | €1,413,977 | -€162,957 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €135,610 | €91,982 | -€43,627 | -32.2% |
| Financial debts | 43 | €532,856 | €565,614 | +€32,758 | +6.1% |
| Credit institutions | 430/8 | €532,856 | €565,614 | +€32,758 | +6.1% |
| Trade debts | 44 | €575,180 | €344,410 | -€230,770 | -40.1% |
| Suppliers | 440/4 | €575,180 | €344,410 | -€230,770 | -40.1% |
| Taxes, remuneration and social security | 45 | €333,289 | €411,971 | +€78,682 | +23.6% |
| Taxes | 450/3 | €140,866 | €140,787 | -€80 | -0.1% |
| Remuneration and social security | 454/9 | €192,423 | €271,184 | +€78,762 | +40.9% |
| Accrued charges and deferred income | 492/3 | €694,012 | €419,240 | -€274,772 | -39.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €369,043 | €1,478,346 | +€1.1m | +300.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,934 | €135,552 | +€50,617 | +59.6% |
| Other operating charges | 640/8 | €4,781 | €10,089 | +€5,308 | +111.0% |
| Non-recurring operating charges | 66A | €8,404 | €18,892 | +€10,488 | +124.8% |
| Gross operating margin | 9900 | €577,375 | €1,751,880 | +€1.2m | +203.4% |
| Operating profit (loss) | 9901 | €110,212 | €109,001 | -€1,211 | -1.1% |
| Financial income | 75/76B | €14,382 | €18,202 | +€3,820 | +26.6% |
| Recurring financial income | 75 | €14,382 | €18,202 | +€3,820 | +26.6% |
| Financial charges | 65/66B | €35,028 | €91,927 | +€56,899 | +162.4% |
| Recurring financial charges | 65 | €35,028 | €91,927 | +€56,899 | +162.4% |
| Profit (loss) for the period before taxes | 9903 | €89,566 | €35,275 | -€54,291 | -60.6% |
| Income taxes | 67/77 | €34,621 | €33,352 | -€1,269 | -3.7% |
| Profit (loss) for the period | 9904 | €54,946 | €1,924 | -€53,022 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,946 | €1,924 | -€53,022 | -96.5% |
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 9 October 2026 via checked.be.