TOUT FIX: 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.
TOUT FIX
Largest movements
- Stocks and contracts -€89,254
down €89,254 (-10.9%), from €815,147 to €725,893
- Cash -€48,050
down €48,050 (-72.6%), from €66,220 to €18,170
mainly Short-term financial debts (-€113,759) and Contributions, distributions and other (-€52,000)
- Current investments -€42,479
down €42,479 (-41.2%), from €103,072 to €60,593
- Receivables within one year +€34,563
up €34,563 (+9.8%), from €354,043 to €388,606
of which Trade receivables: +€40,054
- Short-term financial debts -€113,759
down €113,759 (-18.7%), from €608,323 to €494,563
- Debts after one year -€21,553
down €21,553 (-29.8%), from €72,412 to €50,859
- Accrued charges and deferred income -€17,751
no longer reported in 2025 (was €17,751)
- Staff costs -€75,524
down €75,524 (-19.4%), from €388,814 to €313,290
- Write-downs +€44,761
new in 2025: €44,761
- Depreciation +€22,327
up €22,327 (+95.7%), from €23,319 to €45,647
- Gross operating margin -€21,992
down €21,992 (-4.1%), from €530,857 to €508,865
- Financial charges -€13,317
down €13,317 (-26.9%), from €49,512 to €36,196
of which Financial charges: -€13,328
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 | €1,721,133 | €1,560,863 | -€160,270 | -9.3% |
| Fixed assets | 21/28 | €382,652 | €367,602 | -€15,050 | -3.9% |
| Tangible fixed assets | 22/27 | €382,402 | €367,352 | -€15,050 | -3.9% |
| Land and buildings | 22 | €268,813 | €250,379 | -€18,433 | -6.9% |
| Plant, machinery and equipment | 23 | €9,016 | €19,002 | +€9,986 | +111% |
| Furniture and vehicles | 24 | €53,869 | €62,012 | +€8,143 | +15.1% |
| Leasing and similar rights | 25 | €47,562 | €34,388 | -€13,174 | -27.7% |
| Other tangible fixed assets | 26 | €3,142 | €1,571 | -€1,571 | -50.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,338,481 | €1,193,261 | -€145,220 | -10.8% |
| Stocks and contracts in progress | 3 | €815,147 | €725,893 | -€89,254 | -10.9% |
| Stocks | 30/36 | €815,147 | €725,893 | -€89,254 | -10.9% |
| Amounts receivable within one year | 40/41 | €354,043 | €388,606 | +€34,563 | +9.8% |
| Trade receivables | 40 | €336,012 | €376,067 | +€40,054 | +11.9% |
| Other amounts receivable | 41 | €18,031 | €12,539 | -€5,491 | -30.5% |
| Current investments | 50/53 | €103,072 | €60,593 | -€42,479 | -41.2% |
| Cash at bank and in hand | 54/58 | €66,220 | €18,170 | -€48,050 | -72.6% |
| Total equity and liabilities | 10/49 | €1,721,133 | €1,560,863 | -€160,270 | -9.3% |
| Equity | 10/15 | €744,349 | €741,726 | -€2,623 | -0.4% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Capital | 10 | €205,000 | €205,000 | = | 0.0% |
| Issued capital | 100 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €212,745 | €212,745 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,500 | €20,500 | = | 0.0% |
| Legal reserve | 130 | €20,500 | €20,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,832 | €29,832 | = | 0.0% |
| Distributable reserves | 133 | €162,413 | €162,413 | = | 0.0% |
| Profit (loss) carried forward | 14 | €326,604 | €323,981 | -€2,623 | -0.8% |
| Amounts payable | 17/49 | €976,784 | €819,137 | -€157,647 | -16.1% |
| Amounts payable after more than one year | 17 | €72,412 | €50,859 | -€21,553 | -29.8% |
| Financial debts | 170/4 | €72,412 | €50,859 | -€21,553 | -29.8% |
| Amounts payable within one year | 42/48 | €886,621 | €768,279 | -€118,342 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €20,522 | €21,553 | +€1,031 | +5.0% |
| Financial debts | 43 | €608,323 | €494,563 | -€113,759 | -18.7% |
| Credit institutions | 430/8 | €608,323 | €494,563 | -€113,759 | -18.7% |
| Trade debts | 44 | €168,733 | €177,927 | +€9,194 | +5.4% |
| Suppliers | 440/4 | €168,733 | €177,927 | +€9,194 | +5.4% |
| Taxes, remuneration and social security | 45 | €88,133 | €72,925 | -€15,208 | -17.3% |
| Taxes | 450/3 | €42,074 | €8,241 | -€33,834 | -80.4% |
| Remuneration and social security | 454/9 | €46,059 | €64,685 | +€18,626 | +40.4% |
| Other amounts payable | 47/48 | €910 | €1,310 | +€400 | +44.0% |
| Accrued charges and deferred income | 492/3 | €17,751 | - | -€17,751 | |
| Remuneration, social security and pensions | 62 | €388,814 | €313,290 | -€75,524 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,319 | €45,647 | +€22,327 | +95.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €44,761 | +€44,761 | |
| Other operating charges | 640/8 | €12,199 | €10,883 | -€1,316 | -10.8% |
| Gross operating margin | 9900 | €530,857 | €508,865 | -€21,992 | -4.1% |
| Operating profit (loss) | 9901 | €106,525 | €94,285 | -€12,240 | -11.5% |
| Financial income | 75/76B | €5,692 | €6,437 | +€745 | +13.1% |
| Recurring financial income | 75 | €5,692 | €6,429 | +€737 | +13.0% |
| Non-recurring financial income | 76B | - | €8 | +€8 | |
| Financial charges | 65/66B | €49,512 | €36,196 | -€13,317 | -26.9% |
| Recurring financial charges | 65 | €49,512 | €36,185 | -€13,328 | -26.9% |
| Non-recurring financial charges | 66B | - | €11 | +€11 | |
| Profit (loss) for the period before taxes | 9903 | €62,705 | €64,526 | +€1,821 | +2.9% |
| Income taxes | 67/77 | €13,597 | €15,149 | +€1,552 | +11.4% |
| Profit (loss) for the period | 9904 | €49,108 | €49,377 | +€269 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,108 | €49,377 | +€269 | +0.5% |
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 21 October 2026 via checked.be.