TRACK ABILITIES: 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.
TRACK ABILITIES
Largest movements
- Tangible fixed assets +€432,259
up €432,259 (+247940.2%), from €174 to €432,433
of which Land and buildings: +€422,689
- Cash -€100,680
down €100,680 (-50.8%), from €198,226 to €97,546
mainly Investment in fixed assets (net) (-€442,315) and Receivables within one year (-€40,250)
- Receivables within one year +€40,250
up €40,250 (+26.7%), from €150,876 to €191,126
of which Trade receivables: +€46,019
- Intangible fixed assets -€15,616
down €15,616 (-45.5%), from €34,304 to €18,687
- Debts after one year +€287,205
up €287,205 (+246.8%), from €116,361 to €403,566
- Trade debts +€46,726
up €46,726 (+115.7%), from €40,373 to €87,099
- Short-term financial debts +€25,603
new in 2025: €25,603
- Accrued charges and deferred income -€17,843
down €17,843 (-42.6%), from €41,884 to €24,041
- Reserves +€8,518
up €8,518 (+7.9%), from €107,566 to €116,084
- Gross operating margin -€46,245
down €46,245 (-49.4%), from €93,533 to €47,288
- Taxes -€16,436
down €16,436 (-76.0%), from €21,620 to €5,184
- Depreciation +€9,362
up €9,362 (+57.4%), from €16,310 to €25,672
- Financial charges +€3,874
up €3,874 (+119.1%), from €3,253 to €7,126
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 | €383,972 | €742,728 | +€358,756 | +93.4% |
| Fixed assets | 21/28 | €34,534 | €451,177 | +€416,643 | +1206.5% |
| Intangible fixed assets | 21 | €34,304 | €18,687 | -€15,616 | -45.5% |
| Tangible fixed assets | 22/27 | €174 | €432,433 | +€432,259 | +247940.2% |
| Land and buildings | 22 | - | €422,689 | +€422,689 | |
| Plant, machinery and equipment | 23 | - | €9,744 | +€9,744 | |
| Furniture and vehicles | 24 | €174 | - | -€174 | |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €349,438 | €291,552 | -€57,886 | -16.6% |
| Amounts receivable within one year | 40/41 | €150,876 | €191,126 | +€40,250 | +26.7% |
| Trade receivables | 40 | €136,012 | €182,031 | +€46,019 | +33.8% |
| Other amounts receivable | 41 | €14,864 | €9,095 | -€5,769 | -38.8% |
| Cash at bank and in hand | 54/58 | €198,226 | €97,546 | -€100,680 | -50.8% |
| Deferred charges and accrued income | 490/1 | €336 | €2,880 | +€2,544 | +756.5% |
| Total equity and liabilities | 10/49 | €383,972 | €742,728 | +€358,756 | +93.4% |
| Equity | 10/15 | €140,566 | €149,084 | +€8,518 | +6.1% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €107,566 | €116,084 | +€8,518 | +7.9% |
| Distributable reserves | 133 | €107,566 | €116,084 | +€8,518 | +7.9% |
| Amounts payable | 17/49 | €243,406 | €593,644 | +€350,239 | +143.9% |
| Amounts payable after more than one year | 17 | €116,361 | €403,566 | +€287,205 | +246.8% |
| Financial debts | 170/4 | €116,361 | €403,566 | +€287,205 | +246.8% |
| Amounts payable within one year | 42/48 | €85,161 | €166,037 | +€80,877 | +95.0% |
| Current portion of amounts payable after more than one year | 42 | €16,281 | €16,769 | +€488 | +3.0% |
| Financial debts | 43 | - | €25,603 | +€25,603 | |
| Credit institutions | 430/8 | - | €25,603 | +€25,603 | |
| Trade debts | 44 | €40,373 | €87,099 | +€46,726 | +115.7% |
| Suppliers | 440/4 | €40,373 | €87,099 | +€46,726 | +115.7% |
| Taxes, remuneration and social security | 45 | €28,260 | €35,733 | +€7,473 | +26.4% |
| Taxes | 450/3 | €28,260 | €35,733 | +€7,473 | +26.4% |
| Other amounts payable | 47/48 | €248 | €834 | +€586 | +236.8% |
| Accrued charges and deferred income | 492/3 | €41,884 | €24,041 | -€17,843 | -42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,310 | €25,672 | +€9,362 | +57.4% |
| Other operating charges | 640/8 | €62 | €787 | +€725 | +1169.5% |
| Gross operating margin | 9900 | €93,533 | €47,288 | -€46,245 | -49.4% |
| Operating profit (loss) | 9901 | €77,160 | €20,828 | -€56,332 | -73.0% |
| Financial income | 75/76B | €18 | €0 | -€18 | -99.9% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -99.9% |
| Financial charges | 65/66B | €3,253 | €7,126 | +€3,874 | +119.1% |
| Recurring financial charges | 65 | €3,253 | €7,126 | +€3,874 | +119.1% |
| Profit (loss) for the period before taxes | 9903 | €73,926 | €13,702 | -€60,224 | -81.5% |
| Income taxes | 67/77 | €21,620 | €5,184 | -€16,436 | -76.0% |
| Profit (loss) for the period | 9904 | €52,306 | €8,518 | -€43,788 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,306 | €8,518 | -€43,788 | -83.7% |
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 9 October 2026 via checked.be.