TRANSMISSION: 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.
TRANSMISSION
Largest movements
- Receivables within one year +€53,061
up €53,061 (+34.7%), from €153,127 to €206,188
of which Other amounts receivable: +€48,699
- Cash -€6,478
down €6,478 (-53.2%), from €12,174 to €5,697
mainly Receivables within one year (-€53,061) and Investment in fixed assets (net) (-€2,000)
- Reserves +€37,511
up €37,511 (+41.8%), from €89,739 to €127,250
of which Distributable reserves: +€37,511
- Tax, wage and social debts +€5,977
up €5,977 (+36.7%), from €16,294 to €22,271
of which Taxes: +€4,988
- Short-term financial debts +€3,674
up €3,674 (+45.9%), from €8,000 to €11,674
- Gross operating margin +€33,050
up €33,050 (+30.9%), from €107,070 to €140,120
- Staff costs +€12,741
up €12,741 (+17.7%), from €72,135 to €84,877
- Taxes +€7,467
up €7,467 (+60.5%), from €12,338 to €19,805
- Financial income +€2,117
up €2,117 (+34.2%), from €6,186 to €8,303
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 | €176,848 | €225,398 | +€48,550 | +27.5% |
| Fixed assets | 21/28 | €6,819 | €8,034 | +€1,216 | +17.8% |
| Tangible fixed assets | 22/27 | €1,644 | €2,859 | +€1,216 | +74.0% |
| Plant, machinery and equipment | 23 | €1,644 | €859 | -€784 | -47.7% |
| Assets under construction and advance payments | 27 | - | €2,000 | +€2,000 | |
| Financial fixed assets | 28 | €5,175 | €5,175 | = | 0.0% |
| Current assets | 29/58 | €170,029 | €217,363 | +€47,334 | +27.8% |
| Stocks and contracts in progress | 3 | €4,298 | €4,942 | +€645 | +15.0% |
| Stocks | 30/36 | €4,298 | €4,942 | +€645 | +15.0% |
| Amounts receivable within one year | 40/41 | €153,127 | €206,188 | +€53,061 | +34.7% |
| Trade receivables | 40 | €26,614 | €30,976 | +€4,362 | +16.4% |
| Other amounts receivable | 41 | €126,513 | €175,212 | +€48,699 | +38.5% |
| Cash at bank and in hand | 54/58 | €12,174 | €5,697 | -€6,478 | -53.2% |
| Deferred charges and accrued income | 490/1 | €431 | €536 | +€106 | +24.6% |
| Total equity and liabilities | 10/49 | €176,848 | €225,398 | +€48,550 | +27.5% |
| Equity | 10/15 | €147,190 | €184,701 | +€37,511 | +25.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €89,739 | €127,250 | +€37,511 | +41.8% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,339 | €8,339 | = | 0.0% |
| Distributable reserves | 133 | €77,682 | €115,193 | +€37,511 | +48.3% |
| Profit (loss) carried forward | 14 | €20,267 | €20,267 | = | 0.0% |
| Amounts payable | 17/49 | €29,657 | €40,696 | +€11,039 | +37.2% |
| Amounts payable within one year | 42/48 | €29,657 | €40,696 | +€11,039 | +37.2% |
| Financial debts | 43 | €8,000 | €11,674 | +€3,674 | +45.9% |
| Credit institutions | 430/8 | €8,000 | €11,674 | +€3,674 | +45.9% |
| Trade debts | 44 | €5,363 | €6,751 | +€1,388 | +25.9% |
| Suppliers | 440/4 | €5,363 | €6,751 | +€1,388 | +25.9% |
| Taxes, remuneration and social security | 45 | €16,294 | €22,271 | +€5,977 | +36.7% |
| Taxes | 450/3 | €10,233 | €15,221 | +€4,988 | +48.7% |
| Remuneration and social security | 454/9 | €6,061 | €7,050 | +€989 | +16.3% |
| Remuneration, social security and pensions | 62 | €72,135 | €84,877 | +€12,741 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €963 | €784 | -€178 | -18.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €107,070 | €140,120 | +€33,050 | +30.9% |
| Operating profit (loss) | 9901 | €33,585 | €54,059 | +€20,475 | +61.0% |
| Financial income | 75/76B | €6,186 | €8,303 | +€2,117 | +34.2% |
| Recurring financial income | 75 | €6,186 | €8,303 | +€2,117 | +34.2% |
| Financial charges | 65/66B | €4,637 | €5,047 | +€410 | +8.8% |
| Recurring financial charges | 65 | €4,637 | €5,047 | +€410 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €35,134 | €57,316 | +€22,182 | +63.1% |
| Income taxes | 67/77 | €12,338 | €19,805 | +€7,467 | +60.5% |
| Profit (loss) for the period | 9904 | €22,796 | €37,511 | +€14,715 | +64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,796 | €37,511 | +€14,715 | +64.5% |
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 25 October 2026 via checked.be.