TUNING BOX: 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.
TUNING BOX
Largest movements
- Tangible fixed assets -€28,669
down €28,669 (-8.3%), from €344,131 to €315,462
of which Land and buildings: -€23,289
- Receivables within one year +€16,661
up €16,661 (+39.8%), from €41,907 to €58,568
- Cash -€11,917
down €11,917 (-43.0%), from €27,690 to €15,773
mainly Net result for the year (-€53,375) and Receivables within one year (-€16,661)
- Stocks and contracts +€8,008
up €8,008 (+6.4%), from €125,703 to €133,711
- Intangible fixed assets -€7,361
down €7,361 (-42.3%), from €17,417 to €10,056
- Profit (loss) carried forward -€53,375
down €53,375 (-82.8%), from -€64,445 to -€117,820
- Debts after one year +€29,705
up €29,705 (+29.6%), from €100,218 to €129,923
of which Other amounts payable: +€38,495
- Trade debts +€11,864
up €11,864 (+7.8%), from €152,624 to €164,489
- Tax, wage and social debts -€6,877
down €6,877 (-26.6%), from €25,855 to €18,978
of which Remuneration and social security: -€6,044
- Staff costs -€59,827
down €59,827 (-50.9%), from €117,456 to €57,628
- Gross operating margin -€28,323
down €28,323 (-35.7%), from €79,365 to €51,042
- Financial income +€9,839
up €9,839 (+390.0%), from €2,523 to €12,361
- Financial charges -€2,589
down €2,589 (-18.6%), from €13,921 to €11,332
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 | €561,942 | €538,770 | -€23,173 | -4.1% |
| Fixed assets | 21/28 | €361,748 | €325,717 | -€36,030 | -10.0% |
| Intangible fixed assets | 21 | €17,417 | €10,056 | -€7,361 | -42.3% |
| Tangible fixed assets | 22/27 | €344,131 | €315,462 | -€28,669 | -8.3% |
| Land and buildings | 22 | €314,325 | €291,037 | -€23,289 | -7.4% |
| Plant, machinery and equipment | 23 | €29,806 | €24,425 | -€5,381 | -18.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €200,195 | €213,052 | +€12,858 | +6.4% |
| Stocks and contracts in progress | 3 | €125,703 | €133,711 | +€8,008 | +6.4% |
| Stocks | 30/36 | €125,703 | €133,711 | +€8,008 | +6.4% |
| Amounts receivable within one year | 40/41 | €41,907 | €58,568 | +€16,661 | +39.8% |
| Trade receivables | 40 | €41,907 | €58,568 | +€16,661 | +39.8% |
| Cash at bank and in hand | 54/58 | €27,690 | €15,773 | -€11,917 | -43.0% |
| Deferred charges and accrued income | 490/1 | €4,895 | €5,000 | +€106 | +2.2% |
| Total equity and liabilities | 10/49 | €561,942 | €538,770 | -€23,173 | -4.1% |
| Equity | 10/15 | €171,865 | €116,361 | -€55,504 | -32.3% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €68,450 | €68,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €49,700 | €49,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,445 | -€117,820 | -€53,375 | -82.8% |
| Investment grants | 15 | €12,860 | €10,731 | -€2,129 | -16.6% |
| Amounts payable | 17/49 | €390,078 | €422,409 | +€32,331 | +8.3% |
| Amounts payable after more than one year | 17 | €100,218 | €129,923 | +€29,705 | +29.6% |
| Financial debts | 170/4 | €31,656 | €22,866 | -€8,790 | -27.8% |
| Other amounts payable | 178/9 | €68,562 | €107,057 | +€38,495 | +56.1% |
| Amounts payable within one year | 42/48 | €286,989 | €292,485 | +€5,497 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €8,510 | €8,790 | +€280 | +3.3% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €152,624 | €164,489 | +€11,864 | +7.8% |
| Suppliers | 440/4 | €152,624 | €164,489 | +€11,864 | +7.8% |
| Advances received on contracts in progress | 46 | €0 | €229 | +€229 | |
| Taxes, remuneration and social security | 45 | €25,855 | €18,978 | -€6,877 | -26.6% |
| Taxes | 450/3 | €6,428 | €5,595 | -€833 | -13.0% |
| Remuneration and social security | 454/9 | €19,427 | €13,383 | -€6,044 | -31.1% |
| Accrued charges and deferred income | 492/3 | €2,871 | €0 | -€2,871 | -100.0% |
| Remuneration, social security and pensions | 62 | €117,456 | €57,628 | -€59,827 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,093 | €36,030 | -€63 | -0.2% |
| Other operating charges | 640/8 | €6,165 | €5,981 | -€184 | -3.0% |
| Non-recurring operating charges | 66A | - | €5,807 | +€5,807 | |
| Gross operating margin | 9900 | €79,365 | €51,042 | -€28,323 | -35.7% |
| Operating profit (loss) | 9901 | -€80,349 | -€54,405 | +€25,944 | +32.3% |
| Financial income | 75/76B | €2,523 | €12,361 | +€9,839 | +390.0% |
| Recurring financial income | 75 | €2,523 | €12,361 | +€9,839 | +390.0% |
| Financial charges | 65/66B | €13,921 | €11,332 | -€2,589 | -18.6% |
| Recurring financial charges | 65 | €13,921 | €11,332 | -€2,589 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€91,747 | -€53,375 | +€38,372 | +41.8% |
| Profit (loss) for the period | 9904 | -€91,747 | -€53,375 | +€38,372 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€91,747 | -€53,375 | +€38,372 | +41.8% |
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 6 October 2026 via checked.be.