TURBULENCE: 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.
TURBULENCE
Largest movements
- Cash +€66,309
up €66,309 (+35.8%), from €185,229 to €251,539
mainly Net result for the year (+€105,656) and Other debts (+€39,157)
- Receivables within one year -€8,440
down €8,440 (-5.8%), from €145,671 to €137,231
of which Trade receivables: -€23,273
- Other debts +€39,157
up €39,157 (+86.6%), from €45,209 to €84,365
- Reserves +€25,656
up €25,656 (+11.9%), from €216,163 to €241,818
- Trade debts -€19,548
down €19,548 (-36.9%), from €53,005 to €33,457
- Tax, wage and social debts +€12,308
up €12,308 (+78.8%), from €15,610 to €27,918
of which Remuneration and social security: +€17,175
- Gross operating margin +€57,255
up €57,255 (+36.0%), from €159,095 to €216,350
- Staff costs +€17,384
up €17,384 (+25.3%), from €68,607 to €85,991
- Depreciation -€15,019
down €15,019 (-72.3%), from €20,785 to €5,766
- Taxes +€3,559
up €3,559 (+25.1%), from €14,171 to €17,730
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 | €375,715 | €433,292 | +€57,577 | +15.3% |
| Fixed assets | 21/28 | €40,579 | €38,972 | -€1,607 | -4.0% |
| Tangible fixed assets | 22/27 | €40,309 | €38,702 | -€1,607 | -4.0% |
| Plant, machinery and equipment | 23 | €6,766 | €4,725 | -€2,041 | -30.2% |
| Furniture and vehicles | 24 | €9,978 | €10,412 | +€434 | +4.3% |
| Other tangible fixed assets | 26 | €23,565 | €23,565 | = | 0.0% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €335,135 | €394,320 | +€59,185 | +17.7% |
| Amounts receivable within one year | 40/41 | €145,671 | €137,231 | -€8,440 | -5.8% |
| Trade receivables | 40 | €145,671 | €122,398 | -€23,273 | -16.0% |
| Other amounts receivable | 41 | €0 | €14,833 | +€14,833 | |
| Cash at bank and in hand | 54/58 | €185,229 | €251,539 | +€66,309 | +35.8% |
| Deferred charges and accrued income | 490/1 | €4,235 | €5,551 | +€1,316 | +31.1% |
| Total equity and liabilities | 10/49 | €375,715 | €433,292 | +€57,577 | +15.3% |
| Equity | 10/15 | €261,363 | €287,018 | +€25,656 | +9.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €216,163 | €241,818 | +€25,656 | +11.9% |
| Distributable reserves | 133 | €216,163 | €241,818 | +€25,656 | +11.9% |
| Profit (loss) carried forward | 14 | €25,200 | €25,200 | = | 0.0% |
| Amounts payable | 17/49 | €114,352 | €146,274 | +€31,922 | +27.9% |
| Amounts payable within one year | 42/48 | €113,823 | €145,740 | +€31,917 | +28.0% |
| Trade debts | 44 | €53,005 | €33,457 | -€19,548 | -36.9% |
| Suppliers | 440/4 | €53,005 | €33,457 | -€19,548 | -36.9% |
| Taxes, remuneration and social security | 45 | €15,610 | €27,918 | +€12,308 | +78.8% |
| Taxes | 450/3 | €12,319 | €7,453 | -€4,867 | -39.5% |
| Remuneration and social security | 454/9 | €3,290 | €20,465 | +€17,175 | +522% |
| Other amounts payable | 47/48 | €45,209 | €84,365 | +€39,157 | +86.6% |
| Accrued charges and deferred income | 492/3 | €528 | €533 | +€5 | +0.9% |
| Remuneration, social security and pensions | 62 | €68,607 | €85,991 | +€17,384 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,785 | €5,766 | -€15,019 | -72.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €387 | €401 | +€13 | +3.5% |
| Gross operating margin | 9900 | €159,095 | €216,350 | +€57,255 | +36.0% |
| Operating profit (loss) | 9901 | €69,316 | €124,192 | +€54,876 | +79.2% |
| Financial income | 75/76B | €18 | €205 | +€187 | +1,041% |
| Recurring financial income | 75 | €18 | €205 | +€187 | +1,041% |
| Financial charges | 65/66B | €2,069 | €1,012 | -€1,057 | -51.1% |
| Recurring financial charges | 65 | €2,069 | €1,012 | -€1,057 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €67,265 | €123,386 | +€56,121 | +83.4% |
| Income taxes | 67/77 | €14,171 | €17,730 | +€3,559 | +25.1% |
| Profit (loss) for the period | 9904 | €53,093 | €105,656 | +€52,562 | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,093 | €105,656 | +€52,562 | +99.0% |
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 18 October 2026 via checked.be.