TWELVE: 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.
TWELVE
Largest movements
- Receivables within one year +€38,639
up €38,639 (+33.4%), from €115,682 to €154,322
of which Trade receivables: +€40,090
- Tangible fixed assets -€14,539
down €14,539 (-33.8%), from €42,982 to €28,443
of which Furniture and vehicles: -€13,979
- Cash +€4,339
up €4,339 (+17.8%), from €24,392 to €28,732
mainly Depreciation (+€22,855) and Trade debts (+€17,562)
- Trade debts +€17,562
up €17,562 (+291.4%), from €6,027 to €23,589
- Reserves +€16,927
up €16,927 (+12.0%), from €140,918 to €157,844
- Current portion of long-term debt -€10,228
down €10,228 (-79.4%), from €12,882 to €2,653
- Tax, wage and social debts +€8,716
up €8,716 (+34.0%), from €25,614 to €34,329
of which Taxes: +€5,455
- Short-term financial debts -€7,466
no longer reported in 2025 (was €7,466)
- Gross operating margin +€27,053
up €27,053 (+17.5%), from €154,923 to €181,976
- Staff costs +€17,199
up €17,199 (+15.1%), from €114,009 to €131,208
- Depreciation -€9,509
down €9,509 (-29.4%), from €32,365 to €22,855
- Taxes +€5,742
up €5,742 (+875.2%), from €656 to €6,398
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 | €321,470 | €346,233 | +€24,763 | +7.7% |
| Fixed assets | 21/28 | €50,209 | €32,993 | -€17,216 | -34.3% |
| Intangible fixed assets | 21 | €6,930 | €4,253 | -€2,677 | -38.6% |
| Tangible fixed assets | 22/27 | €42,982 | €28,443 | -€14,539 | -33.8% |
| Plant, machinery and equipment | 23 | €7,729 | €7,168 | -€560 | -7.3% |
| Furniture and vehicles | 24 | €35,253 | €21,274 | -€13,979 | -39.7% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €271,260 | €313,239 | +€41,979 | +15.5% |
| Stocks and contracts in progress | 3 | €52,738 | €52,176 | -€562 | -1.1% |
| Stocks | 30/36 | €52,103 | €51,775 | -€328 | -0.6% |
| Contracts in progress | 37 | €635 | €401 | -€234 | -36.8% |
| Amounts receivable within one year | 40/41 | €115,682 | €154,322 | +€38,639 | +33.4% |
| Trade receivables | 40 | €104,887 | €144,978 | +€40,090 | +38.2% |
| Other amounts receivable | 41 | €10,795 | €9,344 | -€1,451 | -13.4% |
| Current investments | 50/53 | €75,400 | €75,399 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €24,392 | €28,732 | +€4,339 | +17.8% |
| Deferred charges and accrued income | 490/1 | €3,049 | €2,611 | -€438 | -14.4% |
| Total equity and liabilities | 10/49 | €321,470 | €346,233 | +€24,763 | +7.7% |
| Equity | 10/15 | €199,558 | €216,484 | +€16,927 | +8.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €140,918 | €157,844 | +€16,927 | +12.0% |
| Distributable reserves | 133 | €140,918 | €157,844 | +€16,927 | +12.0% |
| Profit (loss) carried forward | 14 | €40,048 | €40,048 | = | 0.0% |
| Amounts payable | 17/49 | €121,912 | €129,748 | +€7,836 | +6.4% |
| Amounts payable after more than one year | 17 | €2,653 | - | -€2,653 | |
| Financial debts | 170/4 | €2,653 | - | -€2,653 | |
| Amounts payable within one year | 42/48 | €117,088 | €125,940 | +€8,853 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €12,882 | €2,653 | -€10,228 | -79.4% |
| Financial debts | 43 | €7,466 | - | -€7,466 | |
| Credit institutions | 430/8 | €7,466 | - | -€7,466 | |
| Trade debts | 44 | €6,027 | €23,589 | +€17,562 | +291.4% |
| Suppliers | 440/4 | €6,027 | €23,589 | +€17,562 | +291.4% |
| Taxes, remuneration and social security | 45 | €25,614 | €34,329 | +€8,716 | +34.0% |
| Taxes | 450/3 | €13,614 | €19,069 | +€5,455 | +40.1% |
| Remuneration and social security | 454/9 | €12,000 | €15,261 | +€3,261 | +27.2% |
| Other amounts payable | 47/48 | €65,099 | €65,369 | +€270 | +0.4% |
| Accrued charges and deferred income | 492/3 | €2,171 | €3,808 | +€1,637 | +75.4% |
| Remuneration, social security and pensions | 62 | €114,009 | €131,208 | +€17,199 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,365 | €22,855 | -€9,509 | -29.4% |
| Other operating charges | 640/8 | €684 | €1,115 | +€430 | +62.9% |
| Gross operating margin | 9900 | €154,923 | €181,976 | +€27,053 | +17.5% |
| Operating profit (loss) | 9901 | €7,864 | €26,797 | +€18,933 | +240.7% |
| Financial income | 75/76B | €1,500 | €1,164 | -€336 | -22.4% |
| Recurring financial income | 75 | €1,500 | €1,164 | -€336 | -22.4% |
| Financial charges | 65/66B | €3,815 | €4,636 | +€821 | +21.5% |
| Recurring financial charges | 65 | €3,815 | €4,636 | +€821 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €5,549 | €23,325 | +€17,776 | +320.4% |
| Income taxes | 67/77 | €656 | €6,398 | +€5,742 | +875.2% |
| Profit (loss) for the period | 9904 | €4,893 | €16,927 | +€12,034 | +246.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,893 | €16,927 | +€12,034 | +246.0% |
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 7 October 2026 via checked.be.