Twenty Three: 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.
Twenty Three
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-60.3%), from €2.0m to €810,145
of which Trade receivables: -€1.3m
- Tangible fixed assets -€213,678
down €213,678 (-12.6%), from €1.7m to €1.5m
of which Plant, machinery and equipment: -€143,995
- Cash +€78,716
up €78,716 (+154%), from €50,974 to €129,690
mainly Receivables within one year (+€1.2m) and Current portion of long-term debt (+€352,284)
- Stocks and contracts -€70,000
down €70,000 (-18.7%), from €375,000 to €305,000
- Intangible fixed assets -€53,710
down €53,710 (-18.9%), from €284,330 to €230,620
- Profit (loss) carried forward -€772,694
down €772,694 (-73.9%), from €1.0m to €272,925
- Trade debts -€726,103
down €726,103 (-66.8%), from €1.1m to €360,466
- Current portion of long-term debt +€352,284
up €352,284 (+147%), from €239,227 to €591,511
- Debts after one year -€121,679
down €121,679 (-10.9%), from €1.1m to €997,694
of which Financial debts: -€121,679
- Other debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Gross operating margin -€1.5m
down €1.5m (-98.2%), from €1.5m to €27,436
- Taxes -€130,356
down €130,356 (-95.2%), from €137,000 to €6,644
- Staff costs -€120,812
down €120,812 (-23.4%), from €516,714 to €395,902
- Financial charges -€61,924
down €61,924 (-36.5%), from €169,771 to €107,847
- Depreciation +€18,402
up €18,402 (+7.3%), from €253,311 to €271,713
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 | €4,556,576 | €3,052,557 | -€1.5m | -33.0% |
| Fixed assets | 21/28 | €2,089,858 | €1,806,721 | -€283,137 | -13.5% |
| Intangible fixed assets | 21 | €284,330 | €230,620 | -€53,710 | -18.9% |
| Tangible fixed assets | 22/27 | €1,696,173 | €1,482,495 | -€213,678 | -12.6% |
| Land and buildings | 22 | €1,179,231 | €1,120,990 | -€58,241 | -4.9% |
| Plant, machinery and equipment | 23 | €481,470 | €337,475 | -€143,995 | -29.9% |
| Furniture and vehicles | 24 | €10,961 | €8,519 | -€2,442 | -22.3% |
| Leasing and similar rights | 25 | €24,510 | €15,510 | -€9,000 | -36.7% |
| Financial fixed assets | 28 | €109,356 | €93,607 | -€15,749 | -14.4% |
| Current assets | 29/58 | €2,466,717 | €1,245,836 | -€1.2m | -49.5% |
| Stocks and contracts in progress | 3 | €375,000 | €305,000 | -€70,000 | -18.7% |
| Stocks | 30/36 | €375,000 | €305,000 | -€70,000 | -18.7% |
| Amounts receivable within one year | 40/41 | €2,040,104 | €810,145 | -€1.2m | -60.3% |
| Trade receivables | 40 | €1,982,687 | €646,557 | -€1.3m | -67.4% |
| Other amounts receivable | 41 | €57,418 | €163,588 | +€106,170 | +185% |
| Cash at bank and in hand | 54/58 | €50,974 | €129,690 | +€78,716 | +154% |
| Deferred charges and accrued income | 490/1 | €639 | €1,001 | +€362 | +56.7% |
| Total equity and liabilities | 10/49 | €4,556,576 | €3,052,557 | -€1.5m | -33.0% |
| Equity | 10/15 | €1,337,219 | €564,525 | -€772,694 | -57.8% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Reserves | 13 | €229,200 | €229,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €227,340 | €227,340 | = | 0.0% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €1,045,619 | €272,925 | -€772,694 | -73.9% |
| Amounts payable | 17/49 | €3,219,357 | €2,488,032 | -€731,325 | -22.7% |
| Amounts payable after more than one year | 17 | €1,119,373 | €997,694 | -€121,679 | -10.9% |
| Financial debts | 170/4 | €1,077,468 | €955,790 | -€121,679 | -11.3% |
| Other amounts payable | 178/9 | €41,905 | €41,905 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,099,984 | €1,490,338 | -€609,646 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €239,227 | €591,511 | +€352,284 | +147% |
| Financial debts | 43 | €500,000 | €420,000 | -€80,000 | -16.0% |
| Credit institutions | 430/8 | €500,000 | €420,000 | -€80,000 | -16.0% |
| Trade debts | 44 | €1,086,569 | €360,466 | -€726,103 | -66.8% |
| Suppliers | 440/4 | €1,086,569 | €360,466 | -€726,103 | -66.8% |
| Taxes, remuneration and social security | 45 | €174,188 | €118,361 | -€55,826 | -32.0% |
| Taxes | 450/3 | €117,000 | €96,144 | -€20,856 | -17.8% |
| Remuneration and social security | 454/9 | €57,188 | €22,217 | -€34,971 | -61.2% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100% |
| Non-recurring operating income | 76A | €11,454 | €0 | -€11,454 | -100% |
| Remuneration, social security and pensions | 62 | €516,714 | €395,902 | -€120,812 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,311 | €271,713 | +€18,402 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,986 | €0 | -€3,986 | -100% |
| Other operating charges | 640/8 | €14,708 | €12,934 | -€1,774 | -12.1% |
| Non-recurring operating charges | 66A | - | €20,846 | +€20,846 | |
| Gross operating margin | 9900 | €1,509,125 | €27,436 | -€1.5m | -98.2% |
| Operating profit (loss) | 9901 | €720,406 | -€673,958 | -€1.4m | |
| Financial income | 75/76B | €32,046 | €15,757 | -€16,290 | -50.8% |
| Recurring financial income | 75 | €32,046 | €15,757 | -€16,290 | -50.8% |
| Financial charges | 65/66B | €169,771 | €107,847 | -€61,924 | -36.5% |
| Recurring financial charges | 65 | €169,771 | €107,847 | -€61,924 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €582,682 | -€766,049 | -€1.3m | |
| Income taxes | 67/77 | €137,000 | €6,644 | -€130,356 | -95.2% |
| Profit (loss) for the period | 9904 | €445,682 | -€772,694 | -€1.2m | |
| Transfer to tax-exempt reserves | 689 | €113,670 | €0 | -€113,670 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €332,012 | -€772,694 | -€1.1m |
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.