TWILIGHT ZONE: 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.
TWILIGHT ZONE
Largest movements
- Financial fixed assets +€270,322
up €270,322 (+13.1%), from €2.1m to €2.3m
- Tangible fixed assets -€70,697
down €70,697 (-22.0%), from €320,650 to €249,953
of which Land and buildings: -€57,525
- Receivables within one year +€42,051
up €42,051 (+20.6%), from €204,572 to €246,623
- Cash -€36,621
down €36,621 (-23.3%), from €156,876 to €120,255
mainly Investment in fixed assets (net) (-€264,514) and Current portion of long-term debt (-€65,923)
- Receivables after one year +€33,250
up €33,250 (+53.8%), from €61,848 to €95,098
- Debts after one year +€152,261
up €152,261 (+15.7%), from €968,407 to €1.1m
of which Other amounts payable: +€226,885
- Trade debts +€126,880
up €126,880 (+13.7%), from €925,676 to €1.1m
- Provisions +€82,925
new in 2025: €82,925
- Current portion of long-term debt -€65,923
down €65,923 (-37.8%), from €174,544 to €108,621
- Reserves -€59,002
down €59,002 (-16.8%), from €351,654 to €292,652
- Provisions +€82,925
new in 2025: €82,925
- Staff costs -€70,654
down €70,654 (-35.2%), from €200,826 to €130,172
- Gross operating margin -€20,486
down €20,486 (-5.7%), from €359,052 to €338,566
- Financial charges -€17,939
down €17,939 (-14.6%), from €123,104 to €105,165
- Other operating charges -€4,458
down €4,458 (-23.0%), from €19,344 to €14,887
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 | €2,899,359 | €3,136,518 | +€237,159 | +8.2% |
| Fixed assets | 21/28 | €2,377,372 | €2,576,997 | +€199,625 | +8.4% |
| Tangible fixed assets | 22/27 | €320,650 | €249,953 | -€70,697 | -22.0% |
| Land and buildings | 22 | €294,735 | €237,210 | -€57,525 | -19.5% |
| Plant, machinery and equipment | 23 | €9,543 | €6,926 | -€2,618 | -27.4% |
| Furniture and vehicles | 24 | €16,372 | €5,817 | -€10,554 | -64.5% |
| Financial fixed assets | 28 | €2,056,722 | €2,327,044 | +€270,322 | +13.1% |
| Current assets | 29/58 | €521,987 | €559,521 | +€37,533 | +7.2% |
| Amounts receivable after more than one year | 29 | €61,848 | €95,098 | +€33,250 | +53.8% |
| Other amounts receivable | 291 | €61,848 | €95,098 | +€33,250 | +53.8% |
| Stocks and contracts in progress | 3 | €91,788 | €88,662 | -€3,126 | -3.4% |
| Stocks | 30/36 | €91,788 | €88,662 | -€3,126 | -3.4% |
| Amounts receivable within one year | 40/41 | €204,572 | €246,623 | +€42,051 | +20.6% |
| Trade receivables | 40 | €204,572 | €246,623 | +€42,051 | +20.6% |
| Cash at bank and in hand | 54/58 | €156,876 | €120,255 | -€36,621 | -23.3% |
| Deferred charges and accrued income | 490/1 | €6,903 | €8,883 | +€1,980 | +28.7% |
| Total equity and liabilities | 10/49 | €2,899,359 | €3,136,518 | +€237,159 | +8.2% |
| Equity | 10/15 | €457,854 | €398,852 | -€59,002 | -12.9% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €351,654 | €292,652 | -€59,002 | -16.8% |
| Distributable reserves | 133 | €351,654 | €292,652 | -€59,002 | -16.8% |
| Provisions and deferred taxes | 16 | - | €82,925 | +€82,925 | |
| Provisions for liabilities and charges | 160/5 | - | €82,925 | +€82,925 | |
| Major repairs and maintenance | 162 | - | €82,925 | +€82,925 | |
| Amounts payable | 17/49 | €2,441,505 | €2,654,741 | +€213,236 | +8.7% |
| Amounts payable after more than one year | 17 | €968,407 | €1,120,668 | +€152,261 | +15.7% |
| Financial debts | 170/4 | €149,092 | €74,467 | -€74,624 | -50.1% |
| Other amounts payable | 178/9 | €819,316 | €1,046,201 | +€226,885 | +27.7% |
| Amounts payable within one year | 42/48 | €1,473,098 | €1,534,073 | +€60,974 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €174,544 | €108,621 | -€65,923 | -37.8% |
| Financial debts | 43 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Credit institutions | 430/8 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Trade debts | 44 | €925,676 | €1,052,556 | +€126,880 | +13.7% |
| Suppliers | 440/4 | €925,676 | €1,052,556 | +€126,880 | +13.7% |
| Advances received on contracts in progress | 46 | €204,643 | €192,279 | -€12,364 | -6.0% |
| Taxes, remuneration and social security | 45 | €43,235 | €30,617 | -€12,619 | -29.2% |
| Taxes | 450/3 | €19,195 | €15,621 | -€3,575 | -18.6% |
| Remuneration and social security | 454/9 | €24,040 | €14,996 | -€9,044 | -37.6% |
| Remuneration, social security and pensions | 62 | €200,826 | €130,172 | -€70,654 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,468 | €64,889 | +€1,421 | +2.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €82,925 | +€82,925 | |
| Other operating charges | 640/8 | €19,344 | €14,887 | -€4,458 | -23.0% |
| Non-recurring operating charges | 66A | €3,140 | - | -€3,140 | |
| Gross operating margin | 9900 | €359,052 | €338,566 | -€20,486 | -5.7% |
| Operating profit (loss) | 9901 | €72,274 | €45,693 | -€26,581 | -36.8% |
| Financial income | 75/76B | €390 | €718 | +€328 | +84.1% |
| Recurring financial income | 75 | €390 | €718 | +€328 | +84.1% |
| Financial charges | 65/66B | €123,104 | €105,165 | -€17,939 | -14.6% |
| Recurring financial charges | 65 | €123,104 | €105,165 | -€17,939 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,440 | -€58,754 | -€8,314 | -16.5% |
| Income taxes | 67/77 | €236 | €248 | +€12 | +5.1% |
| Profit (loss) for the period | 9904 | -€50,676 | -€59,002 | -€8,326 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,676 | -€59,002 | -€8,326 | -16.4% |
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.