Two birds and a dash: what changed
Two birds and a dash
Largest movements
- Tangible fixed assets +€76,994
up €76,994 (+73.0%), from €105,460 to €182,454
- Cash -€73,288
down €73,288 (-56.7%), from €129,178 to €55,890
mainly Investment in fixed assets (net) (-€134,229) and Receivables within one year (-€67,529)
- Receivables within one year +€67,529
up €67,529 (+139%), from €48,550 to €116,079
of which Trade receivables: +€72,570
- Intangible fixed assets +€28,907
new in 2025: €28,907
- Stocks and contracts -€11,310
down €11,310 (-50.3%), from €22,494 to €11,184
- Profit (loss) carried forward -€58,663
down €58,663, from €34,869 to -€23,794
- Trade debts +€58,580
up €58,580 (+303%), from €19,315 to €77,895
- Debts after one year +€46,854
up €46,854 (+110%), from €42,723 to €89,578
- Other debts +€31,225
up €31,225 (+87.1%), from €35,833 to €67,058
- Current portion of long-term debt +€7,536
up €7,536 (+66.2%), from €11,380 to €18,915
- Staff costs +€58,404
up €58,404 (+25.0%), from €233,523 to €291,927
- Financial charges +€19,886
up €19,886 (+53.8%), from €36,935 to €56,821
- Gross operating margin +€7,271
up €7,271 (+2.3%), from €312,050 to €319,321
- Taxes -€4,295
down €4,295 (-95.7%), from €4,489 to €194
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €317,571 | €406,510 | +€88,940 | +28.0% |
| Fixed assets | 21/28 | €114,895 | €220,796 | +€105,901 | +92.2% |
| Intangible fixed assets | 21 | - | €28,907 | +€28,907 | |
| Tangible fixed assets | 22/27 | €105,460 | €182,454 | +€76,994 | +73.0% |
| Plant, machinery and equipment | 23 | €24,235 | €61,133 | +€36,898 | +152% |
| Furniture and vehicles | 24 | €8,880 | €12,081 | +€3,201 | +36.0% |
| Other tangible fixed assets | 26 | €72,345 | €109,240 | +€36,895 | +51.0% |
| Financial fixed assets | 28 | €9,435 | €9,435 | = | 0.0% |
| Current assets | 29/58 | €202,675 | €185,714 | -€16,961 | -8.4% |
| Stocks and contracts in progress | 3 | €22,494 | €11,184 | -€11,310 | -50.3% |
| Stocks | 30/36 | €22,494 | €11,184 | -€11,310 | -50.3% |
| Amounts receivable within one year | 40/41 | €48,550 | €116,079 | +€67,529 | +139% |
| Trade receivables | 40 | €27,642 | €100,212 | +€72,570 | +263% |
| Other amounts receivable | 41 | €20,908 | €15,867 | -€5,041 | -24.1% |
| Cash at bank and in hand | 54/58 | €129,178 | €55,890 | -€73,288 | -56.7% |
| Deferred charges and accrued income | 490/1 | €2,453 | €2,561 | +€108 | +4.4% |
| Total equity and liabilities | 10/49 | €317,571 | €406,510 | +€88,940 | +28.0% |
| Equity | 10/15 | €152,312 | €91,789 | -€60,523 | -39.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €111,243 | €109,383 | -€1,860 | -1.7% |
| Distributable reserves | 133 | €111,243 | €109,383 | -€1,860 | -1.7% |
| Profit (loss) carried forward | 14 | €34,869 | -€23,794 | -€58,663 | |
| Amounts payable | 17/49 | €165,258 | €314,721 | +€149,462 | +90.4% |
| Amounts payable after more than one year | 17 | €42,723 | €89,578 | +€46,854 | +110% |
| Financial debts | 170/4 | €42,723 | €89,578 | +€46,854 | +110% |
| Amounts payable within one year | 42/48 | €122,535 | €225,143 | +€102,608 | +83.7% |
| Current portion of amounts payable after more than one year | 42 | €11,380 | €18,915 | +€7,536 | +66.2% |
| Trade debts | 44 | €19,315 | €77,895 | +€58,580 | +303% |
| Suppliers | 440/4 | €19,315 | €77,895 | +€58,580 | +303% |
| Advances received on contracts in progress | 46 | €2,393 | €1,845 | -€548 | -22.9% |
| Taxes, remuneration and social security | 45 | €53,614 | €59,430 | +€5,816 | +10.8% |
| Taxes | 450/3 | €26,545 | €26,393 | -€151 | -0.6% |
| Remuneration and social security | 454/9 | €27,070 | €33,037 | +€5,967 | +22.0% |
| Other amounts payable | 47/48 | €35,833 | €67,058 | +€31,225 | +87.1% |
| Remuneration, social security and pensions | 62 | €233,523 | €291,927 | +€58,404 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,426 | €28,328 | +€902 | +3.3% |
| Other operating charges | 640/8 | €3,065 | €2,584 | -€481 | -15.7% |
| Gross operating margin | 9900 | €312,050 | €319,321 | +€7,271 | +2.3% |
| Operating profit (loss) | 9901 | €48,035 | -€3,518 | -€51,553 | |
| Financial income | 75/76B | €8 | €10 | +€2 | +28.9% |
| Recurring financial income | 75 | €8 | €10 | +€2 | +28.9% |
| Financial charges | 65/66B | €36,935 | €56,821 | +€19,886 | +53.8% |
| Recurring financial charges | 65 | €36,935 | €56,821 | +€19,886 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €11,108 | -€60,328 | -€71,437 | |
| Income taxes | 67/77 | €4,489 | €194 | -€4,295 | -95.7% |
| Profit (loss) for the period | 9904 | €6,619 | -€60,523 | -€67,142 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,619 | -€60,523 | -€67,142 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.