Two by Two - Letter & Beeld: 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.
Two by Two - Letter & Beeld
Largest movements
- Receivables within one year +€69,424
up €69,424 (+33.6%), from €206,540 to €275,963
of which Trade receivables: +€58,531
- Cash -€8,423
down €8,423 (-34.1%), from €24,719 to €16,296
mainly Receivables within one year (-€69,424) and Investment in fixed assets (net) (-€10,440)
- Tangible fixed assets +€3,850
up €3,850 (+28.3%), from €13,622 to €17,471
of which Furniture and vehicles: +€4,498
- Profit (loss) carried forward +€48,357
up €48,357 (+54.1%), from €89,333 to €137,690
- Trade debts +€27,599
up €27,599 (+90.5%), from €30,494 to €58,093
- Current portion of long-term debt -€7,271
down €7,271 (-83.8%), from €8,680 to €1,408
- Short-term financial debts -€3,616
down €3,616 (-13.8%), from €26,264 to €22,648
- Financial charges -€5,122
down €5,122 (-61.5%), from €8,327 to €3,205
- Gross operating margin +€5,013
up €5,013 (+4.1%), from €123,089 to €128,102
- Depreciation +€3,970
up €3,970 (+141%), from €2,820 to €6,789
- Taxes +€1,983
up €1,983 (+12.1%), from €16,421 to €18,404
- Financial income +€1,587
up €1,587 (+7,378%), from €22 to €1,609
of which Non-recurring financial income: +€1,604
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 | €274,872 | €341,627 | +€66,755 | +24.3% |
| Fixed assets | 21/28 | €15,739 | €19,389 | +€3,650 | +23.2% |
| Intangible fixed assets | 21 | €883 | €684 | -€200 | -22.6% |
| Tangible fixed assets | 22/27 | €13,622 | €17,471 | +€3,850 | +28.3% |
| Plant, machinery and equipment | 23 | €3,481 | €2,833 | -€648 | -18.6% |
| Furniture and vehicles | 24 | €10,141 | €14,638 | +€4,498 | +44.4% |
| Financial fixed assets | 28 | €1,234 | €1,234 | = | 0.0% |
| Current assets | 29/58 | €259,133 | €322,238 | +€63,105 | +24.4% |
| Stocks and contracts in progress | 3 | €22,051 | €24,030 | +€1,979 | +9.0% |
| Stocks | 30/36 | €22,051 | €24,030 | +€1,979 | +9.0% |
| Amounts receivable within one year | 40/41 | €206,540 | €275,963 | +€69,424 | +33.6% |
| Trade receivables | 40 | €161,340 | €219,871 | +€58,531 | +36.3% |
| Other amounts receivable | 41 | €45,200 | €56,092 | +€10,893 | +24.1% |
| Cash at bank and in hand | 54/58 | €24,719 | €16,296 | -€8,423 | -34.1% |
| Deferred charges and accrued income | 490/1 | €5,824 | €5,948 | +€124 | +2.1% |
| Total equity and liabilities | 10/49 | €274,872 | €341,627 | +€66,755 | +24.3% |
| Equity | 10/15 | €183,532 | €231,890 | +€48,357 | +26.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | - | -€74,368 | |
| Issued capital | 100 | €74,368 | - | -€74,368 | |
| Contributions outside capital | 11 | - | €74,368 | +€74,368 | |
| Other | 1109/19 | - | €74,368 | +€74,368 | |
| Reserves | 13 | €19,831 | €19,831 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | - | -€7,437 | |
| Legal reserve | 130 | €7,437 | - | -€7,437 | |
| Distributable reserves | 133 | €12,395 | €19,831 | +€7,437 | +60.0% |
| Profit (loss) carried forward | 14 | €89,333 | €137,690 | +€48,357 | +54.1% |
| Amounts payable | 17/49 | €91,340 | €109,737 | +€18,398 | +20.1% |
| Amounts payable within one year | 42/48 | €90,657 | €109,155 | +€18,498 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €8,680 | €1,408 | -€7,271 | -83.8% |
| Financial debts | 43 | €26,264 | €22,648 | -€3,616 | -13.8% |
| Credit institutions | 430/8 | €26,264 | €22,648 | -€3,616 | -13.8% |
| Trade debts | 44 | €30,494 | €58,093 | +€27,599 | +90.5% |
| Suppliers | 440/4 | €30,494 | €58,093 | +€27,599 | +90.5% |
| Taxes, remuneration and social security | 45 | €24,366 | €23,205 | -€1,160 | -4.8% |
| Taxes | 450/3 | €17,356 | €14,211 | -€3,145 | -18.1% |
| Remuneration and social security | 454/9 | €7,010 | €8,994 | +€1,985 | +28.3% |
| Other amounts payable | 47/48 | €854 | €3,800 | +€2,946 | +345% |
| Accrued charges and deferred income | 492/3 | €682 | €582 | -€100 | -14.6% |
| Remuneration, social security and pensions | 62 | €52,534 | €51,167 | -€1,367 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,820 | €6,789 | +€3,970 | +141% |
| Other operating charges | 640/8 | €1,985 | €1,788 | -€196 | -9.9% |
| Gross operating margin | 9900 | €123,089 | €128,102 | +€5,013 | +4.1% |
| Operating profit (loss) | 9901 | €65,751 | €68,357 | +€2,606 | +4.0% |
| Financial income | 75/76B | €22 | €1,609 | +€1,587 | +7,378% |
| Recurring financial income | 75 | €22 | €5 | -€17 | -78.0% |
| Non-recurring financial income | 76B | - | €1,604 | +€1,604 | |
| Financial charges | 65/66B | €8,327 | €3,205 | -€5,122 | -61.5% |
| Recurring financial charges | 65 | €8,327 | €3,205 | -€5,122 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €57,445 | €66,761 | +€9,315 | +16.2% |
| Income taxes | 67/77 | €16,421 | €18,404 | +€1,983 | +12.1% |
| Profit (loss) for the period | 9904 | €41,025 | €48,357 | +€7,332 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,025 | €48,357 | +€7,332 | +17.9% |
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 16 October 2026 via checked.be.