UNDER CONSTRUCTION: 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.
UNDER CONSTRUCTION
Largest movements
- Tangible fixed assets -€37,696
down €37,696 (-3.0%), from €1.3m to €1.2m
of which Land and buildings: -€36,829
- Receivables within one year -€27,945
down €27,945 (-64.9%), from €43,082 to €15,137
of which Trade receivables: -€31,970
- Cash +€26,550
up €26,550 (+45.2%), from €58,722 to €85,272
mainly Depreciation (+€69,213) and Receivables within one year (+€27,945)
- Debts after one year -€20,761
down €20,761 (-92.2%), from €22,510 to €1,749
- Reserves +€20,000
up €20,000 (+38.2%), from €52,365 to €72,365
of which Distributable reserves: +€20,000
- Accrued charges and deferred income -€16,531
no longer reported in 2024 (was €16,531)
- Other operating charges +€12,447
up €12,447 (+52.4%), from €23,772 to €36,219
- Financial income +€9,577
up €9,577 (+392.7%), from €2,439 to €12,016
- Gross operating margin +€7,054
up €7,054 (+6.1%), from €116,191 to €123,245
- Taxes +€3,064
up €3,064 (+153.2%), from €2,000 to €5,064
- Write-downs +€1,853
new in 2024: €1,853
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,494,002 | €1,455,025 | -€38,977 | -2.6% |
| Fixed assets | 21/28 | €1,261,117 | €1,223,421 | -€37,696 | -3.0% |
| Tangible fixed assets | 22/27 | €1,261,117 | €1,223,421 | -€37,696 | -3.0% |
| Land and buildings | 22 | €1,250,466 | €1,213,637 | -€36,829 | -2.9% |
| Plant, machinery and equipment | 23 | €3,203 | €2,816 | -€387 | -12.1% |
| Furniture and vehicles | 24 | €7,448 | €6,968 | -€480 | -6.4% |
| Current assets | 29/58 | €232,885 | €231,604 | -€1,281 | -0.5% |
| Amounts receivable within one year | 40/41 | €43,082 | €15,137 | -€27,945 | -64.9% |
| Trade receivables | 40 | €43,082 | €11,112 | -€31,970 | -74.2% |
| Other amounts receivable | 41 | - | €4,025 | +€4,025 | |
| Current investments | 50/53 | €128,875 | €128,875 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €58,722 | €85,272 | +€26,550 | +45.2% |
| Deferred charges and accrued income | 490/1 | €2,206 | €2,321 | +€115 | +5.2% |
| Total equity and liabilities | 10/49 | €1,494,002 | €1,455,025 | -€38,977 | -2.6% |
| Equity | 10/15 | €1,370,380 | €1,390,784 | +€20,404 | +1.5% |
| Contributions | 10/11 | €158,652 | €158,652 | -€0 | 0.0% |
| Capital | 10 | €158,652 | €158,652 | -€0 | 0.0% |
| Issued capital | 100 | €158,652 | €158,652 | -€0 | 0.0% |
| Reserves | 13 | €52,365 | €72,365 | +€20,000 | +38.2% |
| Non-distributable reserves | 130/1 | €15,865 | €15,865 | +€0 | 0.0% |
| Legal reserve | 130 | €15,865 | €15,865 | +€0 | 0.0% |
| Distributable reserves | 133 | €36,500 | €56,500 | +€20,000 | +54.8% |
| Profit (loss) carried forward | 14 | €1,159,363 | €1,159,767 | +€404 | 0.0% |
| Amounts payable | 17/49 | €123,622 | €64,241 | -€59,381 | -48.0% |
| Amounts payable after more than one year | 17 | €22,510 | €1,749 | -€20,761 | -92.2% |
| Financial debts | 170/4 | €22,510 | €1,749 | -€20,761 | -92.2% |
| Amounts payable within one year | 42/48 | €84,581 | €62,492 | -€22,089 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €20,357 | €20,762 | +€405 | +2.0% |
| Trade debts | 44 | €10,339 | €2,469 | -€7,870 | -76.1% |
| Suppliers | 440/4 | €10,339 | €2,469 | -€7,870 | -76.1% |
| Taxes, remuneration and social security | 45 | €8,571 | €6,646 | -€1,925 | -22.5% |
| Taxes | 450/3 | €8,571 | €5,223 | -€3,348 | -39.1% |
| Remuneration and social security | 454/9 | - | €1,423 | +€1,423 | |
| Other amounts payable | 47/48 | €45,314 | €32,616 | -€12,698 | -28.0% |
| Accrued charges and deferred income | 492/3 | €16,531 | - | -€16,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,786 | €69,213 | +€1,427 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,853 | +€1,853 | |
| Other operating charges | 640/8 | €23,772 | €36,219 | +€12,447 | +52.4% |
| Gross operating margin | 9900 | €116,191 | €123,245 | +€7,054 | +6.1% |
| Operating profit (loss) | 9901 | €24,633 | €15,961 | -€8,672 | -35.2% |
| Financial income | 75/76B | €2,439 | €12,016 | +€9,577 | +392.7% |
| Recurring financial income | 75 | €2,439 | €12,016 | +€9,577 | +392.7% |
| Financial charges | 65/66B | €1,346 | €2,508 | +€1,162 | +86.3% |
| Recurring financial charges | 65 | €1,346 | €2,508 | +€1,162 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | €25,726 | €25,468 | -€258 | -1.0% |
| Income taxes | 67/77 | €2,000 | €5,064 | +€3,064 | +153.2% |
| Profit (loss) for the period | 9904 | €23,726 | €20,404 | -€3,322 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,726 | €20,404 | -€3,322 | -14.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.