UNITS: 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.
UNITS
Largest movements
- Cash -€406,223
down €406,223 (-49.6%), from €818,524 to €412,301
mainly Investment in fixed assets (net) (-€446,947) and Provisions (-€207,826)
- Tangible fixed assets +€403,337
up €403,337 (+93.5%), from €431,356 to €834,693
of which Land and buildings: +€380,145
- Stocks and contracts -€53,428
down €53,428 (-30.1%), from €177,668 to €124,240
of which Stocks: -€48,880
- Receivables within one year +€31,853
up €31,853 (+120.4%), from €26,462 to €58,314
of which Other amounts receivable: +€24,642
- Reserves -€487,115
down €487,115 (-49.1%), from €991,407 to €504,292
of which Tax-exempt reserves: -€623,478
- Profit (loss) carried forward +€373,516
up €373,516, from -€32,745 to €340,771
- Debts after one year +€330,000
new in 2025: €330,000
- Provisions -€207,826
down €207,826 (-100.0%), from €207,826 to €0
- Trade debts -€62,741
down €62,741 (-74.9%), from €83,809 to €21,068
- Gross operating margin -€169,945
down €169,945 (-90.4%), from €188,061 to €18,115
- Taxes +€150,356
up €150,356 (+795.9%), from €18,892 to €169,247
- Depreciation +€22,680
up €22,680 (+108.4%), from €20,930 to €43,610
- Staff costs +€11,816
up €11,816 (+12.0%), from €98,426 to €110,242
- Financial charges +€6,330
up €6,330 (+49.2%), from €12,876 to €19,206
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.
Cash bridge derived
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 | €1,458,552 | €1,434,490 | -€24,062 | -1.6% |
| Fixed assets | 21/28 | €431,356 | €834,693 | +€403,337 | +93.5% |
| Tangible fixed assets | 22/27 | €431,356 | €834,693 | +€403,337 | +93.5% |
| Land and buildings | 22 | €413,413 | €793,558 | +€380,145 | +92.0% |
| Plant, machinery and equipment | 23 | €15,869 | €39,525 | +€23,656 | +149.1% |
| Furniture and vehicles | 24 | €2,073 | €1,610 | -€463 | -22.4% |
| Current assets | 29/58 | €1,027,196 | €599,797 | -€427,399 | -41.6% |
| Stocks and contracts in progress | 3 | €177,668 | €124,240 | -€53,428 | -30.1% |
| Stocks | 30/36 | €173,119 | €124,240 | -€48,880 | -28.2% |
| Contracts in progress | 37 | €4,548 | €0 | -€4,548 | -100.0% |
| Amounts receivable within one year | 40/41 | €26,462 | €58,314 | +€31,853 | +120.4% |
| Trade receivables | 40 | €20,927 | €28,138 | +€7,210 | +34.5% |
| Other amounts receivable | 41 | €5,534 | €30,177 | +€24,642 | +445.3% |
| Cash at bank and in hand | 54/58 | €818,524 | €412,301 | -€406,223 | -49.6% |
| Deferred charges and accrued income | 490/1 | €4,543 | €4,942 | +€399 | +8.8% |
| Total equity and liabilities | 10/49 | €1,458,552 | €1,434,490 | -€24,062 | -1.6% |
| Equity | 10/15 | €1,020,662 | €907,062 | -€113,599 | -11.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €991,407 | €504,292 | -€487,115 | -49.1% |
| Non-distributable reserves | 130/1 | €1,096 | €1,096 | = | 0.0% |
| Legal reserve | 130 | €1,096 | €1,096 | = | 0.0% |
| Tax-exempt reserves | 132 | €623,478 | €0 | -€623,478 | -100.0% |
| Distributable reserves | 133 | €366,833 | €503,196 | +€136,364 | +37.2% |
| Profit (loss) carried forward | 14 | -€32,745 | €340,771 | +€373,516 | |
| Provisions and deferred taxes | 16 | €207,826 | €0 | -€207,826 | -100.0% |
| Deferred taxes | 168 | €207,826 | €0 | -€207,826 | -100.0% |
| Amounts payable | 17/49 | €230,064 | €527,428 | +€297,363 | +129.3% |
| Amounts payable after more than one year | 17 | - | €330,000 | +€330,000 | |
| Financial debts | 170/4 | - | €330,000 | +€330,000 | |
| Amounts payable within one year | 42/48 | €230,064 | €197,427 | -€32,637 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €83,809 | €21,068 | -€62,741 | -74.9% |
| Suppliers | 440/4 | €83,809 | €21,068 | -€62,741 | -74.9% |
| Taxes, remuneration and social security | 45 | €10,943 | €6,687 | -€4,256 | -38.9% |
| Taxes | 450/3 | €4,366 | €6,687 | +€2,321 | +53.2% |
| Remuneration and social security | 454/9 | €6,578 | €0 | -€6,578 | -100.0% |
| Other amounts payable | 47/48 | €135,312 | €129,673 | -€5,639 | -4.2% |
| Remuneration, social security and pensions | 62 | €98,426 | €110,242 | +€11,816 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,930 | €43,610 | +€22,680 | +108.4% |
| Other operating charges | 640/8 | €1,878 | €1,715 | -€163 | -8.7% |
| Gross operating margin | 9900 | €188,061 | €18,115 | -€169,945 | -90.4% |
| Operating profit (loss) | 9901 | €66,827 | -€137,451 | -€204,278 | |
| Financial income | 75/76B | €5,810 | €5,312 | -€498 | -8.6% |
| Recurring financial income | 75 | €5,810 | €5,312 | -€498 | -8.6% |
| Financial charges | 65/66B | €12,876 | €19,206 | +€6,330 | +49.2% |
| Recurring financial charges | 65 | €12,876 | €19,206 | +€6,330 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €59,760 | -€151,345 | -€211,105 | |
| Transfer from deferred taxes | 780 | €3,223 | €207,826 | +€204,603 | +6347.6% |
| Income taxes | 67/77 | €18,892 | €169,247 | +€150,356 | +795.9% |
| Profit (loss) for the period | 9904 | €44,092 | -€112,766 | -€156,858 | |
| Transfer from tax-exempt reserves | 789 | €9,670 | €623,478 | +€613,808 | +6347.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,762 | €510,712 | +€456,950 | +849.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.