UNMATCHED: 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.
UNMATCHED
Largest movements
- Tangible fixed assets +€313,285
up €313,285 (+4296.1%), from €7,292 to €320,577
of which Leasing and similar rights: +€302,082
- Stocks and contracts +€66,908
up €66,908 (+5.0%), from €1.3m to €1.4m
- Cash +€45,522
up €45,522 (+68.3%), from €66,657 to €112,179
mainly Debts after one year (+€231,565) and Depreciation (+€151,516)
- Receivables within one year +€27,675
up €27,675 (+31.2%), from €88,674 to €116,348
of which Trade receivables: +€47,714
- Debts after one year +€231,565
new in 2025: €231,565
- Other debts +€90,000
up €90,000 (+69.2%), from €130,000 to €220,000
- Reserves +€85,000
up €85,000 (+21.0%), from €405,000 to €490,000
- Current portion of long-term debt +€70,499
new in 2025: €70,499
- Tax, wage and social debts -€32,029
down €32,029 (-12.0%), from €267,678 to €235,649
of which Remuneration and social security: -€42,379
- Gross operating margin +€518,536
up €518,536 (+42.2%), from €1.2m to €1.7m
- Staff costs +€287,879
up €287,879 (+25.1%), from €1.1m to €1.4m
- Depreciation +€81,331
up €81,331 (+115.9%), from €70,185 to €151,516
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 | €1,750,401 | €2,199,903 | +€449,502 | +25.7% |
| Fixed assets | 21/28 | €227,036 | €535,983 | +€308,947 | +136.1% |
| Intangible fixed assets | 21 | €219,743 | €215,405 | -€4,338 | -2.0% |
| Tangible fixed assets | 22/27 | €7,292 | €320,577 | +€313,285 | +4296.1% |
| Plant, machinery and equipment | 23 | €7,292 | €7,573 | +€281 | +3.8% |
| Furniture and vehicles | 24 | - | €5,386 | +€5,386 | |
| Leasing and similar rights | 25 | - | €302,082 | +€302,082 | |
| Other tangible fixed assets | 26 | - | €5,536 | +€5,536 | |
| Current assets | 29/58 | €1,523,366 | €1,663,920 | +€140,554 | +9.2% |
| Stocks and contracts in progress | 3 | €1,345,016 | €1,411,924 | +€66,908 | +5.0% |
| Stocks | 30/36 | €1,345,016 | €1,411,924 | +€66,908 | +5.0% |
| Amounts receivable within one year | 40/41 | €88,674 | €116,348 | +€27,675 | +31.2% |
| Trade receivables | 40 | €59,504 | €107,218 | +€47,714 | +80.2% |
| Other amounts receivable | 41 | €29,170 | €9,130 | -€20,040 | -68.7% |
| Cash at bank and in hand | 54/58 | €66,657 | €112,179 | +€45,522 | +68.3% |
| Deferred charges and accrued income | 490/1 | €23,019 | €23,469 | +€450 | +2.0% |
| Total equity and liabilities | 10/49 | €1,750,401 | €2,199,903 | +€449,502 | +25.7% |
| Equity | 10/15 | €957,894 | €1,042,586 | +€84,691 | +8.8% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €405,000 | €490,000 | +€85,000 | +21.0% |
| Distributable reserves | 133 | €405,000 | €490,000 | +€85,000 | +21.0% |
| Profit (loss) carried forward | 14 | €2,894 | €2,586 | -€309 | -10.7% |
| Amounts payable | 17/49 | €792,507 | €1,157,317 | +€364,810 | +46.0% |
| Amounts payable after more than one year | 17 | - | €231,565 | +€231,565 | |
| Financial debts | 170/4 | - | €231,565 | +€231,565 | |
| Amounts payable within one year | 42/48 | €792,507 | €925,360 | +€132,853 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | - | €70,499 | +€70,499 | |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €194,829 | €199,211 | +€4,383 | +2.2% |
| Suppliers | 440/4 | €194,829 | €199,211 | +€4,383 | +2.2% |
| Taxes, remuneration and social security | 45 | €267,678 | €235,649 | -€32,029 | -12.0% |
| Taxes | 450/3 | €41,656 | €52,006 | +€10,350 | +24.8% |
| Remuneration and social security | 454/9 | €226,022 | €183,643 | -€42,379 | -18.7% |
| Other amounts payable | 47/48 | €130,000 | €220,000 | +€90,000 | +69.2% |
| Accrued charges and deferred income | 492/3 | - | €392 | +€392 | |
| Remuneration, social security and pensions | 62 | €1,145,849 | €1,433,728 | +€287,879 | +25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,185 | €151,516 | +€81,331 | +115.9% |
| Other operating charges | 640/8 | €1,344 | €1,383 | +€39 | +2.9% |
| Gross operating margin | 9900 | €1,229,550 | €1,748,086 | +€518,536 | +42.2% |
| Operating profit (loss) | 9901 | €12,172 | €161,459 | +€149,287 | +1226.5% |
| Financial income | 75/76B | €0 | €892 | +€892 | +991222.2% |
| Recurring financial income | 75 | €0 | €892 | +€892 | +991222.2% |
| Financial charges | 65/66B | €41,913 | €56,069 | +€14,156 | +33.8% |
| Recurring financial charges | 65 | €41,913 | €56,069 | +€14,156 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | -€29,741 | €106,282 | +€136,023 | |
| Income taxes | 67/77 | €7,794 | €21,591 | +€13,798 | +177.0% |
| Profit (loss) for the period | 9904 | -€37,534 | €84,691 | +€122,225 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,534 | €84,691 | +€122,225 |
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 9 October 2026 via checked.be.