UPPER SHELF: 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.
UPPER SHELF
Largest movements
- Cash -€30,013
down €30,013 (-65.5%), from €45,807 to €15,794
mainly Investment in fixed assets (net) (-€48,790) and Stocks and contracts (-€18,224)
- Receivables within one year -€18,630
down €18,630 (-12.3%), from €151,363 to €132,733
of which Trade receivables: -€10,176
- Tangible fixed assets +€18,339
up €18,339 (+16.9%), from €108,296 to €126,636
of which Plant, machinery and equipment: +€32,553
- Stocks and contracts +€18,224
up €18,224 (+99.4%), from €18,342 to €36,566
- Other debts -€17,950
down €17,950 (-47.6%), from €37,729 to €19,779
- Trade debts +€8,796
up €8,796 (+14.5%), from €60,761 to €69,557
- Debts after one year -€8,428
down €8,428 (-9.5%), from €89,083 to €80,656
- Current portion of long-term debt -€4,657
down €4,657 (-9.6%), from €48,741 to €44,084
- Tax, wage and social debts +€3,727
up €3,727 (+15.8%), from €23,605 to €27,332
of which Remuneration and social security: +€2,590
- Staff costs +€112,675
up €112,675 (+50.8%), from €221,603 to €334,278
- Gross operating margin +€66,791
up €66,791 (+21.6%), from €308,605 to €375,396
- Taxes -€12,966
down €12,966 (-98.3%), from €13,190 to €224
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 | €357,322 | €341,336 | -€15,986 | -4.5% |
| Fixed assets | 21/28 | €138,762 | €153,757 | +€14,996 | +10.8% |
| Intangible fixed assets | 21 | €10,465 | €7,122 | -€3,343 | -31.9% |
| Tangible fixed assets | 22/27 | €108,296 | €126,636 | +€18,339 | +16.9% |
| Plant, machinery and equipment | 23 | €42,160 | €74,712 | +€32,553 | +77.2% |
| Furniture and vehicles | 24 | €61,787 | €46,837 | -€14,950 | -24.2% |
| Other tangible fixed assets | 26 | €4,350 | €5,086 | +€736 | +16.9% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €218,561 | €187,579 | -€30,982 | -14.2% |
| Stocks and contracts in progress | 3 | €18,342 | €36,566 | +€18,224 | +99.4% |
| Stocks | 30/36 | €18,342 | €36,566 | +€18,224 | +99.4% |
| Amounts receivable within one year | 40/41 | €151,363 | €132,733 | -€18,630 | -12.3% |
| Trade receivables | 40 | €120,045 | €109,868 | -€10,176 | -8.5% |
| Other amounts receivable | 41 | €31,319 | €22,865 | -€8,454 | -27.0% |
| Cash at bank and in hand | 54/58 | €45,807 | €15,794 | -€30,013 | -65.5% |
| Deferred charges and accrued income | 490/1 | €3,048 | €2,486 | -€562 | -18.4% |
| Total equity and liabilities | 10/49 | €357,322 | €341,336 | -€15,986 | -4.5% |
| Equity | 10/15 | €94,026 | €95,718 | +€1,692 | +1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €73,250 | €74,900 | +€1,650 | +2.3% |
| Distributable reserves | 133 | €73,250 | €74,900 | +€1,650 | +2.3% |
| Profit (loss) carried forward | 14 | €776 | €818 | +€42 | +5.4% |
| Amounts payable | 17/49 | €263,296 | €245,618 | -€17,678 | -6.7% |
| Amounts payable after more than one year | 17 | €89,083 | €80,656 | -€8,428 | -9.5% |
| Financial debts | 170/4 | €89,083 | €80,656 | -€8,428 | -9.5% |
| Amounts payable within one year | 42/48 | €174,212 | €164,962 | -€9,250 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €48,741 | €44,084 | -€4,657 | -9.6% |
| Financial debts | 43 | €3,376 | €4,210 | +€835 | +24.7% |
| Other loans | 439 | €3,376 | €4,210 | +€835 | +24.7% |
| Trade debts | 44 | €60,761 | €69,557 | +€8,796 | +14.5% |
| Suppliers | 440/4 | €60,761 | €69,557 | +€8,796 | +14.5% |
| Taxes, remuneration and social security | 45 | €23,605 | €27,332 | +€3,727 | +15.8% |
| Taxes | 450/3 | €3,426 | €4,563 | +€1,137 | +33.2% |
| Remuneration and social security | 454/9 | €20,179 | €22,769 | +€2,590 | +12.8% |
| Other amounts payable | 47/48 | €37,729 | €19,779 | -€17,950 | -47.6% |
| Non-recurring operating income | 76A | €4,545 | €8,000 | +€3,455 | +76.0% |
| Remuneration, social security and pensions | 62 | €221,603 | €334,278 | +€112,675 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,351 | €33,794 | +€2,443 | +7.8% |
| Other operating charges | 640/8 | €1,048 | €1,032 | -€16 | -1.5% |
| Gross operating margin | 9900 | €308,605 | €375,396 | +€66,791 | +21.6% |
| Operating profit (loss) | 9901 | €54,603 | €6,292 | -€48,311 | -88.5% |
| Financial income | 75/76B | €1,120 | €1,192 | +€72 | +6.4% |
| Recurring financial income | 75 | €1,120 | €1,192 | +€72 | +6.4% |
| Financial charges | 65/66B | €4,717 | €5,568 | +€852 | +18.1% |
| Recurring financial charges | 65 | €4,717 | €5,568 | +€852 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €51,007 | €1,916 | -€49,091 | -96.2% |
| Income taxes | 67/77 | €13,190 | €224 | -€12,966 | -98.3% |
| Profit (loss) for the period | 9904 | €37,817 | €1,692 | -€36,125 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,817 | €1,692 | -€36,125 | -95.5% |
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.