USUALS: 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.
USUALS
Largest movements
- Tangible fixed assets +€659,442
up €659,442 (+69.6%), from €946,945 to €1.6m
of which Land and buildings: +€1.1m
- Stocks and contracts +€291,453
new in 2025: €291,453
- Cash -€194,763
down €194,763 (-67.0%), from €290,828 to €96,064
mainly Investment in fixed assets (net) (-€711,873) and Stocks and contracts (-€291,453)
- Receivables within one year -€51,595
down €51,595 (-11.1%), from €464,074 to €412,480
of which Other amounts receivable: -€38,537
- Debts after one year +€856,423
up €856,423 (+121.2%), from €706,579 to €1.6m
- Trade debts -€277,041
down €277,041 (-72.2%), from €383,761 to €106,720
- Reserves +€67,810
up €67,810 (+15.5%), from €438,467 to €506,277
- Tax, wage and social debts +€49,282
up €49,282 (+110.6%), from €44,548 to €93,830
of which Taxes: +€50,473
- Gross operating margin +€64,226
up €64,226 (+37.8%), from €169,971 to €234,197
- Financial charges +€40,788
up €40,788 (+98.0%), from €41,627 to €82,415
- Depreciation +€31,496
up €31,496 (+139.8%), from €22,536 to €54,031
- Staff costs -€11,749
down €11,749 (-26.0%), from €45,264 to €33,515
- Financial income +€8,846
up €8,846 (+16546.6%), from €53 to €8,899
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 | €1,710,237 | €2,413,554 | +€703,318 | +41.1% |
| Fixed assets | 21/28 | €949,346 | €1,607,188 | +€657,842 | +69.3% |
| Intangible fixed assets | 21 | €2,151 | €552 | -€1,600 | -74.3% |
| Tangible fixed assets | 22/27 | €946,945 | €1,606,386 | +€659,442 | +69.6% |
| Land and buildings | 22 | €390,000 | €1,504,028 | +€1.1m | +285.6% |
| Plant, machinery and equipment | 23 | €3,033 | €26,927 | +€23,895 | +787.9% |
| Furniture and vehicles | 24 | €18,972 | €39,375 | +€20,404 | +107.5% |
| Other tangible fixed assets | 26 | €41,573 | €36,055 | -€5,518 | -13.3% |
| Assets under construction and advance payments | 27 | €493,366 | - | -€493,366 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €760,891 | €806,366 | +€45,475 | +6.0% |
| Stocks and contracts in progress | 3 | - | €291,453 | +€291,453 | |
| Stocks | 30/36 | - | €291,453 | +€291,453 | |
| Amounts receivable within one year | 40/41 | €464,074 | €412,480 | -€51,595 | -11.1% |
| Trade receivables | 40 | €241,077 | €228,020 | -€13,058 | -5.4% |
| Other amounts receivable | 41 | €222,997 | €184,460 | -€38,537 | -17.3% |
| Current investments | 50/53 | €4,700 | €4,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €290,828 | €96,064 | -€194,763 | -67.0% |
| Deferred charges and accrued income | 490/1 | €1,289 | €1,669 | +€381 | +29.5% |
| Total equity and liabilities | 10/49 | €1,710,237 | €2,413,554 | +€703,318 | +41.1% |
| Equity | 10/15 | €444,667 | €512,477 | +€67,810 | +15.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €438,467 | €506,277 | +€67,810 | +15.5% |
| Distributable reserves | 133 | €438,467 | €506,277 | +€67,810 | +15.5% |
| Amounts payable | 17/49 | €1,265,570 | €1,901,077 | +€635,508 | +50.2% |
| Amounts payable after more than one year | 17 | €706,579 | €1,563,002 | +€856,423 | +121.2% |
| Financial debts | 170/4 | €706,579 | €1,563,002 | +€856,423 | +121.2% |
| Amounts payable within one year | 42/48 | €558,991 | €338,075 | -€220,916 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €25,224 | €46,211 | +€20,986 | +83.2% |
| Trade debts | 44 | €383,761 | €106,720 | -€277,041 | -72.2% |
| Suppliers | 440/4 | €383,761 | €106,720 | -€277,041 | -72.2% |
| Taxes, remuneration and social security | 45 | €44,548 | €93,830 | +€49,282 | +110.6% |
| Taxes | 450/3 | €35,244 | €85,716 | +€50,473 | +143.2% |
| Remuneration and social security | 454/9 | €9,305 | €8,114 | -€1,191 | -12.8% |
| Other amounts payable | 47/48 | €105,457 | €91,314 | -€14,143 | -13.4% |
| Remuneration, social security and pensions | 62 | €45,264 | €33,515 | -€11,749 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,536 | €54,031 | +€31,496 | +139.8% |
| Other operating charges | 640/8 | €2,503 | €3,239 | +€736 | +29.4% |
| Gross operating margin | 9900 | €169,971 | €234,197 | +€64,226 | +37.8% |
| Operating profit (loss) | 9901 | €99,669 | €143,412 | +€43,743 | +43.9% |
| Financial income | 75/76B | €53 | €8,899 | +€8,846 | +16546.6% |
| Recurring financial income | 75 | €53 | €8,899 | +€8,846 | +16546.6% |
| Financial charges | 65/66B | €41,627 | €82,415 | +€40,788 | +98.0% |
| Recurring financial charges | 65 | €41,627 | €82,415 | +€40,788 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | €58,095 | €69,896 | +€11,801 | +20.3% |
| Income taxes | 67/77 | €6,850 | €2,086 | -€4,764 | -69.5% |
| Profit (loss) for the period | 9904 | €51,245 | €67,810 | +€16,565 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,245 | €67,810 | +€16,565 | +32.3% |
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 7 October 2026 via checked.be.