+ VALUE: 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.
+ VALUE
Largest movements
- Tangible fixed assets +€20,093
up €20,093 (+3.7%), from €539,677 to €559,770
of which Furniture and vehicles: +€15,637
- Cash +€15,855
up €15,855 (+33.0%), from €48,087 to €63,941
mainly Net result for the year (+€76,355) and Depreciation (+€37,841)
- Reserves +€76,355
up €76,355 (+32.7%), from €233,210 to €309,565
of which Distributable reserves: +€76,355
- Other debts -€23,871
down €23,871 (-98.4%), from €24,269 to €398
- Tax, wage and social debts -€12,942
down €12,942 (-35.1%), from €36,831 to €23,889
- Current portion of long-term debt +€10,815
up €10,815 (+29.3%), from €36,945 to €47,760
- Debts after one year -€7,670
down €7,670 (-2.3%), from €328,438 to €320,769
of which Financial debts: -€15,272
- Gross operating margin +€10,813
up €10,813 (+7.1%), from €152,157 to €162,971
- Depreciation +€9,819
up €9,819 (+35.0%), from €28,021 to €37,841
- Financial income -€2,262
down €2,262 (-94.5%), from €2,394 to €132
of which Non-recurring financial income: -€2,024
- Taxes -€1,846
down €1,846 (-4.6%), from €40,183 to €38,337
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 | €698,354 | €741,202 | +€42,849 | +6.1% |
| Fixed assets | 21/28 | €596,227 | €616,320 | +€20,093 | +3.4% |
| Tangible fixed assets | 22/27 | €539,677 | €559,770 | +€20,093 | +3.7% |
| Land and buildings | 22 | €510,596 | €515,447 | +€4,850 | +0.9% |
| Plant, machinery and equipment | 23 | €1,174 | €779 | -€394 | -33.6% |
| Furniture and vehicles | 24 | €27,907 | €43,544 | +€15,637 | +56.0% |
| Financial fixed assets | 28 | €56,550 | €56,550 | = | 0.0% |
| Current assets | 29/58 | €102,126 | €124,882 | +€22,756 | +22.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €53,428 | €60,130 | +€6,702 | +12.5% |
| Trade receivables | 40 | €53,428 | €60,130 | +€6,702 | +12.5% |
| Cash at bank and in hand | 54/58 | €48,087 | €63,941 | +€15,855 | +33.0% |
| Deferred charges and accrued income | 490/1 | €612 | €811 | +€199 | +32.5% |
| Total equity and liabilities | 10/49 | €698,354 | €741,202 | +€42,849 | +6.1% |
| Equity | 10/15 | €269,810 | €346,165 | +€76,355 | +28.3% |
| Contributions | 10/11 | €36,600 | €36,600 | = | 0.0% |
| Reserves | 13 | €233,210 | €309,565 | +€76,355 | +32.7% |
| Non-distributable reserves | 130/1 | €3,660 | €3,660 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,660 | €3,660 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €222,050 | €298,405 | +€76,355 | +34.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €428,544 | €395,037 | -€33,506 | -7.8% |
| Amounts payable after more than one year | 17 | €328,438 | €320,769 | -€7,670 | -2.3% |
| Financial debts | 170/4 | €327,497 | €312,225 | -€15,272 | -4.7% |
| Other amounts payable | 178/9 | €941 | €8,543 | +€7,602 | +807.6% |
| Amounts payable within one year | 42/48 | €99,118 | €73,869 | -€25,249 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €36,945 | €47,760 | +€10,815 | +29.3% |
| Trade debts | 44 | €1,073 | €1,823 | +€749 | +69.8% |
| Suppliers | 440/4 | €1,073 | €1,823 | +€749 | +69.8% |
| Taxes, remuneration and social security | 45 | €36,831 | €23,889 | -€12,942 | -35.1% |
| Taxes | 450/3 | €36,831 | €23,889 | -€12,942 | -35.1% |
| Other amounts payable | 47/48 | €24,269 | €398 | -€23,871 | -98.4% |
| Accrued charges and deferred income | 492/3 | €987 | €400 | -€588 | -59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,021 | €37,841 | +€9,819 | +35.0% |
| Other operating charges | 640/8 | €3,633 | €3,148 | -€485 | -13.4% |
| Gross operating margin | 9900 | €152,157 | €162,971 | +€10,813 | +7.1% |
| Operating profit (loss) | 9901 | €120,503 | €121,982 | +€1,479 | +1.2% |
| Financial income | 75/76B | €2,394 | €132 | -€2,262 | -94.5% |
| Recurring financial income | 75 | €370 | €132 | -€238 | -64.4% |
| Non-recurring financial income | 76B | €2,024 | €0 | -€2,024 | -100.0% |
| Financial charges | 65/66B | €6,330 | €7,421 | +€1,092 | +17.2% |
| Recurring financial charges | 65 | €6,330 | €7,421 | +€1,092 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €116,567 | €114,692 | -€1,875 | -1.6% |
| Income taxes | 67/77 | €40,183 | €38,337 | -€1,846 | -4.6% |
| Profit (loss) for the period | 9904 | €76,384 | €76,355 | -€29 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,384 | €76,355 | -€29 | 0.0% |
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.