Vector 3: 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.
Vector 3
Largest movements
- Tangible fixed assets +€102,105
up €102,105 (+102.5%), from €99,607 to €201,712
of which Furniture and vehicles: +€72,255
- Stocks and contracts +€60,009
up €60,009 (+15.3%), from €393,234 to €453,243
- Receivables within one year +€29,693
up €29,693 (+11.4%), from €261,283 to €290,976
of which Trade receivables: +€29,102
- Current investments -€23,745
no longer reported in 2025 (was €23,745)
- Trade debts +€204,704
up €204,704 (+65.2%), from €313,891 to €518,595
- Debts after one year +€119,513
up €119,513 (+742.8%), from €16,089 to €135,603
- Profit (loss) carried forward -€115,883
down €115,883 (-46.2%), from €250,820 to €134,937
- Short-term financial debts -€34,388
down €34,388 (-67.7%), from €50,777 to €16,389
- Accrued charges and deferred income +€9,695
new in 2025: €9,695
- Staff costs +€163,169
up €163,169 (+158.8%), from €102,730 to €265,900
- Depreciation +€50,465
up €50,465 (+115.2%), from €43,806 to €94,271
- Write-downs -€34,257
no longer reported in 2025 (was €34,257)
- Gross operating margin +€26,372
up €26,372 (+10.7%), from €246,259 to €272,631
- Taxes -€13,281
down €13,281 (-94.9%), from €14,000 to €719
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 | €792,386 | €969,139 | +€176,753 | +22.3% |
| Fixed assets | 21/28 | €111,357 | €213,462 | +€102,105 | +91.7% |
| Tangible fixed assets | 22/27 | €99,607 | €201,712 | +€102,105 | +102.5% |
| Plant, machinery and equipment | 23 | €16,372 | €48,815 | +€32,443 | +198.2% |
| Furniture and vehicles | 24 | €69,824 | €142,079 | +€72,255 | +103.5% |
| Other tangible fixed assets | 26 | €13,411 | €10,818 | -€2,594 | -19.3% |
| Financial fixed assets | 28 | €11,750 | €11,750 | = | 0.0% |
| Current assets | 29/58 | €681,029 | €755,677 | +€74,647 | +11.0% |
| Stocks and contracts in progress | 3 | €393,234 | €453,243 | +€60,009 | +15.3% |
| Stocks | 30/36 | €393,234 | €453,243 | +€60,009 | +15.3% |
| Amounts receivable within one year | 40/41 | €261,283 | €290,976 | +€29,693 | +11.4% |
| Trade receivables | 40 | €251,121 | €280,223 | +€29,102 | +11.6% |
| Other amounts receivable | 41 | €10,162 | €10,752 | +€590 | +5.8% |
| Current investments | 50/53 | €23,745 | - | -€23,745 | |
| Cash at bank and in hand | 54/58 | - | €4,652 | +€4,652 | |
| Deferred charges and accrued income | 490/1 | €2,767 | €6,806 | +€4,039 | +145.9% |
| Total equity and liabilities | 10/49 | €792,386 | €969,139 | +€176,753 | +22.3% |
| Equity | 10/15 | €252,920 | €137,037 | -€115,883 | -45.8% |
| Contributions | 10/11 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €250,820 | €134,937 | -€115,883 | -46.2% |
| Amounts payable | 17/49 | €539,466 | €832,102 | +€292,636 | +54.2% |
| Amounts payable after more than one year | 17 | €16,089 | €135,603 | +€119,513 | +742.8% |
| Financial debts | 170/4 | €16,089 | €135,603 | +€119,513 | +742.8% |
| Amounts payable within one year | 42/48 | €523,377 | €686,804 | +€163,427 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €22,398 | €19,923 | -€2,476 | -11.1% |
| Financial debts | 43 | €50,777 | €16,389 | -€34,388 | -67.7% |
| Credit institutions | 430/8 | €50,777 | €16,389 | -€34,388 | -67.7% |
| Trade debts | 44 | €313,891 | €518,595 | +€204,704 | +65.2% |
| Suppliers | 440/4 | €313,891 | €518,595 | +€204,704 | +65.2% |
| Taxes, remuneration and social security | 45 | €135,069 | €126,759 | -€8,310 | -6.2% |
| Taxes | 450/3 | €109,962 | €54,075 | -€55,886 | -50.8% |
| Remuneration and social security | 454/9 | €25,107 | €72,684 | +€47,576 | +189.5% |
| Other amounts payable | 47/48 | €1,242 | €5,138 | +€3,896 | +313.8% |
| Accrued charges and deferred income | 492/3 | - | €9,695 | +€9,695 | |
| Remuneration, social security and pensions | 62 | €102,730 | €265,900 | +€163,169 | +158.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,806 | €94,271 | +€50,465 | +115.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,257 | - | -€34,257 | |
| Other operating charges | 640/8 | €8,846 | €15,139 | +€6,293 | +71.1% |
| Gross operating margin | 9900 | €246,259 | €272,631 | +€26,372 | +10.7% |
| Operating profit (loss) | 9901 | €56,620 | -€102,679 | -€159,298 | |
| Financial income | 75/76B | €2,582 | €1,260 | -€1,322 | -51.2% |
| Recurring financial income | 75 | €329 | €1,260 | +€931 | +283.4% |
| Non-recurring financial income | 76B | €2,253 | - | -€2,253 | |
| Financial charges | 65/66B | €7,017 | €13,746 | +€6,729 | +95.9% |
| Recurring financial charges | 65 | €6,162 | €12,341 | +€6,179 | +100.3% |
| Non-recurring financial charges | 66B | €854 | €1,405 | +€551 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €52,185 | -€115,165 | -€167,349 | |
| Income taxes | 67/77 | €14,000 | €719 | -€13,281 | -94.9% |
| Profit (loss) for the period | 9904 | €38,185 | -€115,883 | -€154,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,185 | -€115,883 | -€154,068 |
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 11 October 2026 via checked.be.