Vendredi: 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.
Vendredi
Largest movements
- Receivables within one year -€126,576
down €126,576 (-99.6%), from €127,056 to €481
of which Other amounts receivable: -€126,558
- Tangible fixed assets -€85,093
down €85,093 (-24.5%), from €347,644 to €262,551
of which Land and buildings: -€86,140
- Cash +€78,540
up €78,540 (+343.6%), from €22,860 to €101,400
mainly Receivables within one year (+€126,576) and Investment in fixed assets (net) (+€45,399)
- Stocks and contracts -€10,963
down €10,963 (-82.4%), from €13,298 to €2,336
- Financial fixed assets +€7,118
up €7,118 (+20.3%), from €35,120 to €42,238
- Reserves -€110,231
down €110,231 (-43.7%), from €251,990 to €141,759
of which Distributable reserves: -€110,231
- Debts after one year -€31,767
down €31,767 (-14.5%), from €219,721 to €187,954
- Tax, wage and social debts -€15,481
down €15,481 (-82.7%), from €18,719 to €3,237
- Trade debts +€14,160
up €14,160 (+264.5%), from €5,354 to €19,514
- Accrued charges and deferred income +€11,859
new in 2025: €11,859
- Gross operating margin -€12,216
down €12,216 (-10.7%), from €114,444 to €102,229
- Taxes -€5,576
down €5,576 (-29.8%), from €18,719 to €13,143
- Other operating charges +€3,724
up €3,724 (+76.2%), from €4,887 to €8,611
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 | €547,096 | €415,636 | -€131,461 | -24.0% |
| Fixed assets | 21/28 | €382,764 | €304,789 | -€77,975 | -20.4% |
| Tangible fixed assets | 22/27 | €347,644 | €262,551 | -€85,093 | -24.5% |
| Land and buildings | 22 | €331,253 | €245,113 | -€86,140 | -26.0% |
| Plant, machinery and equipment | 23 | €16,391 | €17,438 | +€1,047 | +6.4% |
| Financial fixed assets | 28 | €35,120 | €42,238 | +€7,118 | +20.3% |
| Current assets | 29/58 | €164,332 | €110,847 | -€53,486 | -32.5% |
| Stocks and contracts in progress | 3 | €13,298 | €2,336 | -€10,963 | -82.4% |
| Stocks | 30/36 | €13,298 | €2,336 | -€10,963 | -82.4% |
| Amounts receivable within one year | 40/41 | €127,056 | €481 | -€126,576 | -99.6% |
| Trade receivables | 40 | €40 | €22 | -€18 | -44.2% |
| Other amounts receivable | 41 | €127,016 | €458 | -€126,558 | -99.6% |
| Cash at bank and in hand | 54/58 | €22,860 | €101,400 | +€78,540 | +343.6% |
| Deferred charges and accrued income | 490/1 | €1,118 | €6,630 | +€5,512 | +493.1% |
| Total equity and liabilities | 10/49 | €547,096 | €415,636 | -€131,461 | -24.0% |
| Equity | 10/15 | €270,540 | €160,309 | -€110,231 | -40.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €251,990 | €141,759 | -€110,231 | -43.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €250,135 | €139,904 | -€110,231 | -44.1% |
| Amounts payable | 17/49 | €276,556 | €255,326 | -€21,230 | -7.7% |
| Amounts payable after more than one year | 17 | €219,721 | €187,954 | -€31,767 | -14.5% |
| Financial debts | 170/4 | €219,721 | €187,954 | -€31,767 | -14.5% |
| Amounts payable within one year | 42/48 | €56,835 | €55,514 | -€1,321 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €31,767 | €31,767 | = | 0.0% |
| Trade debts | 44 | €5,354 | €19,514 | +€14,160 | +264.5% |
| Suppliers | 440/4 | €5,354 | €19,514 | +€14,160 | +264.5% |
| Taxes, remuneration and social security | 45 | €18,719 | €3,237 | -€15,481 | -82.7% |
| Taxes | 450/3 | €18,719 | €3,237 | -€15,481 | -82.7% |
| Other amounts payable | 47/48 | €996 | €996 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €11,859 | +€11,859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,266 | €32,576 | +€310 | +1.0% |
| Other operating charges | 640/8 | €4,887 | €8,611 | +€3,724 | +76.2% |
| Gross operating margin | 9900 | €114,444 | €102,229 | -€12,216 | -10.7% |
| Operating profit (loss) | 9901 | €77,292 | €61,042 | -€16,250 | -21.0% |
| Financial income | 75/76B | - | €124 | +€124 | |
| Recurring financial income | 75 | - | €124 | +€124 | |
| Financial charges | 65/66B | €8,643 | €8,254 | -€389 | -4.5% |
| Recurring financial charges | 65 | €8,643 | €8,254 | -€389 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €68,649 | €52,912 | -€15,737 | -22.9% |
| Income taxes | 67/77 | €18,719 | €13,143 | -€5,576 | -29.8% |
| Profit (loss) for the period | 9904 | €49,930 | €39,769 | -€10,161 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,930 | €39,769 | -€10,161 | -20.4% |
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 6 October 2026 via checked.be.