VIDEO RAMA: 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.
VIDEO RAMA
Largest movements
- Stocks and contracts +€81,254
up €81,254 (+61.0%), from €133,106 to €214,360
- Receivables within one year +€47,939
up €47,939 (+33.0%), from €145,076 to €193,015
of which Other amounts receivable: +€45,885
- Cash -€34,291
down €34,291 (-34.2%), from €100,317 to €66,026
mainly Stocks and contracts (-€81,254) and Investment in fixed assets (net) (-€61,571)
- Tangible fixed assets +€19,600
up €19,600 (+5.2%), from €377,436 to €397,036
of which Furniture and vehicles: +€29,404
- Deferred charges and accrued income +€11,228
up €11,228 (+630%), from €1,782 to €13,010
- Trade debts +€106,376
up €106,376 (+713%), from €14,929 to €121,305
- Reserves +€34,731
up €34,731 (+8.5%), from €408,190 to €442,921
- Debts after one year -€17,287
down €17,287 (-7.5%), from €231,112 to €213,825
- Staff costs +€38,107
up €38,107 (+19.1%), from €199,862 to €237,969
- Taxes -€20,813
down €20,813 (-55.3%), from €37,606 to €16,793
- Depreciation +€9,158
up €9,158 (+27.9%), from €32,813 to €41,971
- Gross operating margin -€6,964
down €6,964 (-2.0%), from €352,315 to €345,351
- Financial charges +€4,419
up €4,419 (+45.8%), from €9,639 to €14,058
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 | €812,873 | €930,525 | +€117,652 | +14.5% |
| Fixed assets | 21/28 | €378,076 | €397,676 | +€19,600 | +5.2% |
| Tangible fixed assets | 22/27 | €377,436 | €397,036 | +€19,600 | +5.2% |
| Land and buildings | 22 | €333,208 | €311,233 | -€21,975 | -6.6% |
| Plant, machinery and equipment | 23 | €39,252 | €51,423 | +€12,171 | +31.0% |
| Furniture and vehicles | 24 | €4,976 | €34,380 | +€29,404 | +591% |
| Financial fixed assets | 28 | €640 | €640 | = | 0.0% |
| Current assets | 29/58 | €434,797 | €532,848 | +€98,051 | +22.6% |
| Amounts receivable after more than one year | 29 | €47,054 | €38,975 | -€8,079 | -17.2% |
| Other amounts receivable | 291 | €47,054 | €38,975 | -€8,079 | -17.2% |
| Stocks and contracts in progress | 3 | €133,106 | €214,360 | +€81,254 | +61.0% |
| Stocks | 30/36 | €133,106 | €214,360 | +€81,254 | +61.0% |
| Amounts receivable within one year | 40/41 | €145,076 | €193,015 | +€47,939 | +33.0% |
| Trade receivables | 40 | €186 | €2,240 | +€2,054 | +1,107% |
| Other amounts receivable | 41 | €144,890 | €190,776 | +€45,885 | +31.7% |
| Current investments | 50/53 | €7,463 | €7,463 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,317 | €66,026 | -€34,291 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,782 | €13,010 | +€11,228 | +630% |
| Total equity and liabilities | 10/49 | €812,873 | €930,525 | +€117,652 | +14.5% |
| Equity | 10/15 | €426,782 | €461,513 | +€34,731 | +8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €408,190 | €442,921 | +€34,731 | +8.5% |
| Distributable reserves | 133 | €408,190 | €442,921 | +€34,731 | +8.5% |
| Amounts payable | 17/49 | €386,091 | €469,012 | +€82,920 | +21.5% |
| Amounts payable after more than one year | 17 | €231,112 | €213,825 | -€17,287 | -7.5% |
| Financial debts | 170/4 | €231,112 | €213,825 | -€17,287 | -7.5% |
| Amounts payable within one year | 42/48 | €126,582 | €232,107 | +€105,525 | +83.4% |
| Current portion of amounts payable after more than one year | 42 | €36,491 | €42,194 | +€5,703 | +15.6% |
| Trade debts | 44 | €14,929 | €121,305 | +€106,376 | +713% |
| Suppliers | 440/4 | €14,929 | €121,305 | +€106,376 | +713% |
| Taxes, remuneration and social security | 45 | €74,794 | €68,240 | -€6,554 | -8.8% |
| Taxes | 450/3 | €52,988 | €41,609 | -€11,378 | -21.5% |
| Remuneration and social security | 454/9 | €21,806 | €26,630 | +€4,824 | +22.1% |
| Other amounts payable | 47/48 | €368 | €368 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €28,398 | €23,080 | -€5,318 | -18.7% |
| Remuneration, social security and pensions | 62 | €199,862 | €237,969 | +€38,107 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,813 | €41,971 | +€9,158 | +27.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,725 | €1,629 | -€3,095 | -65.5% |
| Other operating charges | 640/8 | €553 | €767 | +€213 | +38.5% |
| Gross operating margin | 9900 | €352,315 | €345,351 | -€6,964 | -2.0% |
| Operating profit (loss) | 9901 | €114,362 | €63,016 | -€51,346 | -44.9% |
| Financial income | 75/76B | €2,305 | €2,568 | +€262 | +11.4% |
| Recurring financial income | 75 | €2,305 | €2,568 | +€262 | +11.4% |
| Financial charges | 65/66B | €9,639 | €14,058 | +€4,419 | +45.8% |
| Recurring financial charges | 65 | €9,639 | €14,058 | +€4,419 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €107,028 | €51,525 | -€55,503 | -51.9% |
| Income taxes | 67/77 | €37,606 | €16,793 | -€20,813 | -55.3% |
| Profit (loss) for the period | 9904 | €69,422 | €34,731 | -€34,691 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,422 | €34,731 | -€34,691 | -50.0% |
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 31 October 2026 via checked.be.