Visible: 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.
Visible
Largest movements
- Receivables within one year -€237,106
down €237,106 (-43.6%), from €543,544 to €306,438
of which Trade receivables: -€210,416
- Cash -€51,909
down €51,909 (-12.0%), from €433,094 to €381,185
mainly Other debts (-€104,772) and Tax, wage and social debts (-€94,565)
- Tangible fixed assets -€47,146
down €47,146 (-28.5%), from €165,579 to €118,433
of which Plant, machinery and equipment: -€27,465
- Other debts -€104,772
down €104,772 (-99.7%), from €105,036 to €263
- Tax, wage and social debts -€94,565
down €94,565 (-50.2%), from €188,427 to €93,862
of which Taxes: -€89,213
- Trade debts -€82,020
down €82,020 (-32.3%), from €253,826 to €171,806
of which Suppliers: -€82,020
- Accrued charges and deferred income -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Profit (loss) carried forward +€21,744
up €21,744 (+75.2%), from €28,926 to €50,669
- Gross operating margin -€248,078
down €248,078 (-30.8%), from €805,648 to €557,570
- Taxes -€52,785
down €52,785 (-83.3%), from €63,405 to €10,620
- Staff costs -€26,859
down €26,859 (-5.5%), from €490,990 to €464,131
- Other operating charges -€16,035
down €16,035 (-67.1%), from €23,902 to €7,868
- Depreciation -€10,870
down €10,870 (-19.3%), from €56,357 to €45,486
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 | €1,146,161 | €809,827 | -€336,334 | -29.3% |
| Fixed assets | 21/28 | €168,808 | €121,662 | -€47,146 | -27.9% |
| Tangible fixed assets | 22/27 | €165,579 | €118,433 | -€47,146 | -28.5% |
| Land and buildings | 22 | €18,618 | €16,348 | -€2,270 | -12.2% |
| Plant, machinery and equipment | 23 | €112,590 | €85,126 | -€27,465 | -24.4% |
| Furniture and vehicles | 24 | €34,370 | €16,959 | -€17,411 | -50.7% |
| Financial fixed assets | 28 | €3,229 | €3,229 | = | 0.0% |
| Current assets | 29/58 | €977,353 | €688,165 | -€289,188 | -29.6% |
| Amounts receivable within one year | 40/41 | €543,544 | €306,438 | -€237,106 | -43.6% |
| Trade receivables | 40 | €513,441 | €303,026 | -€210,416 | -41.0% |
| Other amounts receivable | 41 | €30,103 | €3,413 | -€26,690 | -88.7% |
| Cash at bank and in hand | 54/58 | €433,094 | €381,185 | -€51,909 | -12.0% |
| Deferred charges and accrued income | 490/1 | €714 | €542 | -€173 | -24.2% |
| Total equity and liabilities | 10/49 | €1,146,161 | €809,827 | -€336,334 | -29.3% |
| Equity | 10/15 | €511,721 | €531,255 | +€19,533 | +3.8% |
| Contributions | 10/11 | €13,346 | €13,346 | = | 0.0% |
| Reserves | 13 | €431,018 | €431,018 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,335 | €1,335 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,335 | €1,335 | = | 0.0% |
| Distributable reserves | 133 | €429,684 | €429,684 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,926 | €50,669 | +€21,744 | +75.2% |
| Investment grants | 15 | €38,432 | €36,221 | -€2,210 | -5.8% |
| Amounts payable | 17/49 | €634,440 | €278,573 | -€355,867 | -56.1% |
| Amounts payable after more than one year | 17 | €12,641 | €7,923 | -€4,718 | -37.3% |
| Financial debts | 170/4 | €12,641 | €7,923 | -€4,718 | -37.3% |
| Amounts payable within one year | 42/48 | €551,798 | €270,650 | -€281,148 | -51.0% |
| Current portion of amounts payable after more than one year | 42 | €4,509 | €4,718 | +€209 | +4.6% |
| Trade debts | 44 | €253,826 | €171,806 | -€82,020 | -32.3% |
| Suppliers | 440/4 | €248,826 | €166,806 | -€82,020 | -33.0% |
| Bills of exchange payable | 441 | €5,000 | €5,000 | = | 0.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €188,427 | €93,862 | -€94,565 | -50.2% |
| Taxes | 450/3 | €131,872 | €42,659 | -€89,213 | -67.7% |
| Remuneration and social security | 454/9 | €56,555 | €51,203 | -€5,352 | -9.5% |
| Other amounts payable | 47/48 | €105,036 | €263 | -€104,772 | -99.7% |
| Accrued charges and deferred income | 492/3 | €70,000 | €0 | -€70,000 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €490,990 | €464,131 | -€26,859 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,357 | €45,486 | -€10,870 | -19.3% |
| Other operating charges | 640/8 | €23,902 | €7,868 | -€16,035 | -67.1% |
| Gross operating margin | 9900 | €805,648 | €557,570 | -€248,078 | -30.8% |
| Operating profit (loss) | 9901 | €234,399 | €40,085 | -€194,313 | -82.9% |
| Financial income | 75/76B | €3,982 | €2,956 | -€1,026 | -25.8% |
| Recurring financial income | 75 | €3,982 | €2,956 | -€1,026 | -25.8% |
| Financial charges | 65/66B | €8,822 | €10,678 | +€1,856 | +21.0% |
| Recurring financial charges | 65 | €8,822 | €10,678 | +€1,856 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €229,559 | €32,364 | -€197,195 | -85.9% |
| Income taxes | 67/77 | €63,405 | €10,620 | -€52,785 | -83.3% |
| Profit (loss) for the period | 9904 | €166,154 | €21,744 | -€144,410 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €166,154 | €21,744 | -€144,410 | -86.9% |
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.