Visual Impact: 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.
Visual Impact
Largest movements
- Cash +€36,566
up €36,566 (+84.3%), from €43,360 to €79,926
mainly Trade debts (+€99,847) and Debts after one year (+€27,601)
- Intangible fixed assets +€31,682
up €31,682 (+5,529%), from €573 to €32,255
- Receivables within one year +€30,861
up €30,861 (+9.6%), from €320,753 to €351,614
of which Trade receivables: +€30,036
- Tangible fixed assets +€26,358
up €26,358 (+81.6%), from €32,319 to €58,677
of which Plant, machinery and equipment: +€27,594
- Stocks and contracts -€21,290
down €21,290 (-19.8%), from €107,529 to €86,239
- Trade debts +€99,847
up €99,847 (+75.4%), from €132,392 to €232,239
- Other debts -€42,564
down €42,564 (-98.8%), from €43,061 to €497
- Debts after one year +€27,601
up €27,601 (+121%), from €22,724 to €50,325
- Current portion of long-term debt +€15,828
up €15,828 (+47.7%), from €33,180 to €49,008
- Tax, wage and social debts +€7,295
up €7,295 (+9.0%), from €81,121 to €88,417
of which Remuneration and social security: +€4,900
- Staff costs +€74,831
up €74,831 (+20.4%), from €366,460 to €441,291
- Gross operating margin +€39,182
up €39,182 (+9.0%), from €436,858 to €476,040
- Taxes -€14,432
down €14,432 (-77.3%), from €18,660 to €4,228
- Depreciation +€10,471
up €10,471 (+270%), from €3,881 to €14,352
- Other operating charges +€6,318
up €6,318 (+771%), from €819 to €7,137
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 | €505,621 | €608,741 | +€103,120 | +20.4% |
| Fixed assets | 21/28 | €32,892 | €90,933 | +€58,041 | +176% |
| Intangible fixed assets | 21 | €573 | €32,255 | +€31,682 | +5,529% |
| Tangible fixed assets | 22/27 | €32,319 | €58,677 | +€26,358 | +81.6% |
| Plant, machinery and equipment | 23 | €4,390 | €31,984 | +€27,594 | +629% |
| Furniture and vehicles | 24 | €27,600 | €22,022 | -€5,578 | -20.2% |
| Leasing and similar rights | 25 | - | €4,377 | +€4,377 | |
| Other tangible fixed assets | 26 | €329 | €294 | -€35 | -10.7% |
| Current assets | 29/58 | €472,729 | €517,809 | +€45,080 | +9.5% |
| Stocks and contracts in progress | 3 | €107,529 | €86,239 | -€21,290 | -19.8% |
| Stocks | 30/36 | €107,529 | €86,239 | -€21,290 | -19.8% |
| Amounts receivable within one year | 40/41 | €320,753 | €351,614 | +€30,861 | +9.6% |
| Trade receivables | 40 | €214,034 | €244,069 | +€30,036 | +14.0% |
| Other amounts receivable | 41 | €106,719 | €107,545 | +€825 | +0.8% |
| Cash at bank and in hand | 54/58 | €43,360 | €79,926 | +€36,566 | +84.3% |
| Deferred charges and accrued income | 490/1 | €1,087 | €31 | -€1,057 | -97.2% |
| Total equity and liabilities | 10/49 | €505,621 | €608,741 | +€103,120 | +20.4% |
| Equity | 10/15 | €128,143 | €128,256 | +€114 | +0.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €400 | €400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €400 | €400 | = | 0.0% |
| Legal reserve | 130 | €400 | €400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,243 | €66,356 | +€114 | +0.2% |
| Amounts payable | 17/49 | €377,478 | €480,485 | +€103,007 | +27.3% |
| Amounts payable after more than one year | 17 | €22,724 | €50,325 | +€27,601 | +121% |
| Financial debts | 170/4 | €22,724 | €50,325 | +€27,601 | +121% |
| Amounts payable within one year | 42/48 | €354,755 | €430,160 | +€75,406 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €33,180 | €49,008 | +€15,828 | +47.7% |
| Financial debts | 43 | €65,000 | €60,000 | -€5,000 | -7.7% |
| Credit institutions | 430/8 | €65,000 | €60,000 | -€5,000 | -7.7% |
| Trade debts | 44 | €132,392 | €232,239 | +€99,847 | +75.4% |
| Suppliers | 440/4 | €132,392 | €232,239 | +€99,847 | +75.4% |
| Taxes, remuneration and social security | 45 | €81,121 | €88,417 | +€7,295 | +9.0% |
| Taxes | 450/3 | €37,398 | €39,793 | +€2,395 | +6.4% |
| Remuneration and social security | 454/9 | €43,723 | €48,624 | +€4,900 | +11.2% |
| Other amounts payable | 47/48 | €43,061 | €497 | -€42,564 | -98.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €366,460 | €441,291 | +€74,831 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,881 | €14,352 | +€10,471 | +270% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,393 | +€1,393 | |
| Other operating charges | 640/8 | €819 | €7,137 | +€6,318 | +771% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €436,858 | €476,040 | +€39,182 | +9.0% |
| Operating profit (loss) | 9901 | €65,698 | €11,866 | -€53,832 | -81.9% |
| Financial income | 75/76B | €1,152 | €2,422 | +€1,270 | +110% |
| Recurring financial income | 75 | €1,152 | €2,422 | +€1,270 | +110% |
| Financial charges | 65/66B | €9,333 | €9,947 | +€614 | +6.6% |
| Recurring financial charges | 65 | €9,333 | €9,947 | +€614 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €57,516 | €4,341 | -€53,175 | -92.5% |
| Income taxes | 67/77 | €18,660 | €4,228 | -€14,432 | -77.3% |
| Profit (loss) for the period | 9904 | €38,857 | €114 | -€38,743 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,857 | €114 | -€38,743 | -99.7% |
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 23 October 2026 via checked.be.