Vitrine: 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.
Vitrine
Largest movements
- Tangible fixed assets +€29,660
up €29,660 (+33.1%), from €89,672 to €119,332
of which Plant, machinery and equipment: +€48,446
- Stocks and contracts +€23,915
up €23,915 (+34.8%), from €68,628 to €92,543
- Receivables within one year -€23,164
down €23,164 (-83.6%), from €27,705 to €4,541
of which Other amounts receivable: -€23,065
- Cash -€15,522
down €15,522 (-5.1%), from €301,656 to €286,134
mainly Investment in fixed assets (net) (-€51,224) and Stocks and contracts (-€23,915)
- Reserves +€27,514
up €27,514 (+8.9%), from €309,676 to €337,190
- Trade debts +€17,846
up €17,846 (+370.0%), from €4,823 to €22,669
- Debts after one year -€10,969
down €10,969 (-13.2%), from €83,046 to €72,077
of which Other amounts payable: -€83,046
- Tax, wage and social debts -€10,696
down €10,696 (-21.7%), from €49,363 to €38,667
of which Remuneration and social security: -€8,440
- Accrued charges and deferred income -€6,298
no longer reported in 2025 (was €6,298)
- Gross operating margin +€21,267
up €21,267 (+16.8%), from €126,600 to €147,868
- Staff costs +€7,594
up €7,594 (+9.9%), from €76,963 to €84,557
- Financial income +€3,833
up €3,833 (+263.7%), from €1,453 to €5,287
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 | €488,117 | €505,494 | +€17,377 | +3.6% |
| Fixed assets | 21/28 | €89,672 | €122,276 | +€32,604 | +36.4% |
| Intangible fixed assets | 21 | - | €2,944 | +€2,944 | |
| Tangible fixed assets | 22/27 | €89,672 | €119,332 | +€29,660 | +33.1% |
| Land and buildings | 22 | €75,891 | €65,049 | -€10,841 | -14.3% |
| Plant, machinery and equipment | 23 | €5,408 | €53,854 | +€48,446 | +895.9% |
| Furniture and vehicles | 24 | €8,374 | €430 | -€7,944 | -94.9% |
| Current assets | 29/58 | €398,445 | €383,218 | -€15,227 | -3.8% |
| Stocks and contracts in progress | 3 | €68,628 | €92,543 | +€23,915 | +34.8% |
| Stocks | 30/36 | €68,628 | €92,543 | +€23,915 | +34.8% |
| Amounts receivable within one year | 40/41 | €27,705 | €4,541 | -€23,164 | -83.6% |
| Trade receivables | 40 | €440 | €342 | -€98 | -22.4% |
| Other amounts receivable | 41 | €27,265 | €4,200 | -€23,065 | -84.6% |
| Cash at bank and in hand | 54/58 | €301,656 | €286,134 | -€15,522 | -5.1% |
| Deferred charges and accrued income | 490/1 | €456 | - | -€456 | |
| Total equity and liabilities | 10/49 | €488,117 | €505,494 | +€17,377 | +3.6% |
| Equity | 10/15 | €309,676 | €337,190 | +€27,514 | +8.9% |
| Reserves | 13 | €309,676 | €337,190 | +€27,514 | +8.9% |
| Distributable reserves | 133 | €309,676 | €337,190 | +€27,514 | +8.9% |
| Amounts payable | 17/49 | €178,441 | €168,305 | -€10,136 | -5.7% |
| Amounts payable after more than one year | 17 | €83,046 | €72,077 | -€10,969 | -13.2% |
| Financial debts | 170/4 | - | €72,077 | +€72,077 | |
| Other amounts payable | 178/9 | €83,046 | - | -€83,046 | |
| Amounts payable within one year | 42/48 | €89,097 | €96,228 | +€7,131 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €10,645 | €10,969 | +€324 | +3.0% |
| Trade debts | 44 | €4,823 | €22,669 | +€17,846 | +370.0% |
| Suppliers | 440/4 | €4,823 | €22,669 | +€17,846 | +370.0% |
| Taxes, remuneration and social security | 45 | €49,363 | €38,667 | -€10,696 | -21.7% |
| Taxes | 450/3 | €32,915 | €30,658 | -€2,256 | -6.9% |
| Remuneration and social security | 454/9 | €16,448 | €8,008 | -€8,440 | -51.3% |
| Other amounts payable | 47/48 | €24,266 | €23,923 | -€343 | -1.4% |
| Accrued charges and deferred income | 492/3 | €6,298 | - | -€6,298 | |
| Remuneration, social security and pensions | 62 | €76,963 | €84,557 | +€7,594 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,916 | €18,620 | +€703 | +3.9% |
| Other operating charges | 640/8 | €4,116 | €4,400 | +€284 | +6.9% |
| Gross operating margin | 9900 | €126,600 | €147,868 | +€21,267 | +16.8% |
| Operating profit (loss) | 9901 | €27,605 | €40,291 | +€12,686 | +46.0% |
| Financial income | 75/76B | €1,453 | €5,287 | +€3,833 | +263.7% |
| Recurring financial income | 75 | €1,453 | €5,287 | +€3,833 | +263.7% |
| Financial charges | 65/66B | €6,462 | €6,272 | -€190 | -2.9% |
| Recurring financial charges | 65 | €6,462 | €6,272 | -€190 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €22,596 | €39,305 | +€16,709 | +73.9% |
| Income taxes | 67/77 | €11,714 | €11,792 | +€78 | +0.7% |
| Profit (loss) for the period | 9904 | €10,882 | €27,514 | +€16,631 | +152.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,882 | €27,514 | +€16,631 | +152.8% |
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 8 October 2026 via checked.be.