@vitruvius: 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.
@vitruvius
Largest movements
- Tangible fixed assets -€14,823
down €14,823 (-6.7%), from €220,392 to €205,569
of which Land and buildings: -€14,703
- Cash -€5,695
down €5,695 (-42.8%), from €13,301 to €7,606
mainly Debts after one year (-€24,423) and Investment in fixed assets (net) (-€13,207)
- Debts after one year -€24,423
down €24,423 (-21.1%), from €115,616 to €91,194
- Other debts +€7,058
new in 2025: €7,058
- Current portion of long-term debt -€3,793
down €3,793 (-13.4%), from €28,216 to €24,423
- Gross operating margin -€18,388
down €18,388 (-31.5%), from €58,386 to €39,998
- Taxes -€7,155
down €7,155 (-92.3%), from €7,753 to €598
- Financial charges +€2,152
up €2,152 (+29.2%), from €7,369 to €9,521
- Depreciation +€1,032
up €1,032 (+3.8%), from €26,998 to €28,030
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 | €235,319 | €214,253 | -€21,066 | -9.0% |
| Fixed assets | 21/28 | €220,392 | €205,569 | -€14,823 | -6.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €220,392 | €205,569 | -€14,823 | -6.7% |
| Land and buildings | 22 | €203,741 | €189,038 | -€14,703 | -7.2% |
| Plant, machinery and equipment | 23 | €9,766 | €7,075 | -€2,692 | -27.6% |
| Furniture and vehicles | 24 | €6,885 | €9,456 | +€2,571 | +37.3% |
| Current assets | 29/58 | €14,927 | €8,684 | -€6,243 | -41.8% |
| Amounts receivable within one year | 40/41 | €1,625 | €0 | -€1,625 | -100.0% |
| Other amounts receivable | 41 | €1,625 | €0 | -€1,625 | -100.0% |
| Cash at bank and in hand | 54/58 | €13,301 | €7,606 | -€5,695 | -42.8% |
| Deferred charges and accrued income | 490/1 | - | €1,078 | +€1,078 | |
| Total equity and liabilities | 10/49 | €235,319 | €214,253 | -€21,066 | -9.0% |
| Equity | 10/15 | €80,598 | €79,600 | -€998 | -1.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €30,598 | €30,598 | = | 0.0% |
| Distributable reserves | 133 | €30,598 | €30,598 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€998 | -€998 | |
| Amounts payable | 17/49 | €154,721 | €134,653 | -€20,068 | -13.0% |
| Amounts payable after more than one year | 17 | €115,616 | €91,194 | -€24,423 | -21.1% |
| Financial debts | 170/4 | €115,616 | €91,194 | -€24,423 | -21.1% |
| Amounts payable within one year | 42/48 | €39,105 | €43,459 | +€4,355 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €28,216 | €24,423 | -€3,793 | -13.4% |
| Trade debts | 44 | €1,357 | €2,178 | +€820 | +60.5% |
| Suppliers | 440/4 | €1,357 | €2,178 | +€820 | +60.5% |
| Taxes, remuneration and social security | 45 | €9,532 | €9,801 | +€270 | +2.8% |
| Taxes | 450/3 | €9,532 | €9,801 | +€270 | +2.8% |
| Other amounts payable | 47/48 | - | €7,058 | +€7,058 | |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €6,453 | +€6,453 | |
| Remuneration, social security and pensions | 62 | €238 | - | -€238 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,998 | €28,030 | +€1,032 | +3.8% |
| Other operating charges | 640/8 | €3,296 | €2,893 | -€403 | -12.2% |
| Gross operating margin | 9900 | €58,386 | €39,998 | -€18,388 | -31.5% |
| Operating profit (loss) | 9901 | €27,853 | €9,074 | -€18,779 | -67.4% |
| Financial income | 75/76B | €0 | €47 | +€46 | +14009.1% |
| Recurring financial income | 75 | €0 | €47 | +€46 | +14009.1% |
| Financial charges | 65/66B | €7,369 | €9,521 | +€2,152 | +29.2% |
| Recurring financial charges | 65 | €7,369 | €9,521 | +€2,152 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €20,485 | -€400 | -€20,885 | |
| Income taxes | 67/77 | €7,753 | €598 | -€7,155 | -92.3% |
| Profit (loss) for the period | 9904 | €12,732 | -€998 | -€13,730 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,732 | -€998 | -€13,730 |
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 2 October 2026 via checked.be.