VOLUME NR 1: 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.
VOLUME NR 1
Largest movements
- Stocks and contracts -€119,157
down €119,157 (-26.8%), from €445,403 to €326,245
- Receivables within one year +€59,045
up €59,045 (+2,023%), from €2,918 to €61,964
- Tangible fixed assets -€13,658
down €13,658 (-29.4%), from €46,466 to €32,807
of which Furniture and vehicles: -€11,576
- Cash +€10,788
up €10,788 (+7.4%), from €145,496 to €156,284
mainly Stocks and contracts (+€119,157) and Tax, wage and social debts (+€31,355)
- Trade debts -€104,386
down €104,386 (-76.3%), from €136,782 to €32,397
- Tax, wage and social debts +€31,355
up €31,355 (+123%), from €25,482 to €56,836
- Reserves +€9,577
up €9,577 (+55.6%), from €17,228 to €26,805
of which Distributable reserves: +€9,577
- Gross operating margin -€35,607
down €35,607 (-52.0%), from €68,521 to €32,914
- Write-downs -€15,595
down €15,595, from €11,798 to -€3,798
- Taxes -€6,028
down €6,028 (-54.5%), from €11,057 to €5,029
- Financial charges +€1,289
up €1,289 (+45.9%), from €2,808 to €4,098
- Other operating charges +€1,261
up €1,261 (+88.4%), from €1,426 to €2,686
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 | €641,227 | €580,226 | -€61,001 | -9.5% |
| Fixed assets | 21/28 | €46,491 | €32,832 | -€13,658 | -29.4% |
| Tangible fixed assets | 22/27 | €46,466 | €32,807 | -€13,658 | -29.4% |
| Plant, machinery and equipment | 23 | €4,559 | €2,476 | -€2,082 | -45.7% |
| Furniture and vehicles | 24 | €41,907 | €30,331 | -€11,576 | -27.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €594,736 | €547,393 | -€47,343 | -8.0% |
| Stocks and contracts in progress | 3 | €445,403 | €326,245 | -€119,157 | -26.8% |
| Stocks | 30/36 | €445,403 | €326,245 | -€119,157 | -26.8% |
| Amounts receivable within one year | 40/41 | €2,918 | €61,964 | +€59,045 | +2,023% |
| Trade receivables | 40 | €2,918 | €61,964 | +€59,045 | +2,023% |
| Cash at bank and in hand | 54/58 | €145,496 | €156,284 | +€10,788 | +7.4% |
| Deferred charges and accrued income | 490/1 | €919 | €2,901 | +€1,982 | +216% |
| Total equity and liabilities | 10/49 | €641,227 | €580,226 | -€61,001 | -9.5% |
| Equity | 10/15 | €79,228 | €88,805 | +€9,577 | +12.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €17,228 | €26,805 | +€9,577 | +55.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €11,028 | €20,605 | +€9,577 | +86.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €561,999 | €491,421 | -€70,578 | -12.6% |
| Amounts payable within one year | 42/48 | €561,999 | €491,421 | -€70,578 | -12.6% |
| Trade debts | 44 | €136,782 | €32,397 | -€104,386 | -76.3% |
| Suppliers | 440/4 | €136,782 | €32,397 | -€104,386 | -76.3% |
| Taxes, remuneration and social security | 45 | €25,482 | €56,836 | +€31,355 | +123% |
| Taxes | 450/3 | €25,482 | €56,836 | +€31,355 | +123% |
| Other amounts payable | 47/48 | €399,735 | €402,188 | +€2,453 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,533 | €15,504 | -€1,029 | -6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,798 | -€3,798 | -€15,595 | |
| Other operating charges | 640/8 | €1,426 | €2,686 | +€1,261 | +88.4% |
| Non-recurring operating charges | 66A | €1,923 | €0 | -€1,923 | -100% |
| Gross operating margin | 9900 | €68,521 | €32,914 | -€35,607 | -52.0% |
| Operating profit (loss) | 9901 | €36,842 | €18,521 | -€18,320 | -49.7% |
| Financial income | 75/76B | €0 | €182 | +€182 | +1,819,100% |
| Recurring financial income | 75 | €0 | €182 | +€182 | +1,819,100% |
| Financial charges | 65/66B | €2,808 | €4,098 | +€1,289 | +45.9% |
| Recurring financial charges | 65 | €2,808 | €4,098 | +€1,289 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €34,034 | €14,606 | -€19,428 | -57.1% |
| Income taxes | 67/77 | €11,057 | €5,029 | -€6,028 | -54.5% |
| Profit (loss) for the period | 9904 | €22,977 | €9,577 | -€13,400 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,977 | €9,577 | -€13,400 | -58.3% |
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 20 October 2026 via checked.be.