VOLUMES: 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.
VOLUMES
Largest movements
- Tangible fixed assets -€142,403
down €142,403 (-7.7%), from €1.9m to €1.7m
of which Plant, machinery and equipment: -€78,333
- Receivables within one year -€91,420
down €91,420 (-82.2%), from €111,166 to €19,745
of which Other amounts receivable: -€87,494
- Cash -€25,194
down €25,194 (-66.2%), from €38,036 to €12,842
mainly Net result for the year (-€130,455) and Other debts (-€77,589)
- Profit (loss) carried forward -€130,455
down €130,455 (-19.6%), from -€663,929 to -€794,384
- Other debts -€77,589
down €77,589 (-76.0%), from €102,074 to €24,485
- Debts after one year -€65,576
down €65,576 (-4.2%), from €1.6m to €1.5m
of which Financial debts: -€34,668
- Gross operating margin -€59,028
down €59,028 (-53.3%), from €110,780 to €51,752
- Depreciation +€25,745
up €25,745 (+22.1%), from €116,658 to €142,403
- Financial charges -€9,368
down €9,368 (-89.6%), from €10,452 to €1,084
- Other operating charges +€2,038
up €2,038 (+5.6%), from €36,682 to €38,720
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 | €2,005,955 | €1,746,998 | -€258,957 | -12.9% |
| Fixed assets | 21/28 | €1,856,753 | €1,714,350 | -€142,403 | -7.7% |
| Tangible fixed assets | 22/27 | €1,856,752 | €1,714,349 | -€142,403 | -7.7% |
| Land and buildings | 22 | €1,497,002 | €1,441,823 | -€55,180 | -3.7% |
| Plant, machinery and equipment | 23 | €336,006 | €257,673 | -€78,333 | -23.3% |
| Furniture and vehicles | 24 | €6,411 | - | -€6,411 | |
| Other tangible fixed assets | 26 | €17,333 | €14,854 | -€2,480 | -14.3% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €149,202 | €32,648 | -€116,554 | -78.1% |
| Amounts receivable within one year | 40/41 | €111,166 | €19,745 | -€91,420 | -82.2% |
| Trade receivables | 40 | €3,927 | - | -€3,927 | |
| Other amounts receivable | 41 | €107,239 | €19,745 | -€87,494 | -81.6% |
| Cash at bank and in hand | 54/58 | €38,036 | €12,842 | -€25,194 | -66.2% |
| Deferred charges and accrued income | 490/1 | - | €60 | +€60 | |
| Total equity and liabilities | 10/49 | €2,005,955 | €1,746,998 | -€258,957 | -12.9% |
| Equity | 10/15 | €243,344 | €112,889 | -€130,455 | -53.6% |
| Contributions | 10/11 | €907,273 | €907,273 | = | 0.0% |
| Capital | 10 | €907,273 | €907,273 | = | 0.0% |
| Issued capital | 100 | €907,273 | €907,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€663,929 | -€794,384 | -€130,455 | -19.6% |
| Amounts payable | 17/49 | €1,762,611 | €1,634,109 | -€128,502 | -7.3% |
| Amounts payable after more than one year | 17 | €1,572,355 | €1,506,779 | -€65,576 | -4.2% |
| Financial debts | 170/4 | €382,355 | €347,687 | -€34,668 | -9.1% |
| Other amounts payable | 178/9 | €1,190,000 | €1,159,093 | -€30,907 | -2.6% |
| Amounts payable within one year | 42/48 | €190,257 | €127,330 | -€62,927 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €18,833 | €17,891 | -€943 | -5.0% |
| Trade debts | 44 | €68,522 | €84,127 | +€15,605 | +22.8% |
| Suppliers | 440/4 | €68,522 | €84,127 | +€15,605 | +22.8% |
| Taxes, remuneration and social security | 45 | €827 | €827 | = | 0.0% |
| Taxes | 450/3 | €827 | €827 | = | 0.0% |
| Other amounts payable | 47/48 | €102,074 | €24,485 | -€77,589 | -76.0% |
| Non-recurring operating income | 76A | €265,832 | - | -€265,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,658 | €142,403 | +€25,745 | +22.1% |
| Other operating charges | 640/8 | €36,682 | €38,720 | +€2,038 | +5.6% |
| Gross operating margin | 9900 | €110,780 | €51,752 | -€59,028 | -53.3% |
| Operating profit (loss) | 9901 | -€42,559 | -€129,371 | -€86,811 | -204% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €10,452 | €1,084 | -€9,368 | -89.6% |
| Recurring financial charges | 65 | €10,452 | €1,084 | -€9,368 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | -€53,002 | -€130,455 | -€77,453 | -146% |
| Profit (loss) for the period | 9904 | -€53,002 | -€130,455 | -€77,453 | -146% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,002 | -€130,455 | -€77,453 | -146% |
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.