W/B: 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.
W/B
Largest movements
- Tangible fixed assets +€24,030
up €24,030 (+15.9%), from €151,470 to €175,501
of which Furniture and vehicles: +€23,781
- Cash +€10,204
up €10,204 (+7.9%), from €129,426 to €139,630
mainly Depreciation (+€30,306) and Debts after one year (+€27,586)
- Deferred charges and accrued income +€8,812
up €8,812 (+72.6%), from €12,135 to €20,946
- Debts after one year +€27,586
up €27,586 (+72.9%), from €37,861 to €65,447
- Tax, wage and social debts -€25,155
down €25,155 (-70.0%), from €35,941 to €10,787
of which Taxes: -€25,155
- Reserves +€23,608
up €23,608 (+6.9%), from €342,870 to €366,478
- Trade debts +€12,143
up €12,143 (+48.9%), from €24,822 to €36,965
- Current portion of long-term debt +€7,578
up €7,578 (+47.8%), from €15,859 to €23,437
- Gross operating margin -€55,389
down €55,389 (-42.0%), from €131,802 to €76,414
- Taxes -€12,171
down €12,171 (-59.0%), from €20,641 to €8,470
- Write-downs +€5,788
new in 2025: €5,788
- Other operating charges +€1,483
up €1,483 (+36.3%), from €4,086 to €5,569
- Depreciation +€1,387
up €1,387 (+4.8%), from €28,919 to €30,306
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 | €460,385 | €506,146 | +€45,761 | +9.9% |
| Fixed assets | 21/28 | €151,470 | €175,501 | +€24,030 | +15.9% |
| Tangible fixed assets | 22/27 | €151,470 | €175,501 | +€24,030 | +15.9% |
| Furniture and vehicles | 24 | €148,759 | €172,540 | +€23,781 | +16.0% |
| Other tangible fixed assets | 26 | €2,711 | €2,960 | +€249 | +9.2% |
| Current assets | 29/58 | €308,915 | €330,646 | +€21,731 | +7.0% |
| Amounts receivable after more than one year | 29 | €85,392 | €82,563 | -€2,830 | -3.3% |
| Other amounts receivable | 291 | €85,392 | €82,563 | -€2,830 | -3.3% |
| Stocks and contracts in progress | 3 | €6,170 | €7,275 | +€1,105 | +17.9% |
| Stocks | 30/36 | €6,170 | €7,275 | +€1,105 | +17.9% |
| Amounts receivable within one year | 40/41 | €75,791 | €80,231 | +€4,440 | +5.9% |
| Trade receivables | 40 | €52,794 | €52,542 | -€251 | -0.5% |
| Other amounts receivable | 41 | €22,998 | €27,689 | +€4,691 | +20.4% |
| Cash at bank and in hand | 54/58 | €129,426 | €139,630 | +€10,204 | +7.9% |
| Deferred charges and accrued income | 490/1 | €12,135 | €20,946 | +€8,812 | +72.6% |
| Total equity and liabilities | 10/49 | €460,385 | €506,146 | +€45,761 | +9.9% |
| Equity | 10/15 | €345,870 | €369,478 | +€23,608 | +6.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €342,870 | €366,478 | +€23,608 | +6.9% |
| Distributable reserves | 133 | €342,870 | €366,478 | +€23,608 | +6.9% |
| Amounts payable | 17/49 | €114,515 | €136,669 | +€22,154 | +19.3% |
| Amounts payable after more than one year | 17 | €37,861 | €65,447 | +€27,586 | +72.9% |
| Financial debts | 170/4 | €37,861 | €65,447 | +€27,586 | +72.9% |
| Amounts payable within one year | 42/48 | €76,623 | €71,189 | -€5,433 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €15,859 | €23,437 | +€7,578 | +47.8% |
| Trade debts | 44 | €24,822 | €36,965 | +€12,143 | +48.9% |
| Suppliers | 440/4 | €24,822 | €36,965 | +€12,143 | +48.9% |
| Taxes, remuneration and social security | 45 | €35,941 | €10,787 | -€25,155 | -70.0% |
| Taxes | 450/3 | €35,941 | €10,787 | -€25,155 | -70.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €31 | €32 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,919 | €30,306 | +€1,387 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,788 | +€5,788 | |
| Other operating charges | 640/8 | €4,086 | €5,569 | +€1,483 | +36.3% |
| Gross operating margin | 9900 | €131,802 | €76,414 | -€55,389 | -42.0% |
| Operating profit (loss) | 9901 | €98,797 | €34,750 | -€64,047 | -64.8% |
| Financial income | 75/76B | €1,260 | €853 | -€407 | -32.3% |
| Recurring financial income | 75 | €1,260 | €853 | -€407 | -32.3% |
| Financial charges | 65/66B | €3,641 | €3,526 | -€115 | -3.1% |
| Recurring financial charges | 65 | €3,641 | €3,526 | -€115 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €96,417 | €32,078 | -€64,339 | -66.7% |
| Income taxes | 67/77 | €20,641 | €8,470 | -€12,171 | -59.0% |
| Profit (loss) for the period | 9904 | €75,775 | €23,608 | -€52,168 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,775 | €23,608 | -€52,168 | -68.8% |
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 6 October 2026 via checked.be.