WAVE ONE: 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.
WAVE ONE
Largest movements
- Tangible fixed assets -€114,904
down €114,904 (-37.8%), from €304,080 to €189,176
of which Land and buildings: -€126,710
- Cash +€91,423
up €91,423 (+200%), from €45,797 to €137,220
mainly Net result for the year (+€107,356) and Other debts (+€92,466)
- Receivables within one year +€62,682
up €62,682 (+218%), from €28,769 to €91,451
- Other debts +€92,466
up €92,466 (+101%), from €91,868 to €184,334
- Debts after one year -€78,414
down €78,414 (-45.6%), from €171,827 to €93,413
of which Financial debts: -€76,974
- Tax, wage and social debts +€39,204
up €39,204 (+247%), from €15,874 to €55,079
- Current portion of long-term debt -€13,540
down €13,540 (-42.6%), from €31,775 to €18,235
- Gross operating margin +€86,852
up €86,852 (+90.8%), from €95,686 to €182,538
- Taxes +€18,146
up €18,146 (+128%), from €14,217 to €32,362
- Depreciation +€5,017
up €5,017 (+19.3%), from €26,019 to €31,036
- Financial charges +€3,805
up €3,805 (+94.4%), from €4,030 to €7,836
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 | €380,599 | €419,332 | +€38,733 | +10.2% |
| Fixed assets | 21/28 | €304,080 | €189,176 | -€114,904 | -37.8% |
| Tangible fixed assets | 22/27 | €304,080 | €189,176 | -€114,904 | -37.8% |
| Land and buildings | 22 | €243,259 | €116,550 | -€126,710 | -52.1% |
| Furniture and vehicles | 24 | €60,821 | €72,626 | +€11,805 | +19.4% |
| Current assets | 29/58 | €76,519 | €230,156 | +€153,637 | +201% |
| Amounts receivable within one year | 40/41 | €28,769 | €91,451 | +€62,682 | +218% |
| Trade receivables | 40 | €28,769 | €91,451 | +€62,682 | +218% |
| Cash at bank and in hand | 54/58 | €45,797 | €137,220 | +€91,423 | +200% |
| Deferred charges and accrued income | 490/1 | €1,952 | €1,484 | -€468 | -24.0% |
| Total equity and liabilities | 10/49 | €380,599 | €419,332 | +€38,733 | +10.2% |
| Equity | 10/15 | €30,600 | €30,956 | +€356 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €356 | +€356 | |
| Amounts payable | 17/49 | €349,999 | €388,376 | +€38,377 | +11.0% |
| Amounts payable after more than one year | 17 | €171,827 | €93,413 | -€78,414 | -45.6% |
| Financial debts | 170/4 | €167,587 | €90,613 | -€76,974 | -45.9% |
| Other amounts payable | 178/9 | €4,240 | €2,800 | -€1,440 | -34.0% |
| Amounts payable within one year | 42/48 | €178,172 | €294,963 | +€116,791 | +65.5% |
| Current portion of amounts payable after more than one year | 42 | €31,775 | €18,235 | -€13,540 | -42.6% |
| Trade debts | 44 | €38,655 | €37,315 | -€1,340 | -3.5% |
| Suppliers | 440/4 | €38,655 | €37,315 | -€1,340 | -3.5% |
| Taxes, remuneration and social security | 45 | €15,874 | €55,079 | +€39,204 | +247% |
| Taxes | 450/3 | €15,874 | €55,079 | +€39,204 | +247% |
| Other amounts payable | 47/48 | €91,868 | €184,334 | +€92,466 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,019 | €31,036 | +€5,017 | +19.3% |
| Other operating charges | 640/8 | €5,218 | €3,962 | -€1,256 | -24.1% |
| Gross operating margin | 9900 | €95,686 | €182,538 | +€86,852 | +90.8% |
| Operating profit (loss) | 9901 | €64,449 | €147,539 | +€83,091 | +129% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €4,030 | €7,836 | +€3,805 | +94.4% |
| Recurring financial charges | 65 | €4,030 | €7,836 | +€3,805 | +94.4% |
| Profit (loss) for the period before taxes | 9903 | €60,418 | €139,718 | +€79,300 | +131% |
| Income taxes | 67/77 | €14,217 | €32,362 | +€18,146 | +128% |
| Profit (loss) for the period | 9904 | €46,201 | €107,356 | +€61,154 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €46,201 | €107,356 | +€61,154 | +132% |
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 16 October 2026 via checked.be.