Way: 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.
Way
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-78.0%), from €1.4m to €309,534
of which Trade receivables: -€1.1m
- Stocks and contracts +€1.0m
up €1.0m (+921.9%), from €110,405 to €1.1m
- Cash +€19,368
up €19,368 (+210.9%), from €9,182 to €28,550
mainly Receivables within one year (+€1.1m) and Net result for the year (+€32,287)
- Trade debts -€124,781
down €124,781 (-8.2%), from €1.5m to €1.4m
- Tax, wage and social debts +€27,033
up €27,033 (+210.2%), from €12,861 to €39,894
- Profit (loss) carried forward +€19,562
no longer reported in 2025 (was -€19,562)
- Financial income +€193,078
up €193,078 (+289.9%), from €66,607 to €259,684
- Financial charges +€104,487
up €104,487 (+96.5%), from €108,272 to €212,758
- Gross operating margin -€24,328
down €24,328 (-57.2%), from €42,534 to €18,206
- Taxes +€16,005
up €16,005 (+124.4%), from €12,861 to €28,866
- Other operating charges +€3,855
up €3,855 (+3113.3%), from €124 to €3,979
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 | €1,531,843 | €1,466,356 | -€65,488 | -4.3% |
| Current assets | 29/58 | €1,531,843 | €1,466,356 | -€65,488 | -4.3% |
| Stocks and contracts in progress | 3 | €110,405 | €1,128,243 | +€1.0m | +921.9% |
| Stocks | 30/36 | €110,405 | €1,128,243 | +€1.0m | +921.9% |
| Amounts receivable within one year | 40/41 | €1,408,006 | €309,534 | -€1.1m | -78.0% |
| Trade receivables | 40 | €1,407,614 | €308,968 | -€1.1m | -78.1% |
| Other amounts receivable | 41 | €392 | €566 | +€174 | +44.2% |
| Cash at bank and in hand | 54/58 | €9,182 | €28,550 | +€19,368 | +210.9% |
| Deferred charges and accrued income | 490/1 | €4,250 | €29 | -€4,221 | -99.3% |
| Total equity and liabilities | 10/49 | €1,531,843 | €1,466,356 | -€65,488 | -4.3% |
| Equity | 10/15 | -€19,462 | €12,825 | +€32,287 | |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | - | €12,725 | +€12,725 | |
| Distributable reserves | 133 | - | €12,725 | +€12,725 | |
| Profit (loss) carried forward | 14 | -€19,562 | - | +€19,562 | |
| Amounts payable | 17/49 | €1,551,306 | €1,453,531 | -€97,775 | -6.3% |
| Amounts payable within one year | 42/48 | €1,551,306 | €1,453,531 | -€97,775 | -6.3% |
| Trade debts | 44 | €1,530,847 | €1,406,066 | -€124,781 | -8.2% |
| Suppliers | 440/4 | €1,530,847 | €1,406,066 | -€124,781 | -8.2% |
| Taxes, remuneration and social security | 45 | €12,861 | €39,894 | +€27,033 | +210.2% |
| Taxes | 450/3 | €12,861 | €39,894 | +€27,033 | +210.2% |
| Other amounts payable | 47/48 | €7,597 | €7,570 | -€27 | -0.4% |
| Other operating charges | 640/8 | €124 | €3,979 | +€3,855 | +3113.3% |
| Gross operating margin | 9900 | €42,534 | €18,206 | -€24,328 | -57.2% |
| Operating profit (loss) | 9901 | €42,410 | €14,227 | -€28,183 | -66.5% |
| Financial income | 75/76B | €66,607 | €259,684 | +€193,078 | +289.9% |
| Recurring financial income | 75 | €66,607 | €259,684 | +€193,078 | +289.9% |
| Financial charges | 65/66B | €108,272 | €212,758 | +€104,487 | +96.5% |
| Recurring financial charges | 65 | €108,272 | €212,758 | +€104,487 | +96.5% |
| Profit (loss) for the period before taxes | 9903 | €746 | €61,153 | +€60,407 | +8101.5% |
| Income taxes | 67/77 | €12,861 | €28,866 | +€16,005 | +124.4% |
| Profit (loss) for the period | 9904 | -€12,116 | €32,287 | +€44,403 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,116 | €32,287 | +€44,403 |
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 3 October 2026 via checked.be.