WindoW: 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.
WindoW
Largest movements
- Receivables within one year -€56,774
no longer reported in 2025 (was €56,774)
of which Trade receivables: -€53,068
- Tangible fixed assets -€30,241
down €30,241 (-4.0%), from €753,310 to €723,069
of which Plant, machinery and equipment: -€16,117
- Cash +€20,355
up €20,355 (+23.2%), from €87,878 to €108,233
- Other debts +€130,785
up €130,785 (+56.7%), from €230,555 to €361,340
- Profit (loss) carried forward -€130,590
new in 2025: -€130,590
- Debts after one year -€70,000
down €70,000 (-25.0%), from €280,000 to €210,000
- Turnover +€121,932
new in 2025: €121,932
- Purchases and services +€74,244
new in 2025: €74,244
- Depreciation +€59,914
up €59,914 (+96.4%), from €62,124 to €122,038
- Gross operating margin -€47,593
down €47,593 (-49.9%), from €95,281 to €47,688
- Financial charges +€24,403
up €24,403 (+88.7%), from €27,523 to €51,927
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €897,962 | €831,303 | -€66,660 | -7.4% |
| Fixed assets | 21/28 | €753,310 | €723,069 | -€30,241 | -4.0% |
| Tangible fixed assets | 22/27 | €753,310 | €723,069 | -€30,241 | -4.0% |
| Land and buildings | 22 | €541,906 | €533,360 | -€8,546 | -1.6% |
| Plant, machinery and equipment | 23 | €203,059 | €186,943 | -€16,117 | -7.9% |
| Furniture and vehicles | 24 | €8,345 | €2,767 | -€5,578 | -66.8% |
| Current assets | 29/58 | €144,652 | €108,233 | -€36,419 | -25.2% |
| Amounts receivable within one year | 40/41 | €56,774 | - | -€56,774 | |
| Trade receivables | 40 | €53,068 | - | -€53,068 | |
| Other amounts receivable | 41 | €3,706 | - | -€3,706 | |
| Cash at bank and in hand | 54/58 | €87,878 | €108,233 | +€20,355 | +23.2% |
| Total equity and liabilities | 10/49 | €897,962 | €831,303 | -€66,660 | -7.4% |
| Equity | 10/15 | €309,896 | €179,306 | -€130,590 | -42.1% |
| Contributions | 10/11 | €152,500 | €152,500 | = | 0.0% |
| Reserves | 13 | €157,396 | €157,396 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,250 | €15,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,250 | €15,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,755 | €9,755 | = | 0.0% |
| Distributable reserves | 133 | €132,390 | €132,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€130,590 | -€130,590 | |
| Amounts payable | 17/49 | €588,067 | €651,996 | +€63,930 | +10.9% |
| Amounts payable after more than one year | 17 | €280,000 | €210,000 | -€70,000 | -25.0% |
| Financial debts | 170/4 | €280,000 | €210,000 | -€70,000 | -25.0% |
| Amounts payable within one year | 42/48 | €308,067 | €441,996 | +€133,930 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €1,855 | €966 | -€889 | -47.9% |
| Suppliers | 440/4 | €1,855 | €966 | -€889 | -47.9% |
| Taxes, remuneration and social security | 45 | €5,656 | €9,690 | +€4,034 | +71.3% |
| Taxes | 450/3 | €5,656 | €9,690 | +€4,034 | +71.3% |
| Other amounts payable | 47/48 | €230,555 | €361,340 | +€130,785 | +56.7% |
| Turnover | 70 | - | €121,932 | +€121,932 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €74,244 | +€74,244 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,124 | €122,038 | +€59,914 | +96.4% |
| Other operating charges | 640/8 | €2,662 | €4,498 | +€1,836 | +68.9% |
| Gross operating margin | 9900 | €95,281 | €47,688 | -€47,593 | -49.9% |
| Operating profit (loss) | 9901 | €30,495 | -€78,847 | -€109,342 | |
| Financial income | 75/76B | €33 | €263 | +€230 | +700.5% |
| Recurring financial income | 75 | €33 | €263 | +€230 | +700.5% |
| Financial charges | 65/66B | €27,523 | €51,927 | +€24,403 | +88.7% |
| Recurring financial charges | 65 | €27,523 | €51,927 | +€24,403 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | €3,005 | -€130,511 | -€133,516 | |
| Income taxes | 67/77 | €1,782 | €79 | -€1,703 | -95.6% |
| Profit (loss) for the period | 9904 | €1,223 | -€130,590 | -€131,813 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,223 | -€130,590 | -€131,813 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.