WITH US: 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.
WITH US
Largest movements
- Receivables within one year +€55,050
up €55,050 (+69.6%), from €79,148 to €134,198
of which Trade receivables: +€53,569
- Stocks and contracts -€12,166
down €12,166 (-8.7%), from €139,934 to €127,768
- Cash +€11,523
up €11,523 (+14.9%), from €77,225 to €88,748
mainly Trade debts (+€38,608) and Net result for the year (+€28,327)
- Tangible fixed assets +€8,880
up €8,880 (+467%), from €1,903 to €10,783
of which Other tangible fixed assets: +€9,197
- Financial fixed assets +€3,800
new in 2025: €3,800
- Trade debts +€38,608
up €38,608 (+60.3%), from €64,006 to €102,615
- Reserves +€28,327
up €28,327 (+36.5%), from €77,502 to €105,829
of which Distributable reserves: +€28,327
- Other debts -€10,089
down €10,089 (-12.2%), from €82,976 to €72,887
- Advances received +€7,919
new in 2025: €7,919
- Other operating charges +€9,253
up €9,253 (+15.5%), from €59,650 to €68,903
- Gross operating margin +€5,809
up €5,809 (+5.6%), from €104,425 to €110,233
- Write-downs +€5,579
up €5,579 (+947%), from €589 to €6,167
- Financial charges -€1,378
down €1,378 (-18.4%), from €7,480 to €6,102
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 | €298,984 | €366,508 | +€67,524 | +22.6% |
| Fixed assets | 21/28 | €1,903 | €14,583 | +€12,680 | +666% |
| Tangible fixed assets | 22/27 | €1,903 | €10,783 | +€8,880 | +467% |
| Plant, machinery and equipment | 23 | €1,773 | €1,289 | -€484 | -27.3% |
| Furniture and vehicles | 24 | €130 | €297 | +€167 | +128% |
| Other tangible fixed assets | 26 | - | €9,197 | +€9,197 | |
| Financial fixed assets | 28 | - | €3,800 | +€3,800 | |
| Current assets | 29/58 | €297,081 | €351,925 | +€54,844 | +18.5% |
| Stocks and contracts in progress | 3 | €139,934 | €127,768 | -€12,166 | -8.7% |
| Stocks | 30/36 | €139,934 | €127,768 | -€12,166 | -8.7% |
| Amounts receivable within one year | 40/41 | €79,148 | €134,198 | +€55,050 | +69.6% |
| Trade receivables | 40 | €79,018 | €132,587 | +€53,569 | +67.8% |
| Other amounts receivable | 41 | €130 | €1,611 | +€1,481 | +1,142% |
| Cash at bank and in hand | 54/58 | €77,225 | €88,748 | +€11,523 | +14.9% |
| Deferred charges and accrued income | 490/1 | €775 | €1,210 | +€436 | +56.3% |
| Total equity and liabilities | 10/49 | €298,984 | €366,508 | +€67,524 | +22.6% |
| Equity | 10/15 | €139,476 | €167,802 | +€28,327 | +20.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €77,502 | €105,829 | +€28,327 | +36.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €71,302 | €99,629 | +€28,327 | +39.7% |
| Amounts payable | 17/49 | €159,508 | €198,705 | +€39,197 | +24.6% |
| Amounts payable within one year | 42/48 | €159,508 | €198,705 | +€39,197 | +24.6% |
| Trade debts | 44 | €64,006 | €102,615 | +€38,608 | +60.3% |
| Suppliers | 440/4 | €64,006 | €102,615 | +€38,608 | +60.3% |
| Advances received on contracts in progress | 46 | - | €7,919 | +€7,919 | |
| Taxes, remuneration and social security | 45 | €12,526 | €15,285 | +€2,759 | +22.0% |
| Taxes | 450/3 | €12,526 | €15,285 | +€2,759 | +22.0% |
| Other amounts payable | 47/48 | €82,976 | €72,887 | -€10,089 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €629 | €1,222 | +€593 | +94.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €589 | €6,167 | +€5,579 | +947% |
| Other operating charges | 640/8 | €59,650 | €68,903 | +€9,253 | +15.5% |
| Gross operating margin | 9900 | €104,425 | €110,233 | +€5,809 | +5.6% |
| Operating profit (loss) | 9901 | €43,557 | €33,941 | -€9,616 | -22.1% |
| Financial income | 75/76B | €916 | €781 | -€135 | -14.7% |
| Recurring financial income | 75 | €916 | €781 | -€135 | -14.7% |
| Financial charges | 65/66B | €7,480 | €6,102 | -€1,378 | -18.4% |
| Recurring financial charges | 65 | €7,480 | €6,102 | -€1,378 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €36,994 | €28,620 | -€8,374 | -22.6% |
| Income taxes | 67/77 | €286 | €293 | +€7 | +2.6% |
| Profit (loss) for the period | 9904 | €36,708 | €28,327 | -€8,381 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,708 | €28,327 | -€8,381 | -22.8% |
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 29 October 2026 via checked.be.