Y-lines: 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.
Y-lines
Largest movements
- Receivables within one year -€724,711
down €724,711 (-85.4%), from €848,315 to €123,604
of which Trade receivables: -€737,257
- Tangible fixed assets +€166,612
up €166,612 (+30.0%), from €555,123 to €721,736
of which Other tangible fixed assets: +€114,985
- Cash -€128,661
down €128,661 (-24.0%), from €535,709 to €407,048
mainly Advances received (-€545,000) and Investment in fixed assets (net) (-€241,506)
- Stocks and contracts +€65,444
up €65,444 (+59.5%), from €109,924 to €175,368
of which Contracts in progress: +€75,000
- Advances received -€545,000
down €545,000 (-56.2%), from €970,000 to €425,000
- Short-term financial debts -€99,964
down €99,964 (-84.0%), from €119,040 to €19,076
- Reserves +€94,193
up €94,193 (+24.3%), from €388,370 to €482,563
- Other debts -€37,336
down €37,336 (-22.9%), from €163,311 to €125,975
- Debts after one year -€29,039
down €29,039 (-18.0%), from €161,669 to €132,631
- Gross operating margin -€38,012
down €38,012 (-8.8%), from €429,728 to €391,716
- Staff costs +€15,010
up €15,010 (+31.1%), from €48,197 to €63,206
- Depreciation +€12,320
up €12,320 (+19.7%), from €62,649 to €74,969
- Taxes -€12,155
down €12,155 (-14.6%), from €83,205 to €71,050
- Financial charges +€5,168
up €5,168 (+64.5%), from €8,017 to €13,185
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 | €2,067,427 | €1,446,979 | -€620,447 | -30.0% |
| Fixed assets | 21/28 | €558,478 | €725,015 | +€166,537 | +29.8% |
| Intangible fixed assets | 21 | €167 | €92 | -€75 | -45.0% |
| Tangible fixed assets | 22/27 | €555,123 | €721,736 | +€166,612 | +30.0% |
| Land and buildings | 22 | €350,853 | €412,966 | +€62,113 | +17.7% |
| Plant, machinery and equipment | 23 | €164,077 | €152,753 | -€11,323 | -6.9% |
| Furniture and vehicles | 24 | €4,584 | €5,422 | +€838 | +18.3% |
| Other tangible fixed assets | 26 | €35,610 | €150,594 | +€114,985 | +322.9% |
| Financial fixed assets | 28 | €3,188 | €3,188 | = | 0.0% |
| Current assets | 29/58 | €1,508,949 | €721,964 | -€786,985 | -52.2% |
| Stocks and contracts in progress | 3 | €109,924 | €175,368 | +€65,444 | +59.5% |
| Stocks | 30/36 | €109,924 | €100,368 | -€9,556 | -8.7% |
| Contracts in progress | 37 | - | €75,000 | +€75,000 | |
| Amounts receivable within one year | 40/41 | €848,315 | €123,604 | -€724,711 | -85.4% |
| Trade receivables | 40 | €787,575 | €50,318 | -€737,257 | -93.6% |
| Other amounts receivable | 41 | €60,740 | €73,286 | +€12,546 | +20.7% |
| Cash at bank and in hand | 54/58 | €535,709 | €407,048 | -€128,661 | -24.0% |
| Deferred charges and accrued income | 490/1 | €15,001 | €15,944 | +€943 | +6.3% |
| Total equity and liabilities | 10/49 | €2,067,427 | €1,446,979 | -€620,447 | -30.0% |
| Equity | 10/15 | €406,970 | €501,163 | +€94,193 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,370 | €482,563 | +€94,193 | +24.3% |
| Distributable reserves | 133 | €388,370 | €482,563 | +€94,193 | +24.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,660,457 | €945,816 | -€714,640 | -43.0% |
| Amounts payable after more than one year | 17 | €161,669 | €132,631 | -€29,039 | -18.0% |
| Financial debts | 170/4 | €161,669 | €132,631 | -€29,039 | -18.0% |
| Amounts payable within one year | 42/48 | €1,486,001 | €805,878 | -€680,123 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €87,565 | €94,916 | +€7,351 | +8.4% |
| Financial debts | 43 | €119,040 | €19,076 | -€99,964 | -84.0% |
| Credit institutions | 430/8 | €119,040 | €19,076 | -€99,964 | -84.0% |
| Trade debts | 44 | €133,107 | €129,864 | -€3,242 | -2.4% |
| Suppliers | 440/4 | €133,107 | €129,864 | -€3,242 | -2.4% |
| Advances received on contracts in progress | 46 | €970,000 | €425,000 | -€545,000 | -56.2% |
| Taxes, remuneration and social security | 45 | €12,979 | €11,047 | -€1,932 | -14.9% |
| Taxes | 450/3 | €7,738 | €11,047 | +€3,309 | +42.8% |
| Remuneration and social security | 454/9 | €5,241 | €0 | -€5,241 | -100.0% |
| Other amounts payable | 47/48 | €163,311 | €125,975 | -€37,336 | -22.9% |
| Accrued charges and deferred income | 492/3 | €12,786 | €7,307 | -€5,479 | -42.9% |
| Remuneration, social security and pensions | 62 | €48,197 | €63,206 | +€15,010 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,649 | €74,969 | +€12,320 | +19.7% |
| Other operating charges | 640/8 | €3,381 | €4,070 | +€689 | +20.4% |
| Gross operating margin | 9900 | €429,728 | €391,716 | -€38,012 | -8.8% |
| Operating profit (loss) | 9901 | €315,501 | €249,471 | -€66,030 | -20.9% |
| Financial income | 75/76B | €2,846 | €624 | -€2,223 | -78.1% |
| Recurring financial income | 75 | €2,846 | €624 | -€2,223 | -78.1% |
| Financial charges | 65/66B | €8,017 | €13,185 | +€5,168 | +64.5% |
| Recurring financial charges | 65 | €8,017 | €13,185 | +€5,168 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €310,330 | €236,909 | -€73,421 | -23.7% |
| Income taxes | 67/77 | €83,205 | €71,050 | -€12,155 | -14.6% |
| Profit (loss) for the period | 9904 | €227,125 | €165,859 | -€61,266 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €227,125 | €165,859 | -€61,266 | -27.0% |
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 5 October 2026 via checked.be.