GO FORWARD: 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.
GO FORWARD
Largest movements
- Tangible fixed assets +€108,714
up €108,714 (+40.5%), from €268,244 to €376,958
of which Plant, machinery and equipment: +€108,587
- Receivables within one year -€17,962
down €17,962 (-25.0%), from €71,814 to €53,852
- Cash +€5,229
up €5,229 (+308%), from €1,696 to €6,925
mainly Debts after one year (+€63,913) and Net result for the year (+€48,203)
- Debts after one year +€63,913
up €63,913 (+25.2%), from €253,437 to €317,350
- Profit (loss) carried forward +€48,203
up €48,203, from -€7,637 to €40,566
- Short-term financial debts -€11,920
down €11,920 (-92.3%), from €12,915 to €994
- Current portion of long-term debt -€11,877
down €11,877 (-44.4%), from €26,740 to €14,863
- Other debts +€9,307
up €9,307 (+761%), from €1,223 to €10,530
- Gross operating margin +€41,591
up €41,591 (+19.7%), from €210,705 to €252,296
- Depreciation +€23,269
up €23,269 (+446%), from €5,217 to €28,485
- Staff costs +€17,684
up €17,684 (+15.0%), from €117,861 to €135,545
- Financial charges +€9,035
up €9,035 (+151%), from €5,965 to €14,999
- Taxes +€3,679
up €3,679 (+22.0%), from €16,759 to €20,437
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 | €389,269 | €484,911 | +€95,642 | +24.6% |
| Fixed assets | 21/28 | €271,604 | €380,317 | +€108,714 | +40.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €268,244 | €376,958 | +€108,714 | +40.5% |
| Land and buildings | 22 | €203,585 | €193,813 | -€9,772 | -4.8% |
| Plant, machinery and equipment | 23 | €20,235 | €128,821 | +€108,587 | +537% |
| Furniture and vehicles | 24 | €401 | €11,741 | +€11,339 | +2,824% |
| Leasing and similar rights | 25 | €2,649 | €1,208 | -€1,440 | -54.4% |
| Other tangible fixed assets | 26 | €41,375 | €41,375 | = | 0.0% |
| Financial fixed assets | 28 | €3,359 | €3,359 | = | 0.0% |
| Current assets | 29/58 | €117,665 | €104,593 | -€13,072 | -11.1% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €71,814 | €53,852 | -€17,962 | -25.0% |
| Trade receivables | 40 | €71,814 | €53,852 | -€17,962 | -25.0% |
| Cash at bank and in hand | 54/58 | €1,696 | €6,925 | +€5,229 | +308% |
| Deferred charges and accrued income | 490/1 | €4,155 | €3,816 | -€339 | -8.2% |
| Total equity and liabilities | 10/49 | €389,269 | €484,911 | +€95,642 | +24.6% |
| Equity | 10/15 | €10,955 | €59,158 | +€48,203 | +440% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,637 | €40,566 | +€48,203 | |
| Amounts payable | 17/49 | €378,314 | €425,753 | +€47,439 | +12.5% |
| Amounts payable after more than one year | 17 | €253,437 | €317,350 | +€63,913 | +25.2% |
| Financial debts | 170/4 | €253,437 | €317,350 | +€63,913 | +25.2% |
| Amounts payable within one year | 42/48 | €124,489 | €108,403 | -€16,086 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €26,740 | €14,863 | -€11,877 | -44.4% |
| Financial debts | 43 | €12,915 | €994 | -€11,920 | -92.3% |
| Credit institutions | 430/8 | €12,915 | €994 | -€11,920 | -92.3% |
| Trade debts | 44 | €19,625 | €14,065 | -€5,560 | -28.3% |
| Suppliers | 440/4 | €19,625 | €14,065 | -€5,560 | -28.3% |
| Taxes, remuneration and social security | 45 | €63,987 | €67,950 | +€3,963 | +6.2% |
| Taxes | 450/3 | €48,853 | €52,905 | +€4,052 | +8.3% |
| Remuneration and social security | 454/9 | €15,133 | €15,045 | -€88 | -0.6% |
| Other amounts payable | 47/48 | €1,223 | €10,530 | +€9,307 | +761% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Remuneration, social security and pensions | 62 | €117,861 | €135,545 | +€17,684 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,217 | €28,485 | +€23,269 | +446% |
| Other operating charges | 640/8 | €5,728 | €4,630 | -€1,098 | -19.2% |
| Gross operating margin | 9900 | €210,705 | €252,296 | +€41,591 | +19.7% |
| Operating profit (loss) | 9901 | €81,900 | €83,636 | +€1,736 | +2.1% |
| Financial income | 75/76B | €68 | €4 | -€64 | -94.1% |
| Recurring financial income | 75 | €68 | €4 | -€64 | -94.1% |
| Financial charges | 65/66B | €5,965 | €14,999 | +€9,035 | +151% |
| Recurring financial charges | 65 | €5,965 | €14,999 | +€9,035 | +151% |
| Profit (loss) for the period before taxes | 9903 | €76,003 | €68,640 | -€7,362 | -9.7% |
| Income taxes | 67/77 | €16,759 | €20,437 | +€3,679 | +22.0% |
| Profit (loss) for the period | 9904 | €59,244 | €48,203 | -€11,041 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,244 | €48,203 | -€11,041 | -18.6% |
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 25 October 2026 via checked.be.