STARTING-BLOCK: what changed
STARTING-BLOCK
Largest movements
- Tangible fixed assets -€34,784
down €34,784 (-10.8%), from €322,549 to €287,765
of which Plant, machinery and equipment: -€26,794
- Receivables within one year -€25,498
down €25,498 (-85.4%), from €29,855 to €4,357
of which Other amounts receivable: -€20,027
- Cash +€6,820
up €6,820 (+30.8%), from €22,169 to €28,989
mainly Depreciation (+€62,944) and Receivables within one year (+€25,498)
- Debts after one year -€39,381
down €39,381 (-25.3%), from €155,417 to €116,036
of which Financial debts: -€39,381
- Investment grants -€11,778
down €11,778 (-32.8%), from €35,883 to €24,105
- Purchases and services -€4,525
down €4,525 (-9.8%), from €46,234 to €41,709
- Depreciation +€3,693
up €3,693 (+6.2%), from €59,250 to €62,944
- Financial charges -€1,490
down €1,490 (-16.0%), from €9,307 to €7,817
of which Financial charges: -€1,490
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €385,754 | €333,318 | -€52,435 | -13.6% |
| Fixed assets | 21/28 | €331,795 | €298,840 | -€32,955 | -9.9% |
| Tangible fixed assets | 22/27 | €322,549 | €287,765 | -€34,784 | -10.8% |
| Land and buildings | 22 | €107,586 | €97,174 | -€10,412 | -9.7% |
| Plant, machinery and equipment | 23 | €214,914 | €188,119 | -€26,794 | -12.5% |
| Furniture and vehicles | 24 | €50 | €2,472 | +€2,422 | +4,844% |
| Financial fixed assets | 28 | €9,246 | €11,075 | +€1,829 | +19.8% |
| Current assets | 29/58 | €53,958 | €34,478 | -€19,480 | -36.1% |
| Amounts receivable within one year | 40/41 | €29,855 | €4,357 | -€25,498 | -85.4% |
| Trade receivables | 40 | €9,645 | €4,175 | -€5,470 | -56.7% |
| Other amounts receivable | 41 | €20,210 | €182 | -€20,027 | -99.1% |
| Cash at bank and in hand | 54/58 | €22,169 | €28,989 | +€6,820 | +30.8% |
| Deferred charges and accrued income | 490/1 | €1,934 | €1,132 | -€803 | -41.5% |
| Total equity and liabilities | 10/49 | €385,754 | €333,318 | -€52,435 | -13.6% |
| Equity | 10/15 | €160,477 | €150,844 | -€9,633 | -6.0% |
| Contributions | 10/11 | €496 | €496 | = | 0.0% |
| Capital | 10 | €496 | €496 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,099 | €115,244 | +€2,145 | +1.9% |
| Investment grants | 15 | €35,883 | €24,105 | -€11,778 | -32.8% |
| Amounts payable | 17/49 | €225,276 | €182,474 | -€42,803 | -19.0% |
| Amounts payable after more than one year | 17 | €155,417 | €116,036 | -€39,381 | -25.3% |
| Financial debts | 170/4 | €153,976 | €114,595 | -€39,381 | -25.6% |
| Other amounts payable | 178/9 | €1,441 | €1,441 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,115 | €65,826 | -€2,289 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €40,620 | €42,580 | +€1,959 | +4.8% |
| Financial debts | 43 | €1,155 | - | -€1,155 | |
| Credit institutions | 430/8 | €1,155 | - | -€1,155 | |
| Trade debts | 44 | €12,857 | €6,165 | -€6,692 | -52.1% |
| Suppliers | 440/4 | €12,857 | €6,165 | -€6,692 | -52.1% |
| Accrued charges and deferred income | 492/3 | €1,744 | €612 | -€1,132 | -64.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €46,234 | €41,709 | -€4,525 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,250 | €62,944 | +€3,693 | +6.2% |
| Other operating charges | 640/8 | €738 | €744 | +€6 | +0.8% |
| Gross operating margin | 9900 | €73,680 | €73,621 | -€59 | -0.1% |
| Operating profit (loss) | 9901 | €13,692 | €9,934 | -€3,758 | -27.4% |
| Financial income | 75/76B | €33 | €28 | -€6 | -17.0% |
| Recurring financial income | 75 | €33 | €28 | -€6 | -17.0% |
| Financial charges | 65/66B | €9,307 | €7,817 | -€1,490 | -16.0% |
| Recurring financial charges | 65 | €9,307 | €7,817 | -€1,490 | -16.0% |
| Non-recurring financial charges | 66B | €9,307 | €7,817 | -€1,490 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €4,419 | €2,145 | -€2,274 | -51.5% |
| Profit (loss) for the period | 9904 | €4,419 | €2,145 | -€2,274 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,419 | €2,145 | -€2,274 | -51.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.