GLOBAL: 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.
GLOBAL
Largest movements
- Current investments +€575,000
up €575,000 (+2,556%), from €22,500 to €597,500
- Stocks and contracts -€356,235
down €356,235 (-19.9%), from €1.8m to €1.4m
of which Stocks: -€385,771
- Cash +€175,636
up €175,636 (+25.0%), from €701,262 to €876,897
mainly Net result for the year (+€382,356) and Stocks and contracts (+€356,235)
- Receivables within one year +€52,332
up €52,332 (+29.0%), from €180,483 to €232,815
of which Trade receivables: +€42,107
- Reserves +€382,356
up €382,356 (+29.2%), from €1.3m to €1.7m
- Other debts +€141,436
up €141,436 (+39.9%), from €354,773 to €496,209
- Advances received -€83,519
down €83,519 (-25.3%), from €330,352 to €246,833
- Gross operating margin +€143,515
up €143,515 (+32.4%), from €443,313 to €586,829
- Taxes +€49,735
up €49,735 (+36.2%), from €137,426 to €187,161
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 | €2,751,637 | €3,182,876 | +€431,239 | +15.7% |
| Fixed assets | 21/28 | €50,070 | €40,640 | -€9,430 | -18.8% |
| Tangible fixed assets | 22/27 | €2,003 | €817 | -€1,186 | -59.2% |
| Furniture and vehicles | 24 | €2,003 | €817 | -€1,186 | -59.2% |
| Financial fixed assets | 28 | €48,067 | €39,823 | -€8,244 | -17.2% |
| Current assets | 29/58 | €2,701,567 | €3,142,236 | +€440,669 | +16.3% |
| Stocks and contracts in progress | 3 | €1,786,558 | €1,430,323 | -€356,235 | -19.9% |
| Stocks | 30/36 | €1,681,326 | €1,295,555 | -€385,771 | -22.9% |
| Contracts in progress | 37 | €105,232 | €134,768 | +€29,536 | +28.1% |
| Amounts receivable within one year | 40/41 | €180,483 | €232,815 | +€52,332 | +29.0% |
| Trade receivables | 40 | €78,330 | €120,436 | +€42,107 | +53.8% |
| Other amounts receivable | 41 | €102,153 | €112,379 | +€10,226 | +10.0% |
| Current investments | 50/53 | €22,500 | €597,500 | +€575,000 | +2,556% |
| Cash at bank and in hand | 54/58 | €701,262 | €876,897 | +€175,636 | +25.0% |
| Deferred charges and accrued income | 490/1 | €10,765 | €4,701 | -€6,064 | -56.3% |
| Total equity and liabilities | 10/49 | €2,751,637 | €3,182,876 | +€431,239 | +15.7% |
| Equity | 10/15 | €1,377,182 | €1,759,538 | +€382,356 | +27.8% |
| Contributions | 10/11 | €69,600 | €69,600 | = | 0.0% |
| Reserves | 13 | €1,307,582 | €1,689,938 | +€382,356 | +29.2% |
| Distributable reserves | 133 | €1,307,582 | €1,689,938 | +€382,356 | +29.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,374,456 | €1,423,339 | +€48,883 | +3.6% |
| Amounts payable within one year | 42/48 | €1,367,508 | €1,422,000 | +€54,491 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €69,827 | €56,588 | -€13,239 | -19.0% |
| Financial debts | 43 | €350,000 | €345,287 | -€4,714 | -1.3% |
| Credit institutions | 430/8 | €350,000 | €345,287 | -€4,714 | -1.3% |
| Trade debts | 44 | €177,000 | €187,353 | +€10,353 | +5.8% |
| Suppliers | 440/4 | €177,000 | €187,353 | +€10,353 | +5.8% |
| Advances received on contracts in progress | 46 | €330,352 | €246,833 | -€83,519 | -25.3% |
| Taxes, remuneration and social security | 45 | €85,557 | €89,731 | +€4,174 | +4.9% |
| Taxes | 450/3 | €83,311 | €87,942 | +€4,630 | +5.6% |
| Remuneration and social security | 454/9 | €2,246 | €1,789 | -€457 | -20.3% |
| Other amounts payable | 47/48 | €354,773 | €496,209 | +€141,436 | +39.9% |
| Accrued charges and deferred income | 492/3 | €6,948 | €1,339 | -€5,608 | -80.7% |
| Non-recurring operating income | 76A | - | €2,625 | +€2,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,187 | €1,186 | -€2,001 | -62.8% |
| Other operating charges | 640/8 | €1,474 | €1,158 | -€316 | -21.4% |
| Gross operating margin | 9900 | €443,313 | €586,829 | +€143,515 | +32.4% |
| Operating profit (loss) | 9901 | €438,652 | €584,484 | +€145,832 | +33.2% |
| Financial income | 75/76B | €30,172 | €24,666 | -€5,507 | -18.3% |
| Recurring financial income | 75 | €30,172 | €24,666 | -€5,507 | -18.3% |
| Financial charges | 65/66B | €39,538 | €39,633 | +€95 | +0.2% |
| Recurring financial charges | 65 | €39,538 | €39,133 | -€405 | -1.0% |
| Non-recurring financial charges | 66B | - | €500 | +€500 | |
| Profit (loss) for the period before taxes | 9903 | €429,287 | €569,517 | +€140,231 | +32.7% |
| Income taxes | 67/77 | €137,426 | €187,161 | +€49,735 | +36.2% |
| Profit (loss) for the period | 9904 | €291,860 | €382,356 | +€90,496 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €291,860 | €382,356 | +€90,496 | +31.0% |
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.