AT FIVE: 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.
AT FIVE
Largest movements
- Tangible fixed assets -€60,764
down €60,764 (-7.1%), from €858,725 to €797,961
of which Plant, machinery and equipment: -€34,548
- Receivables within one year +€43,979
up €43,979 (+100%), from €43,970 to €87,949
of which Trade receivables: +€62,469
- Debts after one year -€97,616
down €97,616 (-11.4%), from €859,648 to €762,033
- Reserves +€61,818
up €61,818 (+17.4%), from €354,405 to €416,223
of which Distributable reserves: +€61,818
- Current portion of long-term debt +€33,776
up €33,776 (+26.3%), from €128,642 to €162,418
- Other debts -€28,337
down €28,337 (-68.4%), from €41,433 to €13,096
- Profit (loss) carried forward +€15,293
up €15,293, from -€6,936 to €8,357
- Gross operating margin +€143,430
up €143,430 (+114%), from €125,383 to €268,813
- Taxes +€24,969
new in 2025: €24,969
- Other operating charges -€12,924
down €12,924 (-58.5%), from €22,089 to €9,165
- Depreciation +€9,939
up €9,939 (+18.2%), from €54,656 to €64,595
- Staff costs -€6,637
down €6,637 (-8.6%), from €77,009 to €70,372
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 | €1,451,746 | €1,438,249 | -€13,496 | -0.9% |
| Fixed assets | 21/28 | €871,025 | €810,261 | -€60,764 | -7.0% |
| Tangible fixed assets | 22/27 | €858,725 | €797,961 | -€60,764 | -7.1% |
| Land and buildings | 22 | €667,477 | €639,327 | -€28,151 | -4.2% |
| Plant, machinery and equipment | 23 | €189,894 | €155,346 | -€34,548 | -18.2% |
| Furniture and vehicles | 24 | €1,354 | €3,289 | +€1,934 | +143% |
| Financial fixed assets | 28 | €12,300 | €12,300 | = | 0.0% |
| Current assets | 29/58 | €580,720 | €627,988 | +€47,268 | +8.1% |
| Stocks and contracts in progress | 3 | €345,135 | €345,289 | +€154 | 0.0% |
| Stocks | 30/36 | €345,135 | €345,289 | +€154 | 0.0% |
| Amounts receivable within one year | 40/41 | €43,970 | €87,949 | +€43,979 | +100% |
| Trade receivables | 40 | €19,267 | €81,736 | +€62,469 | +324% |
| Other amounts receivable | 41 | €24,703 | €6,213 | -€18,490 | -74.8% |
| Cash at bank and in hand | 54/58 | €184,793 | €192,837 | +€8,044 | +4.4% |
| Deferred charges and accrued income | 490/1 | €6,822 | €1,913 | -€4,909 | -72.0% |
| Total equity and liabilities | 10/49 | €1,451,746 | €1,438,249 | -€13,496 | -0.9% |
| Equity | 10/15 | €366,069 | €443,180 | +€77,112 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €354,405 | €416,223 | +€61,818 | +17.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €352,545 | €414,363 | +€61,818 | +17.5% |
| Profit (loss) carried forward | 14 | -€6,936 | €8,357 | +€15,293 | |
| Amounts payable | 17/49 | €1,085,677 | €995,069 | -€90,608 | -8.3% |
| Amounts payable after more than one year | 17 | €859,648 | €762,033 | -€97,616 | -11.4% |
| Financial debts | 170/4 | €859,648 | €762,033 | -€97,616 | -11.4% |
| Amounts payable within one year | 42/48 | €226,029 | €233,036 | +€7,008 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €128,642 | €162,418 | +€33,776 | +26.3% |
| Trade debts | 44 | €24,694 | €29,105 | +€4,411 | +17.9% |
| Suppliers | 440/4 | €24,694 | €29,105 | +€4,411 | +17.9% |
| Taxes, remuneration and social security | 45 | €31,259 | €28,418 | -€2,842 | -9.1% |
| Taxes | 450/3 | €23,794 | €15,640 | -€8,155 | -34.3% |
| Remuneration and social security | 454/9 | €7,465 | €12,778 | +€5,313 | +71.2% |
| Other amounts payable | 47/48 | €41,433 | €13,096 | -€28,337 | -68.4% |
| Remuneration, social security and pensions | 62 | €77,009 | €70,372 | -€6,637 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,656 | €64,595 | +€9,939 | +18.2% |
| Other operating charges | 640/8 | €22,089 | €9,165 | -€12,924 | -58.5% |
| Gross operating margin | 9900 | €125,383 | €268,813 | +€143,430 | +114% |
| Operating profit (loss) | 9901 | -€28,370 | €124,682 | +€153,052 | |
| Financial income | 75/76B | €793 | €641 | -€152 | -19.2% |
| Recurring financial income | 75 | €793 | €641 | -€152 | -19.2% |
| Financial charges | 65/66B | €25,228 | €23,243 | -€1,986 | -7.9% |
| Recurring financial charges | 65 | €25,228 | €23,243 | -€1,986 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | -€52,806 | €102,080 | +€154,886 | |
| Income taxes | 67/77 | - | €24,969 | +€24,969 | |
| Profit (loss) for the period | 9904 | -€52,806 | €77,112 | +€129,918 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,806 | €77,112 | +€129,918 |
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 31 October 2026 via checked.be.