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.
COLOR PROJECTS
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-12.0%), from €11.7m to €10.3m
- Receivables within one year +€456,176
up €456,176 (+83.4%), from €547,149 to €1.0m
of which Other amounts receivable: +€397,625
- Tangible fixed assets +€437,543
up €437,543 (+70.9%), from €617,111 to €1.1m
of which Land and buildings: +€439,996
- Advances received -€4.0m
down €4.0m (-36.3%), from €11.1m to €7.1m
- Other debts +€1.2m
new in 2025: €1.2m
- Tax, wage and social debts +€1.1m
up €1.1m (+1696.1%), from €64,372 to €1.2m
of which Taxes: +€1.1m
- Debts after one year +€968,428
up €968,428 (+73.5%), from €1.3m to €2.3m
- Profit (loss) carried forward +€166,716
up €166,716 (+19.5%), from €854,506 to €1.0m
- Gross operating margin +€1.3m
up €1.3m (+306.7%), from €436,856 to €1.8m
- Taxes +€288,500
up €288,500 (+333.5%), from €86,500 to €375,000
- Financial charges +€93,459
up €93,459 (+221.5%), from €42,192 to €135,651
- Write-downs -€21,557
no longer reported in 2025 (was €21,557)
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 | €13,582,501 | €13,019,183 | -€563,318 | -4.1% |
| Fixed assets | 21/28 | €628,696 | €1,061,387 | +€432,692 | +68.8% |
| Intangible fixed assets | 21 | €11,585 | €6,733 | -€4,851 | -41.9% |
| Tangible fixed assets | 22/27 | €617,111 | €1,054,654 | +€437,543 | +70.9% |
| Land and buildings | 22 | €606,460 | €1,046,455 | +€439,996 | +72.6% |
| Plant, machinery and equipment | 23 | €1,604 | €1,157 | -€447 | -27.8% |
| Furniture and vehicles | 24 | €9,048 | €7,041 | -€2,006 | -22.2% |
| Current assets | 29/58 | €12,953,805 | €11,957,796 | -€996,010 | -7.7% |
| Stocks and contracts in progress | 3 | €11,662,007 | €10,264,934 | -€1.4m | -12.0% |
| Stocks | 30/36 | €11,662,007 | €10,264,934 | -€1.4m | -12.0% |
| Amounts receivable within one year | 40/41 | €547,149 | €1,003,325 | +€456,176 | +83.4% |
| Trade receivables | 40 | €48,748 | €107,299 | +€58,552 | +120.1% |
| Other amounts receivable | 41 | €498,401 | €896,026 | +€397,625 | +79.8% |
| Cash at bank and in hand | 54/58 | €743,149 | €688,036 | -€55,113 | -7.4% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €13,582,501 | €13,019,183 | -€563,318 | -4.1% |
| Equity | 10/15 | €874,966 | €1,041,682 | +€166,716 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €854,506 | €1,021,222 | +€166,716 | +19.5% |
| Amounts payable | 17/49 | €12,707,535 | €11,977,501 | -€730,034 | -5.7% |
| Amounts payable after more than one year | 17 | €1,316,911 | €2,285,339 | +€968,428 | +73.5% |
| Financial debts | 170/4 | €1,316,911 | €2,285,339 | +€968,428 | +73.5% |
| Amounts payable within one year | 42/48 | €11,390,623 | €9,692,161 | -€1.7m | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €12,042 | - | -€12,042 | |
| Financial debts | 43 | €31,708 | €28,935 | -€2,773 | -8.7% |
| Credit institutions | 430/8 | €31,708 | €28,935 | -€2,773 | -8.7% |
| Trade debts | 44 | €178,454 | €195,431 | +€16,977 | +9.5% |
| Suppliers | 440/4 | €178,454 | €195,431 | +€16,977 | +9.5% |
| Advances received on contracts in progress | 46 | €11,104,048 | €7,070,667 | -€4.0m | -36.3% |
| Taxes, remuneration and social security | 45 | €64,372 | €1,156,154 | +€1.1m | +1696.1% |
| Taxes | 450/3 | €64,372 | €1,155,682 | +€1.1m | +1695.3% |
| Remuneration and social security | 454/9 | - | €471 | +€471 | |
| Other amounts payable | 47/48 | - | €1,240,975 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €30,139 | €36,128 | +€5,989 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,780 | €37,109 | +€6,329 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,557 | - | -€21,557 | |
| Other operating charges | 640/8 | €16,055 | €3,695 | -€12,360 | -77.0% |
| Gross operating margin | 9900 | €436,856 | €1,776,563 | +€1.3m | +306.7% |
| Operating profit (loss) | 9901 | €338,325 | €1,699,632 | +€1.4m | +402.4% |
| Financial income | 75/76B | €13,291 | €7,736 | -€5,555 | -41.8% |
| Recurring financial income | 75 | €13,291 | €2,736 | -€10,555 | -79.4% |
| Non-recurring financial income | 76B | - | €5,000 | +€5,000 | |
| Financial charges | 65/66B | €42,192 | €135,651 | +€93,459 | +221.5% |
| Recurring financial charges | 65 | €42,192 | €135,651 | +€93,459 | +221.5% |
| Profit (loss) for the period before taxes | 9903 | €309,424 | €1,571,716 | +€1.3m | +407.9% |
| Income taxes | 67/77 | €86,500 | €375,000 | +€288,500 | +333.5% |
| Profit (loss) for the period | 9904 | €222,924 | €1,196,716 | +€973,792 | +436.8% |
| Profit (loss) for the period to be appropriated | 9905 | €222,924 | €1,196,716 | +€973,792 | +436.8% |
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 27 September 2026 via checked.be.