FRONT-ROW: what changed
FRONT-ROW
Largest movements
- Cash +€41,748
up €41,748 (+44.2%), from €94,418 to €136,166
mainly Net result for the year (+€48,980) and Depreciation (+€38,169)
- Tangible fixed assets -€38,169
down €38,169 (-5.5%), from €687,849 to €649,680
of which Land and buildings: -€22,667
- Receivables within one year +€19,479
up €19,479 (+61.0%), from €31,936 to €51,415
of which Trade receivables: +€24,055
- Debts after one year -€32,862
down €32,862 (-6.6%), from €498,321 to €465,460
- Reserves +€27,892
up €27,892 (+13.6%), from €205,631 to €233,522
- Other debts +€27,097
up €27,097 (+32.3%), from €83,815 to €110,913
- Gross operating margin -€9,235
down €9,235 (-7.5%), from €123,439 to €114,204
- Taxes -€2,198
down €2,198 (-14.1%), from €15,605 to €13,407
- Other operating charges +€1,988
up €1,988 (+399%), from €498 to €2,486
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 | €871,203 | €894,261 | +€23,058 | +2.6% |
| Fixed assets | 21/28 | €744,849 | €706,680 | -€38,169 | -5.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €687,849 | €649,680 | -€38,169 | -5.5% |
| Land and buildings | 22 | €646,533 | €623,866 | -€22,667 | -3.5% |
| Plant, machinery and equipment | 23 | €616 | €274 | -€342 | -55.6% |
| Furniture and vehicles | 24 | €26,055 | €12,550 | -€13,505 | -51.8% |
| Other tangible fixed assets | 26 | €14,645 | €12,990 | -€1,655 | -11.3% |
| Financial fixed assets | 28 | €57,000 | €57,000 | = | 0.0% |
| Current assets | 29/58 | €126,354 | €187,581 | +€61,227 | +48.5% |
| Amounts receivable within one year | 40/41 | €31,936 | €51,415 | +€19,479 | +61.0% |
| Trade receivables | 40 | €22,253 | €46,308 | +€24,055 | +108% |
| Other amounts receivable | 41 | €9,683 | €5,107 | -€4,576 | -47.3% |
| Cash at bank and in hand | 54/58 | €94,418 | €136,166 | +€41,748 | +44.2% |
| Total equity and liabilities | 10/49 | €871,203 | €894,261 | +€23,058 | +2.6% |
| Equity | 10/15 | €218,031 | €245,922 | +€27,892 | +12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €205,631 | €233,522 | +€27,892 | +13.6% |
| Distributable reserves | 133 | €205,631 | €233,522 | +€27,892 | +13.6% |
| Amounts payable | 17/49 | €653,172 | €648,339 | -€4,834 | -0.7% |
| Amounts payable after more than one year | 17 | €498,321 | €465,460 | -€32,862 | -6.6% |
| Financial debts | 170/4 | €498,321 | €465,460 | -€32,862 | -6.6% |
| Amounts payable within one year | 42/48 | €154,851 | €182,879 | +€28,028 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €38,534 | €37,899 | -€635 | -1.6% |
| Trade debts | 44 | €19,866 | €14,698 | -€5,168 | -26.0% |
| Suppliers | 440/4 | €19,866 | €14,698 | -€5,168 | -26.0% |
| Taxes, remuneration and social security | 45 | €12,636 | €19,370 | +€6,734 | +53.3% |
| Taxes | 450/3 | €12,636 | €19,370 | +€6,734 | +53.3% |
| Other amounts payable | 47/48 | €83,815 | €110,913 | +€27,097 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,995 | €38,169 | -€826 | -2.1% |
| Other operating charges | 640/8 | €498 | €2,486 | +€1,988 | +399% |
| Gross operating margin | 9900 | €123,439 | €114,204 | -€9,235 | -7.5% |
| Operating profit (loss) | 9901 | €83,946 | €73,549 | -€10,397 | -12.4% |
| Financial income | 75/76B | €61 | €0 | -€61 | -100.0% |
| Recurring financial income | 75 | €61 | €0 | -€61 | -100.0% |
| Financial charges | 65/66B | €11,439 | €11,162 | -€277 | -2.4% |
| Recurring financial charges | 65 | €11,439 | €11,162 | -€277 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €72,567 | €62,387 | -€10,181 | -14.0% |
| Income taxes | 67/77 | €15,605 | €13,407 | -€2,198 | -14.1% |
| Profit (loss) for the period | 9904 | €56,963 | €48,980 | -€7,982 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,963 | €48,980 | -€7,982 | -14.0% |
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 3 November 2026 via checked.be.