AUTO SELECTION: 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.
AUTO SELECTION
Largest movements
- Receivables within one year -€174,476
down €174,476 (-64.6%), from €269,879 to €95,403
of which Trade receivables: -€170,191
- Cash -€152,435
down €152,435 (-47.5%), from €320,632 to €168,198
mainly Current portion of long-term debt (-€343,475) and Trade debts (-€238,586)
- Stocks and contracts +€50,265
up €50,265 (+6.1%), from €822,871 to €873,136
- Current portion of long-term debt -€343,475
down €343,475 (-88.6%), from €387,503 to €44,028
- Short-term financial debts +€259,843
up €259,843 (+165,158%), from €157 to €260,000
- Trade debts -€238,586
down €238,586 (-99.7%), from €239,192 to €606
- Profit (loss) carried forward +€75,789
up €75,789 (+133%), from €57,106 to €132,895
- Advances received -€65,400
no longer reported in 2025 (was €65,400)
- Gross operating margin +€99,860
up €99,860 (+53.4%), from €186,846 to €286,705
- Staff costs +€39,548
up €39,548 (+63.3%), from €62,447 to €101,994
- Financial charges +€23,166
up €23,166 (+111%), from €20,821 to €43,987
of which Financial charges: +€18,892
- Taxes +€11,776
up €11,776 (+76.1%), from €15,475 to €27,250
- Depreciation +€7,782
up €7,782 (+46.7%), from €16,673 to €24,455
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 | €1,846,356 | €1,568,218 | -€278,138 | -15.1% |
| Formation expenses | 20 | €54,045 | €52,188 | -€1,856 | -3.4% |
| Fixed assets | 21/28 | €378,575 | €360,496 | -€18,079 | -4.8% |
| Tangible fixed assets | 22/27 | €378,575 | €360,496 | -€18,079 | -4.8% |
| Land and buildings | 22 | €340,705 | €331,855 | -€8,850 | -2.6% |
| Plant, machinery and equipment | 23 | €2,521 | €1,742 | -€779 | -30.9% |
| Furniture and vehicles | 24 | €35,350 | €26,900 | -€8,450 | -23.9% |
| Current assets | 29/58 | €1,413,736 | €1,155,534 | -€258,202 | -18.3% |
| Stocks and contracts in progress | 3 | €822,871 | €873,136 | +€50,265 | +6.1% |
| Stocks | 30/36 | €822,871 | €873,136 | +€50,265 | +6.1% |
| Amounts receivable within one year | 40/41 | €269,879 | €95,403 | -€174,476 | -64.6% |
| Trade receivables | 40 | €265,485 | €95,293 | -€170,191 | -64.1% |
| Other amounts receivable | 41 | €4,394 | €109 | -€4,285 | -97.5% |
| Cash at bank and in hand | 54/58 | €320,632 | €168,198 | -€152,435 | -47.5% |
| Deferred charges and accrued income | 490/1 | €354 | €18,798 | +€18,444 | +5,208% |
| Total equity and liabilities | 10/49 | €1,846,356 | €1,568,218 | -€278,138 | -15.1% |
| Equity | 10/15 | €234,796 | €310,585 | +€75,789 | +32.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €174,690 | €174,690 | = | 0.0% |
| Distributable reserves | 133 | €174,690 | €174,690 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,106 | €132,895 | +€75,789 | +133% |
| Amounts payable | 17/49 | €1,611,560 | €1,257,634 | -€353,926 | -22.0% |
| Amounts payable after more than one year | 17 | €267,490 | €309,953 | +€42,464 | +15.9% |
| Financial debts | 170/4 | €267,490 | €309,953 | +€42,464 | +15.9% |
| Amounts payable within one year | 42/48 | €1,344,071 | €938,782 | -€405,289 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €387,503 | €44,028 | -€343,475 | -88.6% |
| Financial debts | 43 | €157 | €260,000 | +€259,843 | +165,158% |
| Credit institutions | 430/8 | €157 | €260,000 | +€259,843 | +165,158% |
| Trade debts | 44 | €239,192 | €606 | -€238,586 | -99.7% |
| Suppliers | 440/4 | €239,192 | €606 | -€238,586 | -99.7% |
| Advances received on contracts in progress | 46 | €65,400 | - | -€65,400 | |
| Taxes, remuneration and social security | 45 | €33,990 | €65,077 | +€31,087 | +91.5% |
| Taxes | 450/3 | €29,125 | €48,334 | +€19,208 | +65.9% |
| Remuneration and social security | 454/9 | €4,864 | €16,743 | +€11,879 | +244% |
| Other amounts payable | 47/48 | €617,829 | €569,071 | -€48,757 | -7.9% |
| Accrued charges and deferred income | 492/3 | - | €8,899 | +€8,899 | |
| Non-recurring operating income | 76A | €21,626 | - | -€21,626 | |
| Remuneration, social security and pensions | 62 | €62,447 | €101,994 | +€39,548 | +63.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,673 | €24,455 | +€7,782 | +46.7% |
| Other operating charges | 640/8 | €11,750 | €13,233 | +€1,482 | +12.6% |
| Gross operating margin | 9900 | €186,846 | €286,705 | +€99,860 | +53.4% |
| Operating profit (loss) | 9901 | €95,976 | €147,024 | +€51,047 | +53.2% |
| Financial income | 75/76B | €356 | €3 | -€353 | -99.2% |
| Recurring financial income | 75 | €356 | €3 | -€353 | -99.2% |
| Financial charges | 65/66B | €20,821 | €43,987 | +€23,166 | +111% |
| Recurring financial charges | 65 | €20,821 | €39,713 | +€18,892 | +90.7% |
| Non-recurring financial charges | 66B | - | €4,274 | +€4,274 | |
| Profit (loss) for the period before taxes | 9903 | €75,511 | €103,039 | +€27,528 | +36.5% |
| Income taxes | 67/77 | €15,475 | €27,250 | +€11,776 | +76.1% |
| Profit (loss) for the period | 9904 | €60,037 | €75,789 | +€15,752 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,037 | €75,789 | +€15,752 | +26.2% |
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 30 October 2026 via checked.be.