PERFORMANCE: what changed
PERFORMANCE
Largest movements
- Tangible fixed assets -€65,609
down €65,609 (-25.2%), from €260,688 to €195,079
of which Plant, machinery and equipment: -€56,118
- Receivables within one year +€61,821
up €61,821 (+74.2%), from €83,305 to €145,126
of which Other amounts receivable: +€62,366
- Cash +€28,575
up €28,575 (+21.4%), from €133,391 to €161,966
mainly Investment in fixed assets (net) (+€48,133) and Net result for the year (+€36,874)
- Reserves +€93,250
up €93,250 (+293%), from €31,860 to €125,110
- Profit (loss) carried forward -€56,376
no longer reported in 2025 (was €56,376)
- Debts after one year -€31,577
down €31,577 (-17.5%), from €180,185 to €148,608
of which Other amounts payable: -€16,000
- Accrued charges and deferred income +€20,658
up €20,658 (+798%), from €2,589 to €23,247
- Short-term financial debts +€20,000
new in 2025: €20,000
- Gross operating margin +€114,143
up €114,143 (+26.3%), from €434,662 to €548,805
- Staff costs +€109,982
up €109,982 (+42.1%), from €261,074 to €371,056
- Other operating charges -€20,938
down €20,938 (-53.1%), from €39,467 to €18,529
- Depreciation -€18,920
down €18,920 (-51.5%), from €36,726 to €17,806
- Taxes +€8,111
up €8,111 (+38.5%), from €21,053 to €29,164
Change in the result, 31-12-2024 to 31-12-2025
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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 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 | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €482,893 | €509,736 | +€26,843 | +5.6% |
| Fixed assets | 21/28 | €261,844 | €195,905 | -€65,939 | -25.2% |
| Intangible fixed assets | 21 | €710 | €426 | -€284 | -40.0% |
| Tangible fixed assets | 22/27 | €260,688 | €195,079 | -€65,609 | -25.2% |
| Land and buildings | 22 | €178,742 | €173,342 | -€5,400 | -3.0% |
| Plant, machinery and equipment | 23 | €58,696 | €2,578 | -€56,118 | -95.6% |
| Furniture and vehicles | 24 | €23,250 | €19,158 | -€4,091 | -17.6% |
| Financial fixed assets | 28 | €446 | €400 | -€46 | -10.3% |
| Current assets | 29/58 | €221,049 | €313,831 | +€92,782 | +42.0% |
| Amounts receivable within one year | 40/41 | €83,305 | €145,126 | +€61,821 | +74.2% |
| Trade receivables | 40 | €48,938 | €48,393 | -€545 | -1.1% |
| Other amounts receivable | 41 | €34,367 | €96,733 | +€62,366 | +181% |
| Cash at bank and in hand | 54/58 | €133,391 | €161,966 | +€28,575 | +21.4% |
| Deferred charges and accrued income | 490/1 | €4,353 | €6,739 | +€2,386 | +54.8% |
| Total equity and liabilities | 10/49 | €482,893 | €509,736 | +€26,843 | +5.6% |
| Equity | 10/15 | €94,436 | €131,310 | +€36,874 | +39.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,860 | €125,110 | +€93,250 | +293% |
| Distributable reserves | 133 | €31,860 | €125,110 | +€93,250 | +293% |
| Profit (loss) carried forward | 14 | €56,376 | - | -€56,376 | |
| Amounts payable | 17/49 | €388,457 | €378,426 | -€10,031 | -2.6% |
| Amounts payable after more than one year | 17 | €180,185 | €148,608 | -€31,577 | -17.5% |
| Financial debts | 170/4 | €160,195 | €144,619 | -€15,577 | -9.7% |
| Other amounts payable | 178/9 | €19,990 | €3,990 | -€16,000 | -80.0% |
| Amounts payable within one year | 42/48 | €205,683 | €206,570 | +€888 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €23,596 | €10,233 | -€13,363 | -56.6% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €39,258 | €33,597 | -€5,661 | -14.4% |
| Suppliers | 440/4 | €39,258 | €33,597 | -€5,661 | -14.4% |
| Advances received on contracts in progress | 46 | €74,659 | €72,085 | -€2,574 | -3.4% |
| Taxes, remuneration and social security | 45 | €68,170 | €70,655 | +€2,485 | +3.6% |
| Taxes | 450/3 | €61,686 | €39,365 | -€22,321 | -36.2% |
| Remuneration and social security | 454/9 | €6,484 | €31,290 | +€24,806 | +383% |
| Accrued charges and deferred income | 492/3 | €2,589 | €23,247 | +€20,658 | +798% |
| Remuneration, social security and pensions | 62 | €261,074 | €371,056 | +€109,982 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,726 | €17,806 | -€18,920 | -51.5% |
| Other operating charges | 640/8 | €39,467 | €18,529 | -€20,938 | -53.1% |
| Non-recurring operating charges | 66A | €47,919 | €60,261 | +€12,342 | +25.8% |
| Gross operating margin | 9900 | €434,662 | €548,805 | +€114,143 | +26.3% |
| Operating profit (loss) | 9901 | €49,476 | €81,154 | +€31,678 | +64.0% |
| Financial income | 75/76B | €52 | €69 | +€17 | +33.8% |
| Recurring financial income | 75 | €52 | €69 | +€17 | +33.8% |
| Financial charges | 65/66B | €7,782 | €15,185 | +€7,403 | +95.1% |
| Recurring financial charges | 65 | €7,782 | €15,185 | +€7,403 | +95.1% |
| Profit (loss) for the period before taxes | 9903 | €41,746 | €66,038 | +€24,292 | +58.2% |
| Income taxes | 67/77 | €21,053 | €29,164 | +€8,111 | +38.5% |
| Profit (loss) for the period | 9904 | €20,693 | €36,874 | +€16,181 | +78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,693 | €36,874 | +€16,181 | +78.2% |
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 5 November 2026 via checked.be.