COMPOSITION: 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.
COMPOSITION
Largest movements
- Tangible fixed assets +€74,142
up €74,142 (+249%), from €29,759 to €103,901
of which Land and buildings: +€59,785
- Receivables within one year +€44,044
up €44,044 (+2,963%), from €1,487 to €45,531
of which Trade receivables: +€41,809
- Cash -€18,552
down €18,552 (-45.8%), from €40,530 to €21,979
mainly Investment in fixed assets (net) (-€85,481) and Receivables within one year (-€44,044)
- Trade debts +€56,211
up €56,211 (+781%), from €7,195 to €63,406
- Debts after one year +€50,129
up €50,129 (+887%), from €5,651 to €55,780
- Current portion of long-term debt -€11,784
down €11,784 (-48.1%), from €24,497 to €12,713
- Reserves +€11,636
up €11,636 (+43.1%), from €26,982 to €38,618
- Gross operating margin -€62,612
down €62,612 (-63.9%), from €98,039 to €35,427
- Write-downs -€31,534
no longer reported in 2025 (was €31,534)
- Staff costs -€11,940
down €11,940 (-99.1%), from €12,046 to €106
- Taxes -€11,120
down €11,120 (-80.1%), from €13,885 to €2,765
- Financial income +€4,276
up €4,276 (+1,620%), from €264 to €4,540
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 | €182,451 | €285,618 | +€103,167 | +56.5% |
| Fixed assets | 21/28 | €37,041 | €110,642 | +€73,602 | +199% |
| Intangible fixed assets | 21 | €7,022 | €6,482 | -€540 | -7.7% |
| Tangible fixed assets | 22/27 | €29,759 | €103,901 | +€74,142 | +249% |
| Land and buildings | 22 | €13,999 | €73,783 | +€59,785 | +427% |
| Plant, machinery and equipment | 23 | €4,446 | €21,696 | +€17,250 | +388% |
| Furniture and vehicles | 24 | €2,841 | €1,413 | -€1,428 | -50.3% |
| Leasing and similar rights | 25 | €585 | €0 | -€585 | -100% |
| Other tangible fixed assets | 26 | €7,889 | €7,009 | -€880 | -11.2% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €145,411 | €174,976 | +€29,565 | +20.3% |
| Stocks and contracts in progress | 3 | €102,668 | €104,380 | +€1,713 | +1.7% |
| Stocks | 30/36 | €102,668 | €104,380 | +€1,713 | +1.7% |
| Amounts receivable within one year | 40/41 | €1,487 | €45,531 | +€44,044 | +2,963% |
| Trade receivables | 40 | €230 | €42,039 | +€41,809 | +18,178% |
| Other amounts receivable | 41 | €1,257 | €3,492 | +€2,235 | +178% |
| Cash at bank and in hand | 54/58 | €40,530 | €21,979 | -€18,552 | -45.8% |
| Deferred charges and accrued income | 490/1 | €726 | €3,086 | +€2,360 | +325% |
| Total equity and liabilities | 10/49 | €182,451 | €285,618 | +€103,167 | +56.5% |
| Equity | 10/15 | €65,402 | €77,038 | +€11,636 | +17.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €26,982 | €38,618 | +€11,636 | +43.1% |
| Distributable reserves | 133 | €26,982 | €38,618 | +€11,636 | +43.1% |
| Profit (loss) carried forward | 14 | €17,960 | €17,960 | = | 0.0% |
| Amounts payable | 17/49 | €117,049 | €208,579 | +€91,531 | +78.2% |
| Amounts payable after more than one year | 17 | €5,651 | €55,780 | +€50,129 | +887% |
| Financial debts | 170/4 | €5,651 | €55,780 | +€50,129 | +887% |
| Amounts payable within one year | 42/48 | €111,397 | €152,799 | +€41,402 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €24,497 | €12,713 | -€11,784 | -48.1% |
| Trade debts | 44 | €7,195 | €63,406 | +€56,211 | +781% |
| Suppliers | 440/4 | €7,195 | €63,406 | +€56,211 | +781% |
| Taxes, remuneration and social security | 45 | €7,157 | €4,924 | -€2,233 | -31.2% |
| Taxes | 450/3 | €7,157 | €4,924 | -€2,233 | -31.2% |
| Other amounts payable | 47/48 | €72,549 | €71,756 | -€793 | -1.1% |
| Remuneration, social security and pensions | 62 | €12,046 | €106 | -€11,940 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,180 | €11,879 | +€3,700 | +45.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,534 | - | -€31,534 | |
| Other operating charges | 640/8 | €3,517 | €1,919 | -€1,598 | -45.4% |
| Non-recurring operating charges | 66A | €2,102 | - | -€2,102 | |
| Gross operating margin | 9900 | €98,039 | €35,427 | -€62,612 | -63.9% |
| Operating profit (loss) | 9901 | €40,660 | €21,523 | -€19,137 | -47.1% |
| Financial income | 75/76B | €264 | €4,540 | +€4,276 | +1,620% |
| Recurring financial income | 75 | €264 | €4,540 | +€4,276 | +1,620% |
| Financial charges | 65/66B | €14,525 | €11,662 | -€2,863 | -19.7% |
| Recurring financial charges | 65 | €14,525 | €11,662 | -€2,863 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €26,399 | €14,400 | -€11,998 | -45.5% |
| Income taxes | 67/77 | €13,885 | €2,765 | -€11,120 | -80.1% |
| Profit (loss) for the period | 9904 | €12,514 | €11,636 | -€878 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,514 | €11,636 | -€878 | -7.0% |
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.