C & V: 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.
C & V
Largest movements
- Receivables within one year +€191,944
up €191,944 (+44.8%), from €428,174 to €620,118
of which Trade receivables: +€211,818
- Tangible fixed assets -€122,718
down €122,718 (-3.7%), from €3.3m to €3.2m
of which Plant, machinery and equipment: -€83,419
- Debts after one year -€345,591
down €345,591 (-17.0%), from €2.0m to €1.7m
- Trade debts +€308,610
up €308,610 (+79.3%), from €389,386 to €697,996
- Reserves +€57,500
up €57,500 (+5.6%), from €1.0m to €1.1m
of which Distributable reserves: +€57,500
- Gross operating margin -€34,842
down €34,842 (-7.2%), from €485,781 to €450,939
- Depreciation +€24,559
up €24,559 (+11.4%), from €216,202 to €240,761
- Taxes -€22,149
down €22,149 (-50.0%), from €44,265 to €22,116
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 | €4,418,659 | €4,482,454 | +€63,794 | +1.4% |
| Fixed assets | 21/28 | €3,974,281 | €3,851,563 | -€122,718 | -3.1% |
| Tangible fixed assets | 22/27 | €3,274,152 | €3,151,434 | -€122,718 | -3.7% |
| Land and buildings | 22 | €2,842,244 | €2,810,265 | -€31,979 | -1.1% |
| Plant, machinery and equipment | 23 | €423,022 | €339,604 | -€83,419 | -19.7% |
| Furniture and vehicles | 24 | €8,886 | €1,565 | -€7,320 | -82.4% |
| Financial fixed assets | 28 | €700,129 | €700,129 | = | 0.0% |
| Current assets | 29/58 | €444,378 | €630,891 | +€186,512 | +42.0% |
| Amounts receivable within one year | 40/41 | €428,174 | €620,118 | +€191,944 | +44.8% |
| Trade receivables | 40 | €167,363 | €379,181 | +€211,818 | +127% |
| Other amounts receivable | 41 | €260,811 | €240,938 | -€19,873 | -7.6% |
| Cash at bank and in hand | 54/58 | €9,925 | €5,016 | -€4,909 | -49.5% |
| Deferred charges and accrued income | 490/1 | €6,279 | €5,756 | -€523 | -8.3% |
| Total equity and liabilities | 10/49 | €4,418,659 | €4,482,454 | +€63,794 | +1.4% |
| Equity | 10/15 | €1,056,536 | €1,116,617 | +€60,081 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,029,500 | €1,087,000 | +€57,500 | +5.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €1,027,500 | €1,085,000 | +€57,500 | +5.6% |
| Profit (loss) carried forward | 14 | €7,036 | €9,617 | +€2,581 | +36.7% |
| Amounts payable | 17/49 | €3,362,123 | €3,365,837 | +€3,714 | +0.1% |
| Amounts payable after more than one year | 17 | €2,035,388 | €1,689,797 | -€345,591 | -17.0% |
| Financial debts | 170/4 | €2,035,388 | €1,689,797 | -€345,591 | -17.0% |
| Amounts payable within one year | 42/48 | €1,126,735 | €1,476,040 | +€349,305 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €352,764 | €379,382 | +€26,618 | +7.5% |
| Trade debts | 44 | €389,386 | €697,996 | +€308,610 | +79.3% |
| Suppliers | 440/4 | €389,386 | €697,996 | +€308,610 | +79.3% |
| Taxes, remuneration and social security | 45 | €133,969 | €161,641 | +€27,672 | +20.7% |
| Taxes | 450/3 | €133,969 | €148,592 | +€14,623 | +10.9% |
| Remuneration and social security | 454/9 | €0 | €13,049 | +€13,049 | |
| Other amounts payable | 47/48 | €250,616 | €237,021 | -€13,595 | -5.4% |
| Accrued charges and deferred income | 492/3 | €200,000 | €200,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,202 | €240,761 | +€24,559 | +11.4% |
| Other operating charges | 640/8 | €28,809 | €29,223 | +€415 | +1.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €485,781 | €450,939 | -€34,842 | -7.2% |
| Operating profit (loss) | 9901 | €240,771 | €180,955 | -€59,816 | -24.8% |
| Financial income | 75/76B | €63 | €0 | -€63 | -100% |
| Recurring financial income | 75 | €63 | €0 | -€63 | -100% |
| Financial charges | 65/66B | €94,976 | €98,758 | +€3,782 | +4.0% |
| Recurring financial charges | 65 | €94,976 | €98,758 | +€3,782 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €145,857 | €82,197 | -€63,661 | -43.6% |
| Income taxes | 67/77 | €44,265 | €22,116 | -€22,149 | -50.0% |
| Profit (loss) for the period | 9904 | €101,593 | €60,081 | -€41,512 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €101,593 | €60,081 | -€41,512 | -40.9% |
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 14 October 2026 via checked.be.