P9: what changed
Two fiscal 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.
P9
Largest movements
- Stocks and contracts +€180,113
up €180,113 (+19.0%), from €950,132 to €1.1m
- Other debts +€200,500
up €200,500 (+124.5%), from €161,000 to €361,500
- Debts after one year -€35,432
down €35,432 (-4.4%), from €804,500 to €769,068
- Trade debts +€32,275
up €32,275 (+1842.5%), from €1,752 to €34,026
- Gross operating margin +€54,710
up €54,710, from -€9,802 to €44,908
- Financial charges +€14,311
up €14,311 (+79.8%), from €17,923 to €32,234
- Other operating charges +€9,102
up €9,102 (+115.8%), from €7,862 to €16,964
- Depreciation -€857
no longer reported in 2025 (was €857)
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.
Cash bridge derived
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 | €950,965 | €1,143,860 | +€192,895 | +20.3% |
| Current assets | 29/58 | €950,965 | €1,143,860 | +€192,895 | +20.3% |
| Stocks and contracts in progress | 3 | €950,132 | €1,130,246 | +€180,113 | +19.0% |
| Stocks | 30/36 | €950,132 | €1,130,246 | +€180,113 | +19.0% |
| Amounts receivable within one year | 40/41 | - | €661 | +€661 | |
| Trade receivables | 40 | - | €661 | +€661 | |
| Cash at bank and in hand | 54/58 | - | €4,423 | +€4,423 | |
| Deferred charges and accrued income | 490/1 | €833 | €8,531 | +€7,698 | +924.3% |
| Total equity and liabilities | 10/49 | €950,965 | €1,143,860 | +€192,895 | +20.3% |
| Equity | 10/15 | -€16,444 | -€20,734 | -€4,290 | -26.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,444 | -€40,734 | -€4,290 | -11.8% |
| Amounts payable | 17/49 | €967,409 | €1,164,594 | +€197,185 | +20.4% |
| Amounts payable after more than one year | 17 | €804,500 | €769,068 | -€35,432 | -4.4% |
| Financial debts | 170/4 | €804,500 | €769,068 | -€35,432 | -4.4% |
| Amounts payable within one year | 42/48 | €162,909 | €395,526 | +€232,617 | +142.8% |
| Financial debts | 43 | €158 | - | -€158 | |
| Credit institutions | 430/8 | €158 | - | -€158 | |
| Trade debts | 44 | €1,752 | €34,026 | +€32,275 | +1842.5% |
| Suppliers | 440/4 | €1,752 | €34,026 | +€32,275 | +1842.5% |
| Other amounts payable | 47/48 | €161,000 | €361,500 | +€200,500 | +124.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €857 | - | -€857 | |
| Other operating charges | 640/8 | €7,862 | €16,964 | +€9,102 | +115.8% |
| Gross operating margin | 9900 | -€9,802 | €44,908 | +€54,710 | |
| Operating profit (loss) | 9901 | -€18,521 | €27,944 | +€46,465 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €17,923 | €32,234 | +€14,311 | +79.8% |
| Recurring financial charges | 65 | €17,923 | €32,234 | +€14,311 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,444 | -€4,290 | +€32,154 | +88.2% |
| Profit (loss) for the period | 9904 | -€36,444 | -€4,290 | +€32,154 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,444 | -€4,290 | +€32,154 | +88.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.