0404: 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.
0404
Largest movements
- Receivables within one year +€38,041
up €38,041 (+32.2%), from €118,014 to €156,055
of which Other amounts receivable: +€66,961
- Cash +€35,270
up €35,270 (+7.7%), from €458,074 to €493,344
mainly Net result for the year (+€50,183) and Contributions, distributions and other (+€46,538)
- Deferred charges and accrued income +€14,968
new in 2025: €14,968
- Tangible fixed assets +€13,297
up €13,297 (+320%), from €4,151 to €17,449
of which Leasing and similar rights: +€15,358
- Reserves +€197,708
up €197,708 (+48.7%), from €405,738 to €603,446
of which Distributable reserves: +€203,908
- Profit (loss) carried forward -€113,387
down €113,387 (-100%), from €113,387 to €0
- Other debts -€16,131
down €16,131 (-100%), from €16,131 to €0
- Contributions +€12,400
up €12,400 (+50.0%), from €24,800 to €37,200
- Tax, wage and social debts +€11,658
up €11,658 (+348%), from €3,346 to €15,004
- Turnover -€160,150
no longer reported in 2025 (was €160,150)
- Purchases and services -€76,373
no longer reported in 2025 (was €76,373)
- Depreciation +€15,230
up €15,230 (+786%), from €1,939 to €17,169
- Gross operating margin +€14,613
up €14,613 (+17.4%), from €83,776 to €98,389
- Taxes -€5,445
down €5,445 (-14.5%), from €37,610 to €32,165
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 | €587,589 | €687,666 | +€100,076 | +17.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €11,501 | €23,299 | +€11,797 | +103% |
| Tangible fixed assets | 22/27 | €4,151 | €17,449 | +€13,297 | +320% |
| Plant, machinery and equipment | 23 | €706 | €1,545 | +€839 | +119% |
| Furniture and vehicles | 24 | €3,445 | €545 | -€2,900 | -84.2% |
| Leasing and similar rights | 25 | - | €15,358 | +€15,358 | |
| Financial fixed assets | 28 | €7,350 | €5,850 | -€1,500 | -20.4% |
| Current assets | 29/58 | €576,088 | €664,367 | +€88,279 | +15.3% |
| Amounts receivable within one year | 40/41 | €118,014 | €156,055 | +€38,041 | +32.2% |
| Trade receivables | 40 | €30,594 | €1,674 | -€28,920 | -94.5% |
| Other amounts receivable | 41 | €87,421 | €154,381 | +€66,961 | +76.6% |
| Cash at bank and in hand | 54/58 | €458,074 | €493,344 | +€35,270 | +7.7% |
| Deferred charges and accrued income | 490/1 | - | €14,968 | +€14,968 | |
| Total equity and liabilities | 10/49 | €587,589 | €687,666 | +€100,076 | +17.0% |
| Equity | 10/15 | €543,925 | €640,646 | +€96,721 | +17.8% |
| Contributions | 10/11 | €24,800 | €37,200 | +€12,400 | +50.0% |
| Reserves | 13 | €405,738 | €603,446 | +€197,708 | +48.7% |
| Non-distributable reserves | 130/1 | €6,200 | €0 | -€6,200 | -100% |
| Reserves not available under the articles | 1311 | €6,200 | €0 | -€6,200 | -100% |
| Distributable reserves | 133 | €399,538 | €603,446 | +€203,908 | +51.0% |
| Profit (loss) carried forward | 14 | €113,387 | €0 | -€113,387 | -100% |
| Amounts payable | 17/49 | €43,664 | €47,020 | +€3,356 | +7.7% |
| Amounts payable after more than one year | 17 | - | €9,872 | +€9,872 | |
| Financial debts | 170/4 | - | €9,872 | +€9,872 | |
| Amounts payable within one year | 42/48 | €43,664 | €36,500 | -€7,164 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,220 | +€6,220 | |
| Financial debts | 43 | €18,143 | €15,000 | -€3,143 | -17.3% |
| Credit institutions | 430/8 | €18,143 | €15,000 | -€3,143 | -17.3% |
| Trade debts | 44 | €6,044 | €276 | -€5,768 | -95.4% |
| Suppliers | 440/4 | €6,044 | €276 | -€5,768 | -95.4% |
| Taxes, remuneration and social security | 45 | €3,346 | €15,004 | +€11,658 | +348% |
| Taxes | 450/3 | €3,346 | €15,004 | +€11,658 | +348% |
| Other amounts payable | 47/48 | €16,131 | €0 | -€16,131 | -100% |
| Accrued charges and deferred income | 492/3 | - | €648 | +€648 | |
| Turnover | 70 | €160,150 | - | -€160,150 | |
| Goods, raw materials, services and sundry goods | 60/61 | €76,373 | - | -€76,373 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,939 | €17,169 | +€15,230 | +786% |
| Other operating charges | 640/8 | €1,107 | €1,401 | +€294 | +26.6% |
| Gross operating margin | 9900 | €83,776 | €98,389 | +€14,613 | +17.4% |
| Operating profit (loss) | 9901 | €80,731 | €79,820 | -€911 | -1.1% |
| Financial income | 75/76B | €2,138 | €4,234 | +€2,096 | +98.1% |
| Recurring financial income | 75 | €2,138 | €4,234 | +€2,096 | +98.1% |
| Financial charges | 65/66B | €682 | €1,706 | +€1,023 | +150% |
| Recurring financial charges | 65 | €682 | €1,706 | +€1,023 | +150% |
| Profit (loss) for the period before taxes | 9903 | €82,186 | €82,348 | +€162 | +0.2% |
| Income taxes | 67/77 | €37,610 | €32,165 | -€5,445 | -14.5% |
| Profit (loss) for the period | 9904 | €44,576 | €50,183 | +€5,607 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,576 | €50,183 | +€5,607 | +12.6% |
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 24 October 2026 via checked.be.