1 TO 3: 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.
1 TO 3
Largest movements
- Tangible fixed assets +€114,402
up €114,402 (+94.0%), from €121,644 to €236,046
of which Other tangible fixed assets: +€137,967
- Cash +€37,466
up €37,466 (+2,449%), from €1,530 to €38,996
mainly Debts after one year (+€99,467) and Net result for the year (+€46,940)
- Receivables within one year +€21,043
up €21,043 (+16.5%), from €127,576 to €148,618
of which Other amounts receivable: +€30,084
- Receivables after one year -€13,872
down €13,872 (-10.9%), from €126,954 to €113,082
- Debts after one year +€99,467
up €99,467 (+127%), from €78,104 to €177,571
- Reserves +€46,940
up €46,940 (+62.2%), from €75,515 to €122,455
of which Distributable reserves: +€46,940
- Current portion of long-term debt +€44,530
up €44,530 (+157%), from €28,336 to €72,867
- Short-term financial debts -€24,968
no longer reported in 2025 (was €24,968)
- Other debts -€18,689
down €18,689 (-100.0%), from €18,690 to €1
- Gross operating margin +€95,080
up €95,080 (+175%), from €54,396 to €149,475
- Financial charges +€59,378
up €59,378 (+1,610%), from €3,688 to €63,065
- Depreciation +€15,824
up €15,824 (+119%), from €13,327 to €29,151
- Taxes +€8,928
up €8,928 (+90.6%), from €9,849 to €18,777
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 | €383,360 | €542,543 | +€159,184 | +41.5% |
| Fixed assets | 21/28 | €121,644 | €236,046 | +€114,402 | +94.0% |
| Tangible fixed assets | 22/27 | €121,644 | €236,046 | +€114,402 | +94.0% |
| Furniture and vehicles | 24 | €7,895 | €3,868 | -€4,028 | -51.0% |
| Leasing and similar rights | 25 | €92,722 | €73,184 | -€19,537 | -21.1% |
| Other tangible fixed assets | 26 | €21,027 | €158,994 | +€137,967 | +656% |
| Current assets | 29/58 | €261,716 | €306,498 | +€44,782 | +17.1% |
| Amounts receivable after more than one year | 29 | €126,954 | €113,082 | -€13,872 | -10.9% |
| Other amounts receivable | 291 | €126,954 | €113,082 | -€13,872 | -10.9% |
| Amounts receivable within one year | 40/41 | €127,576 | €148,618 | +€21,043 | +16.5% |
| Trade receivables | 40 | €9,646 | €605 | -€9,041 | -93.7% |
| Other amounts receivable | 41 | €117,929 | €148,013 | +€30,084 | +25.5% |
| Cash at bank and in hand | 54/58 | €1,530 | €38,996 | +€37,466 | +2,449% |
| Deferred charges and accrued income | 490/1 | €5,656 | €5,802 | +€146 | +2.6% |
| Total equity and liabilities | 10/49 | €383,360 | €542,543 | +€159,184 | +41.5% |
| Equity | 10/15 | €82,604 | €129,544 | +€46,940 | +56.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €75,515 | €122,455 | +€46,940 | +62.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €73,655 | €120,595 | +€46,940 | +63.7% |
| Profit (loss) carried forward | 14 | €889 | €889 | = | 0.0% |
| Provisions and deferred taxes | 16 | €53,000 | €53,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €53,000 | €53,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €53,000 | €53,000 | = | 0.0% |
| Amounts payable | 17/49 | €247,755 | €359,999 | +€112,244 | +45.3% |
| Amounts payable after more than one year | 17 | €78,104 | €177,571 | +€99,467 | +127% |
| Financial debts | 170/4 | €78,104 | €177,571 | +€99,467 | +127% |
| Amounts payable within one year | 42/48 | €163,251 | €176,673 | +€13,422 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €28,336 | €72,867 | +€44,530 | +157% |
| Financial debts | 43 | €24,968 | - | -€24,968 | |
| Credit institutions | 430/8 | €24,968 | - | -€24,968 | |
| Trade debts | 44 | €83,889 | €98,954 | +€15,065 | +18.0% |
| Suppliers | 440/4 | €83,889 | €98,954 | +€15,065 | +18.0% |
| Taxes, remuneration and social security | 45 | €7,368 | €4,851 | -€2,517 | -34.2% |
| Taxes | 450/3 | €7,368 | €4,851 | -€2,517 | -34.2% |
| Other amounts payable | 47/48 | €18,690 | €1 | -€18,689 | -100.0% |
| Accrued charges and deferred income | 492/3 | €6,400 | €5,755 | -€645 | -10.1% |
| Non-recurring operating income | 76A | €5,439 | €2,323 | -€3,116 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,327 | €29,151 | +€15,824 | +119% |
| Other operating charges | 640/8 | €1,452 | €2,010 | +€558 | +38.4% |
| Non-recurring operating charges | 66A | €272 | - | -€272 | |
| Gross operating margin | 9900 | €54,396 | €149,475 | +€95,080 | +175% |
| Operating profit (loss) | 9901 | €39,345 | €118,314 | +€78,969 | +201% |
| Financial income | 75/76B | €10,429 | €10,468 | +€40 | +0.4% |
| Recurring financial income | 75 | €10,429 | €10,468 | +€40 | +0.4% |
| Financial charges | 65/66B | €3,688 | €63,065 | +€59,378 | +1,610% |
| Recurring financial charges | 65 | €3,688 | €63,065 | +€59,378 | +1,610% |
| Profit (loss) for the period before taxes | 9903 | €46,086 | €65,717 | +€19,631 | +42.6% |
| Income taxes | 67/77 | €9,849 | €18,777 | +€8,928 | +90.6% |
| Profit (loss) for the period | 9904 | €36,237 | €46,940 | +€10,703 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,237 | €46,940 | +€10,703 | +29.5% |
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 26 October 2026 via checked.be.