12-Mb: 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.
12-Mb
Largest movements
- Cash +€21,867
up €21,867 (+11.6%), from €189,218 to €211,085
mainly Net result for the year (+€159,775) and Other debts (+€16,837)
- Tangible fixed assets -€16,171
down €16,171 (-29.8%), from €54,184 to €38,013
- Receivables within one year -€7,888
down €7,888 (-65.4%), from €12,057 to €4,168
- Accrued charges and deferred income -€21,720
no longer reported in 2025 (was €21,720)
- Other debts +€16,837
up €16,837 (+11.8%), from €143,113 to €159,949
- Gross operating margin +€22,061
up €22,061 (+10.7%), from €206,266 to €228,327
- Taxes +€5,526
up €5,526 (+13.0%), from €42,653 to €48,179
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 | €365,733 | €360,850 | -€4,883 | -1.3% |
| Fixed assets | 21/28 | €54,184 | €38,013 | -€16,171 | -29.8% |
| Tangible fixed assets | 22/27 | €54,184 | €38,013 | -€16,171 | -29.8% |
| Furniture and vehicles | 24 | €54,184 | €38,013 | -€16,171 | -29.8% |
| Current assets | 29/58 | €311,550 | €322,837 | +€11,287 | +3.6% |
| Amounts receivable within one year | 40/41 | €12,057 | €4,168 | -€7,888 | -65.4% |
| Other amounts receivable | 41 | €12,057 | €4,168 | -€7,888 | -65.4% |
| Cash at bank and in hand | 54/58 | €189,218 | €211,085 | +€21,867 | +11.6% |
| Deferred charges and accrued income | 490/1 | €110,275 | €107,584 | -€2,691 | -2.4% |
| Total equity and liabilities | 10/49 | €365,733 | €360,850 | -€4,883 | -1.3% |
| Equity | 10/15 | €199,801 | €199,801 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €197,801 | €197,801 | = | 0.0% |
| Distributable reserves | 133 | €197,801 | €197,801 | = | 0.0% |
| Amounts payable | 17/49 | €165,933 | €161,049 | -€4,883 | -2.9% |
| Amounts payable within one year | 42/48 | €144,213 | €161,049 | +€16,837 | +11.7% |
| Taxes, remuneration and social security | 45 | €1,100 | €1,100 | = | 0.0% |
| Taxes | 450/3 | €1,100 | €1,100 | = | 0.0% |
| Other amounts payable | 47/48 | €143,113 | €159,949 | +€16,837 | +11.8% |
| Accrued charges and deferred income | 492/3 | €21,720 | - | -€21,720 | |
| Remuneration, social security and pensions | 62 | €1,850 | €1,830 | -€20 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,312 | €16,171 | -€142 | -0.9% |
| Other operating charges | 640/8 | €2,095 | €2,173 | +€78 | +3.7% |
| Gross operating margin | 9900 | €206,266 | €228,327 | +€22,061 | +10.7% |
| Operating profit (loss) | 9901 | €186,009 | €208,154 | +€22,145 | +11.9% |
| Financial charges | 65/66B | €180 | €200 | +€20 | +11.2% |
| Recurring financial charges | 65 | €180 | €200 | +€20 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €185,829 | €207,954 | +€22,125 | +11.9% |
| Income taxes | 67/77 | €42,653 | €48,179 | +€5,526 | +13.0% |
| Profit (loss) for the period | 9904 | €143,176 | €159,775 | +€16,599 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €143,176 | €159,775 | +€16,599 | +11.6% |
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 3 October 2026 via checked.be.