137L: 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.
137L
Largest movements
- Receivables within one year -€56,157
down €56,157 (-66.6%), from €84,341 to €28,184
of which Trade receivables: -€48,540
- Debts after one year -€100,000
down €100,000 (-3.5%), from €2.9m to €2.8m
of which Financial debts: -€100,000
- Other debts +€71,185
up €71,185 (+81.1%), from €87,734 to €158,919
- Profit (loss) carried forward -€59,005
down €59,005 (-25.2%), from -€233,731 to -€292,736
- Gross operating margin +€78,683
up €78,683 (+311.8%), from €25,234 to €103,917
- Financial charges +€39,211
up €39,211 (+60.9%), from €64,394 to €103,605
- Depreciation -€36,786
down €36,786 (-41.2%), from €89,372 to €52,587
- Other operating charges -€6,784
down €6,784 (-43.8%), from €15,496 to €8,712
- Financial income +€1,982
new in 2025: €1,982
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 | €2,954,375 | €2,869,587 | -€84,788 | -2.9% |
| Fixed assets | 21/28 | €2,239,688 | €2,223,935 | -€15,753 | -0.7% |
| Tangible fixed assets | 22/27 | €2,239,688 | €2,223,935 | -€15,753 | -0.7% |
| Land and buildings | 22 | €2,224,438 | €2,171,851 | -€52,587 | -2.4% |
| Assets under construction and advance payments | 27 | €15,250 | €52,084 | +€36,834 | +241.5% |
| Current assets | 29/58 | €714,688 | €645,652 | -€69,035 | -9.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €84,341 | €28,184 | -€56,157 | -66.6% |
| Trade receivables | 40 | €59,304 | €10,763 | -€48,540 | -81.9% |
| Other amounts receivable | 41 | €25,037 | €17,420 | -€7,617 | -30.4% |
| Cash at bank and in hand | 54/58 | €629,828 | €616,197 | -€13,631 | -2.2% |
| Deferred charges and accrued income | 490/1 | €519 | €1,272 | +€753 | +145.0% |
| Total equity and liabilities | 10/49 | €2,954,375 | €2,869,587 | -€84,788 | -2.9% |
| Equity | 10/15 | -€133,731 | -€192,736 | -€59,005 | -44.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€233,731 | -€292,736 | -€59,005 | -25.2% |
| Amounts payable | 17/49 | €3,088,106 | €3,062,323 | -€25,783 | -0.8% |
| Amounts payable after more than one year | 17 | €2,854,196 | €2,754,196 | -€100,000 | -3.5% |
| Financial debts | 170/4 | €2,845,196 | €2,745,196 | -€100,000 | -3.5% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €218,533 | €294,264 | +€75,731 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €30,799 | €35,345 | +€4,546 | +14.8% |
| Suppliers | 440/4 | €30,799 | €35,345 | +€4,546 | +14.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €87,734 | €158,919 | +€71,185 | +81.1% |
| Accrued charges and deferred income | 492/3 | €15,378 | €13,864 | -€1,514 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,372 | €52,587 | -€36,786 | -41.2% |
| Other operating charges | 640/8 | €15,496 | €8,712 | -€6,784 | -43.8% |
| Non-recurring operating charges | 66A | €6,843 | €0 | -€6,843 | -100.0% |
| Gross operating margin | 9900 | €25,234 | €103,917 | +€78,683 | +311.8% |
| Operating profit (loss) | 9901 | -€86,477 | €42,618 | +€129,095 | |
| Financial income | 75/76B | - | €1,982 | +€1,982 | |
| Recurring financial income | 75 | - | €1,982 | +€1,982 | |
| Financial charges | 65/66B | €64,394 | €103,605 | +€39,211 | +60.9% |
| Recurring financial charges | 65 | €64,394 | €103,605 | +€39,211 | +60.9% |
| Profit (loss) for the period before taxes | 9903 | -€150,871 | -€59,005 | +€91,866 | +60.9% |
| Profit (loss) for the period | 9904 | -€150,871 | -€59,005 | +€91,866 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€150,871 | -€59,005 | +€91,866 | +60.9% |
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 9 October 2026 via checked.be.