17 december: 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.
17 december
Largest movements
- Receivables within one year -€82,645
down €82,645 (-72.1%), from €114,668 to €32,023
of which Other amounts receivable: -€99,635
- Debts after one year +€623,927
up €623,927 (+23.7%), from €2.6m to €3.3m
- Reserves -€313,975
down €313,975 (-92.1%), from €340,975 to €27,000
of which Distributable reserves: -€313,975
- Profit (loss) carried forward -€211,860
new in 2025: -€211,860
- Trade debts -€132,452
down €132,452 (-53.2%), from €248,881 to €116,429
- Accrued charges and deferred income -€48,557
down €48,557 (-89.4%), from €54,296 to €5,738
- Depreciation +€87,848
up €87,848 (+56.8%), from €154,529 to €242,377
- Financial charges +€35,229
up €35,229 (+40.5%), from €86,931 to €122,160
- Gross operating margin -€20,980
down €20,980 (-17.6%), from -€119,322 to -€140,302
- Other operating charges +€16,682
up €16,682 (+387%), from €4,315 to €20,997
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 | €3,750,614 | €3,668,222 | -€82,391 | -2.2% |
| Formation expenses | 20 | €11,928 | €9,389 | -€2,538 | -21.3% |
| Fixed assets | 21/28 | €3,577,436 | €3,580,989 | +€3,553 | +0.1% |
| Tangible fixed assets | 22/27 | €3,577,436 | €3,580,989 | +€3,553 | +0.1% |
| Land and buildings | 22 | €3,562,087 | €3,556,408 | -€5,678 | -0.2% |
| Furniture and vehicles | 24 | €15,349 | €24,581 | +€9,232 | +60.1% |
| Current assets | 29/58 | €161,250 | €77,844 | -€83,406 | -51.7% |
| Amounts receivable within one year | 40/41 | €114,668 | €32,023 | -€82,645 | -72.1% |
| Trade receivables | 40 | €14,668 | €31,658 | +€16,990 | +116% |
| Other amounts receivable | 41 | €100,000 | €365 | -€99,635 | -99.6% |
| Cash at bank and in hand | 54/58 | €25,157 | €30,788 | +€5,631 | +22.4% |
| Deferred charges and accrued income | 490/1 | €21,425 | €15,033 | -€6,393 | -29.8% |
| Total equity and liabilities | 10/49 | €3,750,614 | €3,668,222 | -€82,391 | -2.2% |
| Equity | 10/15 | €610,975 | €85,140 | -€525,836 | -86.1% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €340,975 | €27,000 | -€313,975 | -92.1% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Legal reserve | 130 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €313,975 | - | -€313,975 | |
| Profit (loss) carried forward | 14 | - | -€211,860 | -€211,860 | |
| Amounts payable | 17/49 | €3,139,638 | €3,583,083 | +€443,444 | +14.1% |
| Amounts payable after more than one year | 17 | €2,633,795 | €3,257,722 | +€623,927 | +23.7% |
| Financial debts | 170/4 | €2,633,795 | €3,257,722 | +€623,927 | +23.7% |
| Amounts payable within one year | 42/48 | €451,548 | €319,623 | -€131,926 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €202,667 | €202,667 | = | 0.0% |
| Trade debts | 44 | €248,881 | €116,429 | -€132,452 | -53.2% |
| Suppliers | 440/4 | €248,881 | €116,429 | -€132,452 | -53.2% |
| Taxes, remuneration and social security | 45 | - | €526 | +€526 | |
| Taxes | 450/3 | - | €526 | +€526 | |
| Accrued charges and deferred income | 492/3 | €54,296 | €5,738 | -€48,557 | -89.4% |
| Non-recurring operating income | 76A | - | €308 | +€308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,529 | €242,377 | +€87,848 | +56.8% |
| Other operating charges | 640/8 | €4,315 | €20,997 | +€16,682 | +387% |
| Non-recurring operating charges | 66A | €109 | - | -€109 | |
| Gross operating margin | 9900 | -€119,322 | -€140,302 | -€20,980 | -17.6% |
| Operating profit (loss) | 9901 | -€278,275 | -€403,675 | -€125,400 | -45.1% |
| Financial income | 75/76B | €200 | - | -€200 | |
| Recurring financial income | 75 | €200 | - | -€200 | |
| Financial charges | 65/66B | €86,931 | €122,160 | +€35,229 | +40.5% |
| Recurring financial charges | 65 | €86,931 | €122,160 | +€35,229 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | -€365,006 | -€525,836 | -€160,829 | -44.1% |
| Profit (loss) for the period | 9904 | -€365,006 | -€525,836 | -€160,829 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€365,006 | -€525,836 | -€160,829 | -44.1% |
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 19 October 2026 via checked.be.