1954: 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.
1954
Largest movements
- Current investments +€2.3m
up €2.3m (+69.5%), from €3.4m to €5.7m
- Cash +€342,662
up €342,662 (+68.6%), from €499,798 to €842,460
mainly Net result for the year (+€2.3m) and Other debts (+€237,000)
- Financial fixed assets -€279,844
down €279,844 (-7.1%), from €3.9m to €3.6m
- Profit (loss) carried forward +€1.6m
up €1.6m (+17.1%), from €9.4m to €11.0m
- Reserves +€729,059
up €729,059 (+12.8%), from €5.7m to €6.4m
of which Distributable reserves: +€505,655
- Other debts +€237,000
up €237,000 (+131.7%), from €180,000 to €417,000
- Gross operating margin +€318,148
up €318,148 (+27.2%), from €1.2m to €1.5m
- Financial charges +€314,936
up €314,936 (+195309.2%), from €161 to €315,097
of which Non-recurring financial charges: +€312,500
- Financial income +€51,968
up €51,968 (+2.9%), from €1.8m to €1.8m
of which Financial income: +€51,968
- Depreciation +€33,249
up €33,249 (+17.5%), from €189,614 to €222,863
- Taxes +€28,943
up €28,943 (+8.0%), from €362,517 to €391,459
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 | €15,838,524 | €18,280,541 | +€2.4m | +15.4% |
| Fixed assets | 21/28 | €11,942,483 | €11,531,028 | -€411,455 | -3.4% |
| Tangible fixed assets | 22/27 | €8,020,402 | €7,888,791 | -€131,611 | -1.6% |
| Land and buildings | 22 | €7,210,328 | €7,024,133 | -€186,195 | -2.6% |
| Other tangible fixed assets | 26 | €810,074 | €864,658 | +€54,584 | +6.7% |
| Financial fixed assets | 28 | €3,922,081 | €3,642,237 | -€279,844 | -7.1% |
| Current assets | 29/58 | €3,896,041 | €6,749,514 | +€2.9m | +73.2% |
| Amounts receivable within one year | 40/41 | €6,406 | €150,451 | +€144,045 | +2248.7% |
| Trade receivables | 40 | €6,314 | €0 | -€6,314 | -100.0% |
| Other amounts receivable | 41 | €92 | €150,451 | +€150,359 | +163291.8% |
| Current investments | 50/53 | €3,350,000 | €5,679,734 | +€2.3m | +69.5% |
| Cash at bank and in hand | 54/58 | €499,798 | €842,460 | +€342,662 | +68.6% |
| Deferred charges and accrued income | 490/1 | €39,837 | €76,868 | +€37,031 | +93.0% |
| Total equity and liabilities | 10/49 | €15,838,524 | €18,280,541 | +€2.4m | +15.4% |
| Equity | 10/15 | €15,093,704 | €17,430,655 | +€2.3m | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,682,467 | €6,411,525 | +€729,059 | +12.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,868,909 | €4,092,313 | +€223,404 | +5.8% |
| Distributable reserves | 133 | €1,811,697 | €2,317,352 | +€505,655 | +27.9% |
| Profit (loss) carried forward | 14 | €9,392,637 | €11,000,530 | +€1.6m | +17.1% |
| Amounts payable | 17/49 | €744,820 | €849,886 | +€105,066 | +14.1% |
| Amounts payable after more than one year | 17 | €343,458 | €163,458 | -€180,000 | -52.4% |
| Other amounts payable | 178/9 | €343,458 | €163,458 | -€180,000 | -52.4% |
| Amounts payable within one year | 42/48 | €377,153 | €676,669 | +€299,516 | +79.4% |
| Trade debts | 44 | €7,741 | €23,245 | +€15,504 | +200.3% |
| Suppliers | 440/4 | €7,741 | €23,245 | +€15,504 | +200.3% |
| Taxes, remuneration and social security | 45 | €189,412 | €236,424 | +€47,012 | +24.8% |
| Taxes | 450/3 | €189,412 | €236,424 | +€47,012 | +24.8% |
| Other amounts payable | 47/48 | €180,000 | €417,000 | +€237,000 | +131.7% |
| Accrued charges and deferred income | 492/3 | €24,208 | €9,759 | -€14,450 | -59.7% |
| Non-recurring operating income | 76A | - | €197,600 | +€197,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,614 | €222,863 | +€33,249 | +17.5% |
| Other operating charges | 640/8 | €34,405 | €53,020 | +€18,614 | +54.1% |
| Gross operating margin | 9900 | €1,168,933 | €1,487,081 | +€318,148 | +27.2% |
| Operating profit (loss) | 9901 | €944,914 | €1,211,199 | +€266,285 | +28.2% |
| Financial income | 75/76B | €1,780,341 | €1,832,309 | +€51,968 | +2.9% |
| Recurring financial income | 75 | €1,780,341 | €1,832,309 | +€51,968 | +2.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €161 | €315,097 | +€314,936 | +195309.2% |
| Recurring financial charges | 65 | €161 | €2,597 | +€2,436 | +1510.8% |
| Non-recurring financial charges | 66B | - | €312,500 | +€312,500 | |
| Profit (loss) for the period before taxes | 9903 | €2,725,094 | €2,728,411 | +€3,317 | +0.1% |
| Income taxes | 67/77 | €362,517 | €391,459 | +€28,943 | +8.0% |
| Profit (loss) for the period | 9904 | €2,362,577 | €2,336,951 | -€25,626 | -1.1% |
| Transfer from tax-exempt reserves | 789 | €942,473 | €774,366 | -€168,107 | -17.8% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €997,770 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,307,280 | €2,113,547 | -€193,733 | -8.4% |
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 4 October 2026 via checked.be.