1E: 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.
1E
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+32.7%), from €5.1m to €6.8m
of which Assets under construction and advance payments: +€1.7m
- Cash -€699,471
down €699,471 (-76.0%), from €920,769 to €221,298
mainly Investment in fixed assets (net) (-€1.7m) and Net result for the year (-€225,669)
- Short-term financial debts +€1.3m
up €1.3m (+27.8%), from €4.6m to €5.9m
- Profit (loss) carried forward -€225,669
down €225,669 (-31.5%), from -€716,648 to -€942,317
- Financial charges +€72,028
up €72,028 (+70.8%), from €101,728 to €173,756
- Gross operating margin -€2,939
down €2,939 (-6.6%), from -€44,797 to -€47,737
- Depreciation -€566
no longer reported in 2025 (was €566)
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 | €6,150,953 | €7,156,932 | +€1.0m | +16.4% |
| Fixed assets | 21/28 | €5,110,464 | €6,780,287 | +€1.7m | +32.7% |
| Tangible fixed assets | 22/27 | €5,110,464 | €6,780,287 | +€1.7m | +32.7% |
| Land and buildings | 22 | €140,000 | €140,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €4,970,464 | €6,640,287 | +€1.7m | +33.6% |
| Current assets | 29/58 | €1,040,489 | €376,646 | -€663,844 | -63.8% |
| Amounts receivable within one year | 40/41 | €119,720 | €154,595 | +€34,875 | +29.1% |
| Other amounts receivable | 41 | €119,720 | €154,595 | +€34,875 | +29.1% |
| Cash at bank and in hand | 54/58 | €920,769 | €221,298 | -€699,471 | -76.0% |
| Deferred charges and accrued income | 490/1 | €0 | €752 | +€752 | |
| Total equity and liabilities | 10/49 | €6,150,953 | €7,156,932 | +€1.0m | +16.4% |
| Equity | 10/15 | €1,283,352 | €1,057,684 | -€225,669 | -17.6% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€716,648 | -€942,317 | -€225,669 | -31.5% |
| Amounts payable | 17/49 | €4,867,601 | €6,099,249 | +€1.2m | +25.3% |
| Amounts payable within one year | 42/48 | €4,848,561 | €6,082,642 | +€1.2m | +25.5% |
| Financial debts | 43 | €4,587,004 | €5,862,556 | +€1.3m | +27.8% |
| Other loans | 439 | €4,587,004 | €5,862,556 | +€1.3m | +27.8% |
| Trade debts | 44 | €261,557 | €220,086 | -€41,471 | -15.9% |
| Suppliers | 440/4 | €261,557 | €220,086 | -€41,471 | -15.9% |
| Accrued charges and deferred income | 492/3 | €19,040 | €16,607 | -€2,433 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €566 | - | -€566 | |
| Other operating charges | 640/8 | €4,056 | €4,177 | +€120 | +3.0% |
| Non-recurring operating charges | 66A | €2,828 | - | -€2,828 | |
| Gross operating margin | 9900 | -€44,797 | -€47,737 | -€2,939 | -6.6% |
| Operating profit (loss) | 9901 | -€52,246 | -€51,913 | +€333 | +0.6% |
| Financial charges | 65/66B | €101,728 | €173,756 | +€72,028 | +70.8% |
| Recurring financial charges | 65 | €101,728 | €173,756 | +€72,028 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | -€153,974 | -€225,669 | -€71,694 | -46.6% |
| Profit (loss) for the period | 9904 | -€153,974 | -€225,669 | -€71,694 | -46.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€153,974 | -€225,669 | -€71,694 | -46.6% |
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 28 September 2026 via checked.be.