2 FEEL: 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.
2 FEEL
Largest movements
- Tangible fixed assets -€113,272
down €113,272 (-8.5%), from €1.3m to €1.2m
of which Land and buildings: -€72,728
- Receivables within one year +€42,510
up €42,510 (+221.2%), from €19,219 to €61,728
of which Trade receivables: +€42,475
- Deferred charges and accrued income -€35,905
down €35,905 (-10.9%), from €328,651 to €292,747
- Cash -€20,701
down €20,701 (-88.6%), from €23,363 to €2,661
mainly Debts after one year (-€112,670) and Receivables within one year (-€42,510)
- Debts after one year -€112,670
down €112,670 (-8.8%), from €1.3m to €1.2m
- Depreciation +€44,165
up €44,165 (+62.6%), from €70,557 to €114,722
- Financial charges +€27,941
up €27,941 (+143.7%), from €19,446 to €47,387
- Taxes -€15,723
down €15,723 (-76.8%), from €20,468 to €4,746
- Gross operating margin -€14,449
down €14,449 (-7.4%), from €195,016 to €180,567
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 | €1,713,717 | €1,586,349 | -€127,368 | -7.4% |
| Fixed assets | 21/28 | €1,342,485 | €1,229,213 | -€113,272 | -8.4% |
| Tangible fixed assets | 22/27 | €1,338,595 | €1,225,323 | -€113,272 | -8.5% |
| Land and buildings | 22 | €1,198,644 | €1,125,917 | -€72,728 | -6.1% |
| Plant, machinery and equipment | 23 | €6,821 | €4,656 | -€2,166 | -31.7% |
| Furniture and vehicles | 24 | €133,129 | €94,751 | -€38,378 | -28.8% |
| Financial fixed assets | 28 | €3,890 | €3,890 | = | 0.0% |
| Current assets | 29/58 | €371,233 | €357,136 | -€14,097 | -3.8% |
| Amounts receivable within one year | 40/41 | €19,219 | €61,728 | +€42,510 | +221.2% |
| Trade receivables | 40 | €18,833 | €61,307 | +€42,475 | +225.5% |
| Other amounts receivable | 41 | €386 | €421 | +€35 | +9.0% |
| Cash at bank and in hand | 54/58 | €23,363 | €2,661 | -€20,701 | -88.6% |
| Deferred charges and accrued income | 490/1 | €328,651 | €292,747 | -€35,905 | -10.9% |
| Total equity and liabilities | 10/49 | €1,713,717 | €1,586,349 | -€127,368 | -7.4% |
| Equity | 10/15 | €239,714 | €231,794 | -€7,920 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €221,114 | €213,194 | -€7,920 | -3.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €219,254 | €211,334 | -€7,920 | -3.6% |
| Amounts payable | 17/49 | €1,474,003 | €1,354,555 | -€119,448 | -8.1% |
| Amounts payable after more than one year | 17 | €1,274,506 | €1,161,836 | -€112,670 | -8.8% |
| Financial debts | 170/4 | €1,274,506 | €1,161,836 | -€112,670 | -8.8% |
| Amounts payable within one year | 42/48 | €199,497 | €192,376 | -€7,121 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €115,183 | €115,915 | +€731 | +0.6% |
| Trade debts | 44 | €21,234 | €30,074 | +€8,840 | +41.6% |
| Suppliers | 440/4 | €21,234 | €30,074 | +€8,840 | +41.6% |
| Taxes, remuneration and social security | 45 | €44,008 | €38,349 | -€5,659 | -12.9% |
| Taxes | 450/3 | €41,982 | €35,970 | -€6,012 | -14.3% |
| Remuneration and social security | 454/9 | €2,027 | €2,379 | +€352 | +17.4% |
| Other amounts payable | 47/48 | €19,072 | €8,038 | -€11,033 | -57.9% |
| Accrued charges and deferred income | 492/3 | - | €344 | +€344 | |
| Remuneration, social security and pensions | 62 | €19,764 | €18,882 | -€882 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,557 | €114,722 | +€44,165 | +62.6% |
| Other operating charges | 640/8 | €4,394 | €3,009 | -€1,385 | -31.5% |
| Gross operating margin | 9900 | €195,016 | €180,567 | -€14,449 | -7.4% |
| Operating profit (loss) | 9901 | €100,301 | €43,954 | -€56,347 | -56.2% |
| Financial income | 75/76B | €1 | €259 | +€258 | +47777.8% |
| Recurring financial income | 75 | €1 | €259 | +€258 | +47777.8% |
| Financial charges | 65/66B | €19,446 | €47,387 | +€27,941 | +143.7% |
| Recurring financial charges | 65 | €19,446 | €47,387 | +€27,941 | +143.7% |
| Profit (loss) for the period before taxes | 9903 | €80,856 | -€3,174 | -€84,030 | |
| Income taxes | 67/77 | €20,468 | €4,746 | -€15,723 | -76.8% |
| Profit (loss) for the period | 9904 | €60,388 | -€7,920 | -€68,308 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,388 | -€7,920 | -€68,308 |
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 8 October 2026 via checked.be.