2-REFLECT: 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.
2-REFLECT
Largest movements
- Tangible fixed assets +€303,264
up €303,264 (+18.7%), from €1.6m to €1.9m
of which Assets under construction and advance payments: +€234,944
- Receivables within one year +€189,888
up €189,888 (+49.3%), from €385,211 to €575,098
of which Other amounts receivable: +€150,566
- Current investments -€179,697
down €179,697 (-59.9%), from €300,000 to €120,303
- Cash +€37,953
up €37,953 (+20.7%), from €182,959 to €220,912
mainly Debts after one year (+€195,693) and Current investments (+€179,697)
- Debts after one year +€195,693
up €195,693 (+17.3%), from €1.1m to €1.3m
- Reserves +€137,226
up €137,226 (+38.0%), from €361,344 to €498,571
of which Distributable reserves: +€145,075
- Current portion of long-term debt +€32,788
up €32,788 (+39.5%), from €83,053 to €115,841
- Gross operating margin +€49,061
up €49,061 (+21.1%), from €232,855 to €281,917
- Taxes +€11,043
up €11,043 (+21.9%), from €50,408 to €61,451
- Other operating charges -€8,674
down €8,674 (-71.4%), from €12,156 to €3,482
- Financial income -€6,955
down €6,955 (-24.7%), from €28,198 to €21,243
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 | €2,499,416 | €2,847,536 | +€348,120 | +13.9% |
| Fixed assets | 21/28 | €1,624,945 | €1,928,208 | +€303,264 | +18.7% |
| Tangible fixed assets | 22/27 | €1,624,895 | €1,928,158 | +€303,264 | +18.7% |
| Land and buildings | 22 | €1,591,839 | €1,674,755 | +€82,916 | +5.2% |
| Furniture and vehicles | 24 | €33,056 | €18,459 | -€14,597 | -44.2% |
| Assets under construction and advance payments | 27 | - | €234,944 | +€234,944 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €874,471 | €919,327 | +€44,857 | +5.1% |
| Amounts receivable within one year | 40/41 | €385,211 | €575,098 | +€189,888 | +49.3% |
| Trade receivables | 40 | €26,430 | €65,752 | +€39,322 | +149% |
| Other amounts receivable | 41 | €358,780 | €509,346 | +€150,566 | +42.0% |
| Current investments | 50/53 | €300,000 | €120,303 | -€179,697 | -59.9% |
| Cash at bank and in hand | 54/58 | €182,959 | €220,912 | +€37,953 | +20.7% |
| Deferred charges and accrued income | 490/1 | €6,302 | €3,015 | -€3,287 | -52.2% |
| Total equity and liabilities | 10/49 | €2,499,416 | €2,847,536 | +€348,120 | +13.9% |
| Equity | 10/15 | €1,196,772 | €1,333,999 | +€137,226 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €361,344 | €498,571 | +€137,226 | +38.0% |
| Tax-exempt reserves | 132 | €141,284 | €133,435 | -€7,849 | -5.6% |
| Distributable reserves | 133 | €220,061 | €365,136 | +€145,075 | +65.9% |
| Profit (loss) carried forward | 14 | €829,228 | €829,228 | = | 0.0% |
| Provisions and deferred taxes | 16 | €35,321 | €33,359 | -€1,962 | -5.6% |
| Deferred taxes | 168 | €35,321 | €33,359 | -€1,962 | -5.6% |
| Amounts payable | 17/49 | €1,267,323 | €1,480,179 | +€212,856 | +16.8% |
| Amounts payable after more than one year | 17 | €1,133,564 | €1,329,257 | +€195,693 | +17.3% |
| Financial debts | 170/4 | €1,133,564 | €1,329,257 | +€195,693 | +17.3% |
| Amounts payable within one year | 42/48 | €129,570 | €146,490 | +€16,920 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €83,053 | €115,841 | +€32,788 | +39.5% |
| Trade debts | 44 | €22,905 | €20,142 | -€2,763 | -12.1% |
| Suppliers | 440/4 | €22,905 | €20,142 | -€2,763 | -12.1% |
| Taxes, remuneration and social security | 45 | €23,612 | €10,508 | -€13,104 | -55.5% |
| Taxes | 450/3 | €23,612 | €10,508 | -€13,104 | -55.5% |
| Accrued charges and deferred income | 492/3 | €4,189 | €4,431 | +€243 | +5.8% |
| Non-recurring operating income | 76A | €0 | €1,874 | +€1,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,377 | €74,577 | +€200 | +0.3% |
| Other operating charges | 640/8 | €12,156 | €3,482 | -€8,674 | -71.4% |
| Gross operating margin | 9900 | €232,855 | €281,917 | +€49,061 | +21.1% |
| Operating profit (loss) | 9901 | €146,322 | €203,858 | +€57,536 | +39.3% |
| Financial income | 75/76B | €28,198 | €21,243 | -€6,955 | -24.7% |
| Recurring financial income | 75 | €28,198 | €21,243 | -€6,955 | -24.7% |
| Financial charges | 65/66B | €28,805 | €28,386 | -€420 | -1.5% |
| Recurring financial charges | 65 | €28,805 | €28,386 | -€420 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €145,714 | €196,715 | +€51,000 | +35.0% |
| Transfer from deferred taxes | 780 | €1,962 | €1,962 | +€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €50,408 | €61,451 | +€11,043 | +21.9% |
| Profit (loss) for the period | 9904 | €97,269 | €137,226 | +€39,957 | +41.1% |
| Transfer from tax-exempt reserves | 789 | €7,849 | €7,849 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €105,118 | €145,075 | +€39,957 | +38.0% |
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 13 October 2026 via checked.be.