21: 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.
21
Largest movements
- Cash +€133,621
up €133,621 (+127%), from €104,808 to €238,428
mainly Net result for the year (+€461,088) and Tax, wage and social debts (+€21,260)
- Tangible fixed assets +€122,425
up €122,425 (+27.6%), from €442,970 to €565,394
of which Assets under construction and advance payments: +€132,092
- Receivables within one year +€54,496
up €54,496 (+15.4%), from €354,263 to €408,759
of which Other amounts receivable: +€284,261
- Reserves +€452,000
new in 2025: €452,000
- Trade debts -€115,471
down €115,471 (-59.4%), from €194,322 to €78,851
- Other debts -€66,905
down €66,905 (-9.3%), from €720,244 to €653,339
- Tax, wage and social debts +€21,260
new in 2025: €21,260
- Financial income +€379,399
up €379,399 (+75,880%), from €500 to €379,899
- Gross operating margin +€63,863
up €63,863 (+92.8%), from €68,835 to €132,698
- Depreciation -€49,378
down €49,378 (-78.6%), from €62,807 to €13,429
- Taxes +€18,260
new in 2025: €18,260
- Financial charges +€8,938
up €8,938 (+82.3%), from €10,855 to €19,793
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 | €921,285 | €1,228,626 | +€307,342 | +33.4% |
| Fixed assets | 21/28 | €462,214 | €581,438 | +€119,225 | +25.8% |
| Tangible fixed assets | 22/27 | €442,970 | €565,394 | +€122,425 | +27.6% |
| Land and buildings | 22 | €442,970 | €430,374 | -€12,596 | -2.8% |
| Furniture and vehicles | 24 | - | €2,928 | +€2,928 | |
| Assets under construction and advance payments | 27 | - | €132,092 | +€132,092 | |
| Financial fixed assets | 28 | €19,244 | €16,044 | -€3,200 | -16.6% |
| Current assets | 29/58 | €459,071 | €647,188 | +€188,117 | +41.0% |
| Amounts receivable within one year | 40/41 | €354,263 | €408,759 | +€54,496 | +15.4% |
| Trade receivables | 40 | €349,173 | €119,408 | -€229,765 | -65.8% |
| Other amounts receivable | 41 | €5,091 | €289,352 | +€284,261 | +5,584% |
| Cash at bank and in hand | 54/58 | €104,808 | €238,428 | +€133,621 | +127% |
| Total equity and liabilities | 10/49 | €921,285 | €1,228,626 | +€307,342 | +33.4% |
| Equity | 10/15 | -€5,920 | €455,168 | +€461,088 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €452,000 | +€452,000 | |
| Distributable reserves | 133 | - | €452,000 | +€452,000 | |
| Profit (loss) carried forward | 14 | -€8,920 | €168 | +€9,088 | |
| Amounts payable | 17/49 | €927,205 | €773,458 | -€153,746 | -16.6% |
| Amounts payable within one year | 42/48 | €914,566 | €753,450 | -€161,117 | -17.6% |
| Trade debts | 44 | €194,322 | €78,851 | -€115,471 | -59.4% |
| Suppliers | 440/4 | €194,322 | €78,851 | -€115,471 | -59.4% |
| Taxes, remuneration and social security | 45 | - | €21,260 | +€21,260 | |
| Taxes | 450/3 | - | €21,260 | +€21,260 | |
| Other amounts payable | 47/48 | €720,244 | €653,339 | -€66,905 | -9.3% |
| Accrued charges and deferred income | 492/3 | €12,638 | €20,009 | +€7,371 | +58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,807 | €13,429 | -€49,378 | -78.6% |
| Other operating charges | 640/8 | €4,593 | €28 | -€4,565 | -99.4% |
| Gross operating margin | 9900 | €68,835 | €132,698 | +€63,863 | +92.8% |
| Operating profit (loss) | 9901 | €1,435 | €119,241 | +€117,806 | +8,209% |
| Financial income | 75/76B | €500 | €379,899 | +€379,399 | +75,880% |
| Recurring financial income | 75 | €500 | €379,899 | +€379,399 | +75,880% |
| Financial charges | 65/66B | €10,855 | €19,793 | +€8,938 | +82.3% |
| Recurring financial charges | 65 | €10,855 | €19,793 | +€8,938 | +82.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,920 | €479,348 | +€488,268 | |
| Income taxes | 67/77 | - | €18,260 | +€18,260 | |
| Profit (loss) for the period | 9904 | -€8,920 | €461,088 | +€470,008 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,920 | €461,088 | +€470,008 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.