26 GV: 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.
26 GV
Largest movements
- Financial fixed assets +€518,400
up €518,400 (+115%), from €450,000 to €968,400
- Current investments -€210,996
no longer reported in 2025 (was €210,996)
- Receivables within one year +€60,480
up €60,480 (+1,165%), from €5,190 to €65,670
- Tangible fixed assets -€11,302
down €11,302 (-33.3%), from €33,905 to €22,603
- Reserves +€416,001
up €416,001 (+89.6%), from €464,418 to €880,418
- Debts after one year -€52,315
down €52,315 (-32.9%), from €159,217 to €106,902
of which Financial debts: -€62,315
- Tax, wage and social debts +€11,342
up €11,342 (+323%), from €3,516 to €14,858
of which Taxes: +€10,467
- Other debts -€10,838
down €10,838 (-89.6%), from €12,094 to €1,255
- Financial income +€489,051
up €489,051 (+614%), from €79,709 to €568,760
- Financial charges +€14,888
up €14,888 (+204%), from €7,281 to €22,170
- Taxes +€8,624
up €8,624 (+23.0%), from €37,573 to €46,196
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 | €706,233 | €1,071,116 | +€364,883 | +51.7% |
| Fixed assets | 21/28 | €483,905 | €991,003 | +€507,098 | +105% |
| Tangible fixed assets | 22/27 | €33,905 | €22,603 | -€11,302 | -33.3% |
| Furniture and vehicles | 24 | €33,905 | €22,603 | -€11,302 | -33.3% |
| Financial fixed assets | 28 | €450,000 | €968,400 | +€518,400 | +115% |
| Current assets | 29/58 | €222,328 | €80,112 | -€142,216 | -64.0% |
| Amounts receivable within one year | 40/41 | €5,190 | €65,670 | +€60,480 | +1,165% |
| Other amounts receivable | 41 | €5,190 | €65,670 | +€60,480 | +1,165% |
| Current investments | 50/53 | €210,996 | - | -€210,996 | |
| Cash at bank and in hand | 54/58 | €4,519 | €14,442 | +€9,923 | +220% |
| Deferred charges and accrued income | 490/1 | €1,623 | - | -€1,623 | |
| Total equity and liabilities | 10/49 | €706,233 | €1,071,116 | +€364,883 | +51.7% |
| Equity | 10/15 | €469,418 | €885,418 | +€416,001 | +88.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €464,418 | €880,418 | +€416,001 | +89.6% |
| Distributable reserves | 133 | €464,418 | €880,418 | +€416,001 | +89.6% |
| Amounts payable | 17/49 | €236,816 | €185,698 | -€51,118 | -21.6% |
| Amounts payable after more than one year | 17 | €159,217 | €106,902 | -€52,315 | -32.9% |
| Financial debts | 170/4 | €159,217 | €96,902 | -€62,315 | -39.1% |
| Other amounts payable | 178/9 | - | €10,000 | +€10,000 | |
| Amounts payable within one year | 42/48 | €77,298 | €78,795 | +€1,497 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €61,519 | €62,315 | +€796 | +1.3% |
| Trade debts | 44 | €169 | €367 | +€197 | +116% |
| Suppliers | 440/4 | €169 | €367 | +€197 | +116% |
| Taxes, remuneration and social security | 45 | €3,516 | €14,858 | +€11,342 | +323% |
| Taxes | 450/3 | €2,641 | €13,108 | +€10,467 | +396% |
| Remuneration and social security | 454/9 | €875 | €1,750 | +€875 | +100% |
| Other amounts payable | 47/48 | €12,094 | €1,255 | -€10,838 | -89.6% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,302 | €11,302 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €62 | -€443 | -87.7% |
| Gross operating margin | 9900 | €147,083 | €146,970 | -€113 | -0.1% |
| Operating profit (loss) | 9901 | €135,277 | €135,607 | +€330 | +0.2% |
| Financial income | 75/76B | €79,709 | €568,760 | +€489,051 | +614% |
| Recurring financial income | 75 | €79,709 | €568,760 | +€489,051 | +614% |
| Financial charges | 65/66B | €7,281 | €22,170 | +€14,888 | +204% |
| Recurring financial charges | 65 | €7,281 | €22,170 | +€14,888 | +204% |
| Profit (loss) for the period before taxes | 9903 | €207,705 | €682,197 | +€474,492 | +228% |
| Income taxes | 67/77 | €37,573 | €46,196 | +€8,624 | +23.0% |
| Profit (loss) for the period | 9904 | €170,132 | €636,001 | +€465,869 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €170,132 | €636,001 | +€465,869 | +274% |
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 17 October 2026 via checked.be.