28MM: 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.
28MM
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€244,206
down €244,206 (-71.2%), from €342,865 to €98,660
mainly Contributions, distributions and other (-€350,582) and Current investments (-€300,000)
- Receivables within one year +€38,727
up €38,727 (+36.4%), from €106,415 to €145,141
of which Other amounts receivable: +€20,500
- Tangible fixed assets -€8,149
down €8,149 (-54.0%), from €15,080 to €6,931
of which Furniture and vehicles: -€7,205
- Other debts +€68,984
up €68,984 (+30.1%), from €229,146 to €298,130
- Tax, wage and social debts +€17,810
up €17,810 (+10.5%), from €169,736 to €187,547
- Gross operating margin +€86,309
up €86,309 (+22.3%), from €387,082 to €473,391
- Taxes +€21,434
up €21,434 (+23.6%), from €90,703 to €112,137
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 | €466,439 | €553,015 | +€86,577 | +18.6% |
| Fixed assets | 21/28 | €15,132 | €6,983 | -€8,149 | -53.9% |
| Tangible fixed assets | 22/27 | €15,080 | €6,931 | -€8,149 | -54.0% |
| Plant, machinery and equipment | 23 | €2,457 | €1,513 | -€944 | -38.4% |
| Furniture and vehicles | 24 | €12,623 | €5,418 | -€7,205 | -57.1% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €451,307 | €546,032 | +€94,725 | +21.0% |
| Amounts receivable within one year | 40/41 | €106,415 | €145,141 | +€38,727 | +36.4% |
| Trade receivables | 40 | €16,170 | €34,397 | +€18,227 | +112.7% |
| Other amounts receivable | 41 | €90,244 | €110,744 | +€20,500 | +22.7% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €342,865 | €98,660 | -€244,206 | -71.2% |
| Deferred charges and accrued income | 490/1 | €2,027 | €2,231 | +€204 | +10.1% |
| Total equity and liabilities | 10/49 | €466,439 | €553,015 | +€86,577 | +18.6% |
| Equity | 10/15 | €62,841 | €62,841 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €56,841 | €56,841 | = | 0.0% |
| Non-distributable reserves | 130/1 | €600 | €600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €600 | €600 | = | 0.0% |
| Distributable reserves | 133 | €56,241 | €56,241 | = | 0.0% |
| Amounts payable | 17/49 | €403,598 | €490,175 | +€86,577 | +21.5% |
| Amounts payable within one year | 42/48 | €403,598 | €490,175 | +€86,577 | +21.5% |
| Trade debts | 44 | €4,715 | €4,498 | -€217 | -4.6% |
| Suppliers | 440/4 | €4,715 | €4,498 | -€217 | -4.6% |
| Taxes, remuneration and social security | 45 | €169,736 | €187,547 | +€17,810 | +10.5% |
| Taxes | 450/3 | €169,736 | €187,547 | +€17,810 | +10.5% |
| Other amounts payable | 47/48 | €229,146 | €298,130 | +€68,984 | +30.1% |
| Remuneration, social security and pensions | 62 | - | €857 | +€857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,391 | €8,149 | -€242 | -2.9% |
| Other operating charges | 640/8 | €903 | €931 | +€28 | +3.1% |
| Gross operating margin | 9900 | €387,082 | €473,391 | +€86,309 | +22.3% |
| Operating profit (loss) | 9901 | €377,787 | €463,454 | +€85,667 | +22.7% |
| Financial income | 75/76B | €2,813 | €2,499 | -€314 | -11.2% |
| Recurring financial income | 75 | €2,813 | €2,499 | -€314 | -11.2% |
| Financial charges | 65/66B | €3,634 | €3,234 | -€400 | -11.0% |
| Recurring financial charges | 65 | €3,634 | €3,234 | -€400 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €376,967 | €462,719 | +€85,752 | +22.7% |
| Income taxes | 67/77 | €90,703 | €112,137 | +€21,434 | +23.6% |
| Profit (loss) for the period | 9904 | €286,264 | €350,582 | +€64,318 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €286,264 | €350,582 | +€64,318 | +22.5% |
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 9 October 2026 via checked.be.