291D: 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.
291D
Largest movements
- Tangible fixed assets -€30,080
down €30,080 (-17.3%), from €173,872 to €143,792
of which Land and buildings: -€35,570
- Receivables within one year +€16,044
up €16,044 (+20.3%), from €79,007 to €95,051
of which Trade receivables: +€18,599
- Intangible fixed assets +€9,196
up €9,196 (+2,141%), from €429 to €9,625
- Cash +€7,655
up €7,655 (+55.3%), from €13,851 to €21,507
mainly Depreciation (+€38,970) and Trade debts (+€20,163)
- Deferred charges and accrued income -€5,069
down €5,069 (-100%), from €5,069 to €0
- Debts after one year -€25,587
down €25,587 (-10.2%), from €251,295 to €225,708
- Trade debts +€20,163
up €20,163 (+446%), from €4,525 to €24,688
- Profit (loss) carried forward -€7,653
down €7,653 (-23.3%), from -€32,787 to -€40,440
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Depreciation -€5,170
down €5,170 (-11.7%), from €44,139 to €38,970
- Gross operating margin +€4,763
up €4,763 (+13.0%), from €36,640 to €41,403
- Other operating charges +€2,289
up €2,289 (+73.3%), from €3,122 to €5,411
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 | €272,229 | €269,975 | -€2,254 | -0.8% |
| Fixed assets | 21/28 | €174,302 | €153,417 | -€20,884 | -12.0% |
| Intangible fixed assets | 21 | €429 | €9,625 | +€9,196 | +2,141% |
| Tangible fixed assets | 22/27 | €173,872 | €143,792 | -€30,080 | -17.3% |
| Land and buildings | 22 | €167,485 | €131,914 | -€35,570 | -21.2% |
| Plant, machinery and equipment | 23 | €626 | €3,034 | +€2,408 | +385% |
| Furniture and vehicles | 24 | €5,762 | €8,844 | +€3,082 | +53.5% |
| Current assets | 29/58 | €97,927 | €116,557 | +€18,630 | +19.0% |
| Amounts receivable within one year | 40/41 | €79,007 | €95,051 | +€16,044 | +20.3% |
| Trade receivables | 40 | €75,761 | €94,360 | +€18,599 | +24.5% |
| Other amounts receivable | 41 | €3,246 | €691 | -€2,555 | -78.7% |
| Cash at bank and in hand | 54/58 | €13,851 | €21,507 | +€7,655 | +55.3% |
| Deferred charges and accrued income | 490/1 | €5,069 | €0 | -€5,069 | -100% |
| Total equity and liabilities | 10/49 | €272,229 | €269,975 | -€2,254 | -0.8% |
| Equity | 10/15 | -€12,708 | -€14,161 | -€1,453 | -11.4% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €7,679 | €7,679 | = | 0.0% |
| Distributable reserves | 133 | €7,679 | €7,679 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,787 | -€40,440 | -€7,653 | -23.3% |
| Amounts payable | 17/49 | €284,936 | €284,135 | -€801 | -0.3% |
| Amounts payable after more than one year | 17 | €251,295 | €225,708 | -€25,587 | -10.2% |
| Financial debts | 170/4 | €251,295 | €225,708 | -€25,587 | -10.2% |
| Amounts payable within one year | 42/48 | €33,642 | €58,427 | +€24,786 | +73.7% |
| Current portion of amounts payable after more than one year | 42 | €25,092 | €25,587 | +€495 | +2.0% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €4,525 | €24,688 | +€20,163 | +446% |
| Suppliers | 440/4 | €4,525 | €24,688 | +€20,163 | +446% |
| Taxes, remuneration and social security | 45 | €4,024 | €6,347 | +€2,323 | +57.7% |
| Taxes | 450/3 | €4,024 | €6,347 | +€2,323 | +57.7% |
| Other amounts payable | 47/48 | €0 | €1,786 | +€1,786 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,139 | €38,970 | -€5,170 | -11.7% |
| Other operating charges | 640/8 | €3,122 | €5,411 | +€2,289 | +73.3% |
| Gross operating margin | 9900 | €36,640 | €41,403 | +€4,763 | +13.0% |
| Operating profit (loss) | 9901 | -€10,622 | -€2,977 | +€7,645 | +72.0% |
| Financial income | 75/76B | €1 | €118 | +€117 | +23,442% |
| Recurring financial income | 75 | €1 | €118 | +€117 | +23,442% |
| Financial charges | 65/66B | €4,646 | €4,700 | +€54 | +1.2% |
| Recurring financial charges | 65 | €4,646 | €4,700 | +€54 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,267 | -€7,560 | +€7,707 | +50.5% |
| Income taxes | 67/77 | - | €93 | +€93 | |
| Profit (loss) for the period | 9904 | -€15,267 | -€7,653 | +€7,614 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,267 | -€7,653 | +€7,614 | +49.9% |
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 14 October 2026 via checked.be.