2S: 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.
2S
Largest movements
- Tangible fixed assets -€76,765
down €76,765 (-8.8%), from €874,006 to €797,241
of which Land and buildings: -€61,896
- Cash +€30,887
up €30,887 (+70.6%), from €43,761 to €74,648
mainly Depreciation (+€51,685) and Investment in fixed assets (net) (+€25,080)
- Other debts -€35,221
down €35,221 (-9.5%), from €369,929 to €334,708
- Gross operating margin +€14,926
up €14,926 (+41.4%), from €36,034 to €50,960
- Depreciation -€2,046
down €2,046 (-3.8%), from €53,731 to €51,685
- Taxes +€1,738
up €1,738 (+790%), from €220 to €1,958
- Other operating charges +€653
up €653 (+37.5%), from €1,743 to €2,396
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 | €925,405 | €880,956 | -€44,449 | -4.8% |
| Fixed assets | 21/28 | €874,006 | €797,241 | -€76,765 | -8.8% |
| Tangible fixed assets | 22/27 | €874,006 | €797,241 | -€76,765 | -8.8% |
| Land and buildings | 22 | €818,154 | €756,258 | -€61,896 | -7.6% |
| Furniture and vehicles | 24 | €55,852 | €40,982 | -€14,869 | -26.6% |
| Current assets | 29/58 | €51,399 | €83,716 | +€32,316 | +62.9% |
| Amounts receivable within one year | 40/41 | €5,751 | €7,016 | +€1,264 | +22.0% |
| Trade receivables | 40 | €4,392 | €6,089 | +€1,697 | +38.6% |
| Other amounts receivable | 41 | €1,359 | €926 | -€433 | -31.8% |
| Cash at bank and in hand | 54/58 | €43,761 | €74,648 | +€30,887 | +70.6% |
| Deferred charges and accrued income | 490/1 | €1,887 | €2,052 | +€165 | +8.7% |
| Total equity and liabilities | 10/49 | €925,405 | €880,956 | -€44,449 | -4.8% |
| Equity | 10/15 | €366,724 | €363,695 | -€3,030 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €329,824 | €325,817 | -€4,007 | -1.2% |
| Tax-exempt reserves | 132 | €297,964 | €276,957 | -€21,007 | -7.1% |
| Distributable reserves | 133 | €31,860 | €48,860 | +€17,000 | +53.4% |
| Profit (loss) carried forward | 14 | €18,300 | €19,277 | +€977 | +5.3% |
| Provisions and deferred taxes | 16 | €99,321 | €92,319 | -€7,002 | -7.1% |
| Deferred taxes | 168 | €99,321 | €92,319 | -€7,002 | -7.1% |
| Amounts payable | 17/49 | €459,360 | €424,943 | -€34,417 | -7.5% |
| Amounts payable after more than one year | 17 | €80,000 | €80,000 | = | 0.0% |
| Other amounts payable | 178/9 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €377,180 | €342,714 | -€34,467 | -9.1% |
| Trade debts | 44 | €4,953 | €4,712 | -€240 | -4.8% |
| Suppliers | 440/4 | €4,953 | €4,712 | -€240 | -4.8% |
| Taxes, remuneration and social security | 45 | €2,299 | €3,293 | +€994 | +43.2% |
| Taxes | 450/3 | €2,299 | €3,293 | +€994 | +43.2% |
| Other amounts payable | 47/48 | €369,929 | €334,708 | -€35,221 | -9.5% |
| Accrued charges and deferred income | 492/3 | €2,179 | €2,229 | +€50 | +2.3% |
| Non-recurring operating income | 76A | - | €20,383 | +€20,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,731 | €51,685 | -€2,046 | -3.8% |
| Other operating charges | 640/8 | €1,743 | €2,396 | +€653 | +37.5% |
| Gross operating margin | 9900 | €36,034 | €50,960 | +€14,926 | +41.4% |
| Operating profit (loss) | 9901 | -€19,440 | -€3,121 | +€16,319 | +83.9% |
| Financial charges | 65/66B | €5,369 | €4,953 | -€417 | -7.8% |
| Recurring financial charges | 65 | €5,369 | €4,953 | -€417 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€24,809 | -€8,074 | +€16,736 | +67.5% |
| Transfer from deferred taxes | 780 | €7,002 | €7,002 | = | 0.0% |
| Income taxes | 67/77 | €220 | €1,958 | +€1,738 | +790% |
| Profit (loss) for the period | 9904 | -€18,027 | -€3,030 | +€14,997 | +83.2% |
| Transfer from tax-exempt reserves | 789 | €21,007 | €21,007 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,980 | €17,977 | +€14,997 | +503% |
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 26 October 2026 via checked.be.