3 ADVICE: what changed
Two fiscal 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.
3 ADVICE
Largest movements
- Tangible fixed assets +€156,640
up €156,640 (+49.7%), from €314,883 to €471,523
of which Land and buildings: +€159,484
- Current investments +€128,613
up €128,613 (+34.9%), from €368,884 to €497,497
- Cash -€93,289
down €93,289 (-57.6%), from €162,063 to €68,774
mainly Investment in fixed assets (net) (-€205,658) and Current investments (-€128,613)
- Receivables within one year -€33,584
down €33,584 (-47.8%), from €70,331 to €36,747
of which Trade receivables: -€17,610
- Reserves +€109,445
up €109,445 (+14.2%), from €768,449 to €877,894
- Current portion of long-term debt +€35,000
new in 2025: €35,000
- Other debts +€30,491
up €30,491 (+77.9%), from €39,146 to €69,637
- Tax, wage and social debts -€23,223
down €23,223 (-22.6%), from €102,900 to €79,676
of which Taxes: -€26,723
- Financial income +€23,198
up €23,198 (+445.7%), from €5,204 to €28,403
- Depreciation +€21,325
up €21,325 (+77.0%), from €27,693 to €49,018
- Gross operating margin -€9,725
down €9,725 (-2.7%), from €355,169 to €345,443
- Financial charges +€4,909
up €4,909 (+340.6%), from €1,441 to €6,351
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 | €924,543 | €1,080,740 | +€156,197 | +16.9% |
| Fixed assets | 21/28 | €314,883 | €471,523 | +€156,640 | +49.7% |
| Tangible fixed assets | 22/27 | €314,883 | €471,523 | +€156,640 | +49.7% |
| Land and buildings | 22 | €218,764 | €378,248 | +€159,484 | +72.9% |
| Plant, machinery and equipment | 23 | €27,559 | €26,080 | -€1,479 | -5.4% |
| Furniture and vehicles | 24 | €68,560 | €67,196 | -€1,365 | -2.0% |
| Current assets | 29/58 | €609,660 | €609,217 | -€443 | -0.1% |
| Amounts receivable within one year | 40/41 | €70,331 | €36,747 | -€33,584 | -47.8% |
| Trade receivables | 40 | €53,939 | €36,330 | -€17,610 | -32.6% |
| Other amounts receivable | 41 | €16,392 | €417 | -€15,974 | -97.5% |
| Current investments | 50/53 | €368,884 | €497,497 | +€128,613 | +34.9% |
| Cash at bank and in hand | 54/58 | €162,063 | €68,774 | -€93,289 | -57.6% |
| Deferred charges and accrued income | 490/1 | €8,382 | €6,199 | -€2,183 | -26.0% |
| Total equity and liabilities | 10/49 | €924,543 | €1,080,740 | +€156,197 | +16.9% |
| Equity | 10/15 | €774,649 | €884,094 | +€109,445 | +14.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €768,449 | €877,894 | +€109,445 | +14.2% |
| Distributable reserves | 133 | €768,449 | €877,894 | +€109,445 | +14.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €149,894 | €196,645 | +€46,752 | +31.2% |
| Amounts payable after more than one year | 17 | - | €2,917 | +€2,917 | |
| Financial debts | 170/4 | - | €2,917 | +€2,917 | |
| Amounts payable within one year | 42/48 | €148,871 | €191,902 | +€43,031 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | - | €35,000 | +€35,000 | |
| Financial debts | 43 | €2,331 | €1,073 | -€1,259 | -54.0% |
| Credit institutions | 430/8 | €2,331 | €1,073 | -€1,259 | -54.0% |
| Trade debts | 44 | €4,495 | €6,516 | +€2,022 | +45.0% |
| Suppliers | 440/4 | €4,495 | €6,516 | +€2,022 | +45.0% |
| Taxes, remuneration and social security | 45 | €102,900 | €79,676 | -€23,223 | -22.6% |
| Taxes | 450/3 | €102,900 | €76,176 | -€26,723 | -26.0% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €39,146 | €69,637 | +€30,491 | +77.9% |
| Accrued charges and deferred income | 492/3 | €1,022 | €1,827 | +€804 | +78.6% |
| Non-recurring operating income | 76A | €4,781 | €835 | -€3,946 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,693 | €49,018 | +€21,325 | +77.0% |
| Other operating charges | 640/8 | €3,201 | €2,544 | -€657 | -20.5% |
| Gross operating margin | 9900 | €355,169 | €345,443 | -€9,725 | -2.7% |
| Operating profit (loss) | 9901 | €324,274 | €293,881 | -€30,393 | -9.4% |
| Financial income | 75/76B | €5,204 | €28,403 | +€23,198 | +445.7% |
| Recurring financial income | 75 | €5,204 | €28,403 | +€23,198 | +445.7% |
| Financial charges | 65/66B | €1,441 | €6,351 | +€4,909 | +340.6% |
| Recurring financial charges | 65 | €1,441 | €6,351 | +€4,909 | +340.6% |
| Profit (loss) for the period before taxes | 9903 | €328,037 | €315,933 | -€12,104 | -3.7% |
| Income taxes | 67/77 | €102,017 | €100,231 | -€1,785 | -1.8% |
| Profit (loss) for the period | 9904 | €226,021 | €215,701 | -€10,319 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €226,021 | €215,701 | -€10,319 | -4.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.