3 Market: 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.
3 Market
Largest movements
- Cash +€41,505
up €41,505 (+46.4%), from €89,423 to €130,928
mainly Net result for the year (+€85,995) and Receivables within one year (+€17,731)
- Receivables within one year -€17,731
down €17,731 (-50.6%), from €35,063 to €17,331
of which Trade receivables: -€19,757
- Tangible fixed assets -€13,941
down €13,941 (-2.6%), from €538,520 to €524,579
of which Land and buildings: -€13,749
- Reserves +€85,000
up €85,000 (+39.2%), from €216,571 to €301,571
- Tax, wage and social debts -€46,238
down €46,238 (-91.1%), from €50,735 to €4,497
- Debts after one year -€23,665
down €23,665 (-8.6%), from €276,567 to €252,902
- Trade debts -€9,939
down €9,939 (-58.9%), from €16,885 to €6,946
- Other operating charges -€15,774
down €15,774 (-74.3%), from €21,226 to €5,452
- Gross operating margin -€12,257
down €12,257 (-6.9%), from €177,964 to €165,707
- Financial charges +€9,901
up €9,901 (+86.4%), from €11,461 to €21,361
- Staff costs -€8,563
no longer reported in 2025 (was €8,563)
- Taxes -€5,969
down €5,969 (-13.0%), from €46,091 to €40,122
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 | €664,980 | €675,791 | +€10,812 | +1.6% |
| Fixed assets | 21/28 | €538,520 | €524,579 | -€13,941 | -2.6% |
| Tangible fixed assets | 22/27 | €538,520 | €524,579 | -€13,941 | -2.6% |
| Land and buildings | 22 | €538,101 | €524,351 | -€13,749 | -2.6% |
| Furniture and vehicles | 24 | €419 | €228 | -€191 | -45.6% |
| Current assets | 29/58 | €126,460 | €151,212 | +€24,752 | +19.6% |
| Amounts receivable within one year | 40/41 | €35,063 | €17,331 | -€17,731 | -50.6% |
| Trade receivables | 40 | €35,063 | €15,306 | -€19,757 | -56.3% |
| Other amounts receivable | 41 | - | €2,026 | +€2,026 | |
| Cash at bank and in hand | 54/58 | €89,423 | €130,928 | +€41,505 | +46.4% |
| Deferred charges and accrued income | 490/1 | €1,974 | €2,953 | +€979 | +49.6% |
| Total equity and liabilities | 10/49 | €664,980 | €675,791 | +€10,812 | +1.6% |
| Equity | 10/15 | €262,149 | €347,311 | +€85,162 | +32.5% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €216,571 | €301,571 | +€85,000 | +39.2% |
| Distributable reserves | 133 | €216,571 | €301,571 | +€85,000 | +39.2% |
| Profit (loss) carried forward | 14 | €38,078 | €38,239 | +€162 | +0.4% |
| Amounts payable | 17/49 | €402,831 | €328,481 | -€74,350 | -18.5% |
| Amounts payable after more than one year | 17 | €276,567 | €252,902 | -€23,665 | -8.6% |
| Financial debts | 170/4 | €276,567 | €252,902 | -€23,665 | -8.6% |
| Amounts payable within one year | 42/48 | €126,264 | €75,579 | -€50,685 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €23,106 | €23,665 | +€559 | +2.4% |
| Financial debts | 43 | €95 | - | -€95 | |
| Credit institutions | 430/8 | €95 | - | -€95 | |
| Trade debts | 44 | €16,885 | €6,946 | -€9,939 | -58.9% |
| Suppliers | 440/4 | €16,885 | €6,946 | -€9,939 | -58.9% |
| Taxes, remuneration and social security | 45 | €50,735 | €4,497 | -€46,238 | -91.1% |
| Taxes | 450/3 | €50,735 | €4,497 | -€46,238 | -91.1% |
| Other amounts payable | 47/48 | €35,443 | €40,471 | +€5,029 | +14.2% |
| Remuneration, social security and pensions | 62 | €8,563 | - | -€8,563 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,327 | €13,941 | +€614 | +4.6% |
| Other operating charges | 640/8 | €21,226 | €5,452 | -€15,774 | -74.3% |
| Gross operating margin | 9900 | €177,964 | €165,707 | -€12,257 | -6.9% |
| Operating profit (loss) | 9901 | €134,848 | €146,314 | +€11,466 | +8.5% |
| Financial income | 75/76B | €3 | €1,164 | +€1,161 | +34,144% |
| Recurring financial income | 75 | €3 | €1,164 | +€1,161 | +34,144% |
| Financial charges | 65/66B | €11,461 | €21,361 | +€9,901 | +86.4% |
| Recurring financial charges | 65 | €11,461 | €21,361 | +€9,901 | +86.4% |
| Profit (loss) for the period before taxes | 9903 | €123,391 | €126,117 | +€2,726 | +2.2% |
| Income taxes | 67/77 | €46,091 | €40,122 | -€5,969 | -13.0% |
| Profit (loss) for the period | 9904 | €77,299 | €85,995 | +€8,695 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €77,299 | €85,995 | +€8,695 | +11.2% |
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 23 October 2026 via checked.be.