3 R.: 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 R.
Largest movements
- Tangible fixed assets -€30,829
down €30,829 (-3.4%), from €919,201 to €888,373
of which Land and buildings: -€22,146
- Cash +€15,909
up €15,909 (+120%), from €13,239 to €29,148
mainly Depreciation (+€110,565) and Other debts (+€42,073)
- Debts after one year -€71,718
down €71,718 (-36.6%), from €195,783 to €124,064
of which Financial debts: -€70,935
- Profit (loss) carried forward +€58,319
up €58,319 (+14.8%), from -€394,982 to -€336,664
- Other debts +€42,073
up €42,073 (+7.1%), from €590,204 to €632,278
- Reserves -€24,224
down €24,224 (-14.7%), from €164,445 to €140,222
of which Tax-exempt reserves: -€24,224
- Current portion of long-term debt -€20,172
down €20,172 (-22.1%), from €91,107 to €70,935
- Depreciation -€17,205
down €17,205 (-13.5%), from €127,771 to €110,565
- Other operating charges +€12,195
up €12,195 (+70.7%), from €17,250 to €29,445
- Financial charges -€7,097
down €7,097 (-36.7%), from €19,323 to €12,226
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 | €967,525 | €945,682 | -€21,843 | -2.3% |
| Fixed assets | 21/28 | €919,201 | €888,373 | -€30,829 | -3.4% |
| Tangible fixed assets | 22/27 | €919,201 | €888,373 | -€30,829 | -3.4% |
| Land and buildings | 22 | €879,275 | €857,129 | -€22,146 | -2.5% |
| Plant, machinery and equipment | 23 | €14,097 | €14,640 | +€542 | +3.8% |
| Furniture and vehicles | 24 | €25,830 | €16,605 | -€9,225 | -35.7% |
| Current assets | 29/58 | €48,324 | €57,309 | +€8,985 | +18.6% |
| Amounts receivable within one year | 40/41 | €29,013 | €22,503 | -€6,511 | -22.4% |
| Trade receivables | 40 | €29,013 | €22,503 | -€6,511 | -22.4% |
| Cash at bank and in hand | 54/58 | €13,239 | €29,148 | +€15,909 | +120% |
| Deferred charges and accrued income | 490/1 | €6,072 | €5,659 | -€413 | -6.8% |
| Total equity and liabilities | 10/49 | €967,525 | €945,682 | -€21,843 | -2.3% |
| Equity | 10/15 | €5,463 | €39,558 | +€34,095 | +624% |
| Contributions | 10/11 | €236,000 | €236,000 | = | 0.0% |
| Capital | 10 | €236,000 | €236,000 | = | 0.0% |
| Issued capital | 100 | €236,000 | €236,000 | = | 0.0% |
| Reserves | 13 | €164,445 | €140,222 | -€24,224 | -14.7% |
| Non-distributable reserves | 130/1 | €68 | €68 | = | 0.0% |
| Legal reserve | 130 | €68 | €68 | = | 0.0% |
| Tax-exempt reserves | 132 | €164,377 | €140,154 | -€24,224 | -14.7% |
| Profit (loss) carried forward | 14 | -€394,982 | -€336,664 | +€58,319 | +14.8% |
| Provisions and deferred taxes | 16 | €54,792 | €46,718 | -€8,075 | -14.7% |
| Deferred taxes | 168 | €54,792 | €46,718 | -€8,075 | -14.7% |
| Amounts payable | 17/49 | €907,270 | €859,406 | -€47,864 | -5.3% |
| Amounts payable after more than one year | 17 | €195,783 | €124,064 | -€71,718 | -36.6% |
| Financial debts | 170/4 | €177,140 | €106,204 | -€70,935 | -40.0% |
| Other amounts payable | 178/9 | €18,643 | €17,860 | -€783 | -4.2% |
| Amounts payable within one year | 42/48 | €688,900 | €713,076 | +€24,176 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €91,107 | €70,935 | -€20,172 | -22.1% |
| Trade debts | 44 | €7,164 | €9,370 | +€2,206 | +30.8% |
| Suppliers | 440/4 | €7,164 | €9,370 | +€2,206 | +30.8% |
| Taxes, remuneration and social security | 45 | €425 | €494 | +€69 | +16.3% |
| Taxes | 450/3 | €425 | €494 | +€69 | +16.3% |
| Other amounts payable | 47/48 | €590,204 | €632,278 | +€42,073 | +7.1% |
| Accrued charges and deferred income | 492/3 | €22,588 | €22,265 | -€322 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,771 | €110,565 | -€17,205 | -13.5% |
| Other operating charges | 640/8 | €17,250 | €29,445 | +€12,195 | +70.7% |
| Gross operating margin | 9900 | €180,005 | €178,697 | -€1,308 | -0.7% |
| Operating profit (loss) | 9901 | €34,984 | €38,686 | +€3,702 | +10.6% |
| Financial income | 75/76B | €36 | €77 | +€41 | +115% |
| Recurring financial income | 75 | €36 | €77 | +€41 | +115% |
| Financial charges | 65/66B | €19,323 | €12,226 | -€7,097 | -36.7% |
| Recurring financial charges | 65 | €19,323 | €12,226 | -€7,097 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €15,697 | €26,537 | +€10,840 | +69.1% |
| Transfer from deferred taxes | 780 | €8,075 | €8,075 | = | 0.0% |
| Income taxes | 67/77 | €435 | €517 | +€81 | +18.7% |
| Profit (loss) for the period | 9904 | €23,336 | €34,095 | +€10,759 | +46.1% |
| Transfer from tax-exempt reserves | 789 | €24,224 | €24,224 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,560 | €58,319 | +€10,759 | +22.6% |
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 13 October 2026 via checked.be.