37E: 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.
37E
Largest movements
- Tangible fixed assets -€16,458
down €16,458 (-2.9%), from €568,551 to €552,093
of which Land and buildings: -€16,777
- Debts after one year -€21,977
down €21,977 (-4.8%), from €460,529 to €438,552
- Reserves +€14,544
up €14,544 (+20.7%), from €70,264 to €84,808
- Tax, wage and social debts -€7,929
down €7,929 (-52.7%), from €15,055 to €7,126
- Current portion of long-term debt -€6,468
down €6,468 (-17.4%), from €37,254 to €30,786
- Gross operating margin +€21,473
up €21,473 (+39.6%), from €54,177 to €75,650
- Depreciation -€4,633
down €4,633 (-13.0%), from €35,628 to €30,996
- Taxes +€4,115
up €4,115, from -€386 to €3,729
- Financial income +€2,646
new in 2025: €2,646
of which Non-recurring financial income: +€2,645
- Other operating charges -€1,890
down €1,890 (-80.2%), from €2,355 to €465
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 | €627,511 | €609,269 | -€18,242 | -2.9% |
| Fixed assets | 21/28 | €571,535 | €552,093 | -€19,442 | -3.4% |
| Intangible fixed assets | 21 | €2,984 | €0 | -€2,984 | -100% |
| Tangible fixed assets | 22/27 | €568,551 | €552,093 | -€16,458 | -2.9% |
| Land and buildings | 22 | €549,883 | €533,105 | -€16,777 | -3.1% |
| Plant, machinery and equipment | 23 | €17,340 | €18,386 | +€1,045 | +6.0% |
| Furniture and vehicles | 24 | €1,328 | €602 | -€726 | -54.7% |
| Current assets | 29/58 | €55,976 | €57,176 | +€1,200 | +2.1% |
| Amounts receivable within one year | 40/41 | €9,750 | €13,999 | +€4,250 | +43.6% |
| Trade receivables | 40 | €5,006 | €6,122 | +€1,116 | +22.3% |
| Other amounts receivable | 41 | €4,744 | €7,877 | +€3,133 | +66.0% |
| Cash at bank and in hand | 54/58 | €43,260 | €42,746 | -€514 | -1.2% |
| Deferred charges and accrued income | 490/1 | €2,966 | €431 | -€2,536 | -85.5% |
| Total equity and liabilities | 10/49 | €627,511 | €609,269 | -€18,242 | -2.9% |
| Equity | 10/15 | €82,751 | €103,408 | +€20,657 | +25.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,264 | €84,808 | +€14,544 | +20.7% |
| Distributable reserves | 133 | €70,264 | €84,808 | +€14,544 | +20.7% |
| Profit (loss) carried forward | 14 | -€6,114 | €0 | +€6,114 | |
| Amounts payable | 17/49 | €544,760 | €505,862 | -€38,899 | -7.1% |
| Amounts payable after more than one year | 17 | €460,529 | €438,552 | -€21,977 | -4.8% |
| Financial debts | 170/4 | €460,529 | €438,552 | -€21,977 | -4.8% |
| Amounts payable within one year | 42/48 | €84,231 | €67,310 | -€16,921 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €37,254 | €30,786 | -€6,468 | -17.4% |
| Trade debts | 44 | €29,042 | €23,718 | -€5,324 | -18.3% |
| Suppliers | 440/4 | €29,042 | €23,718 | -€5,324 | -18.3% |
| Taxes, remuneration and social security | 45 | €15,055 | €7,126 | -€7,929 | -52.7% |
| Taxes | 450/3 | €15,055 | €7,126 | -€7,929 | -52.7% |
| Other amounts payable | 47/48 | €2,880 | €5,680 | +€2,800 | +97.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,628 | €30,996 | -€4,633 | -13.0% |
| Other operating charges | 640/8 | €2,355 | €465 | -€1,890 | -80.2% |
| Gross operating margin | 9900 | €54,177 | €75,650 | +€21,473 | +39.6% |
| Operating profit (loss) | 9901 | €16,193 | €44,189 | +€27,995 | +173% |
| Financial income | 75/76B | - | €2,646 | +€2,646 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Non-recurring financial income | 76B | - | €2,645 | +€2,645 | |
| Financial charges | 65/66B | €22,693 | €22,448 | -€245 | -1.1% |
| Recurring financial charges | 65 | €22,693 | €22,448 | -€245 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,499 | €24,386 | +€30,886 | |
| Income taxes | 67/77 | -€386 | €3,729 | +€4,115 | |
| Profit (loss) for the period | 9904 | -€6,114 | €20,657 | +€26,771 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,114 | €20,657 | +€26,771 |
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 25 October 2026 via checked.be.