38: 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.
38
Largest movements
- Tangible fixed assets -€12,957
down €12,957 (-20.5%), from €63,269 to €50,311
of which Land and buildings: -€10,569
- Cash -€4,534
down €4,534 (-87.3%), from €5,194 to €660
mainly Other debts (-€11,247) and Debts after one year (-€8,294)
- Receivables within one year -€2,000
no longer reported in 2025 (was €2,000)
- Other debts -€11,247
down €11,247 (-68.4%), from €16,439 to €5,192
- Debts after one year -€8,294
down €8,294 (-12.3%), from €67,685 to €59,390
- Current portion of long-term debt -€3,266
down €3,266 (-27.5%), from €11,877 to €8,611
- Profit (loss) carried forward +€2,538
up €2,538 (+4.6%), from -€55,748 to -€53,210
- Short-term financial debts +€947
new in 2025: €947
- Gross operating margin -€11,429
down €11,429 (-35.0%), from €32,662 to €21,233
- Other operating charges +€1,671
up €1,671 (+68.9%), from €2,426 to €4,098
- Depreciation -€364
down €364 (-2.7%), from €13,321 to €12,957
- Financial charges +€345
up €345 (+26.6%), from €1,300 to €1,646
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 | €71,070 | €51,697 | -€19,373 | -27.3% |
| Fixed assets | 21/28 | €63,269 | €50,311 | -€12,957 | -20.5% |
| Tangible fixed assets | 22/27 | €63,269 | €50,311 | -€12,957 | -20.5% |
| Land and buildings | 22 | €57,298 | €46,730 | -€10,569 | -18.4% |
| Plant, machinery and equipment | 23 | €5,970 | €3,582 | -€2,388 | -40.0% |
| Current assets | 29/58 | €7,802 | €1,386 | -€6,416 | -82.2% |
| Stocks and contracts in progress | 3 | €550 | €600 | +€50 | +9.1% |
| Stocks | 30/36 | €550 | €600 | +€50 | +9.1% |
| Amounts receivable within one year | 40/41 | €2,000 | - | -€2,000 | |
| Trade receivables | 40 | €2,000 | - | -€2,000 | |
| Cash at bank and in hand | 54/58 | €5,194 | €660 | -€4,534 | -87.3% |
| Deferred charges and accrued income | 490/1 | €58 | €126 | +€69 | +119% |
| Total equity and liabilities | 10/49 | €71,070 | €51,697 | -€19,373 | -27.3% |
| Equity | 10/15 | -€29,348 | -€26,810 | +€2,538 | +8.6% |
| Contributions | 10/11 | €26,400 | €26,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,748 | -€53,210 | +€2,538 | +4.6% |
| Amounts payable | 17/49 | €100,418 | €78,507 | -€21,911 | -21.8% |
| Amounts payable after more than one year | 17 | €67,685 | €59,390 | -€8,294 | -12.3% |
| Financial debts | 170/4 | €67,685 | €59,390 | -€8,294 | -12.3% |
| Amounts payable within one year | 42/48 | €32,733 | €19,117 | -€13,616 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €11,877 | €8,611 | -€3,266 | -27.5% |
| Financial debts | 43 | - | €947 | +€947 | |
| Credit institutions | 430/8 | - | €947 | +€947 | |
| Trade debts | 44 | €1,398 | €2,228 | +€830 | +59.4% |
| Suppliers | 440/4 | €1,398 | €2,228 | +€830 | +59.4% |
| Taxes, remuneration and social security | 45 | €3,020 | €2,139 | -€880 | -29.2% |
| Taxes | 450/3 | €3,020 | €2,139 | -€880 | -29.2% |
| Other amounts payable | 47/48 | €16,439 | €5,192 | -€11,247 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,321 | €12,957 | -€364 | -2.7% |
| Other operating charges | 640/8 | €2,426 | €4,098 | +€1,671 | +68.9% |
| Gross operating margin | 9900 | €32,662 | €21,233 | -€11,429 | -35.0% |
| Operating profit (loss) | 9901 | €16,915 | €4,178 | -€12,737 | -75.3% |
| Financial income | 75/76B | €5 | €8 | +€3 | +51.6% |
| Recurring financial income | 75 | €5 | €8 | +€3 | +51.6% |
| Financial charges | 65/66B | €1,300 | €1,646 | +€345 | +26.6% |
| Recurring financial charges | 65 | €1,300 | €1,646 | +€345 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €15,620 | €2,540 | -€13,080 | -83.7% |
| Income taxes | 67/77 | €2 | €2 | +€1 | +51.9% |
| Profit (loss) for the period | 9904 | €15,619 | €2,538 | -€13,081 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,619 | €2,538 | -€13,081 | -83.8% |
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 15 October 2026 via checked.be.