3c: 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.
3c
Largest movements
- Receivables after one year -€49,761
down €49,761 (-45.5%), from €109,421 to €59,660
- Cash +€41,387
up €41,387 (+59.0%), from €70,121 to €111,508
mainly Net result for the year (+€60,309) and Receivables after one year (+€49,761)
- Receivables within one year +€23,210
up €23,210 (+165.5%), from €14,021 to €37,232
of which Other amounts receivable: +€23,210
- Deferred charges and accrued income -€17,258
down €17,258 (-80.9%), from €21,332 to €4,074
- Tax, wage and social debts +€16,706
up €16,706 (+269.4%), from €6,202 to €22,908
- Accrued charges and deferred income -€11,662
down €11,662 (-90.4%), from €12,903 to €1,240
- Reserves -€11,590
down €11,590 (-5.3%), from €220,146 to €208,557
of which Distributable reserves: -€11,590
- Gross operating margin +€47,579
up €47,579 (+107.9%), from €44,096 to €91,675
- Taxes +€12,970
up €12,970 (+425.0%), from €3,052 to €16,022
- Financial income -€1,980
down €1,980 (-40.0%), from €4,949 to €2,969
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 | €502,023 | €494,744 | -€7,280 | -1.5% |
| Fixed assets | 21/28 | €287,128 | €282,270 | -€4,858 | -1.7% |
| Tangible fixed assets | 22/27 | €287,128 | €282,270 | -€4,858 | -1.7% |
| Land and buildings | 22 | €286,535 | €281,874 | -€4,661 | -1.6% |
| Other tangible fixed assets | 26 | €593 | €395 | -€198 | -33.3% |
| Current assets | 29/58 | €214,895 | €212,474 | -€2,421 | -1.1% |
| Amounts receivable after more than one year | 29 | €109,421 | €59,660 | -€49,761 | -45.5% |
| Other amounts receivable | 291 | €109,421 | €59,660 | -€49,761 | -45.5% |
| Amounts receivable within one year | 40/41 | €14,021 | €37,232 | +€23,210 | +165.5% |
| Trade receivables | 40 | €7,259 | €7,259 | = | 0.0% |
| Other amounts receivable | 41 | €6,763 | €29,973 | +€23,210 | +343.2% |
| Cash at bank and in hand | 54/58 | €70,121 | €111,508 | +€41,387 | +59.0% |
| Deferred charges and accrued income | 490/1 | €21,332 | €4,074 | -€17,258 | -80.9% |
| Total equity and liabilities | 10/49 | €502,023 | €494,744 | -€7,280 | -1.5% |
| Equity | 10/15 | €328,931 | €317,342 | -€11,590 | -3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €220,146 | €208,557 | -€11,590 | -5.3% |
| Tax-exempt reserves | 132 | €10,896 | €10,896 | = | 0.0% |
| Distributable reserves | 133 | €209,251 | €197,661 | -€11,590 | -5.5% |
| Profit (loss) carried forward | 14 | €102,585 | €102,585 | = | 0.0% |
| Amounts payable | 17/49 | €173,092 | €177,402 | +€4,310 | +2.5% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,189 | €26,161 | +€15,972 | +156.8% |
| Trade debts | 44 | €3,987 | €3,024 | -€963 | -24.2% |
| Suppliers | 440/4 | €3,987 | €3,024 | -€963 | -24.2% |
| Taxes, remuneration and social security | 45 | €6,202 | €22,908 | +€16,706 | +269.4% |
| Taxes | 450/3 | €6,202 | €22,908 | +€16,706 | +269.4% |
| Other amounts payable | 47/48 | €0 | €230 | +€230 | |
| Accrued charges and deferred income | 492/3 | €12,903 | €1,240 | -€11,662 | -90.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,858 | €4,858 | = | 0.0% |
| Other operating charges | 640/8 | €914 | €1,666 | +€752 | +82.2% |
| Gross operating margin | 9900 | €44,096 | €91,675 | +€47,579 | +107.9% |
| Operating profit (loss) | 9901 | €38,324 | €85,151 | +€46,827 | +122.2% |
| Financial income | 75/76B | €4,949 | €2,969 | -€1,980 | -40.0% |
| Recurring financial income | 75 | €4,949 | €2,969 | -€1,980 | -40.0% |
| Financial charges | 65/66B | €12,424 | €11,789 | -€635 | -5.1% |
| Recurring financial charges | 65 | €12,424 | €11,789 | -€635 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €30,848 | €76,331 | +€45,482 | +147.4% |
| Income taxes | 67/77 | €3,052 | €16,022 | +€12,970 | +425.0% |
| Profit (loss) for the period | 9904 | €27,797 | €60,309 | +€32,512 | +117.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,797 | €60,309 | +€32,512 | +117.0% |
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 29 September 2026 via checked.be.