4 STEPS: 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.
4 STEPS
Largest movements
- Cash +€59,107
up €59,107 (+19.2%), from €308,644 to €367,751
mainly Net result for the year (+€86,574) and Current investments (+€30,000)
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Tangible fixed assets -€13,272
down €13,272 (-26.5%), from €50,022 to €36,750
of which Furniture and vehicles: -€10,824
- Reserves +€25,620
up €25,620 (+7.6%), from €335,118 to €360,738
of which Distributable reserves: +€25,620
- Other debts -€10,178
down €10,178 (-14.3%), from €71,131 to €60,953
- Gross operating margin -€29,003
down €29,003 (-17.6%), from €164,983 to €135,979
- Taxes -€8,424
down €8,424 (-18.9%), from €44,638 to €36,213
- Depreciation -€1,740
down €1,740 (-10.6%), from €16,481 to €14,741
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 | €431,119 | €447,211 | +€16,092 | +3.7% |
| Fixed assets | 21/28 | €50,022 | €36,750 | -€13,272 | -26.5% |
| Tangible fixed assets | 22/27 | €50,022 | €36,750 | -€13,272 | -26.5% |
| Plant, machinery and equipment | 23 | €4,396 | €2,208 | -€2,188 | -49.8% |
| Furniture and vehicles | 24 | €44,793 | €33,970 | -€10,824 | -24.2% |
| Other tangible fixed assets | 26 | €832 | €572 | -€260 | -31.3% |
| Current assets | 29/58 | €381,098 | €410,462 | +€29,364 | +7.7% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,683 | €21,006 | +€2,323 | +12.4% |
| Trade receivables | 40 | €18,683 | €19,715 | +€1,032 | +5.5% |
| Other amounts receivable | 41 | - | €1,291 | +€1,291 | |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €308,644 | €367,751 | +€59,107 | +19.2% |
| Deferred charges and accrued income | 490/1 | €3,771 | €1,705 | -€2,067 | -54.8% |
| Total equity and liabilities | 10/49 | €431,119 | €447,211 | +€16,092 | +3.7% |
| Equity | 10/15 | €335,218 | €360,838 | +€25,620 | +7.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €335,118 | €360,738 | +€25,620 | +7.6% |
| Tax-exempt reserves | 132 | €751 | €751 | = | 0.0% |
| Distributable reserves | 133 | €334,367 | €359,987 | +€25,620 | +7.7% |
| Amounts payable | 17/49 | €95,902 | €86,373 | -€9,528 | -9.9% |
| Amounts payable within one year | 42/48 | €95,902 | €86,373 | -€9,528 | -9.9% |
| Trade debts | 44 | €3,344 | €2,679 | -€665 | -19.9% |
| Suppliers | 440/4 | €3,344 | €2,679 | -€665 | -19.9% |
| Taxes, remuneration and social security | 45 | €21,426 | €22,741 | +€1,315 | +6.1% |
| Taxes | 450/3 | €20,495 | €18,705 | -€1,790 | -8.7% |
| Remuneration and social security | 454/9 | €931 | €4,035 | +€3,104 | +333% |
| Other amounts payable | 47/48 | €71,131 | €60,953 | -€10,178 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,481 | €14,741 | -€1,740 | -10.6% |
| Other operating charges | 640/8 | €766 | €1,065 | +€299 | +39.1% |
| Non-recurring operating charges | 66A | - | €1,690 | +€1,690 | |
| Gross operating margin | 9900 | €164,983 | €135,979 | -€29,003 | -17.6% |
| Operating profit (loss) | 9901 | €147,736 | €118,483 | -€29,253 | -19.8% |
| Financial income | 75/76B | €4,371 | €4,431 | +€60 | +1.4% |
| Recurring financial income | 75 | €4,241 | €4,431 | +€190 | +4.5% |
| Non-recurring financial income | 76B | €130 | - | -€130 | |
| Financial charges | 65/66B | €154 | €128 | -€26 | -17.1% |
| Recurring financial charges | 65 | €154 | €128 | -€26 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €151,953 | €122,787 | -€29,166 | -19.2% |
| Income taxes | 67/77 | €44,638 | €36,213 | -€8,424 | -18.9% |
| Profit (loss) for the period | 9904 | €107,316 | €86,574 | -€20,742 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €107,316 | €86,574 | -€20,742 | -19.3% |
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 17 October 2026 via checked.be.