40-42: 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.
40-42
Largest movements
- Cash -€27,210
down €27,210 (-54.3%), from €50,143 to €22,933
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€17,577)
- Deferred charges and accrued income -€8,816
down €8,816 (-91.7%), from €9,618 to €802
- Tangible fixed assets +€6,489
up €6,489 (+13.4%), from €48,549 to €55,039
of which Other tangible fixed assets: +€15,856
- Trade debts -€14,478
down €14,478 (-25.8%), from €56,039 to €41,561
- Reserves -€9,174
down €9,174 (-8.9%), from €103,497 to €94,324
of which Distributable reserves: -€9,174
- Tax, wage and social debts -€5,041
down €5,041 (-99.8%), from €5,053 to €11
- Gross operating margin +€52,056
up €52,056 (+180.0%), from €28,922 to €80,977
- Taxes +€13,100
up €13,100 (+385.3%), from €3,400 to €16,500
- Depreciation +€1,787
up €1,787 (+16.4%), from €10,905 to €12,692
- Financial charges -€1,638
down €1,638 (-99.7%), from €1,643 to €5
- Other operating charges +€1,170
up €1,170 (+496.2%), from €236 to €1,406
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 | €186,188 | €157,519 | -€28,670 | -15.4% |
| Fixed assets | 21/28 | €60,205 | €65,090 | +€4,885 | +8.1% |
| Intangible fixed assets | 21 | €846 | €482 | -€364 | -43.0% |
| Tangible fixed assets | 22/27 | €48,549 | €55,039 | +€6,489 | +13.4% |
| Plant, machinery and equipment | 23 | €33,822 | €27,755 | -€6,067 | -17.9% |
| Furniture and vehicles | 24 | €8,490 | €5,191 | -€3,299 | -38.9% |
| Other tangible fixed assets | 26 | €6,237 | €22,093 | +€15,856 | +254.2% |
| Financial fixed assets | 28 | €10,810 | €9,570 | -€1,240 | -11.5% |
| Current assets | 29/58 | €125,983 | €92,428 | -€33,555 | -26.6% |
| Stocks and contracts in progress | 3 | €53,167 | €54,326 | +€1,159 | +2.2% |
| Stocks | 30/36 | €53,167 | €54,326 | +€1,159 | +2.2% |
| Amounts receivable within one year | 40/41 | €13,055 | €14,367 | +€1,312 | +10.1% |
| Trade receivables | 40 | €9,455 | €1,093 | -€8,362 | -88.4% |
| Other amounts receivable | 41 | €3,600 | €13,274 | +€9,674 | +268.7% |
| Cash at bank and in hand | 54/58 | €50,143 | €22,933 | -€27,210 | -54.3% |
| Deferred charges and accrued income | 490/1 | €9,618 | €802 | -€8,816 | -91.7% |
| Total equity and liabilities | 10/49 | €186,188 | €157,519 | -€28,670 | -15.4% |
| Equity | 10/15 | €125,097 | €115,924 | -€9,174 | -7.3% |
| Contributions | 10/11 | €21,600 | €21,600 | = | 0.0% |
| Reserves | 13 | €103,497 | €94,324 | -€9,174 | -8.9% |
| Tax-exempt reserves | 132 | €154 | €154 | = | 0.0% |
| Distributable reserves | 133 | €103,343 | €94,170 | -€9,174 | -8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,091 | €41,595 | -€19,496 | -31.9% |
| Amounts payable within one year | 42/48 | €61,091 | €41,595 | -€19,496 | -31.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €56,039 | €41,561 | -€14,478 | -25.8% |
| Suppliers | 440/4 | €56,039 | €41,561 | -€14,478 | -25.8% |
| Taxes, remuneration and social security | 45 | €5,053 | €11 | -€5,041 | -99.8% |
| Taxes | 450/3 | €5,053 | €11 | -€5,041 | -99.8% |
| Other amounts payable | 47/48 | - | €23 | +€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,905 | €12,692 | +€1,787 | +16.4% |
| Other operating charges | 640/8 | €236 | €1,406 | +€1,170 | +496.2% |
| Non-recurring operating charges | 66A | €1,291 | €0 | -€1,291 | -100.0% |
| Gross operating margin | 9900 | €28,922 | €80,977 | +€52,056 | +180.0% |
| Operating profit (loss) | 9901 | €16,490 | €66,879 | +€50,390 | +305.6% |
| Financial income | 75/76B | €820 | €452 | -€368 | -44.9% |
| Recurring financial income | 75 | €820 | €452 | -€368 | -44.9% |
| Financial charges | 65/66B | €1,643 | €5 | -€1,638 | -99.7% |
| Recurring financial charges | 65 | €1,643 | €5 | -€1,638 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €15,666 | €67,326 | +€51,660 | +329.8% |
| Income taxes | 67/77 | €3,400 | €16,500 | +€13,100 | +385.3% |
| Profit (loss) for the period | 9904 | €12,266 | €50,826 | +€38,560 | +314.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,266 | €50,826 | +€38,560 | +314.4% |
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 10 October 2026 via checked.be.