48-50: 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.
48-50
Largest movements
- Cash -€19,135
down €19,135 (-77.2%), from €24,785 to €5,650
mainly Short-term financial debts (-€17,966) and Debts after one year (-€16,118)
- Tangible fixed assets -€16,349
down €16,349 (-6.9%), from €237,939 to €221,590
of which Furniture and vehicles: -€108,222
- Current investments +€11,227
new in 2025: €11,227
- Receivables within one year +€9,841
up €9,841 (+95.1%), from €10,351 to €20,192
- Profit (loss) carried forward +€22,475
up €22,475 (+18.7%), from €119,921 to €142,396
- Short-term financial debts -€17,966
down €17,966 (-48.6%), from €36,981 to €19,015
of which Credit institutions: -€17,966
- Debts after one year -€16,118
down €16,118 (-20.0%), from €80,771 to €64,654
of which Financial debts: -€16,118
- Trade debts -€2,750
down €2,750 (-80.4%), from €3,422 to €672
- Gross operating margin -€13,336
down €13,336 (-21.5%), from €61,915 to €48,580
- Depreciation -€9,206
down €9,206 (-36.0%), from €25,555 to €16,349
- Financial charges -€1,309
down €1,309 (-36.6%), from €3,575 to €2,266
- Taxes -€1,028
down €1,028 (-11.9%), from €8,608 to €7,581
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 | €273,075 | €258,659 | -€14,416 | -5.3% |
| Fixed assets | 21/28 | €237,939 | €221,590 | -€16,349 | -6.9% |
| Tangible fixed assets | 22/27 | €237,939 | €221,590 | -€16,349 | -6.9% |
| Land and buildings | 22 | €129,717 | €221,590 | +€91,874 | +70.8% |
| Furniture and vehicles | 24 | €108,222 | - | -€108,222 | |
| Current assets | 29/58 | €35,136 | €37,069 | +€1,933 | +5.5% |
| Amounts receivable within one year | 40/41 | €10,351 | €20,192 | +€9,841 | +95.1% |
| Other amounts receivable | 41 | €10,351 | €20,192 | +€9,841 | +95.1% |
| Current investments | 50/53 | - | €11,227 | +€11,227 | |
| Cash at bank and in hand | 54/58 | €24,785 | €5,650 | -€19,135 | -77.2% |
| Total equity and liabilities | 10/49 | €273,075 | €258,659 | -€14,416 | -5.3% |
| Equity | 10/15 | €142,911 | €165,386 | +€22,475 | +15.7% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Reserves | 13 | €2,090 | €2,090 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,090 | €2,090 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,090 | €2,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,921 | €142,396 | +€22,475 | +18.7% |
| Amounts payable | 17/49 | €130,164 | €93,273 | -€36,891 | -28.3% |
| Amounts payable after more than one year | 17 | €80,771 | €64,654 | -€16,118 | -20.0% |
| Financial debts | 170/4 | €37,147 | €21,029 | -€16,118 | -43.4% |
| Other amounts payable | 178/9 | €43,625 | €43,625 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,945 | €24,172 | -€20,773 | -46.2% |
| Financial debts | 43 | €36,981 | €19,015 | -€17,966 | -48.6% |
| Credit institutions | 430/8 | €36,981 | €19,015 | -€17,966 | -48.6% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €3,422 | €672 | -€2,750 | -80.4% |
| Suppliers | 440/4 | €3,422 | €672 | -€2,750 | -80.4% |
| Taxes, remuneration and social security | 45 | €2,804 | €2,176 | -€628 | -22.4% |
| Taxes | 450/3 | €2,804 | €2,176 | -€628 | -22.4% |
| Other amounts payable | 47/48 | €1,738 | €2,308 | +€570 | +32.8% |
| Accrued charges and deferred income | 492/3 | €4,448 | €4,448 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,555 | €16,349 | -€9,206 | -36.0% |
| Gross operating margin | 9900 | €61,915 | €48,580 | -€13,336 | -21.5% |
| Operating profit (loss) | 9901 | €36,361 | €32,231 | -€4,130 | -11.4% |
| Financial income | 75/76B | €181 | €91 | -€90 | -49.9% |
| Recurring financial income | 75 | €181 | €91 | -€90 | -49.9% |
| Financial charges | 65/66B | €3,575 | €2,266 | -€1,309 | -36.6% |
| Recurring financial charges | 65 | €3,575 | €2,266 | -€1,309 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €32,967 | €30,056 | -€2,911 | -8.8% |
| Income taxes | 67/77 | €8,608 | €7,581 | -€1,028 | -11.9% |
| Profit (loss) for the period | 9904 | €24,358 | €22,475 | -€1,883 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,358 | €22,475 | -€1,883 | -7.7% |
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 9 October 2026 via checked.be.