56 & NEXT: 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.
56 & NEXT
Largest movements
- Tangible fixed assets +€150,527
up €150,527 (+19.4%), from €775,027 to €925,555
of which Assets under construction and advance payments: +€164,459
- Receivables within one year +€36,059
new in 2025: €36,059
- Debts after one year +€175,191
up €175,191 (+21.5%), from €814,207 to €989,398
of which Other amounts payable: +€200,000
- Profit (loss) carried forward -€40,764
down €40,764 (-113%), from -€36,211 to -€76,975
- Trade debts +€24,090
up €24,090 (+524%), from €4,593 to €28,683
- Current portion of long-term debt +€19,478
new in 2025: €19,478
- Financial charges +€7,419
up €7,419 (+55.6%), from €13,350 to €20,769
- Gross operating margin +€2,025
up €2,025 (+87.2%), from -€2,321 to -€296
- Other operating charges +€173
up €173 (+3.1%), from €5,594 to €5,767
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 | €787,369 | €971,994 | +€184,625 | +23.4% |
| Fixed assets | 21/28 | €775,027 | €925,555 | +€150,527 | +19.4% |
| Tangible fixed assets | 22/27 | €775,027 | €925,555 | +€150,527 | +19.4% |
| Land and buildings | 22 | €450,468 | €436,536 | -€13,932 | -3.1% |
| Assets under construction and advance payments | 27 | €324,559 | €489,019 | +€164,459 | +50.7% |
| Current assets | 29/58 | €12,342 | €46,439 | +€34,097 | +276% |
| Amounts receivable within one year | 40/41 | - | €36,059 | +€36,059 | |
| Trade receivables | 40 | - | €36,059 | +€36,059 | |
| Cash at bank and in hand | 54/58 | €12,342 | €10,381 | -€1,961 | -15.9% |
| Total equity and liabilities | 10/49 | €787,369 | €971,994 | +€184,625 | +23.4% |
| Equity | 10/15 | -€32,211 | -€72,975 | -€40,764 | -127% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,211 | -€76,975 | -€40,764 | -113% |
| Amounts payable | 17/49 | €819,580 | €1,044,969 | +€225,389 | +27.5% |
| Amounts payable after more than one year | 17 | €814,207 | €989,398 | +€175,191 | +21.5% |
| Financial debts | 170/4 | €494,207 | €469,398 | -€24,809 | -5.0% |
| Other amounts payable | 178/9 | €320,000 | €520,000 | +€200,000 | +62.5% |
| Amounts payable within one year | 42/48 | €4,593 | €48,161 | +€43,567 | +949% |
| Current portion of amounts payable after more than one year | 42 | - | €19,478 | +€19,478 | |
| Trade debts | 44 | €4,593 | €28,683 | +€24,090 | +524% |
| Suppliers | 440/4 | €4,593 | €28,683 | +€24,090 | +524% |
| Accrued charges and deferred income | 492/3 | €780 | €7,410 | +€6,630 | +850% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,932 | €13,932 | = | 0.0% |
| Other operating charges | 640/8 | €5,594 | €5,767 | +€173 | +3.1% |
| Gross operating margin | 9900 | -€2,321 | -€296 | +€2,025 | +87.2% |
| Operating profit (loss) | 9901 | -€21,848 | -€19,995 | +€1,852 | +8.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €13,350 | €20,769 | +€7,419 | +55.6% |
| Recurring financial charges | 65 | €13,350 | €20,769 | +€7,419 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | -€35,198 | -€40,764 | -€5,567 | -15.8% |
| Profit (loss) for the period | 9904 | -€35,198 | -€40,764 | -€5,567 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,198 | -€40,764 | -€5,567 | -15.8% |
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 30 October 2026 via checked.be.