5M: 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.
5M
Largest movements
- Receivables within one year +€882,449
up €882,449 (+8.1%), from €10.9m to €11.8m
of which Other amounts receivable: +€885,646
- Cash +€335,671
up €335,671 (+180%), from €186,669 to €522,340
mainly Net result for the year (+€1.3m) and Deferred charges and accrued income (+€37,244)
- Reserves +€1.3m
up €1.3m (+8.6%), from €14.8m to €16.1m
of which Distributable reserves: +€1.3m
- Financial income -€328,024
down €328,024 (-21.9%), from €1.5m to €1.2m
- Staff costs +€59,508
up €59,508 (+18.0%), from €331,217 to €390,725
- Gross operating margin +€15,201
up €15,201 (+2.6%), from €593,393 to €608,595
- Taxes -€12,407
down €12,407 (-18.7%), from €66,332 to €53,924
- Financial charges -€6,333
down €6,333 (-12.8%), from €49,598 to €43,265
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 | €15,557,196 | €16,722,138 | +€1.2m | +7.5% |
| Fixed assets | 21/28 | €4,387,318 | €4,371,383 | -€15,934 | -0.4% |
| Tangible fixed assets | 22/27 | €28,698 | €12,764 | -€15,934 | -55.5% |
| Plant, machinery and equipment | 23 | €469 | €349 | -€120 | -25.6% |
| Furniture and vehicles | 24 | €15,320 | €2,228 | -€13,092 | -85.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €12,910 | €10,187 | -€2,722 | -21.1% |
| Financial fixed assets | 28 | €4,358,619 | €4,358,619 | = | 0.0% |
| Current assets | 29/58 | €11,169,878 | €12,350,755 | +€1.2m | +10.6% |
| Amounts receivable within one year | 40/41 | €10,927,709 | €11,810,159 | +€882,449 | +8.1% |
| Trade receivables | 40 | €203,986 | €200,790 | -€3,197 | -1.6% |
| Other amounts receivable | 41 | €10,723,723 | €11,609,369 | +€885,646 | +8.3% |
| Cash at bank and in hand | 54/58 | €186,669 | €522,340 | +€335,671 | +180% |
| Deferred charges and accrued income | 490/1 | €55,500 | €18,256 | -€37,244 | -67.1% |
| Total equity and liabilities | 10/49 | €15,557,196 | €16,722,138 | +€1.2m | +7.5% |
| Equity | 10/15 | €14,787,993 | €16,062,640 | +€1.3m | +8.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,781,793 | €16,056,440 | +€1.3m | +8.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €14,781,793 | €16,056,440 | +€1.3m | +8.6% |
| Amounts payable | 17/49 | €769,203 | €659,498 | -€109,705 | -14.3% |
| Amounts payable within one year | 42/48 | €769,203 | €659,498 | -€109,705 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €33,850 | €33,768 | -€83 | -0.2% |
| Trade debts | 44 | €9,320 | €13,731 | +€4,410 | +47.3% |
| Suppliers | 440/4 | €9,320 | €13,731 | +€4,410 | +47.3% |
| Taxes, remuneration and social security | 45 | €47,682 | €79,905 | +€32,223 | +67.6% |
| Taxes | 450/3 | €12,271 | €25,628 | +€13,356 | +109% |
| Remuneration and social security | 454/9 | €35,411 | €54,278 | +€18,867 | +53.3% |
| Other amounts payable | 47/48 | €678,350 | €532,094 | -€146,256 | -21.6% |
| Remuneration, social security and pensions | 62 | €331,217 | €390,725 | +€59,508 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,222 | €15,934 | -€1,288 | -7.5% |
| Other operating charges | 640/8 | €3,655 | €2,572 | -€1,084 | -29.6% |
| Gross operating margin | 9900 | €593,393 | €608,595 | +€15,201 | +2.6% |
| Operating profit (loss) | 9901 | €241,298 | €199,364 | -€41,935 | -17.4% |
| Financial income | 75/76B | €1,500,497 | €1,172,473 | -€328,024 | -21.9% |
| Recurring financial income | 75 | €1,500,497 | €1,172,473 | -€328,024 | -21.9% |
| Financial charges | 65/66B | €49,598 | €43,265 | -€6,333 | -12.8% |
| Recurring financial charges | 65 | €49,598 | €43,265 | -€6,333 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €1,692,197 | €1,328,572 | -€363,626 | -21.5% |
| Income taxes | 67/77 | €66,332 | €53,924 | -€12,407 | -18.7% |
| Profit (loss) for the period | 9904 | €1,625,866 | €1,274,648 | -€351,218 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,625,866 | €1,274,648 | -€351,218 | -21.6% |
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 23 October 2026 via checked.be.