8 TO FUTURE: 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.
What changed
8 TO FUTURE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.3m
2024 · €4.6m-€1.3m
Equity
€14.7m
2024 · €20.3m-€5.7m
Cash
€698,752
2024 · €143,202+€555,550
Balance sheet total
€14.7m
2024 · €22.5m-€7.9m
Largest movements
Assets
- Current investments -€8.1m
down €8.1m (-92.1%), from €8.8m to €692,270
- Cash +€555,550
up €555,550 (+388%), from €143,202 to €698,752
mainly Current investments (+€8.1m) and Net result for the year (+€3.3m)
Equity and liabilities
- Reserves -€5.7m
down €5.7m (-40.5%), from €13.9m to €8.3m
of which Distributable reserves: -€5.7m
- Other debts -€2.2m
down €2.2m (-100%), from €2.2m to €0
Income statement
- Financial income -€1.3m
down €1.3m (-28.7%), from €4.7m to €3.3m
of which Non-recurring financial income: -€2.3m
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.
Result 2024
€4.6m
Other operating charges
-€40
Other operating items
-€5,716
Financial income
-€1.3m
Financial charges
+€1,314
Taxes
+€11,794
Result 2025
€3.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
+€8.1m
Financing
-€8.9m
Cash 2024
€143,202
From operations (derived)
+€1.4m
Net result for the year
+€3.3m
Receivables after one year
+€217,347
Receivables within one year
+€168,505
Deferred charges and accrued income
-€3,863
Other debts
-€2.2m
Investment (derived)
+€8.1m
Investment in fixed assets (net)
-€10,000
Current investments
+€8.1m
Financing
-€8.9m
Contributions, distributions and other
-€8.9m
Cash 2025
€698,752
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,535,304 | €14,654,693 | -€7.9m | -35.0% |
| Fixed assets | 21/28 | €11,972,264 | €11,982,264 | +€10,000 | +0.1% |
| Financial fixed assets | 28 | €11,972,264 | €11,982,264 | +€10,000 | +0.1% |
| Affiliated companies | 280/1 | €11,972,264 | €11,972,264 | = | 0.0% |
| Participating interests | 280 | €11,972,264 | €11,972,264 | = | 0.0% |
| Companies linked by participating interests | 282/3 | - | €10,000 | +€10,000 | |
| Participating interests | 282 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €10,563,040 | €2,672,429 | -€7.9m | -74.7% |
| Amounts receivable after more than one year | 29 | €1,217,347 | €1,000,000 | -€217,347 | -17.9% |
| Other amounts receivable | 291 | €1,217,347 | €1,000,000 | -€217,347 | -17.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €405,358 | €236,853 | -€168,505 | -41.6% |
| Trade receivables | 40 | €24,372 | €10,945 | -€13,426 | -55.1% |
| Other amounts receivable | 41 | €380,986 | €225,908 | -€155,079 | -40.7% |
| Current investments | 50/53 | €8,756,442 | €692,270 | -€8.1m | -92.1% |
| Other investments | 51/53 | €8,756,442 | €692,270 | -€8.1m | -92.1% |
| Cash at bank and in hand | 54/58 | €143,202 | €698,752 | +€555,550 | +388% |
| Deferred charges and accrued income | 490/1 | €40,691 | €44,554 | +€3,863 | +9.5% |
| Total equity and liabilities | 10/49 | €22,535,304 | €14,654,693 | -€7.9m | -35.0% |
| Equity | 10/15 | €20,305,812 | €14,652,273 | -€5.7m | -27.8% |
| Contributions | 10/11 | €6,344,821 | €6,344,821 | = | 0.0% |
| Capital | 10 | €6,344,821 | €6,344,821 | = | 0.0% |
| Issued capital | 100 | €6,344,821 | €6,344,821 | = | 0.0% |
| Revaluation surpluses | 12 | €12,942 | €12,942 | = | 0.0% |
| Reserves | 13 | €13,948,049 | €8,294,510 | -€5.7m | -40.5% |
| Non-distributable reserves | 130/1 | €634,483 | €634,483 | = | 0.0% |
| Legal reserve | 130 | €634,483 | €634,483 | = | 0.0% |
| Distributable reserves | 133 | €13,313,566 | €7,660,027 | -€5.7m | -42.5% |
| Amounts payable | 17/49 | €2,229,492 | €2,420 | -€2.2m | -99.9% |
| Amounts payable within one year | 42/48 | €2,229,492 | €2,420 | -€2.2m | -99.9% |
| Trade debts | 44 | €2,420 | €2,420 | = | 0.0% |
| Suppliers | 440/4 | €2,420 | €2,420 | = | 0.0% |
| Other amounts payable | 47/48 | €2,227,072 | €0 | -€2.2m | -100% |
| Operating charges | 60/66A | €11,572 | €17,328 | +€5,756 | +49.7% |
| Goods for resale, raw materials and consumables | 60 | €376 | €0 | -€376 | -100% |
| Purchases | 600/8 | €376 | €0 | -€376 | -100% |
| Services and other goods | 61 | €11,195 | €17,288 | +€6,092 | +54.4% |
| Other operating charges | 640/8 | €1 | €41 | +€40 | +6,700% |
| Operating profit (loss) | 9901 | -€11,572 | -€17,328 | -€5,756 | -49.7% |
| Financial income | 75/76B | €4,656,306 | €3,318,735 | -€1.3m | -28.7% |
| Recurring financial income | 75 | €2,320,018 | €3,318,735 | +€998,717 | +43.0% |
| Income from financial fixed assets | 750 | €2,073,543 | €3,149,016 | +€1.1m | +51.9% |
| Income from current assets | 751 | €238,512 | €128,505 | -€110,007 | -46.1% |
| Other financial income | 752/9 | €7,962 | €41,214 | +€33,252 | +418% |
| Non-recurring financial income | 76B | €2,336,288 | €0 | -€2.3m | -100% |
| Financial charges | 65/66B | €11,388 | €10,075 | -€1,314 | -11.5% |
| Recurring financial charges | 65 | €11,388 | €10,075 | -€1,314 | -11.5% |
| Debt charges | 650 | €1,760 | €59 | -€1,701 | -96.6% |
| Other financial charges | 652/9 | €9,628 | €10,016 | +€387 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €4,633,345 | €3,291,332 | -€1.3m | -29.0% |
| Income taxes | 67/77 | €39,084 | €27,290 | -€11,794 | -30.2% |
| Taxes | 670/3 | €39,084 | €27,290 | -€11,794 | -30.2% |
| Profit (loss) for the period | 9904 | €4,594,261 | €3,264,042 | -€1.3m | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,594,261 | €3,264,042 | -€1.3m | -29.0% |
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 19 October 2026 via checked.be.