8820: what changed
Two fiscal 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.
8820
Largest movements
- Tangible fixed assets +€4.2m
up €4.2m (+766.8%), from €547,926 to €4.7m
of which Land and buildings: +€3.8m
- Stocks and contracts +€516,942
up €516,942 (+20677.7%), from €2,500 to €519,442
- Current investments +€160,000
new in 2025: €160,000
- Debts after one year +€4.9m
up €4.9m (+1196.0%), from €413,265 to €5.4m
of which Financial debts: +€2.9m
- Advances received +€66,741
new in 2025: €66,741
- Reserves -€61,756
down €61,756 (-97.1%), from €63,611 to €1,855
- Depreciation +€305,409
up €305,409 (+1400.7%), from €21,803 to €327,212
- Gross operating margin +€278,216
up €278,216 (+544.7%), from €51,072 to €329,288
- Financial charges +€52,658
up €52,658 (+487.5%), from €10,801 to €63,460
of which Financial charges: +€53,802
- Other operating charges +€20,727
up €20,727 (+535.0%), from €3,874 to €24,601
- Taxes -€3,812
no longer reported in 2025 (was €3,812)
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €578,476 | €5,516,474 | +€4.9m | +853.6% |
| Fixed assets | 21/28 | €560,301 | €4,761,553 | +€4.2m | +749.8% |
| Tangible fixed assets | 22/27 | €547,926 | €4,749,178 | +€4.2m | +766.8% |
| Land and buildings | 22 | €542,609 | €4,351,976 | +€3.8m | +702.0% |
| Plant, machinery and equipment | 23 | €5,317 | €21,052 | +€15,735 | +295.9% |
| Other tangible fixed assets | 26 | - | €376,151 | +€376,151 | |
| Financial fixed assets | 28 | €12,375 | €12,375 | = | 0.0% |
| Current assets | 29/58 | €18,174 | €754,920 | +€736,746 | +4053.8% |
| Stocks and contracts in progress | 3 | €2,500 | €519,442 | +€516,942 | +20677.7% |
| Stocks | 30/36 | €2,500 | €519,442 | +€516,942 | +20677.7% |
| Amounts receivable within one year | 40/41 | €4,565 | €54,265 | +€49,700 | +1088.6% |
| Trade receivables | 40 | €4,565 | €49,257 | +€44,692 | +978.9% |
| Other amounts receivable | 41 | - | €5,008 | +€5,008 | |
| Current investments | 50/53 | - | €160,000 | +€160,000 | |
| Cash at bank and in hand | 54/58 | €9,559 | €14,291 | +€4,732 | +49.5% |
| Deferred charges and accrued income | 490/1 | €1,550 | €6,922 | +€5,372 | +346.5% |
| Total equity and liabilities | 10/49 | €578,476 | €5,516,474 | +€4.9m | +853.6% |
| Equity | 10/15 | €82,161 | -€16,731 | -€98,891 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €63,611 | €1,855 | -€61,756 | -97.1% |
| Distributable reserves | 133 | €63,611 | €1,855 | -€61,756 | -97.1% |
| Profit (loss) carried forward | 14 | - | -€37,136 | -€37,136 | |
| Amounts payable | 17/49 | €496,315 | €5,533,204 | +€5.0m | +1014.9% |
| Amounts payable after more than one year | 17 | €413,265 | €5,355,810 | +€4.9m | +1196.0% |
| Financial debts | 170/4 | €409,365 | €3,265,065 | +€2.9m | +697.6% |
| Other amounts payable | 178/9 | €3,900 | €2,090,745 | +€2.1m | +53508.8% |
| Amounts payable within one year | 42/48 | €82,724 | €175,043 | +€92,318 | +111.6% |
| Current portion of amounts payable after more than one year | 42 | €31,242 | €60,083 | +€28,841 | +92.3% |
| Financial debts | 43 | €1,112 | €1,150 | +€38 | +3.4% |
| Credit institutions | 430/8 | €1,112 | €1,150 | +€38 | +3.4% |
| Trade debts | 44 | €9,668 | €15,787 | +€6,119 | +63.3% |
| Suppliers | 440/4 | €9,668 | €15,787 | +€6,119 | +63.3% |
| Advances received on contracts in progress | 46 | - | €66,741 | +€66,741 | |
| Taxes, remuneration and social security | 45 | €2,517 | €19,570 | +€17,054 | +677.6% |
| Taxes | 450/3 | €2,517 | €14,454 | +€11,937 | +474.3% |
| Remuneration and social security | 454/9 | - | €5,116 | +€5,116 | |
| Other amounts payable | 47/48 | €38,186 | €11,712 | -€26,474 | -69.3% |
| Accrued charges and deferred income | 492/3 | €326 | €2,352 | +€2,026 | +621.2% |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,803 | €327,212 | +€305,409 | +1400.7% |
| Other operating charges | 640/8 | €3,874 | €24,601 | +€20,727 | +535.0% |
| Non-recurring operating charges | 66A | - | €15,716 | +€15,716 | |
| Gross operating margin | 9900 | €51,072 | €329,288 | +€278,216 | +544.7% |
| Operating profit (loss) | 9901 | €25,395 | -€38,242 | -€63,637 | |
| Financial income | 75/76B | - | €2,810 | +€2,810 | |
| Recurring financial income | 75 | - | €440 | +€440 | |
| Non-recurring financial income | 76B | - | €2,370 | +€2,370 | |
| Financial charges | 65/66B | €10,801 | €63,460 | +€52,658 | +487.5% |
| Recurring financial charges | 65 | €9,658 | €63,460 | +€53,802 | +557.1% |
| Non-recurring financial charges | 66B | €1,144 | - | -€1,144 | |
| Profit (loss) for the period before taxes | 9903 | €14,593 | -€98,891 | -€113,485 | |
| Income taxes | 67/77 | €3,812 | - | -€3,812 | |
| Profit (loss) for the period | 9904 | €10,781 | -€98,891 | -€109,673 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,781 | -€98,891 | -€109,673 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.