A et L: 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.
A et L
Largest movements
- Receivables within one year -€7,359
down €7,359 (-22.1%), from €33,289 to €25,930
- Cash +€4,172
up €4,172 (+5.5%), from €76,042 to €80,214
mainly Net result for the year (+€33,299) and Receivables within one year (+€7,359)
- Reserves +€13,299
up €13,299 (+22.2%), from €59,986 to €73,285
of which Distributable reserves: +€13,299
- Debts after one year -€9,869
down €9,869 (-13.7%), from €71,864 to €61,995
- Short-term financial debts -€7,950
down €7,950 (-31.1%), from €25,546 to €17,596
- Gross operating margin -€13,077
down €13,077 (-18.5%), from €70,503 to €57,426
- Taxes -€3,470
down €3,470 (-17.1%), from €20,263 to €16,793
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 | €225,561 | €220,318 | -€5,243 | -2.3% |
| Fixed assets | 21/28 | €116,230 | €114,174 | -€2,056 | -1.8% |
| Tangible fixed assets | 22/27 | €116,143 | €114,087 | -€2,056 | -1.8% |
| Land and buildings | 22 | €115,779 | €111,864 | -€3,915 | -3.4% |
| Furniture and vehicles | 24 | €364 | €2,223 | +€1,859 | +511% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €109,331 | €106,144 | -€3,187 | -2.9% |
| Amounts receivable within one year | 40/41 | €33,289 | €25,930 | -€7,359 | -22.1% |
| Trade receivables | 40 | €33,289 | €25,930 | -€7,359 | -22.1% |
| Cash at bank and in hand | 54/58 | €76,042 | €80,214 | +€4,172 | +5.5% |
| Total equity and liabilities | 10/49 | €225,561 | €220,318 | -€5,243 | -2.3% |
| Equity | 10/15 | €66,183 | €79,482 | +€13,299 | +20.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €59,986 | €73,285 | +€13,299 | +22.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €58,127 | €71,426 | +€13,299 | +22.9% |
| Amounts payable | 17/49 | €159,378 | €140,836 | -€18,542 | -11.6% |
| Amounts payable after more than one year | 17 | €71,864 | €61,995 | -€9,869 | -13.7% |
| Financial debts | 170/4 | €71,864 | €61,995 | -€9,869 | -13.7% |
| Amounts payable within one year | 42/48 | €87,514 | €78,841 | -€8,673 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €9,660 | €9,869 | +€209 | +2.2% |
| Financial debts | 43 | €25,546 | €17,596 | -€7,950 | -31.1% |
| Credit institutions | 430/8 | €25,546 | €17,596 | -€7,950 | -31.1% |
| Trade debts | 44 | €1,447 | €2,398 | +€951 | +65.7% |
| Suppliers | 440/4 | €1,447 | €2,398 | +€951 | +65.7% |
| Taxes, remuneration and social security | 45 | €44,890 | €42,958 | -€1,932 | -4.3% |
| Taxes | 450/3 | €44,890 | €42,958 | -€1,932 | -4.3% |
| Other amounts payable | 47/48 | €5,971 | €6,020 | +€49 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,165 | €4,299 | +€134 | +3.2% |
| Other operating charges | 640/8 | €976 | €865 | -€111 | -11.4% |
| Gross operating margin | 9900 | €70,503 | €57,426 | -€13,077 | -18.5% |
| Operating profit (loss) | 9901 | €65,362 | €52,262 | -€13,100 | -20.0% |
| Financial income | 75/76B | €184 | €144 | -€40 | -21.7% |
| Recurring financial income | 75 | €184 | €144 | -€40 | -21.7% |
| Financial charges | 65/66B | €2,397 | €2,314 | -€83 | -3.5% |
| Recurring financial charges | 65 | €2,397 | €2,314 | -€83 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €63,149 | €50,092 | -€13,057 | -20.7% |
| Income taxes | 67/77 | €20,263 | €16,793 | -€3,470 | -17.1% |
| Profit (loss) for the period | 9904 | €42,886 | €33,299 | -€9,587 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,886 | €33,299 | -€9,587 | -22.4% |
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.