A & L: 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.
A & L
Largest movements
- Tangible fixed assets +€410,270
up €410,270 (+150.8%), from €272,057 to €682,328
of which Land and buildings: +€410,270
- Cash -€105,360
down €105,360 (-98.2%), from €107,309 to €1,949
mainly Investment in fixed assets (net) (-€429,937) and Other debts (-€2,503)
- Receivables within one year -€7,056
down €7,056 (-98.7%), from €7,152 to €96
- Debts after one year +€280,600
up €280,600 (+154.6%), from €181,524 to €462,124
- Current portion of long-term debt +€19,208
up €19,208 (+190.3%), from €10,094 to €29,303
- Depreciation -€37,184
down €37,184 (-65.4%), from €56,851 to €19,667
- Gross operating margin +€7,906
up €7,906 (+24.7%), from €32,034 to €39,940
- Financial charges +€7,616
up €7,616 (+83.9%), from €9,073 to €16,689
- Financial income -€570
down €570 (-87.3%), from €653 to €83
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.
Cash bridge derived
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 | €387,444 | €684,372 | +€296,928 | +76.6% |
| Fixed assets | 21/28 | €272,057 | €682,328 | +€410,270 | +150.8% |
| Tangible fixed assets | 22/27 | €272,057 | €682,328 | +€410,270 | +150.8% |
| Land and buildings | 22 | €272,057 | €682,328 | +€410,270 | +150.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €115,387 | €2,045 | -€113,342 | -98.2% |
| Amounts receivable within one year | 40/41 | €7,152 | €96 | -€7,056 | -98.7% |
| Other amounts receivable | 41 | €7,152 | €96 | -€7,056 | -98.7% |
| Cash at bank and in hand | 54/58 | €107,309 | €1,949 | -€105,360 | -98.2% |
| Deferred charges and accrued income | 490/1 | €926 | €0 | -€926 | -100.0% |
| Total equity and liabilities | 10/49 | €387,444 | €684,372 | +€296,928 | +76.6% |
| Equity | 10/15 | €3,462 | €4,444 | +€982 | +28.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,150 | €7,150 | = | 0.0% |
| Distributable reserves | 133 | €7,150 | €7,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,888 | -€8,906 | +€982 | +9.9% |
| Amounts payable | 17/49 | €383,982 | €679,928 | +€295,946 | +77.1% |
| Amounts payable after more than one year | 17 | €181,524 | €462,124 | +€280,600 | +154.6% |
| Financial debts | 170/4 | €181,524 | €462,124 | +€280,600 | +154.6% |
| Amounts payable within one year | 42/48 | €202,458 | €217,804 | +€15,346 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €10,094 | €29,303 | +€19,208 | +190.3% |
| Trade debts | 44 | €1,468 | €109 | -€1,359 | -92.6% |
| Suppliers | 440/4 | €1,468 | €109 | -€1,359 | -92.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €190,896 | €188,393 | -€2,503 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,851 | €19,667 | -€37,184 | -65.4% |
| Other operating charges | 640/8 | €2,315 | €2,684 | +€369 | +15.9% |
| Gross operating margin | 9900 | €32,034 | €39,940 | +€7,906 | +24.7% |
| Operating profit (loss) | 9901 | -€27,133 | €17,589 | +€44,721 | |
| Financial income | 75/76B | €653 | €83 | -€570 | -87.3% |
| Recurring financial income | 75 | €653 | €83 | -€570 | -87.3% |
| Financial charges | 65/66B | €9,073 | €16,689 | +€7,616 | +83.9% |
| Recurring financial charges | 65 | €9,073 | €16,689 | +€7,616 | +83.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,552 | €982 | +€36,535 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€35,552 | €982 | +€36,535 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,552 | €982 | +€36,535 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.