A&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&L
Largest movements
- Tangible fixed assets -€140,122
down €140,122 (-11.0%), from €1.3m to €1.1m
of which Other tangible fixed assets: -€107,467
- Debts after one year -€120,000
down €120,000 (-12.3%), from €974,166 to €854,166
- Profit (loss) carried forward -€22,702
down €22,702 (-61.5%), from -€36,935 to -€59,636
- Gross operating margin -€22,788
down €22,788 (-12.9%), from €176,724 to €153,936
- Financial charges -€4,290
down €4,290 (-11.6%), from €36,954 to €32,665
- Depreciation +€1,982
up €1,982 (+1.4%), from €138,139 to €140,122
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 | €1,335,227 | €1,201,685 | -€133,542 | -10.0% |
| Fixed assets | 21/28 | €1,277,087 | €1,136,965 | -€140,122 | -11.0% |
| Tangible fixed assets | 22/27 | €1,277,087 | €1,136,965 | -€140,122 | -11.0% |
| Land and buildings | 22 | €882,768 | €852,312 | -€30,456 | -3.5% |
| Plant, machinery and equipment | 23 | €10,776 | €8,578 | -€2,199 | -20.4% |
| Other tangible fixed assets | 26 | €383,542 | €276,075 | -€107,467 | -28.0% |
| Current assets | 29/58 | €58,141 | €64,720 | +€6,579 | +11.3% |
| Amounts receivable within one year | 40/41 | €53,610 | €54,184 | +€574 | +1.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €53,610 | €54,184 | +€574 | +1.1% |
| Cash at bank and in hand | 54/58 | €3,987 | €9,988 | +€6,002 | +150.5% |
| Deferred charges and accrued income | 490/1 | €544 | €548 | +€4 | +0.7% |
| Total equity and liabilities | 10/49 | €1,335,227 | €1,201,685 | -€133,542 | -10.0% |
| Equity | 10/15 | €214,566 | €191,865 | -€22,702 | -10.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,501 | €1,501 | = | 0.0% |
| Distributable reserves | 133 | €1,501 | €1,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,935 | -€59,636 | -€22,702 | -61.5% |
| Amounts payable | 17/49 | €1,120,661 | €1,009,821 | -€110,840 | -9.9% |
| Amounts payable after more than one year | 17 | €974,166 | €854,166 | -€120,000 | -12.3% |
| Financial debts | 170/4 | €974,166 | €854,166 | -€120,000 | -12.3% |
| Amounts payable within one year | 42/48 | €120,746 | €121,514 | +€769 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €120,000 | €120,000 | = | 0.0% |
| Trade debts | 44 | €594 | €1,363 | +€769 | +129.3% |
| Suppliers | 440/4 | €594 | €1,363 | +€769 | +129.3% |
| Taxes, remuneration and social security | 45 | €151 | €151 | = | 0.0% |
| Taxes | 450/3 | €151 | €151 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €25,750 | €34,141 | +€8,391 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,139 | €140,122 | +€1,982 | +1.4% |
| Other operating charges | 640/8 | €3,735 | €3,852 | +€117 | +3.1% |
| Gross operating margin | 9900 | €176,724 | €153,936 | -€22,788 | -12.9% |
| Operating profit (loss) | 9901 | €34,850 | €9,963 | -€24,887 | -71.4% |
| Financial charges | 65/66B | €36,954 | €32,665 | -€4,290 | -11.6% |
| Recurring financial charges | 65 | €36,954 | €32,665 | -€4,290 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,104 | -€22,702 | -€20,598 | -978.9% |
| Profit (loss) for the period | 9904 | -€2,104 | -€22,702 | -€20,598 | -978.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,104 | -€22,702 | -€20,598 | -978.9% |
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 10 October 2026 via checked.be.