A POSTERIORI: 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 POSTERIORI
Largest movements
- Tangible fixed assets -€30,021
down €30,021 (-9.8%), from €307,221 to €277,201
of which Assets under construction and advance payments: -€211,856
- Receivables within one year -€18,650
down €18,650 (-77.3%), from €24,115 to €5,465
of which Trade receivables: -€18,312
- Profit (loss) carried forward -€38,738
down €38,738 (-257%), from -€15,048 to -€53,786
- Debts after one year -€14,163
down €14,163 (-4.9%), from €290,790 to €276,627
of which Financial debts: -€14,163
- Tax, wage and social debts -€11,088
down €11,088 (-97.5%), from €11,372 to €284
of which Remuneration and social security: -€8,667
- Other debts +€7,420
new in 2025: €7,420
- Staff costs -€62,209
down €62,209 (-96.9%), from €64,206 to €1,997
- Gross operating margin -€60,313
down €60,313 (-66.7%), from €90,428 to €30,115
- Other operating charges +€18,345
up €18,345 (+627%), from €2,928 to €21,273
- Write-downs +€2,505
new in 2025: €2,505
- Financial charges +€2,309
up €2,309 (+20.9%), from €11,048 to €13,356
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 | €353,193 | €294,128 | -€59,065 | -16.7% |
| Fixed assets | 21/28 | €310,899 | €278,029 | -€32,871 | -10.6% |
| Tangible fixed assets | 22/27 | €307,221 | €277,201 | -€30,021 | -9.8% |
| Land and buildings | 22 | €63,567 | €266,286 | +€202,718 | +319% |
| Plant, machinery and equipment | 23 | €16,458 | €6,815 | -€9,643 | -58.6% |
| Furniture and vehicles | 24 | €3,341 | €1,869 | -€1,472 | -44.1% |
| Other tangible fixed assets | 26 | €12,000 | €2,232 | -€9,768 | -81.4% |
| Assets under construction and advance payments | 27 | €211,856 | - | -€211,856 | |
| Financial fixed assets | 28 | €3,678 | €828 | -€2,850 | -77.5% |
| Current assets | 29/58 | €42,293 | €16,099 | -€26,194 | -61.9% |
| Stocks and contracts in progress | 3 | €6,527 | €3,816 | -€2,711 | -41.5% |
| Stocks | 30/36 | €6,527 | €3,816 | -€2,711 | -41.5% |
| Amounts receivable within one year | 40/41 | €24,115 | €5,465 | -€18,650 | -77.3% |
| Trade receivables | 40 | €21,429 | €3,117 | -€18,312 | -85.5% |
| Other amounts receivable | 41 | €2,686 | €2,348 | -€338 | -12.6% |
| Cash at bank and in hand | 54/58 | €9,204 | €5,800 | -€3,403 | -37.0% |
| Deferred charges and accrued income | 490/1 | €2,447 | €1,018 | -€1,430 | -58.4% |
| Total equity and liabilities | 10/49 | €353,193 | €294,128 | -€59,065 | -16.7% |
| Equity | 10/15 | €16,842 | -€21,896 | -€38,738 | |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €23,890 | €23,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €22,030 | €22,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,048 | -€53,786 | -€38,738 | -257% |
| Amounts payable | 17/49 | €336,351 | €316,024 | -€20,327 | -6.0% |
| Amounts payable after more than one year | 17 | €290,790 | €276,627 | -€14,163 | -4.9% |
| Financial debts | 170/4 | €243,984 | €229,821 | -€14,163 | -5.8% |
| Other amounts payable | 178/9 | €46,806 | €46,806 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,561 | €38,999 | -€6,562 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €16,910 | €15,834 | -€1,076 | -6.4% |
| Financial debts | 43 | €12,028 | €11,912 | -€116 | -1.0% |
| Credit institutions | 430/8 | €12,028 | €11,912 | -€116 | -1.0% |
| Trade debts | 44 | €5,251 | €3,550 | -€1,701 | -32.4% |
| Suppliers | 440/4 | €5,251 | €3,550 | -€1,701 | -32.4% |
| Taxes, remuneration and social security | 45 | €11,372 | €284 | -€11,088 | -97.5% |
| Taxes | 450/3 | €2,705 | €284 | -€2,421 | -89.5% |
| Remuneration and social security | 454/9 | €8,667 | - | -€8,667 | |
| Other amounts payable | 47/48 | - | €7,420 | +€7,420 | |
| Accrued charges and deferred income | 492/3 | - | €398 | +€398 | |
| Remuneration, social security and pensions | 62 | €64,206 | €1,997 | -€62,209 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,748 | €24,563 | -€185 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,505 | +€2,505 | |
| Other operating charges | 640/8 | €2,928 | €21,273 | +€18,345 | +627% |
| Non-recurring operating charges | 66A | €400 | €5,211 | +€4,811 | +1,201% |
| Gross operating margin | 9900 | €90,428 | €30,115 | -€60,313 | -66.7% |
| Operating profit (loss) | 9901 | -€1,854 | -€25,434 | -€23,579 | -1,271% |
| Financial income | 75/76B | €18 | €52 | +€34 | +187% |
| Recurring financial income | 75 | €18 | €52 | +€34 | +187% |
| Financial charges | 65/66B | €11,048 | €13,356 | +€2,309 | +20.9% |
| Recurring financial charges | 65 | €11,048 | €13,356 | +€2,309 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,884 | -€38,738 | -€25,854 | -201% |
| Income taxes | 67/77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | -€12,885 | -€38,738 | -€25,853 | -201% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,885 | -€38,738 | -€25,853 | -201% |
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 21 October 2026 via checked.be.