A-Race: 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-Race
Largest movements
- Receivables within one year +€27,413
up €27,413 (+327%), from €8,391 to €35,803
- Cash -€7,874
down €7,874 (-24.5%), from €32,081 to €24,207
mainly Receivables within one year (-€27,413) and Trade debts (-€13,309)
- Financial fixed assets +€1,825
new in 2025: €1,825
- Deferred charges and accrued income -€919
no longer reported in 2025 (was €919)
- Advances received +€15,395
new in 2025: €15,395
- Trade debts -€13,309
down €13,309 (-91.2%), from €14,586 to €1,277
- Reserves +€11,789
up €11,789 (+60.0%), from €19,641 to €31,430
of which Distributable reserves: +€11,789
- Tax, wage and social debts +€6,827
up €6,827 (+165%), from €4,137 to €10,964
of which Taxes: +€4,787
- Other debts -€857
no longer reported in 2025 (was €857)
- Financial charges +€51,468
up €51,468 (+1,277%), from €4,032 to €55,500
- Gross operating margin +€49,951
up €49,951 (+201%), from €24,834 to €74,785
- Financial income +€3,264
new in 2025: €3,264
of which Financial income: +€1,921
- Other operating charges +€1,516
up €1,516 (+225%), from €674 to €2,190
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 | €45,420 | €65,266 | +€19,846 | +43.7% |
| Fixed assets | 21/28 | €4,030 | €5,256 | +€1,226 | +30.4% |
| Tangible fixed assets | 22/27 | €4,030 | €3,431 | -€599 | -14.9% |
| Furniture and vehicles | 24 | €2,349 | €1,992 | -€356 | -15.2% |
| Other tangible fixed assets | 26 | €1,681 | €1,438 | -€242 | -14.4% |
| Financial fixed assets | 28 | - | €1,825 | +€1,825 | |
| Current assets | 29/58 | €41,390 | €60,010 | +€18,619 | +45.0% |
| Amounts receivable within one year | 40/41 | €8,391 | €35,803 | +€27,413 | +327% |
| Other amounts receivable | 41 | €8,391 | €35,803 | +€27,413 | +327% |
| Cash at bank and in hand | 54/58 | €32,081 | €24,207 | -€7,874 | -24.5% |
| Deferred charges and accrued income | 490/1 | €919 | - | -€919 | |
| Total equity and liabilities | 10/49 | €45,420 | €65,266 | +€19,846 | +43.7% |
| Equity | 10/15 | €25,841 | €37,630 | +€11,789 | +45.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,641 | €31,430 | +€11,789 | +60.0% |
| Non-distributable reserves | 130/1 | €2,109 | €2,109 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,109 | €2,109 | = | 0.0% |
| Distributable reserves | 133 | €17,531 | €29,321 | +€11,789 | +67.2% |
| Amounts payable | 17/49 | €19,579 | €27,636 | +€8,056 | +41.1% |
| Amounts payable within one year | 42/48 | €19,579 | €27,636 | +€8,056 | +41.1% |
| Trade debts | 44 | €14,586 | €1,277 | -€13,309 | -91.2% |
| Suppliers | 440/4 | €14,586 | €1,277 | -€13,309 | -91.2% |
| Advances received on contracts in progress | 46 | - | €15,395 | +€15,395 | |
| Taxes, remuneration and social security | 45 | €4,137 | €10,964 | +€6,827 | +165% |
| Taxes | 450/3 | €4,137 | €8,924 | +€4,787 | +116% |
| Remuneration and social security | 454/9 | - | €2,040 | +€2,040 | |
| Other amounts payable | 47/48 | €857 | - | -€857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,511 | €2,320 | -€191 | -7.6% |
| Other operating charges | 640/8 | €674 | €2,190 | +€1,516 | +225% |
| Gross operating margin | 9900 | €24,834 | €74,785 | +€49,951 | +201% |
| Operating profit (loss) | 9901 | €21,649 | €70,274 | +€48,626 | +225% |
| Financial income | 75/76B | - | €3,264 | +€3,264 | |
| Recurring financial income | 75 | - | €1,921 | +€1,921 | |
| Non-recurring financial income | 76B | - | €1,343 | +€1,343 | |
| Financial charges | 65/66B | €4,032 | €55,500 | +€51,468 | +1,277% |
| Recurring financial charges | 65 | €4,032 | €55,500 | +€51,468 | +1,277% |
| Profit (loss) for the period before taxes | 9903 | €17,617 | €18,038 | +€422 | +2.4% |
| Income taxes | 67/77 | €6,300 | €6,249 | -€51 | -0.8% |
| Profit (loss) for the period | 9904 | €11,317 | €11,789 | +€473 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,317 | €11,789 | +€473 | +4.2% |
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 19 October 2026 via checked.be.