A Round World: 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 Round World
Largest movements
- Tangible fixed assets -€92,779
down €92,779 (-11.4%), from €811,965 to €719,186
of which Land and buildings: -€61,634
- Receivables within one year -€83,934
down €83,934 (-8.9%), from €946,171 to €862,236
of which Other amounts receivable: -€105,250
- Stocks and contracts +€30,016
up €30,016 (+27.7%), from €108,500 to €138,516
- Reserves -€170,528
down €170,528 (-31.4%), from €543,338 to €372,809
of which Distributable reserves: -€86,328
- Debts after one year -€44,226
down €44,226 (-29.3%), from €150,776 to €106,550
- Other debts +€27,857
up €27,857 (+5.4%), from €514,284 to €542,141
- Current portion of long-term debt +€20,071
up €20,071 (+27.1%), from €74,137 to €94,208
- Write-downs +€44,008
new in 2025: €44,008
- Financial charges +€14,626
up €14,626 (+44.5%), from €32,890 to €47,517
- Financial income +€9,624
up €9,624 (+19.4%), from €49,557 to €59,181
- Gross operating margin -€2,638
down €2,638 (-7.4%), from -€35,874 to -€38,512
- Depreciation -€914
down €914 (-1.0%), from €95,922 to €95,008
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 | €1,903,469 | €1,743,397 | -€160,072 | -8.4% |
| Fixed assets | 21/28 | €811,965 | €719,186 | -€92,779 | -11.4% |
| Tangible fixed assets | 22/27 | €811,965 | €719,186 | -€92,779 | -11.4% |
| Land and buildings | 22 | €665,258 | €603,624 | -€61,634 | -9.3% |
| Plant, machinery and equipment | 23 | €97,141 | €91,298 | -€5,844 | -6.0% |
| Furniture and vehicles | 24 | €49,566 | €24,264 | -€25,302 | -51.0% |
| Current assets | 29/58 | €1,091,504 | €1,024,211 | -€67,292 | -6.2% |
| Stocks and contracts in progress | 3 | €108,500 | €138,516 | +€30,016 | +27.7% |
| Stocks | 30/36 | €108,500 | €138,516 | +€30,016 | +27.7% |
| Amounts receivable within one year | 40/41 | €946,171 | €862,236 | -€83,934 | -8.9% |
| Trade receivables | 40 | €39,943 | €61,258 | +€21,316 | +53.4% |
| Other amounts receivable | 41 | €906,228 | €800,978 | -€105,250 | -11.6% |
| Cash at bank and in hand | 54/58 | €35,651 | €22,241 | -€13,410 | -37.6% |
| Deferred charges and accrued income | 490/1 | €1,182 | €1,218 | +€36 | +3.0% |
| Total equity and liabilities | 10/49 | €1,903,469 | €1,743,397 | -€160,072 | -8.4% |
| Equity | 10/15 | €1,161,938 | €988,754 | -€173,184 | -14.9% |
| Contributions | 10/11 | €618,600 | €618,600 | = | 0.0% |
| Reserves | 13 | €543,338 | €372,809 | -€170,528 | -31.4% |
| Tax-exempt reserves | 132 | €197,207 | €113,007 | -€84,200 | -42.7% |
| Distributable reserves | 133 | €346,131 | €259,803 | -€86,328 | -24.9% |
| Profit (loss) carried forward | 14 | - | -€2,656 | -€2,656 | |
| Amounts payable | 17/49 | €741,531 | €754,643 | +€13,113 | +1.8% |
| Amounts payable after more than one year | 17 | €150,776 | €106,550 | -€44,226 | -29.3% |
| Financial debts | 170/4 | €150,776 | €106,550 | -€44,226 | -29.3% |
| Amounts payable within one year | 42/48 | €590,755 | €648,094 | +€57,339 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €74,137 | €94,208 | +€20,071 | +27.1% |
| Trade debts | 44 | €2,335 | €11,745 | +€9,410 | +403.1% |
| Suppliers | 440/4 | €2,335 | €11,745 | +€9,410 | +403.1% |
| Other amounts payable | 47/48 | €514,284 | €542,141 | +€27,857 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,922 | €95,008 | -€914 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €44,008 | +€44,008 | |
| Other operating charges | 640/8 | €7,099 | €7,320 | +€221 | +3.1% |
| Gross operating margin | 9900 | -€35,874 | -€38,512 | -€2,638 | -7.4% |
| Operating profit (loss) | 9901 | -€138,895 | -€184,849 | -€45,953 | -33.1% |
| Financial income | 75/76B | €49,557 | €59,181 | +€9,624 | +19.4% |
| Recurring financial income | 75 | €49,557 | €59,181 | +€9,624 | +19.4% |
| Financial charges | 65/66B | €32,890 | €47,517 | +€14,626 | +44.5% |
| Recurring financial charges | 65 | €32,890 | €47,517 | +€14,626 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | -€122,229 | -€173,184 | -€50,955 | -41.7% |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | -€122,232 | -€173,184 | -€50,952 | -41.7% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | -€122,232 | -€88,984 | +€33,248 | +27.2% |
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 10 October 2026 via checked.be.