A - SYSTEMS: 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 - SYSTEMS
Largest movements
- Receivables after one year +€127,400
new in 2025: €127,400
- Cash -€20,113
down €20,113 (-7.9%), from €255,966 to €235,853
mainly Receivables after one year (-€127,400) and Current investments (-€5,200)
- Tangible fixed assets -€19,583
down €19,583 (-28.0%), from €69,974 to €50,391
of which Furniture and vehicles: -€10,710
- Reserves +€95,041
up €95,041 (+24.2%), from €393,207 to €488,249
- Financial income +€8,971
up €8,971 (+262.4%), from €3,419 to €12,391
- Gross operating margin -€6,453
down €6,453 (-4.1%), from €155,733 to €149,280
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 | €548,141 | €639,245 | +€91,104 | +16.6% |
| Fixed assets | 21/28 | €69,975 | €50,392 | -€19,583 | -28.0% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €69,974 | €50,391 | -€19,583 | -28.0% |
| Land and buildings | 22 | €32,067 | €24,316 | -€7,751 | -24.2% |
| Plant, machinery and equipment | 23 | €3,510 | €2,389 | -€1,121 | -31.9% |
| Furniture and vehicles | 24 | €34,396 | €23,686 | -€10,710 | -31.1% |
| Current assets | 29/58 | €478,166 | €588,854 | +€110,687 | +23.1% |
| Amounts receivable after more than one year | 29 | - | €127,400 | +€127,400 | |
| Other amounts receivable | 291 | - | €127,400 | +€127,400 | |
| Amounts receivable within one year | 40/41 | €20,609 | €18,813 | -€1,796 | -8.7% |
| Trade receivables | 40 | €20,609 | €18,039 | -€2,570 | -12.5% |
| Other amounts receivable | 41 | - | €774 | +€774 | |
| Current investments | 50/53 | €200,000 | €205,200 | +€5,200 | +2.6% |
| Cash at bank and in hand | 54/58 | €255,966 | €235,853 | -€20,113 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,591 | €1,587 | -€3 | -0.2% |
| Total equity and liabilities | 10/49 | €548,141 | €639,245 | +€91,104 | +16.6% |
| Equity | 10/15 | €503,207 | €598,249 | +€95,041 | +18.9% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €393,207 | €488,249 | +€95,041 | +24.2% |
| Distributable reserves | 133 | €393,207 | €488,249 | +€95,041 | +24.2% |
| Amounts payable | 17/49 | €44,933 | €40,996 | -€3,937 | -8.8% |
| Amounts payable within one year | 42/48 | €44,933 | €40,996 | -€3,937 | -8.8% |
| Trade debts | 44 | €328 | €431 | +€103 | +31.5% |
| Suppliers | 440/4 | €328 | €431 | +€103 | +31.5% |
| Taxes, remuneration and social security | 45 | €42,736 | €40,565 | -€2,171 | -5.1% |
| Taxes | 450/3 | €42,736 | €40,565 | -€2,171 | -5.1% |
| Other amounts payable | 47/48 | €1,870 | €0 | -€1,870 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,101 | €19,583 | +€482 | +2.5% |
| Other operating charges | 640/8 | €1,613 | €1,873 | +€260 | +16.1% |
| Gross operating margin | 9900 | €155,733 | €149,280 | -€6,453 | -4.1% |
| Operating profit (loss) | 9901 | €135,019 | €127,824 | -€7,195 | -5.3% |
| Financial income | 75/76B | €3,419 | €12,391 | +€8,971 | +262.4% |
| Recurring financial income | 75 | €3,419 | €12,391 | +€8,971 | +262.4% |
| Financial charges | 65/66B | €334 | €389 | +€55 | +16.5% |
| Recurring financial charges | 65 | €334 | €389 | +€55 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €138,105 | €139,826 | +€1,721 | +1.2% |
| Income taxes | 67/77 | €44,251 | €44,784 | +€533 | +1.2% |
| Profit (loss) for the period | 9904 | €93,854 | €95,041 | +€1,187 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €93,854 | €95,041 | +€1,187 | +1.3% |
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 12 October 2026 via checked.be.