A2: what changed
Two fiscal 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.
A2
Largest movements
- Cash +€4.1m
up €4.1m (+2742.6%), from €149,926 to €4.3m
mainly Net result for the year (+€4.2m) and Short-term financial debts (+€2.0m)
- Financial fixed assets -€210,825
down €210,825 (-5.0%), from €4.2m to €4.0m
- Receivables within one year -€119,450
down €119,450 (-92.3%), from €129,450 to €10,000
- Profit (loss) carried forward +€4.2m
up €4.2m, from -€1.2m to €3.1m
- Provisions -€2.0m
down €2.0m (-47.9%), from €4.2m to €2.2m
- Short-term financial debts +€2.0m
up €2.0m (+398.1%), from €500,000 to €2.5m
of which Other loans: +€2.5m
- Other debts -€853,519
down €853,519 (-74.3%), from €1.1m to €294,754
- Tax, wage and social debts +€454,901
up €454,901 (+3188.4%), from €14,268 to €469,168
- Financial income +€6.3m
up €6.3m (+27415.3%), from €22,941 to €6.3m
- Taxes +€1.5m
up €1.5m (+51320.3%), from €2,876 to €1.5m
- Financial charges +€527,533
up €527,533 (+159.4%), from €331,020 to €858,553
- Gross operating margin +€73,386
up €73,386 (+36.7%), from €200,195 to €273,581
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 | €7,519,293 | €11,352,118 | +€3.8m | +51.0% |
| Fixed assets | 21/28 | €7,179,917 | €7,020,321 | -€159,596 | -2.2% |
| Tangible fixed assets | 22/27 | €2,954,198 | €3,005,427 | +€51,229 | +1.7% |
| Land and buildings | 22 | €2,951,650 | €3,003,869 | +€52,219 | +1.8% |
| Furniture and vehicles | 24 | €2,548 | €1,558 | -€990 | -38.8% |
| Financial fixed assets | 28 | €4,225,719 | €4,014,894 | -€210,825 | -5.0% |
| Current assets | 29/58 | €339,376 | €4,331,797 | +€4.0m | +1176.4% |
| Amounts receivable within one year | 40/41 | €129,450 | €10,000 | -€119,450 | -92.3% |
| Trade receivables | 40 | €129,450 | €10,000 | -€119,450 | -92.3% |
| Current investments | 50/53 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €149,926 | €4,261,797 | +€4.1m | +2742.6% |
| Total equity and liabilities | 10/49 | €7,519,293 | €11,352,118 | +€3.8m | +51.0% |
| Equity | 10/15 | €1,678,840 | €5,915,034 | +€4.2m | +252.3% |
| Contributions | 10/11 | €2,858,600 | €2,858,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,179,760 | €3,056,434 | +€4.2m | |
| Provisions and deferred taxes | 16 | €4,172,432 | €2,175,142 | -€2.0m | -47.9% |
| Provisions for liabilities and charges | 160/5 | €4,172,432 | €2,175,142 | -€2.0m | -47.9% |
| Other liabilities and charges | 164/5 | €4,172,432 | €2,175,142 | -€2.0m | -47.9% |
| Amounts payable | 17/49 | €1,668,022 | €3,261,942 | +€1.6m | +95.6% |
| Amounts payable after more than one year | 17 | €1,120 | €1,120 | = | 0.0% |
| Other amounts payable | 178/9 | €1,120 | €1,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,666,902 | €3,260,822 | +€1.6m | +95.6% |
| Financial debts | 43 | €500,000 | €2,490,632 | +€2.0m | +398.1% |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Other loans | 439 | - | €2,490,632 | +€2.5m | |
| Trade debts | 44 | €4,361 | €6,268 | +€1,907 | +43.7% |
| Suppliers | 440/4 | €4,361 | €6,268 | +€1,907 | +43.7% |
| Taxes, remuneration and social security | 45 | €14,268 | €469,168 | +€454,901 | +3188.4% |
| Taxes | 450/3 | €14,268 | €469,168 | +€454,901 | +3188.4% |
| Other amounts payable | 47/48 | €1,148,273 | €294,754 | -€853,519 | -74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,184 | €6,971 | -€1,213 | -14.8% |
| Other operating charges | 640/8 | €5,206 | €5,269 | +€63 | +1.2% |
| Gross operating margin | 9900 | €200,195 | €273,581 | +€73,386 | +36.7% |
| Operating profit (loss) | 9901 | €186,804 | €261,341 | +€74,537 | +39.9% |
| Financial income | 75/76B | €22,941 | €6,312,203 | +€6.3m | +27415.3% |
| Recurring financial income | 75 | €22,941 | €6,312,203 | +€6.3m | +27415.3% |
| Financial charges | 65/66B | €331,020 | €858,553 | +€527,533 | +159.4% |
| Recurring financial charges | 65 | €331,020 | €858,553 | +€527,533 | +159.4% |
| Profit (loss) for the period before taxes | 9903 | -€121,275 | €5,714,991 | +€5.8m | |
| Income taxes | 67/77 | €2,876 | €1,478,797 | +€1.5m | +51320.3% |
| Profit (loss) for the period | 9904 | -€124,151 | €4,236,194 | +€4.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€124,151 | €4,236,194 | +€4.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.