AC & BA: 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.
AC & BA
Largest movements
- Cash +€156,236
up €156,236 (+200.8%), from €77,800 to €234,036
mainly Investment in fixed assets (net) (+€104,485) and Receivables within one year (+€28,987)
- Financial fixed assets -€104,485
down €104,485 (-1.6%), from €6.4m to €6.3m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€56,207
down €56,207 (-97.5%), from €57,628 to €1,421
- Gross operating margin +€11,463
up €11,463 (+119.9%), from €9,564 to €21,028
- Taxes -€11,387
down €11,387 (-70.7%), from €16,112 to €4,725
- Depreciation -€3,900
down €3,900 (-79.1%), from €4,931 to €1,031
- Other operating charges -€2,365
down €2,365 (-70.3%), from €3,363 to €998
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 | €6,514,896 | €6,536,634 | +€21,738 | +0.3% |
| Fixed assets | 21/28 | €6,406,451 | €6,300,934 | -€105,517 | -1.6% |
| Intangible fixed assets | 21 | €1,495 | €915 | -€580 | -38.8% |
| Tangible fixed assets | 22/27 | €470 | €19 | -€451 | -96.0% |
| Furniture and vehicles | 24 | €470 | €19 | -€451 | -96.0% |
| Financial fixed assets | 28 | €6,404,485 | €6,300,000 | -€104,485 | -1.6% |
| Current assets | 29/58 | €108,445 | €235,700 | +€127,255 | +117.3% |
| Amounts receivable within one year | 40/41 | €28,987 | - | -€28,987 | |
| Trade receivables | 40 | €28,162 | - | -€28,162 | |
| Other amounts receivable | 41 | €825 | - | -€825 | |
| Cash at bank and in hand | 54/58 | €77,800 | €234,036 | +€156,236 | +200.8% |
| Deferred charges and accrued income | 490/1 | €1,658 | €1,664 | +€6 | +0.4% |
| Total equity and liabilities | 10/49 | €6,514,896 | €6,536,634 | +€21,738 | +0.3% |
| Equity | 10/15 | €6,492,887 | €6,504,146 | +€11,258 | +0.2% |
| Contributions | 10/11 | €6,300,000 | €6,300,000 | = | 0.0% |
| Reserves | 13 | €192,444 | €203,702 | +€11,258 | +5.9% |
| Distributable reserves | 133 | €192,444 | €203,702 | +€11,258 | +5.9% |
| Profit (loss) carried forward | 14 | €444 | €444 | = | 0.0% |
| Amounts payable | 17/49 | €22,008 | €32,488 | +€10,480 | +47.6% |
| Amounts payable within one year | 42/48 | €22,008 | €32,415 | +€10,407 | +47.3% |
| Trade debts | 44 | €2,393 | €4,799 | +€2,406 | +100.5% |
| Suppliers | 440/4 | €2,393 | €4,799 | +€2,406 | +100.5% |
| Taxes, remuneration and social security | 45 | €17,065 | €22,920 | +€5,855 | +34.3% |
| Taxes | 450/3 | €16,495 | €22,280 | +€5,785 | +35.1% |
| Remuneration and social security | 454/9 | €570 | €640 | +€70 | +12.3% |
| Other amounts payable | 47/48 | €2,549 | €4,696 | +€2,146 | +84.2% |
| Accrued charges and deferred income | 492/3 | - | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,931 | €1,031 | -€3,900 | -79.1% |
| Other operating charges | 640/8 | €3,363 | €998 | -€2,365 | -70.3% |
| Gross operating margin | 9900 | €9,564 | €21,028 | +€11,463 | +119.9% |
| Operating profit (loss) | 9901 | €1,270 | €18,998 | +€17,728 | +1396.1% |
| Financial income | 75/76B | €57,628 | €1,421 | -€56,207 | -97.5% |
| Recurring financial income | 75 | €57,628 | €1,421 | -€56,207 | -97.5% |
| Financial charges | 65/66B | €5,192 | €4,435 | -€757 | -14.6% |
| Recurring financial charges | 65 | €5,192 | €4,435 | -€757 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €53,705 | €15,984 | -€37,722 | -70.2% |
| Income taxes | 67/77 | €16,112 | €4,725 | -€11,387 | -70.7% |
| Profit (loss) for the period | 9904 | €37,593 | €11,258 | -€26,335 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,593 | €11,258 | -€26,335 | -70.1% |
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 11 October 2026 via checked.be.