ACTE V SCENE 1: 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.
ACTE V SCENE 1
Largest movements
- Tangible fixed assets -€62,275
down €62,275 (-9.3%), from €671,590 to €609,315
of which Plant, machinery and equipment: -€37,475
- Cash -€39,119
down €39,119 (-74.0%), from €52,835 to €13,716
mainly Accrued charges and deferred income (-€44,950) and Net result for the year (-€24,390)
- Accrued charges and deferred income -€44,950
down €44,950 (-97.3%), from €46,200 to €1,250
- Debts after one year -€21,946
down €21,946 (-5.5%), from €402,210 to €380,264
- Profit (loss) carried forward -€12,787
down €12,787 (-39.8%), from -€32,140 to -€44,928
- Reserves -€11,602
down €11,602 (-7.1%), from €164,292 to €152,690
of which Tax-exempt reserves: -€11,602
- Provisions +€49,500
no longer reported in 2025 (was -€49,500)
- Gross operating margin +€42,100
up €42,100 (+445%), from €9,466 to €51,566
- Depreciation +€18,452
up €18,452 (+42.1%), from €43,824 to €62,275
- Financial charges +€2,647
up €2,647 (+18.4%), from €14,387 to €17,034
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 | €727,094 | €625,778 | -€101,317 | -13.9% |
| Fixed assets | 21/28 | €671,590 | €609,315 | -€62,275 | -9.3% |
| Tangible fixed assets | 22/27 | €671,590 | €609,315 | -€62,275 | -9.3% |
| Land and buildings | 22 | €441,000 | €416,200 | -€24,800 | -5.6% |
| Plant, machinery and equipment | 23 | €230,590 | €193,115 | -€37,475 | -16.3% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €55,504 | €16,463 | -€39,041 | -70.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €52,835 | €13,716 | -€39,119 | -74.0% |
| Deferred charges and accrued income | 490/1 | €2,670 | €2,747 | +€78 | +2.9% |
| Total equity and liabilities | 10/49 | €727,094 | €625,778 | -€101,317 | -13.9% |
| Equity | 10/15 | €150,752 | €126,362 | -€24,390 | -16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,292 | €152,690 | -€11,602 | -7.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Tax-exempt reserves | 132 | €162,432 | €150,830 | -€11,602 | -7.1% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,140 | -€44,928 | -€12,787 | -39.8% |
| Provisions and deferred taxes | 16 | €83,640 | €77,665 | -€5,974 | -7.1% |
| Provisions for liabilities and charges | 160/5 | €83,640 | €77,665 | -€5,974 | -7.1% |
| Taxes | 161 | €83,640 | €77,665 | -€5,974 | -7.1% |
| Environmental obligations | 163 | €0 | - | = | |
| Amounts payable | 17/49 | €492,703 | €421,750 | -€70,953 | -14.4% |
| Amounts payable after more than one year | 17 | €402,210 | €380,264 | -€21,946 | -5.5% |
| Financial debts | 170/4 | €402,210 | €380,264 | -€21,946 | -5.5% |
| Amounts payable within one year | 42/48 | €44,294 | €40,236 | -€4,057 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €21,073 | €21,946 | +€873 | +4.1% |
| Trade debts | 44 | €16,276 | €11,246 | -€5,030 | -30.9% |
| Suppliers | 440/4 | €16,276 | €11,246 | -€5,030 | -30.9% |
| Other amounts payable | 47/48 | €6,945 | €7,045 | +€100 | +1.4% |
| Accrued charges and deferred income | 492/3 | €46,200 | €1,250 | -€44,950 | -97.3% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,173 | - | -€2,173 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,824 | €62,275 | +€18,452 | +42.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€49,500 | - | +€49,500 | |
| Other operating charges | 640/8 | €2,540 | €2,620 | +€80 | +3.2% |
| Non-recurring operating charges | 66A | €45,000 | - | -€45,000 | |
| Gross operating margin | 9900 | €9,466 | €51,566 | +€42,100 | +445% |
| Operating profit (loss) | 9901 | -€32,398 | -€13,330 | +€19,068 | +58.9% |
| Financial charges | 65/66B | €14,387 | €17,034 | +€2,647 | +18.4% |
| Recurring financial charges | 65 | €14,387 | €17,034 | +€2,647 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | -€46,785 | -€30,364 | +€16,421 | +35.1% |
| Transfer from deferred taxes | 780 | €5,974 | €5,974 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€40,811 | -€24,390 | +€16,421 | +40.2% |
| Transfer from tax-exempt reserves | 789 | €11,602 | €11,602 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,208 | -€12,787 | +€16,421 | +56.2% |
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 15 October 2026 via checked.be.