ACTION ACTION: 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.
ACTION ACTION
Largest movements
- Current investments +€489,343
up €489,343 (+28.8%), from €1.7m to €2.2m
- Receivables within one year -€225,718
down €225,718 (-91.3%), from €247,141 to €21,423
of which Trade receivables: -€225,718
- Receivables after one year -€202,632
no longer reported in 2025 (was €202,632)
- Tangible fixed assets -€82,709
down €82,709 (-5.0%), from €1.7m to €1.6m
- Other debts +€148,142
up €148,142 (+3479.0%), from €4,258 to €152,401
- Reserves -€143,757
down €143,757 (-4.2%), from €3.4m to €3.3m
of which Distributable reserves: -€701,907
- Debts after one year -€40,817
down €40,817 (-16.6%), from €245,261 to €204,444
- Financial charges -€193,624
down €193,624 (-93.6%), from €206,864 to €13,240
- Gross operating margin -€83,627
down €83,627 (-53.0%), from €157,899 to €74,272
- Taxes -€16,119
down €16,119 (-87.2%), from €18,494 to €2,376
- Depreciation +€4,005
up €4,005 (+5.1%), from €78,704 to €82,709
- Financial income +€2,948
up €2,948 (+31.4%), from €9,394 to €12,342
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 | €3,846,130 | €3,813,503 | -€32,626 | -0.8% |
| Fixed assets | 21/28 | €1,658,197 | €1,575,487 | -€82,709 | -5.0% |
| Tangible fixed assets | 22/27 | €1,658,197 | €1,575,487 | -€82,709 | -5.0% |
| Land and buildings | 22 | €1,138,191 | €1,101,790 | -€36,401 | -3.2% |
| Furniture and vehicles | 24 | €161,195 | €125,636 | -€35,559 | -22.1% |
| Other tangible fixed assets | 26 | €358,811 | €348,061 | -€10,750 | -3.0% |
| Current assets | 29/58 | €2,187,933 | €2,238,016 | +€50,083 | +2.3% |
| Amounts receivable after more than one year | 29 | €202,632 | - | -€202,632 | |
| Other amounts receivable | 291 | €202,632 | - | -€202,632 | |
| Amounts receivable within one year | 40/41 | €247,141 | €21,423 | -€225,718 | -91.3% |
| Trade receivables | 40 | €247,094 | €21,376 | -€225,718 | -91.3% |
| Other amounts receivable | 41 | €47 | €47 | = | 0.0% |
| Current investments | 50/53 | €1,700,950 | €2,190,293 | +€489,343 | +28.8% |
| Cash at bank and in hand | 54/58 | €35,886 | €24,831 | -€11,055 | -30.8% |
| Deferred charges and accrued income | 490/1 | €1,324 | €1,469 | +€144 | +10.9% |
| Total equity and liabilities | 10/49 | €3,846,130 | €3,813,503 | -€32,626 | -0.8% |
| Equity | 10/15 | €3,503,938 | €3,360,181 | -€143,757 | -4.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,442,438 | €3,298,681 | -€143,757 | -4.2% |
| Non-distributable reserves | 130/1 | €6,150 | €566,150 | +€560,000 | +9105.7% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Own shares acquired | 1312 | - | €560,000 | +€560,000 | |
| Tax-exempt reserves | 132 | €9,349 | €7,499 | -€1,850 | -19.8% |
| Distributable reserves | 133 | €3,426,938 | €2,725,031 | -€701,907 | -20.5% |
| Provisions and deferred taxes | 16 | €2,871 | €1,907 | -€964 | -33.6% |
| Deferred taxes | 168 | €2,871 | €1,907 | -€964 | -33.6% |
| Amounts payable | 17/49 | €339,321 | €451,416 | +€112,095 | +33.0% |
| Amounts payable after more than one year | 17 | €245,261 | €204,444 | -€40,817 | -16.6% |
| Financial debts | 170/4 | €245,261 | €204,444 | -€40,817 | -16.6% |
| Amounts payable within one year | 42/48 | €89,970 | €241,343 | +€151,373 | +168.2% |
| Current portion of amounts payable after more than one year | 42 | €51,164 | €40,817 | -€10,347 | -20.2% |
| Financial debts | 43 | - | €3,510 | +€3,510 | |
| Credit institutions | 430/8 | - | €3,510 | +€3,510 | |
| Trade debts | 44 | €19,782 | €43,749 | +€23,967 | +121.2% |
| Suppliers | 440/4 | €19,782 | €43,749 | +€23,967 | +121.2% |
| Taxes, remuneration and social security | 45 | €14,765 | €866 | -€13,899 | -94.1% |
| Taxes | 450/3 | €14,765 | €866 | -€13,899 | -94.1% |
| Other amounts payable | 47/48 | €4,258 | €152,401 | +€148,142 | +3479.0% |
| Accrued charges and deferred income | 492/3 | €4,090 | €5,629 | +€1,539 | +37.6% |
| Non-recurring operating income | 76A | - | €961 | +€961 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,704 | €82,709 | +€4,005 | +5.1% |
| Other operating charges | 640/8 | €8,149 | €8,010 | -€139 | -1.7% |
| Gross operating margin | 9900 | €157,899 | €74,272 | -€83,627 | -53.0% |
| Operating profit (loss) | 9901 | €71,046 | -€16,447 | -€87,493 | |
| Financial income | 75/76B | €9,394 | €12,342 | +€2,948 | +31.4% |
| Recurring financial income | 75 | €9,394 | €12,342 | +€2,948 | +31.4% |
| Financial charges | 65/66B | €206,864 | €13,240 | -€193,624 | -93.6% |
| Recurring financial charges | 65 | €206,864 | €13,240 | -€193,624 | -93.6% |
| Profit (loss) for the period before taxes | 9903 | -€126,425 | -€17,345 | +€109,080 | +86.3% |
| Transfer from deferred taxes | 780 | €964 | €964 | = | 0.0% |
| Income taxes | 67/77 | €18,494 | €2,376 | -€16,119 | -87.2% |
| Profit (loss) for the period | 9904 | -€143,955 | -€18,757 | +€125,198 | +87.0% |
| Transfer from tax-exempt reserves | 789 | €1,850 | €1,850 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€142,105 | -€16,907 | +€125,198 | +88.1% |
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 7 October 2026 via checked.be.