ACTIVOS: 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.
ACTIVOS
Largest movements
- Tangible fixed assets -€29,625
down €29,625 (-3.3%), from €889,992 to €860,367
of which Land and buildings: -€37,640
- Cash -€11,565
down €11,565 (-55.1%), from €20,972 to €9,407
mainly Net result for the year (-€38,217) and Investment in fixed assets (net) (-€11,400)
- Profit (loss) carried forward -€35,455
down €35,455 (-41.0%), from €86,558 to €51,103
- Gross operating margin -€17,169
down €17,169 (-74.8%), from €22,960 to €5,791
- Depreciation -€3,753
down €3,753 (-8.4%), from €44,778 to €41,025
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 | €911,268 | €870,052 | -€41,215 | -4.5% |
| Fixed assets | 21/28 | €889,992 | €860,367 | -€29,625 | -3.3% |
| Tangible fixed assets | 22/27 | €889,992 | €860,367 | -€29,625 | -3.3% |
| Land and buildings | 22 | €877,081 | €839,441 | -€37,640 | -4.3% |
| Plant, machinery and equipment | 23 | €12,911 | €20,926 | +€8,015 | +62.1% |
| Current assets | 29/58 | €21,276 | €9,685 | -€11,591 | -54.5% |
| Amounts receivable within one year | 40/41 | €304 | €279 | -€25 | -8.3% |
| Trade receivables | 40 | €304 | €279 | -€25 | -8.3% |
| Cash at bank and in hand | 54/58 | €20,972 | €9,407 | -€11,565 | -55.1% |
| Total equity and liabilities | 10/49 | €911,268 | €870,052 | -€41,215 | -4.5% |
| Equity | 10/15 | €440,395 | €399,622 | -€40,773 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €335,237 | €329,919 | -€5,318 | -1.6% |
| Non-distributable reserves | 130/1 | €32,910 | €32,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,910 | €32,910 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,458 | €33,139 | -€5,318 | -13.8% |
| Distributable reserves | 133 | €263,869 | €263,869 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,558 | €51,103 | -€35,455 | -41.0% |
| Provisions and deferred taxes | 16 | €9,412 | €11,046 | +€1,635 | +17.4% |
| Deferred taxes | 168 | €9,412 | €11,046 | +€1,635 | +17.4% |
| Amounts payable | 17/49 | €461,461 | €459,384 | -€2,077 | -0.5% |
| Amounts payable after more than one year | 17 | €375,000 | €375,000 | = | 0.0% |
| Financial debts | 170/4 | €375,000 | €375,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,461 | €84,384 | -€2,077 | -2.4% |
| Trade debts | 44 | €11,503 | €10,559 | -€944 | -8.2% |
| Suppliers | 440/4 | €11,503 | €10,559 | -€944 | -8.2% |
| Taxes, remuneration and social security | 45 | €623 | €649 | +€25 | +4.1% |
| Taxes | 450/3 | €623 | €649 | +€25 | +4.1% |
| Other amounts payable | 47/48 | €74,335 | €73,176 | -€1,159 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,778 | €41,025 | -€3,753 | -8.4% |
| Other operating charges | 640/8 | €3,608 | €3,766 | +€158 | +4.4% |
| Gross operating margin | 9900 | €22,960 | €5,791 | -€17,169 | -74.8% |
| Operating profit (loss) | 9901 | -€25,426 | -€39,000 | -€13,574 | -53.4% |
| Financial charges | 65/66B | €48 | €39 | -€9 | -18.4% |
| Recurring financial charges | 65 | €48 | €39 | -€9 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,474 | -€39,039 | -€13,565 | -53.3% |
| Transfer from deferred taxes | 780 | €764 | €921 | +€157 | +20.6% |
| Income taxes | 67/77 | €64 | €99 | +€36 | +55.9% |
| Profit (loss) for the period | 9904 | -€24,774 | -€38,217 | -€13,443 | -54.3% |
| Transfer from tax-exempt reserves | 789 | €2,920 | €2,763 | -€157 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,854 | -€35,455 | -€13,601 | -62.2% |
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 8 October 2026 via checked.be.