Advance: 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.
Advance
Largest movements
- Tangible fixed assets +€257,257
up €257,257 (+46.7%), from €550,897 to €808,154
of which Land and buildings: +€303,390
- Cash -€125,853
down €125,853 (-15.6%), from €807,415 to €681,562
mainly Contributions, distributions and other (-€510,000) and Investment in fixed assets (net) (-€354,637)
- Current investments +€101,824
up €101,824 (+48.8%), from €208,508 to €310,332
- Other debts +€206,107
new in 2025: €206,107
- Reserves -€142,179
down €142,179 (-9.7%), from €1.5m to €1.3m
- Debts after one year +€134,487
up €134,487 (+33.4%), from €402,393 to €536,880
- Financial income -€80,015
down €80,015 (-35.2%), from €227,123 to €147,108
- Depreciation +€33,214
up €33,214 (+51.8%), from €64,166 to €97,380
- Taxes -€14,089
down €14,089 (-9.6%), from €146,871 to €132,782
- Gross operating margin +€10,940
up €10,940 (+2.4%), from €460,352 to €471,292
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 | €2,121,380 | €2,343,860 | +€222,480 | +10.5% |
| Fixed assets | 21/28 | €1,090,240 | €1,347,497 | +€257,257 | +23.6% |
| Tangible fixed assets | 22/27 | €550,897 | €808,154 | +€257,257 | +46.7% |
| Land and buildings | 22 | €418,374 | €721,764 | +€303,390 | +72.5% |
| Plant, machinery and equipment | 23 | €10,921 | €2,762 | -€8,160 | -74.7% |
| Furniture and vehicles | 24 | €121,602 | €83,628 | -€37,974 | -31.2% |
| Financial fixed assets | 28 | €539,343 | €539,343 | = | 0.0% |
| Current assets | 29/58 | €1,031,140 | €996,363 | -€34,777 | -3.4% |
| Amounts receivable within one year | 40/41 | €12,122 | €0 | -€12,122 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €12,122 | €0 | -€12,122 | -100.0% |
| Current investments | 50/53 | €208,508 | €310,332 | +€101,824 | +48.8% |
| Cash at bank and in hand | 54/58 | €807,415 | €681,562 | -€125,853 | -15.6% |
| Deferred charges and accrued income | 490/1 | €3,095 | €4,469 | +€1,374 | +44.4% |
| Total equity and liabilities | 10/49 | €2,121,380 | €2,343,860 | +€222,480 | +10.5% |
| Equity | 10/15 | €1,469,953 | €1,327,773 | -€142,179 | -9.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,463,753 | €1,321,573 | -€142,179 | -9.7% |
| Distributable reserves | 133 | €1,463,753 | €1,321,573 | -€142,179 | -9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €651,427 | €1,016,087 | +€364,660 | +56.0% |
| Amounts payable after more than one year | 17 | €402,393 | €536,880 | +€134,487 | +33.4% |
| Financial debts | 170/4 | €402,393 | €536,880 | +€134,487 | +33.4% |
| Amounts payable within one year | 42/48 | €249,034 | €478,232 | +€229,197 | +92.0% |
| Current portion of amounts payable after more than one year | 42 | €101,037 | €105,848 | +€4,811 | +4.8% |
| Trade debts | 44 | €3,516 | €6,093 | +€2,577 | +73.3% |
| Suppliers | 440/4 | €3,516 | €6,093 | +€2,577 | +73.3% |
| Taxes, remuneration and social security | 45 | €144,482 | €160,184 | +€15,703 | +10.9% |
| Taxes | 450/3 | €144,482 | €160,184 | +€15,703 | +10.9% |
| Other amounts payable | 47/48 | - | €206,107 | +€206,107 | |
| Accrued charges and deferred income | 492/3 | - | €975 | +€975 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,166 | €97,380 | +€33,214 | +51.8% |
| Other operating charges | 640/8 | €5,452 | €8,125 | +€2,672 | +49.0% |
| Non-recurring operating charges | 66A | €656 | €0 | -€656 | -100.0% |
| Gross operating margin | 9900 | €460,352 | €471,292 | +€10,940 | +2.4% |
| Operating profit (loss) | 9901 | €390,077 | €365,787 | -€24,289 | -6.2% |
| Financial income | 75/76B | €227,123 | €147,108 | -€80,015 | -35.2% |
| Recurring financial income | 75 | €227,123 | €147,108 | -€80,015 | -35.2% |
| Financial charges | 65/66B | €13,287 | €12,293 | -€994 | -7.5% |
| Recurring financial charges | 65 | €13,287 | €12,293 | -€994 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €603,913 | €500,602 | -€103,311 | -17.1% |
| Income taxes | 67/77 | €146,871 | €132,782 | -€14,089 | -9.6% |
| Profit (loss) for the period | 9904 | €457,042 | €367,821 | -€89,221 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €457,042 | €367,821 | -€89,221 | -19.5% |
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 3 October 2026 via checked.be.