Alain COLLIENNE: 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.
Alain COLLIENNE
Largest movements
- Current investments +€214,944
new in 2025: €214,944
- Cash -€188,015
down €188,015 (-65.9%), from €285,257 to €97,242
mainly Current investments (-€214,944) and Investment in fixed assets (net) (-€26,052)
- Reserves +€24,829
up €24,829 (+13.1%), from €189,186 to €214,015
- Other debts +€8,159
up €8,159 (+5.7%), from €143,305 to €151,463
- Gross operating margin -€18,869
down €18,869 (-11.9%), from €159,108 to €140,239
- Taxes -€5,339
down €5,339 (-31.4%), from €16,981 to €11,641
- Financial income +€3,137
up €3,137 (+182%), from €1,721 to €4,858
of which Non-recurring financial income: +€1,945
- Staff costs +€2,509
up €2,509 (+4.0%), from €62,701 to €65,210
- Other operating charges +€1,877
up €1,877 (+129%), from €1,454 to €3,331
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 | €399,786 | €426,044 | +€26,258 | +6.6% |
| Fixed assets | 21/28 | €73,451 | €72,685 | -€767 | -1.0% |
| Tangible fixed assets | 22/27 | €73,451 | €72,685 | -€767 | -1.0% |
| Furniture and vehicles | 24 | €19,980 | €32,512 | +€12,531 | +62.7% |
| Other tangible fixed assets | 26 | €53,471 | €40,173 | -€13,298 | -24.9% |
| Current assets | 29/58 | €326,335 | €353,360 | +€27,025 | +8.3% |
| Amounts receivable within one year | 40/41 | €36,976 | €37,245 | +€269 | +0.7% |
| Trade receivables | 40 | €36,976 | €37,111 | +€134 | +0.4% |
| Other amounts receivable | 41 | €0 | €135 | +€135 | |
| Current investments | 50/53 | - | €214,944 | +€214,944 | |
| Cash at bank and in hand | 54/58 | €285,257 | €97,242 | -€188,015 | -65.9% |
| Deferred charges and accrued income | 490/1 | €4,102 | €3,929 | -€173 | -4.2% |
| Total equity and liabilities | 10/49 | €399,786 | €426,044 | +€26,258 | +6.6% |
| Equity | 10/15 | €207,141 | €231,138 | +€23,996 | +11.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €189,186 | €214,015 | +€24,829 | +13.1% |
| Distributable reserves | 133 | €189,186 | €214,015 | +€24,829 | +13.1% |
| Profit (loss) carried forward | 14 | €5,555 | €4,722 | -€833 | -15.0% |
| Amounts payable | 17/49 | €192,645 | €194,907 | +€2,262 | +1.2% |
| Amounts payable after more than one year | 17 | €3,045 | €0 | -€3,045 | -100% |
| Financial debts | 170/4 | €3,045 | €0 | -€3,045 | -100% |
| Amounts payable within one year | 42/48 | €177,442 | €183,531 | +€6,089 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €6,019 | €3,045 | -€2,974 | -49.4% |
| Trade debts | 44 | €8,992 | €6,621 | -€2,371 | -26.4% |
| Suppliers | 440/4 | €8,992 | €6,621 | -€2,371 | -26.4% |
| Taxes, remuneration and social security | 45 | €19,126 | €22,401 | +€3,276 | +17.1% |
| Taxes | 450/3 | €7,978 | €11,754 | +€3,776 | +47.3% |
| Remuneration and social security | 454/9 | €11,148 | €10,648 | -€501 | -4.5% |
| Other amounts payable | 47/48 | €143,305 | €151,463 | +€8,159 | +5.7% |
| Accrued charges and deferred income | 492/3 | €12,158 | €11,376 | -€783 | -6.4% |
| Remuneration, social security and pensions | 62 | €62,701 | €65,210 | +€2,509 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,265 | €26,819 | -€1,447 | -5.1% |
| Other operating charges | 640/8 | €1,454 | €3,331 | +€1,877 | +129% |
| Gross operating margin | 9900 | €159,108 | €140,239 | -€18,869 | -11.9% |
| Operating profit (loss) | 9901 | €66,687 | €44,879 | -€21,808 | -32.7% |
| Financial income | 75/76B | €1,721 | €4,858 | +€3,137 | +182% |
| Recurring financial income | 75 | €1,721 | €2,913 | +€1,192 | +69.2% |
| Non-recurring financial income | 76B | - | €1,945 | +€1,945 | |
| Financial charges | 65/66B | €12,940 | €13,267 | +€327 | +2.5% |
| Recurring financial charges | 65 | €12,940 | €13,267 | +€327 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €55,469 | €36,471 | -€18,998 | -34.3% |
| Income taxes | 67/77 | €16,981 | €11,641 | -€5,339 | -31.4% |
| Profit (loss) for the period | 9904 | €38,488 | €24,829 | -€13,659 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,488 | €24,829 | -€13,659 | -35.5% |
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 14 October 2026 via checked.be.