Alan: 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.
Alan
Largest movements
- Current investments +€137,875
up €137,875 (+7.9%), from €1.7m to €1.9m
- Tangible fixed assets +€60,093
up €60,093 (+106.8%), from €56,253 to €116,346
of which Furniture and vehicles: +€70,136
- Cash +€55,396
up €55,396 (+38.6%), from €143,519 to €198,914
mainly Net result for the year (+€513,980) and Tax, wage and social debts (+€60,159)
- Receivables within one year -€53,387
down €53,387 (-14.2%), from €376,258 to €322,871
of which Trade receivables: -€53,240
- Reserves +€181,490
up €181,490 (+7.8%), from €2.3m to €2.5m
of which Distributable reserves: +€181,490
- Other debts -€61,023
down €61,023 (-94.2%), from €64,798 to €3,774
- Tax, wage and social debts +€60,159
up €60,159 (+345.7%), from €17,404 to €77,563
- Financial income +€106,763
up €106,763 (+171.6%), from €62,225 to €168,989
of which Financial income: +€106,541
- Financial charges +€59,937
up €59,937 (+121.0%), from €49,551 to €109,488
- Taxes +€54,261
up €54,261 (+25.9%), from €209,157 to €263,418
- Gross operating margin -€33,337
down €33,337 (-4.1%), from €806,096 to €772,759
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 | €2,466,507 | €2,652,171 | +€185,664 | +7.5% |
| Fixed assets | 21/28 | €161,635 | €221,728 | +€60,093 | +37.2% |
| Tangible fixed assets | 22/27 | €56,253 | €116,346 | +€60,093 | +106.8% |
| Land and buildings | 22 | €25,333 | €15,833 | -€9,500 | -37.5% |
| Plant, machinery and equipment | 23 | €1,610 | €1,067 | -€543 | -33.7% |
| Furniture and vehicles | 24 | €29,310 | €99,446 | +€70,136 | +239.3% |
| Financial fixed assets | 28 | €105,383 | €105,383 | = | 0.0% |
| Current assets | 29/58 | €2,304,872 | €2,430,443 | +€125,571 | +5.4% |
| Amounts receivable within one year | 40/41 | €376,258 | €322,871 | -€53,387 | -14.2% |
| Trade receivables | 40 | €53,240 | €0 | -€53,240 | -100.0% |
| Other amounts receivable | 41 | €323,018 | €322,871 | -€147 | 0.0% |
| Current investments | 50/53 | €1,745,157 | €1,883,032 | +€137,875 | +7.9% |
| Cash at bank and in hand | 54/58 | €143,519 | €198,914 | +€55,396 | +38.6% |
| Deferred charges and accrued income | 490/1 | €39,939 | €25,625 | -€14,313 | -35.8% |
| Total equity and liabilities | 10/49 | €2,466,507 | €2,652,171 | +€185,664 | +7.5% |
| Equity | 10/15 | €2,350,493 | €2,531,983 | +€181,490 | +7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,338,093 | €2,519,583 | +€181,490 | +7.8% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €2,127,593 | €2,309,083 | +€181,490 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €31,848 | €35,448 | +€3,600 | +11.3% |
| Provisions for liabilities and charges | 160/5 | €31,848 | €35,448 | +€3,600 | +11.3% |
| Environmental obligations | 163 | €31,848 | €35,448 | +€3,600 | +11.3% |
| Amounts payable | 17/49 | €84,167 | €84,741 | +€574 | +0.7% |
| Amounts payable within one year | 42/48 | €82,844 | €83,699 | +€855 | +1.0% |
| Trade debts | 44 | €642 | €2,361 | +€1,719 | +267.6% |
| Suppliers | 440/4 | €642 | €2,361 | +€1,719 | +267.6% |
| Taxes, remuneration and social security | 45 | €17,404 | €77,563 | +€60,159 | +345.7% |
| Taxes | 450/3 | €17,404 | €77,563 | +€60,159 | +345.7% |
| Other amounts payable | 47/48 | €64,798 | €3,774 | -€61,023 | -94.2% |
| Accrued charges and deferred income | 492/3 | €1,322 | €1,042 | -€281 | -21.2% |
| Non-recurring operating income | 76A | - | €21,912 | +€21,912 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,543 | €39,253 | +€7,710 | +24.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,800 | €3,600 | -€4,200 | -53.8% |
| Other operating charges | 640/8 | €4,743 | €12,009 | +€7,266 | +153.2% |
| Gross operating margin | 9900 | €806,096 | €772,759 | -€33,337 | -4.1% |
| Operating profit (loss) | 9901 | €762,010 | €717,897 | -€44,113 | -5.8% |
| Financial income | 75/76B | €62,225 | €168,989 | +€106,763 | +171.6% |
| Recurring financial income | 75 | €62,225 | €168,766 | +€106,541 | +171.2% |
| Non-recurring financial income | 76B | - | €223 | +€223 | |
| Financial charges | 65/66B | €49,551 | €109,488 | +€59,937 | +121.0% |
| Recurring financial charges | 65 | €49,551 | €109,488 | +€59,937 | +121.0% |
| Profit (loss) for the period before taxes | 9903 | €774,684 | €777,398 | +€2,714 | +0.4% |
| Income taxes | 67/77 | €209,157 | €263,418 | +€54,261 | +25.9% |
| Profit (loss) for the period | 9904 | €565,527 | €513,980 | -€51,547 | -9.1% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €0 | -€210,500 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €355,027 | €513,980 | +€158,953 | +44.8% |
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 5 October 2026 via checked.be.