ALL - FIX: 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.
ALL - FIX
Largest movements
- Tangible fixed assets -€145,817
down €145,817 (-8.0%), from €1.8m to €1.7m
of which Land and buildings: -€121,327
- Receivables within one year -€140,413
down €140,413 (-78.8%), from €178,155 to €37,742
of which Trade receivables: -€111,703
- Cash +€95,425
up €95,425 (+82.3%), from €116,017 to €211,442
mainly Depreciation (+€157,267) and Receivables within one year (+€140,413)
- Debts after one year -€60,532
down €60,532 (-32.9%), from €183,856 to €123,324
- Reserves -€54,934
down €54,934 (-19.3%), from €284,091 to €229,157
of which Distributable reserves: -€49,000
- Profit (loss) carried forward -€54,929
down €54,929 (-3.3%), from €1.7m to €1.6m
- Short-term financial debts -€42,834
down €42,834 (-96.8%), from €44,269 to €1,435
- Financial charges +€69,593
up €69,593 (+475%), from €14,647 to €84,240
- Gross operating margin +€46,193
up €46,193 (+28.9%), from €159,752 to €205,944
- Taxes +€11,168
up €11,168 (+765%), from €1,460 to €12,628
- Depreciation -€9,792
down €9,792 (-5.9%), from €167,059 to €157,267
- Other operating charges -€3,085
down €3,085 (-17.0%), from €18,160 to €15,075
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 | €2,222,159 | €2,032,563 | -€189,596 | -8.5% |
| Fixed assets | 21/28 | €1,818,692 | €1,672,875 | -€145,817 | -8.0% |
| Tangible fixed assets | 22/27 | €1,818,692 | €1,672,875 | -€145,817 | -8.0% |
| Land and buildings | 22 | €1,750,320 | €1,628,993 | -€121,327 | -6.9% |
| Furniture and vehicles | 24 | €68,372 | €43,882 | -€24,490 | -35.8% |
| Current assets | 29/58 | €403,467 | €359,688 | -€43,779 | -10.9% |
| Stocks and contracts in progress | 3 | €109,295 | €110,504 | +€1,209 | +1.1% |
| Stocks | 30/36 | €109,295 | €110,504 | +€1,209 | +1.1% |
| Amounts receivable within one year | 40/41 | €178,155 | €37,742 | -€140,413 | -78.8% |
| Trade receivables | 40 | €149,445 | €37,742 | -€111,703 | -74.7% |
| Other amounts receivable | 41 | €28,710 | - | -€28,710 | |
| Cash at bank and in hand | 54/58 | €116,017 | €211,442 | +€95,425 | +82.3% |
| Total equity and liabilities | 10/49 | €2,222,159 | €2,032,563 | -€189,596 | -8.5% |
| Equity | 10/15 | €1,966,694 | €1,856,831 | -€109,863 | -5.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €284,091 | €229,157 | -€54,934 | -19.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,232 | €59,298 | -€5,934 | -9.1% |
| Distributable reserves | 133 | €217,000 | €168,000 | -€49,000 | -22.6% |
| Profit (loss) carried forward | 14 | €1,664,011 | €1,609,082 | -€54,929 | -3.3% |
| Provisions and deferred taxes | 16 | €16,308 | €14,824 | -€1,484 | -9.1% |
| Deferred taxes | 168 | €16,308 | €14,824 | -€1,484 | -9.1% |
| Amounts payable | 17/49 | €239,157 | €160,908 | -€78,249 | -32.7% |
| Amounts payable after more than one year | 17 | €183,856 | €123,324 | -€60,532 | -32.9% |
| Financial debts | 170/4 | €183,856 | €123,324 | -€60,532 | -32.9% |
| Amounts payable within one year | 42/48 | €55,301 | €37,584 | -€17,717 | -32.0% |
| Financial debts | 43 | €44,269 | €1,435 | -€42,834 | -96.8% |
| Other loans | 439 | €44,269 | €1,435 | -€42,834 | -96.8% |
| Trade debts | 44 | €9,933 | €20,628 | +€10,695 | +108% |
| Suppliers | 440/4 | €9,933 | €20,628 | +€10,695 | +108% |
| Advances received on contracts in progress | 46 | €1,100 | €1,450 | +€350 | +31.8% |
| Taxes, remuneration and social security | 45 | - | €14,071 | +€14,071 | |
| Taxes | 450/3 | - | €14,071 | +€14,071 | |
| Non-recurring operating income | 76A | - | €24,609 | +€24,609 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,059 | €157,267 | -€9,792 | -5.9% |
| Other operating charges | 640/8 | €18,160 | €15,075 | -€3,085 | -17.0% |
| Gross operating margin | 9900 | €159,752 | €205,944 | +€46,193 | +28.9% |
| Operating profit (loss) | 9901 | -€25,467 | €33,603 | +€59,070 | |
| Financial income | 75/76B | €1,202 | €919 | -€283 | -23.6% |
| Recurring financial income | 75 | €1,202 | €919 | -€283 | -23.6% |
| Financial charges | 65/66B | €14,647 | €84,240 | +€69,593 | +475% |
| Recurring financial charges | 65 | €14,647 | €84,240 | +€69,593 | +475% |
| Profit (loss) for the period before taxes | 9903 | -€38,912 | -€49,718 | -€10,806 | -27.8% |
| Transfer from deferred taxes | 780 | €1,484 | €1,484 | = | 0.0% |
| Income taxes | 67/77 | €1,460 | €12,628 | +€11,168 | +765% |
| Profit (loss) for the period | 9904 | -€38,888 | -€60,863 | -€21,975 | -56.5% |
| Transfer from tax-exempt reserves | 789 | €5,934 | €5,934 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,954 | -€54,929 | -€21,975 | -66.7% |
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.