All Networks: 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 Networks
Largest movements
- Tangible fixed assets +€347,342
up €347,342 (+351%), from €99,029 to €446,371
of which Land and buildings: +€357,469
- Receivables within one year +€49,941
up €49,941 (+90.9%), from €54,931 to €104,872
of which Other amounts receivable: +€67,698
- Deferred charges and accrued income +€7,581
up €7,581 (+100%), from €7,558 to €15,139
- Debts after one year +€300,853
up €300,853 (+1,387%), from €21,692 to €322,545
- Short-term financial debts +€70,825
new in 2025: €70,825
- Trade debts +€26,984
up €26,984 (+164%), from €16,503 to €43,488
- Other debts +€12,622
up €12,622 (+19.6%), from €64,304 to €76,926
- Current portion of long-term debt +€11,363
up €11,363 (+105%), from €10,785 to €22,147
- Gross operating margin -€41,877
down €41,877 (-65.7%), from €63,709 to €21,832
- Depreciation +€16,743
up €16,743 (+172%), from €9,719 to €26,462
- Taxes -€7,125
down €7,125 (-98.2%), from €7,257 to €132
- Financial charges -€2,850
down €2,850 (-33.9%), from €8,400 to €5,550
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 | €167,520 | €573,402 | +€405,882 | +242% |
| Fixed assets | 21/28 | €99,029 | €446,371 | +€347,342 | +351% |
| Tangible fixed assets | 22/27 | €99,029 | €446,371 | +€347,342 | +351% |
| Land and buildings | 22 | - | €357,469 | +€357,469 | |
| Plant, machinery and equipment | 23 | €8,451 | €6,820 | -€1,630 | -19.3% |
| Furniture and vehicles | 24 | €76,327 | €60,642 | -€15,685 | -20.5% |
| Other tangible fixed assets | 26 | €14,252 | €21,440 | +€7,188 | +50.4% |
| Current assets | 29/58 | €68,490 | €127,031 | +€58,540 | +85.5% |
| Stocks and contracts in progress | 3 | - | €2,500 | +€2,500 | |
| Stocks | 30/36 | - | €2,500 | +€2,500 | |
| Amounts receivable within one year | 40/41 | €54,931 | €104,872 | +€49,941 | +90.9% |
| Trade receivables | 40 | €50,188 | €32,431 | -€17,757 | -35.4% |
| Other amounts receivable | 41 | €4,743 | €72,441 | +€67,698 | +1,427% |
| Cash at bank and in hand | 54/58 | €6,002 | €4,519 | -€1,482 | -24.7% |
| Deferred charges and accrued income | 490/1 | €7,558 | €15,139 | +€7,581 | +100% |
| Total equity and liabilities | 10/49 | €167,520 | €573,402 | +€405,882 | +242% |
| Equity | 10/15 | €42,477 | €31,998 | -€10,479 | -24.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,977 | €29,498 | -€10,479 | -26.2% |
| Amounts payable | 17/49 | €125,043 | €541,404 | +€416,361 | +333% |
| Amounts payable after more than one year | 17 | €21,692 | €322,545 | +€300,853 | +1,387% |
| Financial debts | 170/4 | €21,692 | €322,545 | +€300,853 | +1,387% |
| Amounts payable within one year | 42/48 | €98,375 | €214,241 | +€115,866 | +118% |
| Current portion of amounts payable after more than one year | 42 | €10,785 | €22,147 | +€11,363 | +105% |
| Financial debts | 43 | - | €70,825 | +€70,825 | |
| Credit institutions | 430/8 | - | €70,825 | +€70,825 | |
| Trade debts | 44 | €16,503 | €43,488 | +€26,984 | +164% |
| Suppliers | 440/4 | €16,503 | €43,488 | +€26,984 | +164% |
| Taxes, remuneration and social security | 45 | €6,783 | €854 | -€5,929 | -87.4% |
| Taxes | 450/3 | €6,783 | €854 | -€5,929 | -87.4% |
| Other amounts payable | 47/48 | €64,304 | €76,926 | +€12,622 | +19.6% |
| Accrued charges and deferred income | 492/3 | €4,975 | €4,618 | -€357 | -7.2% |
| Non-recurring operating income | 76A | €5,822 | - | -€5,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,719 | €26,462 | +€16,743 | +172% |
| Other operating charges | 640/8 | €92 | €351 | +€259 | +281% |
| Non-recurring operating charges | 66A | €8,309 | - | -€8,309 | |
| Gross operating margin | 9900 | €63,709 | €21,832 | -€41,877 | -65.7% |
| Operating profit (loss) | 9901 | €45,590 | -€4,980 | -€50,570 | |
| Financial income | 75/76B | €24 | €183 | +€159 | +658% |
| Recurring financial income | 75 | €24 | €183 | +€159 | +658% |
| Financial charges | 65/66B | €8,400 | €5,550 | -€2,850 | -33.9% |
| Recurring financial charges | 65 | €8,400 | €5,550 | -€2,850 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €37,213 | -€10,347 | -€47,561 | |
| Income taxes | 67/77 | €7,257 | €132 | -€7,125 | -98.2% |
| Profit (loss) for the period | 9904 | €29,956 | -€10,479 | -€40,436 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,956 | -€10,479 | -€40,436 |
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 19 October 2026 via checked.be.