ALSO: 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.
ALSO
Largest movements
- Current investments -€30,858
down €30,858 (-20.1%), from €153,374 to €122,516
- Tangible fixed assets -€18,862
down €18,862 (-5.1%), from €367,274 to €348,412
of which Land and buildings: -€16,730
- Other debts -€40,689
down €40,689 (-14.6%), from €279,631 to €238,943
- Debts after one year -€10,692
down €10,692 (-9.7%), from €110,573 to €99,881
of which Financial debts: -€10,692
- Financial income -€3,684
no longer reported in 2025 (was €3,684)
- Depreciation -€3,535
down €3,535 (-15.8%), from €22,397 to €18,862
- Gross operating margin +€1,567
up €1,567 (+6.2%), from €25,306 to €26,873
- Financial charges -€902
down €902 (-27.5%), from €3,284 to €2,382
- Other operating charges +€295
up €295 (+4.9%), from €6,019 to €6,315
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,719 | €471,999 | -€49,720 | -9.5% |
| Fixed assets | 21/28 | €367,274 | €348,412 | -€18,862 | -5.1% |
| Tangible fixed assets | 22/27 | €367,274 | €348,412 | -€18,862 | -5.1% |
| Land and buildings | 22 | €360,681 | €343,950 | -€16,730 | -4.6% |
| Plant, machinery and equipment | 23 | €1,393 | €965 | -€427 | -30.7% |
| Furniture and vehicles | 24 | €1,229 | - | -€1,229 | |
| Other tangible fixed assets | 26 | €3,972 | €3,496 | -€475 | -12.0% |
| Current assets | 29/58 | €154,445 | €123,587 | -€30,858 | -20.0% |
| Amounts receivable within one year | 40/41 | €1,071 | €1,071 | = | 0.0% |
| Other amounts receivable | 41 | €1,071 | €1,071 | = | 0.0% |
| Current investments | 50/53 | €153,374 | €122,516 | -€30,858 | -20.1% |
| Total equity and liabilities | 10/49 | €521,719 | €471,999 | -€49,720 | -9.5% |
| Equity | 10/15 | €59,198 | €58,513 | -€685 | -1.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €98,177 | €98,177 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,177 | €98,177 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,978 | -€139,664 | -€685 | -0.5% |
| Provisions and deferred taxes | 16 | €34,567 | €34,567 | = | 0.0% |
| Deferred taxes | 168 | €34,567 | €34,567 | = | 0.0% |
| Amounts payable | 17/49 | €427,953 | €378,919 | -€49,034 | -11.5% |
| Amounts payable after more than one year | 17 | €110,573 | €99,881 | -€10,692 | -9.7% |
| Financial debts | 170/4 | €75,562 | €64,870 | -€10,692 | -14.1% |
| Other amounts payable | 178/9 | €35,011 | €35,011 | = | 0.0% |
| Amounts payable within one year | 42/48 | €317,380 | €279,038 | -€38,342 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €10,592 | €10,692 | +€100 | +0.9% |
| Financial debts | 43 | €26,904 | €27,651 | +€748 | +2.8% |
| Credit institutions | 430/8 | €23,324 | €24,072 | +€748 | +3.2% |
| Other loans | 439 | €3,579 | €3,579 | = | 0.0% |
| Trade debts | 44 | €254 | €1,752 | +€1,499 | +591.1% |
| Suppliers | 440/4 | €254 | €1,752 | +€1,499 | +591.1% |
| Other amounts payable | 47/48 | €279,631 | €238,943 | -€40,689 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,397 | €18,862 | -€3,535 | -15.8% |
| Other operating charges | 640/8 | €6,019 | €6,315 | +€295 | +4.9% |
| Gross operating margin | 9900 | €25,306 | €26,873 | +€1,567 | +6.2% |
| Operating profit (loss) | 9901 | -€3,110 | €1,697 | +€4,807 | |
| Financial income | 75/76B | €3,684 | - | -€3,684 | |
| Recurring financial income | 75 | €3,684 | - | -€3,684 | |
| Financial charges | 65/66B | €3,284 | €2,382 | -€902 | -27.5% |
| Recurring financial charges | 65 | €3,284 | €2,382 | -€902 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,710 | -€685 | +€2,025 | +74.7% |
| Profit (loss) for the period | 9904 | -€2,710 | -€685 | +€2,025 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,710 | -€685 | +€2,025 | +74.7% |
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 28 September 2026 via checked.be.