ALSO MD: 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 MD
Largest movements
- Current investments +€270,000
new in 2025: €270,000
- Cash -€258,612
down €258,612 (-56.1%), from €460,669 to €202,056
mainly Contributions, distributions and other (-€577,550) and Current investments (-€270,000)
- Deferred charges and accrued income -€80,665
down €80,665 (-80.5%), from €100,147 to €19,482
- Intangible fixed assets -€40,000
down €40,000 (-30.9%), from €129,386 to €89,386
- Receivables within one year +€30,045
new in 2025: €30,045
- Reserves -€338,791
no longer reported in 2025 (was €338,791)
- Other debts +€206,416
up €206,416 (+61.0%), from €338,160 to €544,576
- Tax, wage and social debts +€66,055
up €66,055 (+5225.3%), from €1,264 to €67,319
- Trade debts -€7,502
down €7,502 (-39.8%), from €18,854 to €11,352
- Gross operating margin -€123,140
down €123,140 (-24.9%), from €493,750 to €370,610
- Taxes -€31,054
down €31,054 (-29.2%), from €106,264 to €75,210
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 | €715,669 | €641,847 | -€73,823 | -10.3% |
| Fixed assets | 21/28 | €154,853 | €120,263 | -€34,590 | -22.3% |
| Intangible fixed assets | 21 | €129,386 | €89,386 | -€40,000 | -30.9% |
| Tangible fixed assets | 22/27 | €25,467 | €30,877 | +€5,410 | +21.2% |
| Plant, machinery and equipment | 23 | - | €10,509 | +€10,509 | |
| Furniture and vehicles | 24 | €19,177 | €15,650 | -€3,527 | -18.4% |
| Other tangible fixed assets | 26 | €6,290 | €4,718 | -€1,573 | -25.0% |
| Current assets | 29/58 | €560,816 | €521,583 | -€39,233 | -7.0% |
| Amounts receivable within one year | 40/41 | - | €30,045 | +€30,045 | |
| Other amounts receivable | 41 | - | €30,045 | +€30,045 | |
| Current investments | 50/53 | - | €270,000 | +€270,000 | |
| Cash at bank and in hand | 54/58 | €460,669 | €202,056 | -€258,612 | -56.1% |
| Deferred charges and accrued income | 490/1 | €100,147 | €19,482 | -€80,665 | -80.5% |
| Total equity and liabilities | 10/49 | €715,669 | €641,847 | -€73,823 | -10.3% |
| Equity | 10/15 | €357,391 | €18,600 | -€338,791 | -94.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €338,791 | - | -€338,791 | |
| Distributable reserves | 133 | €338,791 | - | -€338,791 | |
| Amounts payable | 17/49 | €358,278 | €623,247 | +€264,968 | +74.0% |
| Amounts payable within one year | 42/48 | €358,278 | €623,247 | +€264,968 | +74.0% |
| Trade debts | 44 | €18,854 | €11,352 | -€7,502 | -39.8% |
| Suppliers | 440/4 | €18,854 | €11,352 | -€7,502 | -39.8% |
| Taxes, remuneration and social security | 45 | €1,264 | €67,319 | +€66,055 | +5225.3% |
| Taxes | 450/3 | €1,264 | €67,319 | +€66,055 | +5225.3% |
| Other amounts payable | 47/48 | €338,160 | €544,576 | +€206,416 | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,606 | €47,613 | +€1,008 | +2.2% |
| Other operating charges | 640/8 | €1,877 | €1,890 | +€13 | +0.7% |
| Gross operating margin | 9900 | €493,750 | €370,610 | -€123,140 | -24.9% |
| Operating profit (loss) | 9901 | €445,268 | €321,107 | -€124,161 | -27.9% |
| Financial income | 75/76B | €435 | €682 | +€247 | +56.6% |
| Recurring financial income | 75 | €435 | €682 | +€247 | +56.6% |
| Financial charges | 65/66B | €8,768 | €7,819 | -€949 | -10.8% |
| Recurring financial charges | 65 | €8,768 | €7,819 | -€949 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €436,935 | €313,970 | -€122,966 | -28.1% |
| Income taxes | 67/77 | €106,264 | €75,210 | -€31,054 | -29.2% |
| Profit (loss) for the period | 9904 | €330,671 | €238,759 | -€91,912 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €330,671 | €238,759 | -€91,912 | -27.8% |
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.