AN: 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.
AN
Largest movements
- Receivables within one year +€16,397
up €16,397 (+15.4%), from €106,803 to €123,199
of which Other amounts receivable: +€15,972
- Stocks and contracts -€9,197
down €9,197 (-6.0%), from €153,910 to €144,713
- Cash +€4,162
up €4,162 (+51.9%), from €8,025 to €12,186
mainly Stocks and contracts (+€9,197) and Net result for the year (+€8,779)
- Reserves +€8,779
up €8,779 (+5.9%), from €149,854 to €158,633
of which Distributable reserves: +€8,779
- Gross operating margin +€45,972
up €45,972 (+45.3%), from €101,530 to €147,502
- Staff costs +€17,254
up €17,254 (+20.3%), from €84,792 to €102,046
- Financial charges -€5,835
down €5,835 (-43.5%), from €13,422 to €7,587
- Taxes +€3,978
up €3,978 (+225.9%), from €1,761 to €5,738
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 | €278,353 | €286,344 | +€7,992 | +2.9% |
| Fixed assets | 21/28 | €4,642 | €3,837 | -€804 | -17.3% |
| Tangible fixed assets | 22/27 | €4,642 | €3,837 | -€804 | -17.3% |
| Plant, machinery and equipment | 23 | €1,159 | €817 | -€342 | -29.5% |
| Other tangible fixed assets | 26 | €3,483 | €3,020 | -€462 | -13.3% |
| Current assets | 29/58 | €273,711 | €282,507 | +€8,796 | +3.2% |
| Stocks and contracts in progress | 3 | €153,910 | €144,713 | -€9,197 | -6.0% |
| Stocks | 30/36 | €153,910 | €144,713 | -€9,197 | -6.0% |
| Amounts receivable within one year | 40/41 | €106,803 | €123,199 | +€16,397 | +15.4% |
| Trade receivables | 40 | €520 | €944 | +€424 | +81.6% |
| Other amounts receivable | 41 | €106,283 | €122,255 | +€15,972 | +15.0% |
| Current investments | 50/53 | €6 | €5 | -€0 | -2.5% |
| Cash at bank and in hand | 54/58 | €8,025 | €12,186 | +€4,162 | +51.9% |
| Deferred charges and accrued income | 490/1 | €4,968 | €2,403 | -€2,565 | -51.6% |
| Total equity and liabilities | 10/49 | €278,353 | €286,344 | +€7,992 | +2.9% |
| Equity | 10/15 | €168,446 | €177,225 | +€8,779 | +5.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €149,854 | €158,633 | +€8,779 | +5.9% |
| Tax-exempt reserves | 132 | €27,370 | €27,370 | = | 0.0% |
| Distributable reserves | 133 | €122,485 | €131,263 | +€8,779 | +7.2% |
| Amounts payable | 17/49 | €109,906 | €109,119 | -€787 | -0.7% |
| Amounts payable within one year | 42/48 | €108,790 | €109,119 | +€329 | +0.3% |
| Financial debts | 43 | €34,841 | €35,332 | +€491 | +1.4% |
| Credit institutions | 430/8 | €34,841 | €35,332 | +€491 | +1.4% |
| Trade debts | 44 | €40,528 | €40,860 | +€332 | +0.8% |
| Suppliers | 440/4 | €40,528 | €40,860 | +€332 | +0.8% |
| Taxes, remuneration and social security | 45 | €33,422 | €32,927 | -€494 | -1.5% |
| Taxes | 450/3 | €24,322 | €22,254 | -€2,068 | -8.5% |
| Remuneration and social security | 454/9 | €9,099 | €10,673 | +€1,574 | +17.3% |
| Accrued charges and deferred income | 492/3 | €1,116 | €0 | -€1,116 | -100.0% |
| Remuneration, social security and pensions | 62 | €84,792 | €102,046 | +€17,254 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €804 | €804 | = | 0.0% |
| Other operating charges | 640/8 | €448 | €363 | -€85 | -18.9% |
| Non-recurring operating charges | 66A | - | €22,185 | +€22,185 | |
| Gross operating margin | 9900 | €101,530 | €147,502 | +€45,972 | +45.3% |
| Operating profit (loss) | 9901 | €15,485 | €22,103 | +€6,618 | +42.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €13,422 | €7,587 | -€5,835 | -43.5% |
| Recurring financial charges | 65 | €13,422 | €7,587 | -€5,835 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €2,063 | €14,517 | +€12,454 | +603.7% |
| Income taxes | 67/77 | €1,761 | €5,738 | +€3,978 | +225.9% |
| Profit (loss) for the period | 9904 | €302 | €8,779 | +€8,476 | +2802.7% |
| Profit (loss) for the period to be appropriated | 9905 | €302 | €8,779 | +€8,476 | +2802.7% |
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 5 October 2026 via checked.be.