AO2: 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.
AO2
Largest movements
- Receivables after one year -€155,911
no longer reported in 2025 (was €155,911)
- Receivables within one year +€134,805
up €134,805 (+73.0%), from €184,724 to €319,529
- Cash -€110,979
down €110,979 (-61.6%), from €180,239 to €69,260
mainly Contributions, distributions and other (-€609,358) and Receivables within one year (-€134,805)
- Reserves -€118,066
down €118,066 (-10.4%), from €1.1m to €1.0m
of which Non-distributable reserves: -€118,066
- Other debts -€54,261
down €54,261 (-21.9%), from €247,375 to €193,114
- Tax, wage and social debts +€33,825
up €33,825 (+123%), from €27,427 to €61,252
- Financial income +€275,176
up €275,176 (+132%), from €208,988 to €484,164
of which Financial income: +€273,926
- Taxes +€32,000
up €32,000 (+82.9%), from €38,618 to €70,618
- Gross operating margin +€15,453
up €15,453 (+19.4%), from €79,667 to €95,120
- Financial charges -€975
down €975 (-34.6%), from €2,815 to €1,840
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 | €1,475,647 | €1,331,801 | -€143,846 | -9.7% |
| Fixed assets | 21/28 | €80,597 | €68,565 | -€12,031 | -14.9% |
| Tangible fixed assets | 22/27 | €23,105 | €11,073 | -€12,031 | -52.1% |
| Furniture and vehicles | 24 | €23,105 | €11,073 | -€12,031 | -52.1% |
| Financial fixed assets | 28 | €57,492 | €57,492 | = | 0.0% |
| Current assets | 29/58 | €1,395,050 | €1,263,236 | -€131,814 | -9.4% |
| Amounts receivable after more than one year | 29 | €155,911 | - | -€155,911 | |
| Other amounts receivable | 291 | €155,911 | - | -€155,911 | |
| Amounts receivable within one year | 40/41 | €184,724 | €319,529 | +€134,805 | +73.0% |
| Other amounts receivable | 41 | €184,724 | €319,529 | +€134,805 | +73.0% |
| Current investments | 50/53 | €874,176 | €874,176 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €180,239 | €69,260 | -€110,979 | -61.6% |
| Deferred charges and accrued income | 490/1 | - | €271 | +€271 | |
| Total equity and liabilities | 10/49 | €1,475,647 | €1,331,801 | -€143,846 | -9.7% |
| Equity | 10/15 | €1,184,017 | €1,065,951 | -€118,066 | -10.0% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €1,130,417 | €1,012,351 | -€118,066 | -10.4% |
| Non-distributable reserves | 130/1 | €1,099,307 | €981,241 | -€118,066 | -10.7% |
| Reserves not available under the articles | 1311 | €1,099,307 | €981,241 | -€118,066 | -10.7% |
| Tax-exempt reserves | 132 | €27,250 | €27,250 | = | 0.0% |
| Distributable reserves | 133 | €3,860 | €3,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable | 17/49 | €291,629 | €265,850 | -€25,780 | -8.8% |
| Amounts payable within one year | 42/48 | €291,629 | €265,850 | -€25,780 | -8.8% |
| Trade debts | 44 | €16,827 | €11,484 | -€5,343 | -31.8% |
| Suppliers | 440/4 | €16,827 | €11,484 | -€5,343 | -31.8% |
| Taxes, remuneration and social security | 45 | €27,427 | €61,252 | +€33,825 | +123% |
| Taxes | 450/3 | €27,427 | €61,252 | +€33,825 | +123% |
| Other amounts payable | 47/48 | €247,375 | €193,114 | -€54,261 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,437 | €13,130 | +€693 | +5.6% |
| Other operating charges | 640/8 | €2,105 | €2,403 | +€298 | +14.2% |
| Gross operating margin | 9900 | €79,667 | €95,120 | +€15,453 | +19.4% |
| Operating profit (loss) | 9901 | €65,125 | €79,588 | +€14,462 | +22.2% |
| Financial income | 75/76B | €208,988 | €484,164 | +€275,176 | +132% |
| Recurring financial income | 75 | €208,988 | €482,914 | +€273,926 | +131% |
| Non-recurring financial income | 76B | - | €1,250 | +€1,250 | |
| Financial charges | 65/66B | €2,815 | €1,840 | -€975 | -34.6% |
| Recurring financial charges | 65 | €2,815 | €1,840 | -€975 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €271,298 | €561,911 | +€290,613 | +107% |
| Income taxes | 67/77 | €38,618 | €70,618 | +€32,000 | +82.9% |
| Profit (loss) for the period | 9904 | €232,680 | €491,293 | +€258,613 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €232,680 | €491,293 | +€258,613 | +111% |
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 28 October 2026 via checked.be.