ARTIKEL 4: 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.
ARTIKEL 4
Largest movements
- Current investments -€81,470
down €81,470 (-80.4%), from €101,327 to €19,856
- Cash +€80,693
up €80,693 (+123%), from €65,740 to €146,433
mainly Net result for the year (+€113,992) and Current investments (+€81,470)
- Tangible fixed assets +€8,629
up €8,629 (+65.7%), from €13,134 to €21,763
of which Other tangible fixed assets: +€10,254
- Receivables within one year -€4,644
down €4,644 (-8.5%), from €54,943 to €50,299
of which Other amounts receivable: -€3,074
- Debts after one year -€10,303
down €10,303 (-41.5%), from €24,835 to €14,533
- Tax, wage and social debts +€8,602
up €8,602 (+22.4%), from €38,339 to €46,941
of which Taxes: +€5,326
- Reserves +€6,678
up €6,678 (+18.8%), from €35,470 to €42,148
- Current portion of long-term debt +€6,028
up €6,028 (+48.7%), from €12,364 to €18,392
- Other debts -€5,455
down €5,455 (-5.5%), from €100,000 to €94,545
- Gross operating margin -€30,768
down €30,768 (-12.0%), from €256,862 to €226,094
- Taxes -€14,552
down €14,552 (-29.5%), from €49,391 to €34,839
- Staff costs +€3,907
up €3,907 (+6.0%), from €65,631 to €69,538
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 | €235,482 | €240,028 | +€4,546 | +1.9% |
| Fixed assets | 21/28 | €13,409 | €22,038 | +€8,629 | +64.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €13,134 | €21,763 | +€8,629 | +65.7% |
| Plant, machinery and equipment | 23 | €10,386 | €8,761 | -€1,625 | -15.6% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €2,748 | €13,002 | +€10,254 | +373% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €222,073 | €217,990 | -€4,083 | -1.8% |
| Amounts receivable within one year | 40/41 | €54,943 | €50,299 | -€4,644 | -8.5% |
| Trade receivables | 40 | €51,863 | €50,293 | -€1,570 | -3.0% |
| Other amounts receivable | 41 | €3,080 | €6 | -€3,074 | -99.8% |
| Current investments | 50/53 | €101,327 | €19,856 | -€81,470 | -80.4% |
| Cash at bank and in hand | 54/58 | €65,740 | €146,433 | +€80,693 | +123% |
| Deferred charges and accrued income | 490/1 | €64 | €1,402 | +€1,338 | +2,098% |
| Total equity and liabilities | 10/49 | €235,482 | €240,028 | +€4,546 | +1.9% |
| Equity | 10/15 | €54,070 | €60,748 | +€6,678 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,470 | €42,148 | +€6,678 | +18.8% |
| Distributable reserves | 133 | €35,470 | €42,148 | +€6,678 | +18.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €181,412 | €179,280 | -€2,132 | -1.2% |
| Amounts payable after more than one year | 17 | €24,835 | €14,533 | -€10,303 | -41.5% |
| Financial debts | 170/4 | €24,835 | €14,533 | -€10,303 | -41.5% |
| Amounts payable within one year | 42/48 | €156,576 | €164,747 | +€8,170 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €12,364 | €18,392 | +€6,028 | +48.7% |
| Financial debts | 43 | €3,729 | €0 | -€3,729 | -100% |
| Credit institutions | 430/8 | €3,729 | €0 | -€3,729 | -100% |
| Trade debts | 44 | €1,789 | €4,869 | +€3,081 | +172% |
| Suppliers | 440/4 | €1,789 | €4,869 | +€3,081 | +172% |
| Advances received on contracts in progress | 46 | €355 | €0 | -€355 | -100% |
| Taxes, remuneration and social security | 45 | €38,339 | €46,941 | +€8,602 | +22.4% |
| Taxes | 450/3 | €28,650 | €33,976 | +€5,326 | +18.6% |
| Remuneration and social security | 454/9 | €9,689 | €12,965 | +€3,276 | +33.8% |
| Other amounts payable | 47/48 | €100,000 | €94,545 | -€5,455 | -5.5% |
| Remuneration, social security and pensions | 62 | €65,631 | €69,538 | +€3,907 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,133 | €7,482 | +€1,349 | +22.0% |
| Other operating charges | 640/8 | €1,187 | €1,224 | +€37 | +3.1% |
| Gross operating margin | 9900 | €256,862 | €226,094 | -€30,768 | -12.0% |
| Operating profit (loss) | 9901 | €183,912 | €147,850 | -€36,062 | -19.6% |
| Financial income | 75/76B | €2,853 | €3,054 | +€202 | +7.1% |
| Recurring financial income | 75 | €2,853 | €3,054 | +€202 | +7.1% |
| Financial charges | 65/66B | €2,274 | €2,074 | -€201 | -8.8% |
| Recurring financial charges | 65 | €2,274 | €2,074 | -€201 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €184,490 | €148,831 | -€35,659 | -19.3% |
| Income taxes | 67/77 | €49,391 | €34,839 | -€14,552 | -29.5% |
| Profit (loss) for the period | 9904 | €135,099 | €113,992 | -€21,107 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €135,099 | €113,992 | -€21,107 | -15.6% |
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.