ASSETS: 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.
ASSETS
Largest movements
- Cash -€3.8m
down €3.8m (-91.7%), from €4.1m to €341,870
mainly Debts after one year (-€2.6m) and Current investments (-€1.3m)
- Current investments +€1.3m
up €1.3m (+28.8%), from €4.5m to €5.8m
- Receivables after one year +€138,716
up €138,716 (+7.7%), from €1.8m to €1.9m
- Debts after one year -€2.6m
down €2.6m (-100%), from €2.6m to €0
- Reserves +€227,629
up €227,629 (+3.9%), from €5.8m to €6.0m
of which Distributable reserves: +€227,629
- Financial income -€7.8m
down €7.8m (-95.6%), from €8.2m to €363,227
- Financial charges -€1.5m
down €1.5m (-98.0%), from €1.5m to €30,269
of which Non-recurring financial charges: -€1.3m
- Taxes -€540,864
down €540,864 (-93.5%), from €578,547 to €37,683
- Gross operating margin -€48,794
down €48,794 (-316%), from -€15,448 to -€64,242
- Depreciation -€2,313
down €2,313 (-53.6%), from €4,317 to €2,004
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 | €11,591,711 | €9,154,248 | -€2.4m | -21.0% |
| Fixed assets | 21/28 | €1,190,833 | €1,108,756 | -€82,077 | -6.9% |
| Tangible fixed assets | 22/27 | €4,370 | €2,366 | -€2,004 | -45.9% |
| Furniture and vehicles | 24 | €2,035 | €370 | -€1,665 | -81.8% |
| Other tangible fixed assets | 26 | €2,336 | €1,997 | -€339 | -14.5% |
| Financial fixed assets | 28 | €1,186,462 | €1,106,389 | -€80,073 | -6.7% |
| Current assets | 29/58 | €10,400,878 | €8,045,492 | -€2.4m | -22.6% |
| Amounts receivable after more than one year | 29 | €1,790,982 | €1,929,698 | +€138,716 | +7.7% |
| Other amounts receivable | 291 | €1,790,982 | €1,929,698 | +€138,716 | +7.7% |
| Amounts receivable within one year | 40/41 | €47,065 | €19,809 | -€27,257 | -57.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €47,065 | €19,809 | -€27,257 | -57.9% |
| Current investments | 50/53 | €4,465,040 | €5,750,000 | +€1.3m | +28.8% |
| Cash at bank and in hand | 54/58 | €4,095,043 | €341,870 | -€3.8m | -91.7% |
| Deferred charges and accrued income | 490/1 | €2,749 | €4,116 | +€1,367 | +49.7% |
| Total equity and liabilities | 10/49 | €11,591,711 | €9,154,248 | -€2.4m | -21.0% |
| Equity | 10/15 | €8,361,999 | €8,589,627 | +€227,629 | +2.7% |
| Contributions | 10/11 | €2,586,385 | €2,586,385 | = | 0.0% |
| Reserves | 13 | €5,775,614 | €6,003,242 | +€227,629 | +3.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,226 | €1,226 | = | 0.0% |
| Distributable reserves | 133 | €5,774,388 | €6,002,016 | +€227,629 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,229,713 | €564,621 | -€2.7m | -82.5% |
| Amounts payable after more than one year | 17 | €2,614,689 | €0 | -€2.6m | -100% |
| Financial debts | 170/4 | €2,614,689 | €0 | -€2.6m | -100% |
| Amounts payable within one year | 42/48 | €614,327 | €564,621 | -€49,707 | -8.1% |
| Trade debts | 44 | €598 | €181 | -€416 | -69.7% |
| Suppliers | 440/4 | €598 | €181 | -€416 | -69.7% |
| Taxes, remuneration and social security | 45 | €596,815 | €563,130 | -€33,686 | -5.6% |
| Taxes | 450/3 | €596,815 | €563,130 | -€33,686 | -5.6% |
| Other amounts payable | 47/48 | €16,915 | €1,310 | -€15,605 | -92.3% |
| Accrued charges and deferred income | 492/3 | €696 | €0 | -€696 | -100% |
| Non-recurring operating income | 76A | €27,000 | €0 | -€27,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,317 | €2,004 | -€2,313 | -53.6% |
| Other operating charges | 640/8 | €1,555 | €1,401 | -€154 | -9.9% |
| Gross operating margin | 9900 | -€15,448 | -€64,242 | -€48,794 | -316% |
| Operating profit (loss) | 9901 | -€21,320 | -€67,647 | -€46,327 | -217% |
| Financial income | 75/76B | €8,183,420 | €363,227 | -€7.8m | -95.6% |
| Recurring financial income | 75 | €8,183,420 | €363,227 | -€7.8m | -95.6% |
| Financial charges | 65/66B | €1,500,988 | €30,269 | -€1.5m | -98.0% |
| Recurring financial charges | 65 | €164,615 | €30,269 | -€134,346 | -81.6% |
| Non-recurring financial charges | 66B | €1,336,374 | €0 | -€1.3m | -100% |
| Profit (loss) for the period before taxes | 9903 | €6,661,112 | €265,311 | -€6.4m | -96.0% |
| Income taxes | 67/77 | €578,547 | €37,683 | -€540,864 | -93.5% |
| Profit (loss) for the period | 9904 | €6,082,565 | €227,629 | -€5.9m | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,082,565 | €227,629 | -€5.9m | -96.3% |
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 21 October 2026 via checked.be.