B-Cycle: 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.
B-Cycle
Largest movements
- Cash -€92,407
down €92,407 (-93.1%), from €99,236 to €6,828
mainly Contributions, distributions and other (-€267,536) and Short-term financial debts (-€52,458)
- Tangible fixed assets -€21,967
down €21,967 (-3.1%), from €719,199 to €697,232
of which Land and buildings: -€23,917
- Other debts +€193,573
up €193,573 (+368.6%), from €52,521 to €246,094
- Reserves -€186,139
down €186,139 (-69.6%), from €267,536 to €81,398
- Profit (loss) carried forward -€74,587
down €74,587 (-100.0%), from €74,587 to €0
- Trade debts +€58,725
up €58,725 (+28.1%), from €208,987 to €267,712
- Short-term financial debts -€52,458
down €52,458 (-19.4%), from €270,000 to €217,542
- Gross operating margin -€46,421
down €46,421 (-21.3%), from €217,603 to €171,182
- Staff costs -€18,700
down €18,700 (-16.1%), from €116,018 to €97,317
- Financial charges -€6,433
down €6,433 (-18.5%), from €34,717 to €28,284
- Financial income +€4,967
up €4,967 (+114.1%), from €4,355 to €9,322
- Depreciation -€4,132
down €4,132 (-9.1%), from €45,572 to €41,440
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 | €1,432,800 | €1,335,401 | -€97,399 | -6.8% |
| Fixed assets | 21/28 | €723,761 | €700,228 | -€23,533 | -3.3% |
| Intangible fixed assets | 21 | €4,561 | €2,995 | -€1,566 | -34.3% |
| Tangible fixed assets | 22/27 | €719,199 | €697,232 | -€21,967 | -3.1% |
| Land and buildings | 22 | €711,593 | €687,677 | -€23,917 | -3.4% |
| Plant, machinery and equipment | 23 | €1,961 | €8,836 | +€6,876 | +350.7% |
| Furniture and vehicles | 24 | €5,646 | €720 | -€4,926 | -87.3% |
| Current assets | 29/58 | €709,039 | €635,173 | -€73,866 | -10.4% |
| Stocks and contracts in progress | 3 | €575,614 | €587,258 | +€11,644 | +2.0% |
| Stocks | 30/36 | €575,614 | €587,258 | +€11,644 | +2.0% |
| Amounts receivable within one year | 40/41 | €29,320 | €38,664 | +€9,345 | +31.9% |
| Trade receivables | 40 | €21,970 | €38,609 | +€16,640 | +75.7% |
| Other amounts receivable | 41 | €7,350 | €55 | -€7,295 | -99.3% |
| Cash at bank and in hand | 54/58 | €99,236 | €6,828 | -€92,407 | -93.1% |
| Deferred charges and accrued income | 490/1 | €4,870 | €2,422 | -€2,448 | -50.3% |
| Total equity and liabilities | 10/49 | €1,432,800 | €1,335,401 | -€97,399 | -6.8% |
| Equity | 10/15 | €348,323 | €87,598 | -€260,725 | -74.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €267,536 | €81,398 | -€186,139 | -69.6% |
| Distributable reserves | 133 | €267,536 | €81,398 | -€186,139 | -69.6% |
| Profit (loss) carried forward | 14 | €74,587 | €0 | -€74,587 | -100.0% |
| Amounts payable | 17/49 | €1,084,477 | €1,247,803 | +€163,326 | +15.1% |
| Amounts payable after more than one year | 17 | €494,808 | €458,226 | -€36,582 | -7.4% |
| Financial debts | 170/4 | €494,808 | €458,226 | -€36,582 | -7.4% |
| Amounts payable within one year | 42/48 | €583,825 | €784,258 | +€200,433 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €35,812 | €39,596 | +€3,784 | +10.6% |
| Financial debts | 43 | €270,000 | €217,542 | -€52,458 | -19.4% |
| Credit institutions | 430/8 | €270,000 | €217,542 | -€52,458 | -19.4% |
| Trade debts | 44 | €208,987 | €267,712 | +€58,725 | +28.1% |
| Suppliers | 440/4 | €208,987 | €267,712 | +€58,725 | +28.1% |
| Taxes, remuneration and social security | 45 | €16,505 | €13,314 | -€3,191 | -19.3% |
| Taxes | 450/3 | €0 | €964 | +€964 | |
| Remuneration and social security | 454/9 | €16,505 | €12,350 | -€4,155 | -25.2% |
| Other amounts payable | 47/48 | €52,521 | €246,094 | +€193,573 | +368.6% |
| Accrued charges and deferred income | 492/3 | €5,843 | €5,319 | -€524 | -9.0% |
| Remuneration, social security and pensions | 62 | €116,018 | €97,317 | -€18,700 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,572 | €41,440 | -€4,132 | -9.1% |
| Other operating charges | 640/8 | €3,595 | €3,707 | +€112 | +3.1% |
| Gross operating margin | 9900 | €217,603 | €171,182 | -€46,421 | -21.3% |
| Operating profit (loss) | 9901 | €52,418 | €28,718 | -€23,700 | -45.2% |
| Financial income | 75/76B | €4,355 | €9,322 | +€4,967 | +114.1% |
| Recurring financial income | 75 | €4,355 | €9,322 | +€4,967 | +114.1% |
| Financial charges | 65/66B | €34,717 | €28,284 | -€6,433 | -18.5% |
| Recurring financial charges | 65 | €34,717 | €28,284 | -€6,433 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €22,056 | €9,756 | -€12,300 | -55.8% |
| Income taxes | 67/77 | €6,398 | €2,945 | -€3,453 | -54.0% |
| Profit (loss) for the period | 9904 | €15,658 | €6,811 | -€8,847 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,658 | €6,811 | -€8,847 | -56.5% |
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 11 October 2026 via checked.be.