B-LOADED: 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.
What changed
B-LOADED
NACE 82.100, Office administrative and support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€45.9m
2024 · €574,646+€45.3m
Equity
€48.3m
2024 · €2.6m+€45.7m
Cash
€45,815
2024 · €31,585+€14,230
Balance sheet total
€48.6m
2024 · €2.6m+€46.0m
Largest movements
Assets
- Financial fixed assets +€40.0m
up €40.0m (+7998.7%), from €500,120 to €40.5m
- Current investments +€5.9m
up €5.9m (+302.7%), from €2.0m to €7.9m
Equity and liabilities
- Reserves +€45.7m
up €45.7m (+1787.4%), from €2.6m to €48.3m
Income statement
- Financial income +€45.6m
up €45.6m (+9459.5%), from €482,233 to €46.1m
- Taxes +€261,660
up €261,660 (+267.1%), from €97,974 to €359,634
- Financial charges +€62,215
up €62,215, from -€59,987 to €2,228
- Gross operating margin +€19,242
up €19,242 (+13.0%), from €147,734 to €166,975
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.
Result 2024
€574,646
Gross operating margin
+€19,242
Depreciation
+€529
Other operating charges
+€35
Financial income
+€45.6m
Financial charges
-€62,215
Taxes
-€261,660
Result 2025
€45.9m
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.
From operations
+€46.1m
Investment
-€45.9m
Financing
-€149,736
Cash 2024
€31,585
From operations (derived)
+€46.1m
Net result for the year
+€45.9m
Depreciation
+€15,677
Smaller working-capital items
-€67,064
Tax, wage and social debts
+€236,110
Investment (derived)
-€45.9m
Investment in fixed assets (net)
-€40.0m
Current investments
-€5.9m
Financing
-€149,736
Contributions, distributions and other
-€149,736
Cash 2025
€45,815
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,648,398 | €48,623,273 | +€46.0m | +1736.0% |
| Fixed assets | 21/28 | €550,058 | €40,537,531 | +€40.0m | +7269.7% |
| Tangible fixed assets | 22/27 | €49,938 | €34,261 | -€15,677 | -31.4% |
| Furniture and vehicles | 24 | €11,127 | €0 | -€11,127 | -100.0% |
| Other tangible fixed assets | 26 | €38,811 | €34,261 | -€4,550 | -11.7% |
| Financial fixed assets | 28 | €500,120 | €40,503,270 | +€40.0m | +7998.7% |
| Current assets | 29/58 | €2,098,340 | €8,085,741 | +€6.0m | +285.3% |
| Amounts receivable after more than one year | 29 | €100,484 | €100,487 | +€4 | 0.0% |
| Other amounts receivable | 291 | €100,484 | €100,487 | +€4 | 0.0% |
| Amounts receivable within one year | 40/41 | €7,722 | €51,080 | +€43,358 | +561.5% |
| Trade receivables | 40 | €7,613 | €505 | -€7,108 | -93.4% |
| Other amounts receivable | 41 | €109 | €50,575 | +€50,466 | +46176.3% |
| Current investments | 50/53 | €1,950,933 | €7,856,023 | +€5.9m | +302.7% |
| Cash at bank and in hand | 54/58 | €31,585 | €45,815 | +€14,230 | +45.1% |
| Deferred charges and accrued income | 490/1 | €7,617 | €32,336 | +€24,719 | +324.5% |
| Total equity and liabilities | 10/49 | €2,648,398 | €48,623,273 | +€46.0m | +1736.0% |
| Equity | 10/15 | €2,565,045 | €48,302,792 | +€45.7m | +1783.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,558,845 | €48,296,592 | +€45.7m | +1787.4% |
| Distributable reserves | 133 | €2,558,845 | €48,296,592 | +€45.7m | +1787.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €83,353 | €320,480 | +€237,127 | +284.5% |
| Amounts payable within one year | 42/48 | €81,485 | €311,248 | +€229,763 | +282.0% |
| Trade debts | 44 | €4,118 | €1,648 | -€2,470 | -60.0% |
| Suppliers | 440/4 | €4,118 | €1,648 | -€2,470 | -60.0% |
| Taxes, remuneration and social security | 45 | €67,808 | €303,918 | +€236,110 | +348.2% |
| Taxes | 450/3 | €67,808 | €303,918 | +€236,110 | +348.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,559 | €5,683 | -€3,877 | -40.6% |
| Accrued charges and deferred income | 492/3 | €1,867 | €9,232 | +€7,365 | +394.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,206 | €15,677 | -€529 | -3.3% |
| Other operating charges | 640/8 | €1,128 | €1,094 | -€35 | -3.1% |
| Gross operating margin | 9900 | €147,734 | €166,975 | +€19,242 | +13.0% |
| Operating profit (loss) | 9901 | €130,400 | €150,205 | +€19,805 | +15.2% |
| Financial income | 75/76B | €482,233 | €46,099,140 | +€45.6m | +9459.5% |
| Recurring financial income | 75 | €482,233 | €46,099,140 | +€45.6m | +9459.5% |
| Financial charges | 65/66B | -€59,987 | €2,228 | +€62,215 | |
| Recurring financial charges | 65 | -€59,987 | €2,228 | +€62,215 | |
| Profit (loss) for the period before taxes | 9903 | €672,620 | €46,247,116 | +€45.6m | +6775.7% |
| Income taxes | 67/77 | €97,974 | €359,634 | +€261,660 | +267.1% |
| Profit (loss) for the period | 9904 | €574,646 | €45,887,482 | +€45.3m | +7885.4% |
| Profit (loss) for the period to be appropriated | 9905 | €574,646 | €45,887,482 | +€45.3m | +7885.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.