B-SIDE: 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.
B-SIDE
Largest movements
- Current investments +€414,607
new in 2025: €414,607
- Cash -€316,283
down €316,283 (-27.4%), from €1.2m to €837,026
mainly Contributions, distributions and other (-€591,986) and Current investments (-€414,607)
- Receivables within one year +€118,586
up €118,586 (+14.0%), from €847,470 to €966,056
of which Trade receivables: +€82,711
- Intangible fixed assets +€59,158
new in 2025: €59,158
- Other debts +€309,460
up €309,460 (+88.4%), from €350,220 to €659,680
- Debts after one year -€52,604
down €52,604 (-25.8%), from €204,028 to €151,424
of which Financial debts: -€52,604
- Trade debts -€42,632
down €42,632 (-39.3%), from €108,576 to €65,943
- Reserves +€40,679
up €40,679 (+2.6%), from €1.5m to €1.6m
of which Distributable reserves: +€40,679
- Gross operating margin +€320,458
up €320,458 (+25.4%), from €1.3m to €1.6m
- Staff costs +€126,474
up €126,474 (+20.4%), from €618,501 to €744,974
- Taxes +€50,297
up €50,297 (+62.5%), from €80,526 to €130,823
- Financial charges +€40,911
up €40,911 (+735.0%), from €5,566 to €46,477
of which Financial charges: +€40,911
- Financial income +€34,403
up €34,403 (+300.9%), from €11,435 to €45,837
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 | €2,573,605 | €2,843,529 | +€269,925 | +10.5% |
| Fixed assets | 21/28 | €570,066 | €610,929 | +€40,863 | +7.2% |
| Intangible fixed assets | 21 | - | €59,158 | +€59,158 | |
| Tangible fixed assets | 22/27 | €522,656 | €497,271 | -€25,385 | -4.9% |
| Land and buildings | 22 | €437,440 | €408,996 | -€28,444 | -6.5% |
| Plant, machinery and equipment | 23 | €52,366 | €23,667 | -€28,699 | -54.8% |
| Furniture and vehicles | 24 | €20,601 | €52,359 | +€31,758 | +154.2% |
| Other tangible fixed assets | 26 | €12,249 | €12,249 | = | 0.0% |
| Financial fixed assets | 28 | €47,410 | €54,500 | +€7,090 | +15.0% |
| Current assets | 29/58 | €2,003,539 | €2,232,600 | +€229,062 | +11.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €847,470 | €966,056 | +€118,586 | +14.0% |
| Trade receivables | 40 | €648,482 | €731,193 | +€82,711 | +12.8% |
| Other amounts receivable | 41 | €198,988 | €234,863 | +€35,875 | +18.0% |
| Current investments | 50/53 | - | €414,607 | +€414,607 | |
| Cash at bank and in hand | 54/58 | €1,153,309 | €837,026 | -€316,283 | -27.4% |
| Deferred charges and accrued income | 490/1 | €2,760 | €14,911 | +€12,152 | +440.3% |
| Total equity and liabilities | 10/49 | €2,573,605 | €2,843,529 | +€269,925 | +10.5% |
| Equity | 10/15 | €1,657,091 | €1,694,029 | +€36,938 | +2.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,542,082 | €1,582,761 | +€40,679 | +2.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,198 | €9,198 | = | 0.0% |
| Distributable reserves | 133 | €1,522,884 | €1,563,563 | +€40,679 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €15,009 | €11,268 | -€3,741 | -24.9% |
| Amounts payable | 17/49 | €916,513 | €1,149,500 | +€232,987 | +25.4% |
| Amounts payable after more than one year | 17 | €204,028 | €151,424 | -€52,604 | -25.8% |
| Financial debts | 170/4 | €201,328 | €148,724 | -€52,604 | -26.1% |
| Other amounts payable | 178/9 | €2,700 | €2,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €712,485 | €998,076 | +€285,591 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €51,276 | €52,604 | +€1,328 | +2.6% |
| Financial debts | 43 | €0 | €1,574 | +€1,574 | |
| Credit institutions | 430/8 | €0 | €1,574 | +€1,574 | |
| Trade debts | 44 | €108,576 | €65,943 | -€42,632 | -39.3% |
| Suppliers | 440/4 | €108,576 | €65,943 | -€42,632 | -39.3% |
| Taxes, remuneration and social security | 45 | €202,414 | €218,275 | +€15,861 | +7.8% |
| Taxes | 450/3 | €104,791 | €111,459 | +€6,668 | +6.4% |
| Remuneration and social security | 454/9 | €97,623 | €106,816 | +€9,193 | +9.4% |
| Other amounts payable | 47/48 | €350,220 | €659,680 | +€309,460 | +88.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €618,501 | €744,974 | +€126,474 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,041 | €62,404 | +€26,363 | +73.1% |
| Other operating charges | 640/8 | €6,679 | €13,830 | +€7,152 | +107.1% |
| Gross operating margin | 9900 | €1,261,137 | €1,581,595 | +€320,458 | +25.4% |
| Operating profit (loss) | 9901 | €599,917 | €760,387 | +€160,469 | +26.7% |
| Financial income | 75/76B | €11,435 | €45,837 | +€34,403 | +300.9% |
| Recurring financial income | 75 | €11,435 | €45,837 | +€34,403 | +300.9% |
| Financial charges | 65/66B | €5,566 | €46,477 | +€40,911 | +735.0% |
| Recurring financial charges | 65 | €5,566 | €46,477 | +€40,911 | +735.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €605,786 | €759,747 | +€153,961 | +25.4% |
| Income taxes | 67/77 | €80,526 | €130,823 | +€50,297 | +62.5% |
| Profit (loss) for the period | 9904 | €525,260 | €628,924 | +€103,664 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €525,260 | €628,924 | +€103,664 | +19.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.