BASE CAMP: 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.
BASE CAMP
Largest movements
- Receivables within one year -€114,374
down €114,374 (-56.2%), from €203,672 to €89,298
of which Trade receivables: -€107,600
- Current investments +€99,615
up €99,615 (+331.9%), from €30,017 to €129,633
- Cash +€61,141
up €61,141 (+252.6%), from €24,206 to €85,346
mainly Net result for the year (+€150,180) and Receivables within one year (+€114,374)
- Receivables after one year -€7,746
down €7,746 (-100.0%), from €7,746 to €0
- Reserves +€29,352
up €29,352 (+14.7%), from €199,415 to €228,767
- Other debts +€27,466
up €27,466 (+79.3%), from €34,625 to €62,091
- Accrued charges and deferred income -€7,629
down €7,629 (-90.9%), from €8,396 to €766
- Debts after one year -€6,385
down €6,385 (-6.7%), from €95,760 to €89,375
- Gross operating margin +€93,955
up €93,955 (+83.4%), from €112,681 to €206,636
- Taxes +€24,891
up €24,891 (+109.8%), from €22,677 to €47,568
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 | €416,792 | €452,893 | +€36,101 | +8.7% |
| Fixed assets | 21/28 | €147,735 | €144,297 | -€3,438 | -2.3% |
| Tangible fixed assets | 22/27 | €122,735 | €118,297 | -€4,438 | -3.6% |
| Land and buildings | 22 | €115,790 | €112,649 | -€3,142 | -2.7% |
| Plant, machinery and equipment | 23 | €5,986 | €4,429 | -€1,557 | -26.0% |
| Furniture and vehicles | 24 | €959 | €1,219 | +€260 | +27.2% |
| Financial fixed assets | 28 | €25,000 | €26,000 | +€1,000 | +4.0% |
| Current assets | 29/58 | €269,057 | €308,596 | +€39,539 | +14.7% |
| Amounts receivable after more than one year | 29 | €7,746 | €0 | -€7,746 | -100.0% |
| Other amounts receivable | 291 | €7,746 | €0 | -€7,746 | -100.0% |
| Amounts receivable within one year | 40/41 | €203,672 | €89,298 | -€114,374 | -56.2% |
| Trade receivables | 40 | €194,850 | €87,250 | -€107,600 | -55.2% |
| Other amounts receivable | 41 | €8,823 | €2,049 | -€6,774 | -76.8% |
| Current investments | 50/53 | €30,017 | €129,633 | +€99,615 | +331.9% |
| Cash at bank and in hand | 54/58 | €24,206 | €85,346 | +€61,141 | +252.6% |
| Deferred charges and accrued income | 490/1 | €3,416 | €4,318 | +€902 | +26.4% |
| Total equity and liabilities | 10/49 | €416,792 | €452,893 | +€36,101 | +8.7% |
| Equity | 10/15 | €218,015 | €247,367 | +€29,352 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,415 | €228,767 | +€29,352 | +14.7% |
| Distributable reserves | 133 | €199,415 | €228,767 | +€29,352 | +14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €198,776 | €205,526 | +€6,749 | +3.4% |
| Amounts payable after more than one year | 17 | €95,760 | €89,375 | -€6,385 | -6.7% |
| Financial debts | 170/4 | €95,760 | €89,375 | -€6,385 | -6.7% |
| Amounts payable within one year | 42/48 | €94,621 | €115,385 | +€20,764 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €6,769 | €6,385 | -€383 | -5.7% |
| Trade debts | 44 | €7,676 | €4,218 | -€3,458 | -45.1% |
| Suppliers | 440/4 | €7,676 | €4,218 | -€3,458 | -45.1% |
| Taxes, remuneration and social security | 45 | €45,551 | €42,690 | -€2,861 | -6.3% |
| Taxes | 450/3 | €41,151 | €42,690 | +€1,539 | +3.7% |
| Remuneration and social security | 454/9 | €4,400 | €0 | -€4,400 | -100.0% |
| Other amounts payable | 47/48 | €34,625 | €62,091 | +€27,466 | +79.3% |
| Accrued charges and deferred income | 492/3 | €8,396 | €766 | -€7,629 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,272 | €5,394 | +€122 | +2.3% |
| Other operating charges | 640/8 | €1,273 | €550 | -€723 | -56.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €112,681 | €206,636 | +€93,955 | +83.4% |
| Operating profit (loss) | 9901 | €106,136 | €200,692 | +€94,556 | +89.1% |
| Financial income | 75/76B | €3,927 | €3,919 | -€8 | -0.2% |
| Recurring financial income | 75 | €3,927 | €3,919 | -€8 | -0.2% |
| Financial charges | 65/66B | €7,878 | €6,863 | -€1,015 | -12.9% |
| Recurring financial charges | 65 | €7,878 | €6,863 | -€1,015 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €102,185 | €197,748 | +€95,563 | +93.5% |
| Income taxes | 67/77 | €22,677 | €47,568 | +€24,891 | +109.8% |
| Profit (loss) for the period | 9904 | €79,508 | €150,180 | +€70,672 | +88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,508 | €150,180 | +€70,672 | +88.9% |
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 12 October 2026 via checked.be.