BELGIAN LEVERAGE: 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.
BELGIAN LEVERAGE
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+128.9%), from €1.2m to €2.7m
- Debts after one year +€1.5m
up €1.5m (+99.1%), from €1.5m to €3.0m
- Financial charges -€6,407
down €6,407 (-11.7%), from €54,826 to €48,419
- Gross operating margin -€2,473
down €2,473 (-123.0%), from -€2,010 to -€4,482
- Financial income +€50
up €50 (+0.1%), from €63,532 to €63,582
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 | €1,178,224 | €2,687,877 | +€1.5m | +128.1% |
| Current assets | 29/58 | €1,178,224 | €2,687,877 | +€1.5m | +128.1% |
| Amounts receivable within one year | 40/41 | €1,173,234 | €2,685,313 | +€1.5m | +128.9% |
| Other amounts receivable | 41 | €1,173,234 | €2,685,313 | +€1.5m | +128.9% |
| Cash at bank and in hand | 54/58 | €4,991 | €2,564 | -€2,427 | -48.6% |
| Total equity and liabilities | 10/49 | €1,178,224 | €2,687,877 | +€1.5m | +128.1% |
| Equity | 10/15 | -€549,592 | -€539,909 | +€9,683 | +1.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€618,342 | -€608,659 | +€9,683 | +1.6% |
| Amounts payable | 17/49 | €1,727,817 | €3,227,787 | +€1.5m | +86.8% |
| Amounts payable after more than one year | 17 | €1,500,000 | €2,986,667 | +€1.5m | +99.1% |
| Financial debts | 170/4 | €1,500,000 | €2,986,667 | +€1.5m | +99.1% |
| Amounts payable within one year | 42/48 | €202,107 | €218,620 | +€16,513 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €213,333 | +€13,333 | +6.7% |
| Trade debts | 44 | €2,107 | €5,287 | +€3,180 | +150.9% |
| Suppliers | 440/4 | €2,107 | €5,287 | +€3,180 | +150.9% |
| Accrued charges and deferred income | 492/3 | €25,710 | €22,500 | -€3,210 | -12.5% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€2,010 | -€4,482 | -€2,473 | -123.0% |
| Operating profit (loss) | 9901 | -€2,977 | -€5,481 | -€2,503 | -84.1% |
| Financial income | 75/76B | €63,532 | €63,582 | +€50 | +0.1% |
| Recurring financial income | 75 | €63,532 | €63,582 | +€50 | +0.1% |
| Financial charges | 65/66B | €54,826 | €48,419 | -€6,407 | -11.7% |
| Recurring financial charges | 65 | €54,826 | €48,419 | -€6,407 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €5,729 | €9,683 | +€3,954 | +69.0% |
| Profit (loss) for the period | 9904 | €5,729 | €9,683 | +€3,954 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,729 | €9,683 | +€3,954 | +69.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.