BELIEVE IT OR NOT: 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.
BELIEVE IT OR NOT
Largest movements
- Tangible fixed assets -€785,549
down €785,549 (-91.0%), from €863,108 to €77,559
of which Land and buildings: -€862,382
- Cash +€646,812
up €646,812 (+6,323%), from €10,230 to €657,042
mainly Investment in fixed assets (net) (+€780,202) and Tax, wage and social debts (+€38,554)
- Receivables within one year +€35,447
up €35,447 (+31.4%), from €112,781 to €148,228
of which Trade receivables: +€23,213
- Intangible fixed assets -€29,683
down €29,683 (-58.5%), from €50,769 to €21,086
- Provisions -€87,170
down €87,170 (-100%), from €87,170 to €0
- Current portion of long-term debt -€53,654
down €53,654 (-100%), from €53,654 to €0
- Tax, wage and social debts +€38,554
up €38,554 (+168%), from €22,986 to €61,541
- Reserves -€34,694
down €34,694 (-4.0%), from €865,652 to €830,958
of which Tax-exempt reserves: -€348,679
- Taxes +€142,655
up €142,655 (+667%), from €21,382 to €164,037
- Gross operating margin +€55,202
up €55,202 (+47.5%), from €116,239 to €171,441
- Depreciation -€19,652
down €19,652 (-35.9%), from €54,682 to €35,030
- Financial income +€2,257
up €2,257 (+45.1%), from €5,005 to €7,262
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.
Derived cash bridge
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 | €1,063,544 | €922,853 | -€140,691 | -13.2% |
| Fixed assets | 21/28 | €914,191 | €98,959 | -€815,232 | -89.2% |
| Intangible fixed assets | 21 | €50,769 | €21,086 | -€29,683 | -58.5% |
| Tangible fixed assets | 22/27 | €863,108 | €77,559 | -€785,549 | -91.0% |
| Land and buildings | 22 | €862,382 | €0 | -€862,382 | -100% |
| Furniture and vehicles | 24 | €726 | €77,559 | +€76,834 | +10,588% |
| Financial fixed assets | 28 | €314 | €314 | = | 0.0% |
| Current assets | 29/58 | €149,353 | €823,894 | +€674,541 | +452% |
| Amounts receivable within one year | 40/41 | €112,781 | €148,228 | +€35,447 | +31.4% |
| Trade receivables | 40 | €16,432 | €39,645 | +€23,213 | +141% |
| Other amounts receivable | 41 | €96,349 | €108,583 | +€12,234 | +12.7% |
| Cash at bank and in hand | 54/58 | €10,230 | €657,042 | +€646,812 | +6,323% |
| Deferred charges and accrued income | 490/1 | €26,342 | €18,623 | -€7,718 | -29.3% |
| Total equity and liabilities | 10/49 | €1,063,544 | €922,853 | -€140,691 | -13.2% |
| Equity | 10/15 | €887,758 | €853,065 | -€34,694 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €865,652 | €830,958 | -€34,694 | -4.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €348,679 | €0 | -€348,679 | -100% |
| Distributable reserves | 133 | €515,113 | €829,098 | +€313,985 | +61.0% |
| Profit (loss) carried forward | 14 | €3,507 | €3,507 | = | 0.0% |
| Provisions and deferred taxes | 16 | €87,170 | €0 | -€87,170 | -100% |
| Deferred taxes | 168 | €87,170 | €0 | -€87,170 | -100% |
| Amounts payable | 17/49 | €88,616 | €69,788 | -€18,827 | -21.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €88,616 | €69,788 | -€18,827 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €53,654 | €0 | -€53,654 | -100% |
| Trade debts | 44 | €11,975 | €8,248 | -€3,728 | -31.1% |
| Suppliers | 440/4 | €11,975 | €8,248 | -€3,728 | -31.1% |
| Taxes, remuneration and social security | 45 | €22,986 | €61,541 | +€38,554 | +168% |
| Taxes | 450/3 | €22,986 | €61,541 | +€38,554 | +168% |
| Non-recurring operating income | 76A | €1,886 | €15,942 | +€14,056 | +745% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,682 | €35,030 | -€19,652 | -35.9% |
| Other operating charges | 640/8 | €4,454 | €4,858 | +€404 | +9.1% |
| Non-recurring operating charges | 66A | - | €45,632 | +€45,632 | |
| Gross operating margin | 9900 | €116,239 | €171,441 | +€55,202 | +47.5% |
| Operating profit (loss) | 9901 | €57,103 | €85,921 | +€28,817 | +50.5% |
| Financial income | 75/76B | €5,005 | €7,262 | +€2,257 | +45.1% |
| Recurring financial income | 75 | €5,005 | €7,262 | +€2,257 | +45.1% |
| Financial charges | 65/66B | €1,487 | €1,009 | -€477 | -32.1% |
| Recurring financial charges | 65 | €1,487 | €1,009 | -€477 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €60,622 | €92,174 | +€31,551 | +52.0% |
| Transfer from deferred taxes | 780 | €2,982 | €87,170 | +€84,188 | +2,823% |
| Income taxes | 67/77 | €21,382 | €164,037 | +€142,655 | +667% |
| Profit (loss) for the period | 9904 | €42,223 | €15,306 | -€26,916 | -63.7% |
| Transfer from tax-exempt reserves | 789 | €11,928 | €348,679 | +€336,751 | +2,823% |
| Profit (loss) for the period to be appropriated | 9905 | €54,151 | €363,985 | +€309,835 | +572% |
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 27 October 2026 via checked.be.