BELINE: 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.
BELINE
Largest movements
- Stocks and contracts +€185,946
up €185,946 (+22.3%), from €835,240 to €1.0m
- Current investments -€159,297
down €159,297 (-16.4%), from €969,627 to €810,330
- Tangible fixed assets -€152,748
down €152,748 (-7.8%), from €1.9m to €1.8m
of which Land and buildings: -€141,511
- Cash +€140,428
up €140,428 (+15.7%), from €896,558 to €1.0m
mainly Net result for the year (+€496,634) and Other debts (+€341,736)
- Contributions -€547,500
down €547,500 (-96.7%), from €566,100 to €18,600
- Other debts +€341,736
up €341,736 (+157.2%), from €217,358 to €559,094
- Reserves +€196,759
up €196,759 (+5.8%), from €3.4m to €3.6m
of which Distributable reserves: +€196,759
- Trade debts +€86,880
up €86,880 (+56.6%), from €153,549 to €240,429
- Debts after one year -€48,643
down €48,643 (-17.9%), from €272,078 to €223,436
- Staff costs +€65,472
up €65,472 (+10.9%), from €602,971 to €668,443
- Gross operating margin -€34,883
down €34,883 (-2.4%), from €1.5m to €1.4m
- Financial income +€32,887
up €32,887 (+34.4%), from €95,471 to €128,358
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 | €4,824,997 | €4,804,077 | -€20,920 | -0.4% |
| Fixed assets | 21/28 | €1,949,437 | €1,796,689 | -€152,748 | -7.8% |
| Tangible fixed assets | 22/27 | €1,949,437 | €1,796,689 | -€152,748 | -7.8% |
| Land and buildings | 22 | €1,881,404 | €1,739,894 | -€141,511 | -7.5% |
| Plant, machinery and equipment | 23 | €1,661 | €0 | -€1,661 | -100.0% |
| Furniture and vehicles | 24 | €62,134 | €54,654 | -€7,480 | -12.0% |
| Other tangible fixed assets | 26 | €4,238 | €2,141 | -€2,097 | -49.5% |
| Current assets | 29/58 | €2,875,559 | €3,007,387 | +€131,828 | +4.6% |
| Stocks and contracts in progress | 3 | €835,240 | €1,021,186 | +€185,946 | +22.3% |
| Stocks | 30/36 | €835,240 | €1,021,186 | +€185,946 | +22.3% |
| Amounts receivable within one year | 40/41 | €124,160 | €118,052 | -€6,108 | -4.9% |
| Trade receivables | 40 | €47,302 | €78,265 | +€30,964 | +65.5% |
| Other amounts receivable | 41 | €76,858 | €39,786 | -€37,072 | -48.2% |
| Current investments | 50/53 | €969,627 | €810,330 | -€159,297 | -16.4% |
| Cash at bank and in hand | 54/58 | €896,558 | €1,036,986 | +€140,428 | +15.7% |
| Deferred charges and accrued income | 490/1 | €49,974 | €20,834 | -€29,140 | -58.3% |
| Total equity and liabilities | 10/49 | €4,824,997 | €4,804,077 | -€20,920 | -0.4% |
| Equity | 10/15 | €3,964,181 | €3,613,490 | -€350,691 | -8.8% |
| Contributions | 10/11 | €566,100 | €18,600 | -€547,500 | -96.7% |
| Reserves | 13 | €3,397,994 | €3,594,753 | +€196,759 | +5.8% |
| Tax-exempt reserves | 132 | €202,805 | €202,805 | = | 0.0% |
| Distributable reserves | 133 | €3,195,189 | €3,391,948 | +€196,759 | +6.2% |
| Profit (loss) carried forward | 14 | €87 | €137 | +€50 | +56.8% |
| Amounts payable | 17/49 | €860,816 | €1,190,587 | +€329,771 | +38.3% |
| Amounts payable after more than one year | 17 | €272,078 | €223,436 | -€48,643 | -17.9% |
| Financial debts | 170/4 | €272,078 | €223,436 | -€48,643 | -17.9% |
| Amounts payable within one year | 42/48 | €566,014 | €962,599 | +€396,585 | +70.1% |
| Current portion of amounts payable after more than one year | 42 | €47,850 | €48,643 | +€793 | +1.7% |
| Trade debts | 44 | €153,549 | €240,429 | +€86,880 | +56.6% |
| Suppliers | 440/4 | €153,549 | €240,429 | +€86,880 | +56.6% |
| Taxes, remuneration and social security | 45 | €147,258 | €114,434 | -€32,824 | -22.3% |
| Taxes | 450/3 | €52,899 | €33,900 | -€18,999 | -35.9% |
| Remuneration and social security | 454/9 | €94,358 | €80,533 | -€13,825 | -14.7% |
| Other amounts payable | 47/48 | €217,358 | €559,094 | +€341,736 | +157.2% |
| Accrued charges and deferred income | 492/3 | €22,723 | €4,552 | -€18,171 | -80.0% |
| Remuneration, social security and pensions | 62 | €602,971 | €668,443 | +€65,472 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,320 | €173,355 | +€12,035 | +7.5% |
| Other operating charges | 640/8 | €8,765 | €13,236 | +€4,471 | +51.0% |
| Gross operating margin | 9900 | €1,481,627 | €1,446,744 | -€34,883 | -2.4% |
| Operating profit (loss) | 9901 | €708,572 | €591,710 | -€116,862 | -16.5% |
| Financial income | 75/76B | €95,471 | €128,358 | +€32,887 | +34.4% |
| Recurring financial income | 75 | €95,471 | €128,358 | +€32,887 | +34.4% |
| Financial charges | 65/66B | €31,191 | €38,387 | +€7,197 | +23.1% |
| Recurring financial charges | 65 | €31,191 | €38,387 | +€7,197 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €772,853 | €681,681 | -€91,172 | -11.8% |
| Income taxes | 67/77 | €199,840 | €185,047 | -€14,793 | -7.4% |
| Profit (loss) for the period | 9904 | €573,013 | €496,634 | -€76,379 | -13.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €573,013 | €496,634 | -€76,379 | -13.3% |
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 7 October 2026 via checked.be.