Betas: 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.
Betas
Largest movements
- Receivables within one year -€13,149
down €13,149 (-54.5%), from €24,141 to €10,992
- Cash -€4,516
down €4,516 (-6.1%), from €74,417 to €69,901
mainly Contributions, distributions and other (-€51,000) and Other debts (-€13,482)
- Other debts -€13,482
down €13,482 (-20.4%), from €66,105 to €52,623
- Tax, wage and social debts -€3,646
down €3,646 (-28.5%), from €12,789 to €9,143
- Trade debts -€1,454
no longer reported in 2025 (was €1,454)
- Gross operating margin +€6,021
up €6,021 (+9.7%), from €62,104 to €68,125
- Taxes +€1,160
up €1,160 (+9.2%), from €12,596 to €13,756
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 | €103,004 | €85,038 | -€17,966 | -17.4% |
| Fixed assets | 21/28 | €4,446 | €4,146 | -€301 | -6.8% |
| Tangible fixed assets | 22/27 | €4,446 | €4,146 | -€301 | -6.8% |
| Plant, machinery and equipment | 23 | - | €2,038 | +€2,038 | |
| Other tangible fixed assets | 26 | €4,446 | €2,107 | -€2,339 | -52.6% |
| Current assets | 29/58 | €98,558 | €80,892 | -€17,666 | -17.9% |
| Amounts receivable within one year | 40/41 | €24,141 | €10,992 | -€13,149 | -54.5% |
| Trade receivables | 40 | €24,141 | €10,992 | -€13,149 | -54.5% |
| Cash at bank and in hand | 54/58 | €74,417 | €69,901 | -€4,516 | -6.1% |
| Total equity and liabilities | 10/49 | €103,004 | €85,038 | -€17,966 | -17.4% |
| Equity | 10/15 | €22,656 | €22,788 | +€132 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,056 | €4,188 | +€132 | +3.2% |
| Distributable reserves | 133 | €4,056 | €4,188 | +€132 | +3.2% |
| Amounts payable | 17/49 | €80,348 | €62,250 | -€18,098 | -22.5% |
| Amounts payable within one year | 42/48 | €80,348 | €61,766 | -€18,582 | -23.1% |
| Trade debts | 44 | €1,454 | - | -€1,454 | |
| Suppliers | 440/4 | €1,454 | - | -€1,454 | |
| Taxes, remuneration and social security | 45 | €12,789 | €9,143 | -€3,646 | -28.5% |
| Taxes | 450/3 | €12,789 | €9,143 | -€3,646 | -28.5% |
| Other amounts payable | 47/48 | €66,105 | €52,623 | -€13,482 | -20.4% |
| Accrued charges and deferred income | 492/3 | - | €484 | +€484 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,339 | €2,526 | +€187 | +8.0% |
| Other operating charges | 640/8 | €707 | €605 | -€102 | -14.4% |
| Gross operating margin | 9900 | €62,104 | €68,125 | +€6,021 | +9.7% |
| Operating profit (loss) | 9901 | €59,058 | €64,994 | +€5,936 | +10.1% |
| Financial charges | 65/66B | €166 | €106 | -€60 | -36.0% |
| Recurring financial charges | 65 | €166 | €106 | -€60 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €58,893 | €64,888 | +€5,995 | +10.2% |
| Income taxes | 67/77 | €12,596 | €13,756 | +€1,160 | +9.2% |
| Profit (loss) for the period | 9904 | €46,296 | €51,132 | +€4,836 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,296 | €51,132 | +€4,836 | +10.4% |
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 19 October 2026 via checked.be.