Bierset View: 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.
Bierset View
Largest movements
- Tangible fixed assets +€8.3m
up €8.3m (+41.3%), from €20.1m to €28.4m
of which Land and buildings: +€24.8m
- Receivables within one year +€876,120
up €876,120 (+443%), from €197,564 to €1.1m
of which Other amounts receivable: +€671,712
- Cash +€473,813
up €473,813 (+558%), from €84,882 to €558,695
mainly Other debts (+€7.7m) and Debts after one year (+€4.2m)
- Other debts +€7.7m
up €7.7m (+146%), from €5.3m to €13.1m
- Debts after one year +€4.2m
up €4.2m (+36.9%), from €11.5m to €15.7m
- Trade debts -€3.8m
down €3.8m (-97.1%), from €3.9m to €110,719
- Current portion of long-term debt +€984,118
new in 2025: €984,118
- Profit (loss) carried forward -€953,297
down €953,297 (-261%), from -€365,462 to -€1.3m
- Gross operating margin +€1.4m
up €1.4m, from -€265,483 to €1.1m
- Depreciation +€1.0m
up €1.0m (+1,593%), from €64,275 to €1.1m
- Financial charges +€987,178
up €987,178 (+5,733%), from €17,218 to €1.0m
- Financial income +€30,522
new in 2025: €30,522
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 | €20,385,778 | €30,033,025 | +€9.6m | +47.3% |
| Fixed assets | 21/28 | €20,103,332 | €28,400,596 | +€8.3m | +41.3% |
| Tangible fixed assets | 22/27 | €20,102,832 | €28,400,096 | +€8.3m | +41.3% |
| Land and buildings | 22 | €3,144,876 | €27,944,595 | +€24.8m | +789% |
| Furniture and vehicles | 24 | - | €455,500 | +€455,500 | |
| Assets under construction and advance payments | 27 | €16,957,956 | - | -€17.0m | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €282,446 | €1,632,430 | +€1.3m | +478% |
| Amounts receivable within one year | 40/41 | €197,564 | €1,073,684 | +€876,120 | +443% |
| Trade receivables | 40 | €29,424 | €233,832 | +€204,408 | +695% |
| Other amounts receivable | 41 | €168,140 | €839,852 | +€671,712 | +399% |
| Cash at bank and in hand | 54/58 | €84,882 | €558,695 | +€473,813 | +558% |
| Deferred charges and accrued income | 490/1 | - | €51 | +€51 | |
| Total equity and liabilities | 10/49 | €20,385,778 | €30,033,025 | +€9.6m | +47.3% |
| Equity | 10/15 | -€303,962 | -€511,911 | -€207,949 | -68.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€365,462 | -€1,318,759 | -€953,297 | -261% |
| Investment grants | 15 | - | €745,348 | +€745,348 | |
| Amounts payable | 17/49 | €20,689,740 | €30,544,936 | +€9.9m | +47.6% |
| Amounts payable after more than one year | 17 | €11,504,120 | €15,745,882 | +€4.2m | +36.9% |
| Financial debts | 170/4 | €11,504,120 | €15,745,882 | +€4.2m | +36.9% |
| Amounts payable within one year | 42/48 | €9,185,619 | €14,202,309 | +€5.0m | +54.6% |
| Current portion of amounts payable after more than one year | 42 | - | €984,118 | +€984,118 | |
| Trade debts | 44 | €3,881,417 | €110,719 | -€3.8m | -97.1% |
| Suppliers | 440/4 | €3,881,417 | €110,719 | -€3.8m | -97.1% |
| Taxes, remuneration and social security | 45 | - | €56,403 | +€56,403 | |
| Taxes | 450/3 | - | €56,403 | +€56,403 | |
| Other amounts payable | 47/48 | €5,304,202 | €13,051,070 | +€7.7m | +146% |
| Accrued charges and deferred income | 492/3 | - | €596,745 | +€596,745 | |
| Non-recurring operating income | 76A | €71 | - | -€71 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,275 | €1,088,372 | +€1.0m | +1,593% |
| Other operating charges | 640/8 | €1,672 | €1,733 | +€60 | +3.6% |
| Gross operating margin | 9900 | -€265,483 | €1,110,682 | +€1.4m | |
| Operating profit (loss) | 9901 | -€331,430 | €20,577 | +€352,006 | |
| Financial income | 75/76B | - | €30,522 | +€30,522 | |
| Recurring financial income | 75 | - | €30,522 | +€30,522 | |
| Financial charges | 65/66B | €17,218 | €1,004,396 | +€987,178 | +5,733% |
| Recurring financial charges | 65 | €17,218 | €1,004,396 | +€987,178 | +5,733% |
| Profit (loss) for the period before taxes | 9903 | -€348,648 | -€953,297 | -€604,649 | -173% |
| Profit (loss) for the period | 9904 | -€348,648 | -€953,297 | -€604,649 | -173% |
| Profit (loss) for the period to be appropriated | 9905 | -€348,648 | -€953,297 | -€604,649 | -173% |
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 20 October 2026 via checked.be.