Bilanco: 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.
Bilanco
Largest movements
- Current investments +€57,614
up €57,614 (+57.9%), from €99,500 to €157,114
- Receivables within one year +€5,601
up €5,601 (+516.5%), from €1,084 to €6,685
of which Trade receivables: +€6,685
- Cash -€4,045
down €4,045 (-31.5%), from €12,830 to €8,785
mainly Contributions, distributions and other (-€174,866) and Current investments (-€57,614)
- Deferred charges and accrued income -€2,940
down €2,940 (-71.2%), from €4,129 to €1,190
- Other debts +€133,904
up €133,904 (+6239.7%), from €2,146 to €136,050
- Profit (loss) carried forward -€80,528
down €80,528 (-90.9%), from €88,626 to €8,098
- Tax, wage and social debts +€4,702
up €4,702 (+48.0%), from €9,800 to €14,502
- Trade debts -€3,005
down €3,005 (-33.3%), from €9,011 to €6,006
- Gross operating margin +€34,757
up €34,757 (+37.3%), from €93,213 to €127,970
- Taxes +€8,047
up €8,047 (+42.9%), from €18,759 to €26,806
- Other operating charges -€1,890
down €1,890 (-65.2%), from €2,900 to €1,009
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 | €130,096 | €185,061 | +€54,965 | +42.2% |
| Fixed assets | 21/28 | €12,552 | €11,287 | -€1,265 | -10.1% |
| Tangible fixed assets | 22/27 | €10,890 | €9,624 | -€1,265 | -11.6% |
| Furniture and vehicles | 24 | €4,364 | €3,797 | -€567 | -13.0% |
| Other tangible fixed assets | 26 | €6,526 | €5,828 | -€698 | -10.7% |
| Financial fixed assets | 28 | €1,662 | €1,662 | = | 0.0% |
| Current assets | 29/58 | €117,544 | €173,774 | +€56,230 | +47.8% |
| Amounts receivable within one year | 40/41 | €1,084 | €6,685 | +€5,601 | +516.5% |
| Trade receivables | 40 | - | €6,685 | +€6,685 | |
| Other amounts receivable | 41 | €1,084 | €0 | -€1,084 | -100.0% |
| Current investments | 50/53 | €99,500 | €157,114 | +€57,614 | +57.9% |
| Cash at bank and in hand | 54/58 | €12,830 | €8,785 | -€4,045 | -31.5% |
| Deferred charges and accrued income | 490/1 | €4,129 | €1,190 | -€2,940 | -71.2% |
| Total equity and liabilities | 10/49 | €130,096 | €185,061 | +€54,965 | +42.2% |
| Equity | 10/15 | €109,031 | €28,503 | -€80,528 | -73.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Other | 1319 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,626 | €8,098 | -€80,528 | -90.9% |
| Amounts payable | 17/49 | €21,065 | €156,558 | +€135,493 | +643.2% |
| Amounts payable within one year | 42/48 | €21,065 | €156,558 | +€135,493 | +643.2% |
| Financial debts | 43 | €108 | - | -€108 | |
| Credit institutions | 430/8 | €108 | - | -€108 | |
| Trade debts | 44 | €9,011 | €6,006 | -€3,005 | -33.3% |
| Suppliers | 440/4 | €9,011 | €6,006 | -€3,005 | -33.3% |
| Taxes, remuneration and social security | 45 | €9,800 | €14,502 | +€4,702 | +48.0% |
| Taxes | 450/3 | €9,800 | €14,502 | +€4,702 | +48.0% |
| Other amounts payable | 47/48 | €2,146 | €136,050 | +€133,904 | +6239.7% |
| Non-recurring operating income | 76A | €4,000 | - | -€4,000 | |
| Remuneration, social security and pensions | 62 | €3,813 | €3,131 | -€683 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,195 | €2,835 | +€640 | +29.2% |
| Other operating charges | 640/8 | €2,900 | €1,009 | -€1,890 | -65.2% |
| Non-recurring operating charges | 66A | €262 | - | -€262 | |
| Gross operating margin | 9900 | €93,213 | €127,970 | +€34,757 | +37.3% |
| Operating profit (loss) | 9901 | €84,044 | €120,996 | +€36,952 | +44.0% |
| Financial income | 75/76B | €1,496 | €1,093 | -€403 | -27.0% |
| Recurring financial income | 75 | €1,496 | €1,093 | -€403 | -27.0% |
| Financial charges | 65/66B | €1,092 | €944 | -€147 | -13.5% |
| Recurring financial charges | 65 | €1,092 | €944 | -€147 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €84,448 | €121,144 | +€36,696 | +43.5% |
| Income taxes | 67/77 | €18,759 | €26,806 | +€8,047 | +42.9% |
| Profit (loss) for the period | 9904 | €65,689 | €94,338 | +€28,649 | +43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,689 | €94,338 | +€28,649 | +43.6% |
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 8 October 2026 via checked.be.