BIRDIE 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.
BIRDIE VIEW
Largest movements
- Current investments -€40,013
down €40,013 (-61.5%), from €65,022 to €25,009
- Cash +€17,846
up €17,846 (+117%), from €15,220 to €33,066
mainly Net result for the year (+€103,329) and Current investments (+€40,013)
- Debts after one year -€112,696
down €112,696 (-20.0%), from €564,104 to €451,408
- Reserves +€103,329
up €103,329 (+14.9%), from €691,367 to €794,696
- Current portion of long-term debt -€26,887
down €26,887 (-21.5%), from €125,108 to €98,221
- Financial income -€69,854
down €69,854 (-46.6%), from €150,031 to €80,177
- Gross operating margin +€10,251
up €10,251 (+14.3%), from €71,755 to €82,006
- Taxes -€3,356
down €3,356 (-14.2%), from €23,672 to €20,316
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 | €1,560,778 | €1,526,144 | -€34,634 | -2.2% |
| Fixed assets | 21/28 | €1,439,622 | €1,438,453 | -€1,169 | -0.1% |
| Tangible fixed assets | 22/27 | €5,956 | €4,787 | -€1,169 | -19.6% |
| Plant, machinery and equipment | 23 | €3,857 | €3,836 | -€21 | -0.5% |
| Furniture and vehicles | 24 | €2,099 | €951 | -€1,148 | -54.7% |
| Financial fixed assets | 28 | €1,433,667 | €1,433,667 | = | 0.0% |
| Current assets | 29/58 | €121,155 | €87,690 | -€33,465 | -27.6% |
| Amounts receivable within one year | 40/41 | €39,887 | €26,967 | -€12,920 | -32.4% |
| Trade receivables | 40 | €28,550 | €15,630 | -€12,920 | -45.3% |
| Other amounts receivable | 41 | €11,337 | €11,337 | = | 0.0% |
| Current investments | 50/53 | €65,022 | €25,009 | -€40,013 | -61.5% |
| Cash at bank and in hand | 54/58 | €15,220 | €33,066 | +€17,846 | +117% |
| Deferred charges and accrued income | 490/1 | €1,027 | €2,649 | +€1,622 | +158% |
| Total equity and liabilities | 10/49 | €1,560,778 | €1,526,144 | -€34,634 | -2.2% |
| Equity | 10/15 | €709,967 | €813,296 | +€103,329 | +14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €691,367 | €794,696 | +€103,329 | +14.9% |
| Distributable reserves | 133 | €691,367 | €794,696 | +€103,329 | +14.9% |
| Amounts payable | 17/49 | €850,810 | €712,847 | -€137,963 | -16.2% |
| Amounts payable after more than one year | 17 | €564,104 | €451,408 | -€112,696 | -20.0% |
| Financial debts | 170/4 | €564,104 | €451,408 | -€112,696 | -20.0% |
| Amounts payable within one year | 42/48 | €286,707 | €261,440 | -€25,267 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €125,108 | €98,221 | -€26,887 | -21.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €6,556 | €2,153 | -€4,403 | -67.2% |
| Suppliers | 440/4 | €6,556 | €2,153 | -€4,403 | -67.2% |
| Taxes, remuneration and social security | 45 | €11,764 | €14,671 | +€2,907 | +24.7% |
| Taxes | 450/3 | €9,368 | €14,671 | +€5,303 | +56.6% |
| Remuneration and social security | 454/9 | €2,396 | €0 | -€2,396 | -100% |
| Other amounts payable | 47/48 | €143,279 | €146,394 | +€3,116 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,152 | €2,120 | -€32 | -1.5% |
| Other operating charges | 640/8 | €1,748 | €1,834 | +€87 | +5.0% |
| Gross operating margin | 9900 | €71,755 | €82,006 | +€10,251 | +14.3% |
| Operating profit (loss) | 9901 | €67,856 | €78,052 | +€10,197 | +15.0% |
| Financial income | 75/76B | €150,031 | €80,177 | -€69,854 | -46.6% |
| Recurring financial income | 75 | €150,031 | €80,177 | -€69,854 | -46.6% |
| Financial charges | 65/66B | €34,923 | €34,584 | -€339 | -1.0% |
| Recurring financial charges | 65 | €34,923 | €34,584 | -€339 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €182,964 | €123,645 | -€59,318 | -32.4% |
| Income taxes | 67/77 | €23,672 | €20,316 | -€3,356 | -14.2% |
| Profit (loss) for the period | 9904 | €159,292 | €103,329 | -€55,963 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €159,292 | €103,329 | -€55,963 | -35.1% |
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 30 October 2026 via checked.be.