BLACK: 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.
BLACK
Largest movements
- Tangible fixed assets -€17,404
down €17,404 (-4.0%), from €431,456 to €414,052
- Cash +€4,745
up €4,745 (+36500.0%), from €13 to €4,758
mainly Depreciation (+€17,404) and Net result for the year (+€15,919)
- Debts after one year -€38,850
down €38,850 (-10.4%), from €374,393 to €335,543
- Profit (loss) carried forward +€15,919
up €15,919, from -€1,786 to €14,133
- Other debts +€5,132
up €5,132 (+56.5%), from €9,079 to €14,211
- Gross operating margin +€8,721
up €8,721 (+20.0%), from €43,711 to €52,432
- Write-downs -€7,625
no longer reported in 2025 (was €7,625)
- Depreciation -€4,542
down €4,542 (-20.7%), from €21,946 to €17,404
- Taxes +€4,235
new in 2025: €4,235
- Financial charges -€719
down €719 (-7.5%), from €9,603 to €8,884
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 | €431,469 | €418,810 | -€12,659 | -2.9% |
| Fixed assets | 21/28 | €431,456 | €414,052 | -€17,404 | -4.0% |
| Tangible fixed assets | 22/27 | €431,456 | €414,052 | -€17,404 | -4.0% |
| Land and buildings | 22 | €431,456 | €414,052 | -€17,404 | -4.0% |
| Current assets | 29/58 | €13 | €4,758 | +€4,745 | +36500.0% |
| Cash at bank and in hand | 54/58 | €13 | €4,758 | +€4,745 | +36500.0% |
| Total equity and liabilities | 10/49 | €431,469 | €418,810 | -€12,659 | -2.9% |
| Equity | 10/15 | €4,414 | €20,333 | +€15,919 | +360.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,786 | €14,133 | +€15,919 | |
| Amounts payable | 17/49 | €427,055 | €398,477 | -€28,578 | -6.7% |
| Amounts payable after more than one year | 17 | €374,393 | €335,543 | -€38,850 | -10.4% |
| Financial debts | 170/4 | €374,393 | €335,543 | -€38,850 | -10.4% |
| Amounts payable within one year | 42/48 | €52,662 | €62,934 | +€10,272 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €37,889 | €38,851 | +€962 | +2.5% |
| Trade debts | 44 | €5,694 | €5,637 | -€57 | -1.0% |
| Suppliers | 440/4 | €5,694 | €5,637 | -€57 | -1.0% |
| Taxes, remuneration and social security | 45 | - | €4,235 | +€4,235 | |
| Taxes | 450/3 | - | €4,235 | +€4,235 | |
| Other amounts payable | 47/48 | €9,079 | €14,211 | +€5,132 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,946 | €17,404 | -€4,542 | -20.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,625 | - | -€7,625 | |
| Other operating charges | 640/8 | €5,594 | €5,990 | +€396 | +7.1% |
| Gross operating margin | 9900 | €43,711 | €52,432 | +€8,721 | +20.0% |
| Operating profit (loss) | 9901 | €8,546 | €29,038 | +€20,492 | +239.8% |
| Financial charges | 65/66B | €9,603 | €8,884 | -€719 | -7.5% |
| Recurring financial charges | 65 | €9,603 | €8,884 | -€719 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,057 | €20,154 | +€21,211 | |
| Income taxes | 67/77 | - | €4,235 | +€4,235 | |
| Profit (loss) for the period | 9904 | -€1,057 | €15,919 | +€16,976 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,057 | €15,919 | +€16,976 |
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 5 October 2026 via checked.be.