Capital: 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.
Capital
Largest movements
- Receivables within one year +€155,502
up €155,502 (+116%), from €133,580 to €289,082
of which Other amounts receivable: +€204,631
- Cash +€136,156
up €136,156 (+35.1%), from €387,845 to €524,000
mainly Net result for the year (+€158,340) and Accrued charges and deferred income (+€136,225)
- Tangible fixed assets -€23,891
down €23,891 (-13.4%), from €178,309 to €154,418
of which Other tangible fixed assets: -€19,871
- Profit (loss) carried forward +€158,340
up €158,340 (+35.9%), from €441,087 to €599,427
- Accrued charges and deferred income +€136,225
up €136,225 (+177%), from €76,850 to €213,075
- Investment grants -€23,065
down €23,065 (-14.1%), from €163,065 to €140,000
- Gross operating margin +€136,299
up €136,299 (+37.3%), from €365,679 to €501,978
- Staff costs +€61,637
up €61,637 (+25.7%), from €239,535 to €301,172
- Depreciation -€9,509
down €9,509 (-20.9%), from €45,462 to €35,952
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 | €710,774 | €984,488 | +€273,714 | +38.5% |
| Fixed assets | 21/28 | €189,349 | €171,405 | -€17,944 | -9.5% |
| Intangible fixed assets | 21 | €11,040 | €16,988 | +€5,948 | +53.9% |
| Tangible fixed assets | 22/27 | €178,309 | €154,418 | -€23,891 | -13.4% |
| Plant, machinery and equipment | 23 | €7,089 | €4,584 | -€2,505 | -35.3% |
| Furniture and vehicles | 24 | €1,515 | - | -€1,515 | |
| Other tangible fixed assets | 26 | €169,705 | €149,834 | -€19,871 | -11.7% |
| Current assets | 29/58 | €521,425 | €813,083 | +€291,658 | +55.9% |
| Amounts receivable within one year | 40/41 | €133,580 | €289,082 | +€155,502 | +116% |
| Trade receivables | 40 | €74,859 | €25,729 | -€49,129 | -65.6% |
| Other amounts receivable | 41 | €58,722 | €263,353 | +€204,631 | +348% |
| Cash at bank and in hand | 54/58 | €387,845 | €524,000 | +€136,156 | +35.1% |
| Total equity and liabilities | 10/49 | €710,774 | €984,488 | +€273,714 | +38.5% |
| Equity | 10/15 | €604,152 | €739,427 | +€135,275 | +22.4% |
| Profit (loss) carried forward | 14 | €441,087 | €599,427 | +€158,340 | +35.9% |
| Investment grants | 15 | €163,065 | €140,000 | -€23,065 | -14.1% |
| Amounts payable | 17/49 | €106,622 | €245,061 | +€138,439 | +130% |
| Amounts payable within one year | 42/48 | €29,772 | €31,986 | +€2,214 | +7.4% |
| Trade debts | 44 | €8,799 | €1,938 | -€6,861 | -78.0% |
| Suppliers | 440/4 | €8,799 | €1,938 | -€6,861 | -78.0% |
| Taxes, remuneration and social security | 45 | €19,974 | €29,048 | +€9,074 | +45.4% |
| Taxes | 450/3 | €6,879 | €9,849 | +€2,971 | +43.2% |
| Remuneration and social security | 454/9 | €13,095 | €19,199 | +€6,103 | +46.6% |
| Accrued charges and deferred income | 492/3 | €76,850 | €213,075 | +€136,225 | +177% |
| Non-recurring operating income | 76A | €6,920 | - | -€6,920 | |
| Remuneration, social security and pensions | 62 | €239,535 | €301,172 | +€61,637 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,462 | €35,952 | -€9,509 | -20.9% |
| Other operating charges | 640/8 | €7,978 | €5,675 | -€2,303 | -28.9% |
| Non-recurring operating charges | 66A | €500 | €604 | +€104 | +20.9% |
| Gross operating margin | 9900 | €365,679 | €501,978 | +€136,299 | +37.3% |
| Operating profit (loss) | 9901 | €72,205 | €158,576 | +€86,370 | +120% |
| Financial income | 75/76B | €65 | - | -€65 | |
| Recurring financial income | 75 | €65 | - | -€65 | |
| Financial charges | 65/66B | €270 | €235 | -€34 | -12.7% |
| Recurring financial charges | 65 | €270 | €235 | -€34 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €72,000 | €158,340 | +€86,340 | +120% |
| Profit (loss) for the period | 9904 | €72,000 | €158,340 | +€86,340 | +120% |
| Profit (loss) for the period to be appropriated | 9905 | €72,000 | €158,340 | +€86,340 | +120% |
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 24 October 2026 via checked.be.