CARDS: 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.
CARDS
Largest movements
- Cash -€192,066
down €192,066 (-89.9%), from €213,744 to €21,677
mainly Debts after one year (-€128,461) and Other debts (-€121,512)
- Tangible fixed assets -€128,537
down €128,537 (-12.6%), from €1.0m to €889,123
of which Land and buildings: -€103,859
- Receivables within one year +€107,227
up €107,227 (+736.7%), from €14,555 to €121,782
of which Other amounts receivable: +€93,208
- Debts after one year -€128,461
down €128,461 (-64.7%), from €198,462 to €70,000
- Other debts -€121,512
down €121,512 (-100.0%), from €121,512 to €0
- Reserves +€91,113
up €91,113 (+12.2%), from €749,521 to €840,634
of which Distributable reserves: +€98,735
- Tax, wage and social debts -€73,958
down €73,958 (-91.1%), from €81,223 to €7,264
of which Taxes: -€73,958
- Trade debts +€48,630
up €48,630 (+346.5%), from €14,035 to €62,665
- Gross operating margin +€100,126
up €100,126 (+72.7%), from €137,649 to €237,775
- Depreciation +€38,304
up €38,304 (+52.6%), from €72,761 to €111,064
- Taxes +€20,090
up €20,090 (+164.9%), from €12,183 to €32,273
- Financial charges -€4,854
down €4,854 (-39.3%), from €12,361 to €7,507
- Financial income +€2,557
new in 2025: €2,557
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 | €1,245,958 | €1,035,963 | -€209,996 | -16.9% |
| Fixed assets | 21/28 | €1,017,660 | €891,723 | -€125,937 | -12.4% |
| Tangible fixed assets | 22/27 | €1,017,660 | €889,123 | -€128,537 | -12.6% |
| Land and buildings | 22 | €961,647 | €857,788 | -€103,859 | -10.8% |
| Plant, machinery and equipment | 23 | €33,849 | €31,335 | -€2,514 | -7.4% |
| Furniture and vehicles | 24 | €5,859 | €0 | -€5,859 | -100.0% |
| Leasing and similar rights | 25 | €16,305 | €0 | -€16,305 | -100.0% |
| Financial fixed assets | 28 | - | €2,600 | +€2,600 | |
| Current assets | 29/58 | €228,299 | €144,240 | -€84,059 | -36.8% |
| Amounts receivable within one year | 40/41 | €14,555 | €121,782 | +€107,227 | +736.7% |
| Trade receivables | 40 | €14,555 | €28,575 | +€14,020 | +96.3% |
| Other amounts receivable | 41 | - | €93,208 | +€93,208 | |
| Cash at bank and in hand | 54/58 | €213,744 | €21,677 | -€192,066 | -89.9% |
| Deferred charges and accrued income | 490/1 | - | €780 | +€780 | |
| Total equity and liabilities | 10/49 | €1,245,958 | €1,035,963 | -€209,996 | -16.9% |
| Equity | 10/15 | €763,247 | €854,360 | +€91,113 | +11.9% |
| Contributions | 10/11 | €13,726 | €13,726 | = | 0.0% |
| Reserves | 13 | €749,521 | €840,634 | +€91,113 | +12.2% |
| Tax-exempt reserves | 132 | €168,724 | €161,102 | -€7,622 | -4.5% |
| Distributable reserves | 133 | €580,797 | €679,532 | +€98,735 | +17.0% |
| Provisions and deferred taxes | 16 | €24,214 | €21,673 | -€2,541 | -10.5% |
| Deferred taxes | 168 | €24,214 | €21,673 | -€2,541 | -10.5% |
| Amounts payable | 17/49 | €458,497 | €159,929 | -€298,568 | -65.1% |
| Amounts payable after more than one year | 17 | €198,462 | €70,000 | -€128,461 | -64.7% |
| Financial debts | 170/4 | €198,462 | €70,000 | -€128,461 | -64.7% |
| Amounts payable within one year | 42/48 | €260,036 | €89,929 | -€170,107 | -65.4% |
| Current portion of amounts payable after more than one year | 42 | €43,266 | €20,000 | -€23,266 | -53.8% |
| Trade debts | 44 | €14,035 | €62,665 | +€48,630 | +346.5% |
| Suppliers | 440/4 | €14,035 | €62,665 | +€48,630 | +346.5% |
| Taxes, remuneration and social security | 45 | €81,223 | €7,264 | -€73,958 | -91.1% |
| Taxes | 450/3 | €78,617 | €4,658 | -€73,958 | -94.1% |
| Remuneration and social security | 454/9 | €2,606 | €2,606 | = | 0.0% |
| Other amounts payable | 47/48 | €121,512 | €0 | -€121,512 | -100.0% |
| Non-recurring operating income | 76A | - | €929 | +€929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,761 | €111,064 | +€38,304 | +52.6% |
| Other operating charges | 640/8 | - | €915 | +€915 | |
| Gross operating margin | 9900 | €137,649 | €237,775 | +€100,126 | +72.7% |
| Operating profit (loss) | 9901 | €64,888 | €125,795 | +€60,907 | +93.9% |
| Financial income | 75/76B | - | €2,557 | +€2,557 | |
| Recurring financial income | 75 | - | €2,557 | +€2,557 | |
| Financial charges | 65/66B | €12,361 | €7,507 | -€4,854 | -39.3% |
| Recurring financial charges | 65 | €12,361 | €7,507 | -€4,854 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €52,527 | €120,845 | +€68,318 | +130.1% |
| Transfer from deferred taxes | 780 | €2,541 | €2,541 | = | 0.0% |
| Income taxes | 67/77 | €12,183 | €32,273 | +€20,090 | +164.9% |
| Profit (loss) for the period | 9904 | €42,885 | €91,113 | +€48,228 | +112.5% |
| Transfer from tax-exempt reserves | 789 | €7,622 | €7,622 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,507 | €98,735 | +€48,228 | +95.5% |
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 7 October 2026 via checked.be.