Carine Campo: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
Carine Campo
Largest movements
- Deferred charges and accrued income +€50,077
up €50,077 (+91.1%), from €54,999 to €105,076
- Cash -€20,903
down €20,903 (-15.4%), from €135,351 to €114,449
mainly Deferred charges and accrued income (-€50,077) and Contributions, distributions and other (-€6,000)
- Tangible fixed assets -€16,939
down €16,939 (-3.5%), from €486,085 to €469,146
of which Land and buildings: -€12,622
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€12,545
up €12,545 (+20.4%), from €61,532 to €74,078
- Gross operating margin +€5,837
up €5,837 (+16.9%), from -€34,496 to -€28,660
- Taxes +€3,584
up €3,584 (+63.1%), from €5,683 to €9,267
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,610,214 | €1,627,978 | +€17,764 | +1.1% |
| Fixed assets | 21/28 | €486,085 | €469,146 | -€16,939 | -3.5% |
| Tangible fixed assets | 22/27 | €486,085 | €469,146 | -€16,939 | -3.5% |
| Land and buildings | 22 | €479,578 | €466,955 | -€12,622 | -2.6% |
| Plant, machinery and equipment | 23 | €1,515 | €947 | -€567 | -37.5% |
| Other tangible fixed assets | 26 | €4,992 | €1,243 | -€3,749 | -75.1% |
| Current assets | 29/58 | €1,124,129 | €1,158,832 | +€34,703 | +3.1% |
| Amounts receivable after more than one year | 29 | €860,000 | €860,000 | = | 0.0% |
| Other amounts receivable | 291 | €860,000 | €860,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €26,690 | €26,690 | = | 0.0% |
| Stocks | 30/36 | €26,690 | €26,690 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,089 | €52,617 | +€5,528 | +11.7% |
| Other amounts receivable | 41 | €47,089 | €52,617 | +€5,528 | +11.7% |
| Cash at bank and in hand | 54/58 | €135,351 | €114,449 | -€20,903 | -15.4% |
| Deferred charges and accrued income | 490/1 | €54,999 | €105,076 | +€50,077 | +91.1% |
| Total equity and liabilities | 10/49 | €1,610,214 | €1,627,978 | +€17,764 | +1.1% |
| Equity | 10/15 | €1,599,084 | €1,608,670 | +€9,587 | +0.6% |
| Contributions | 10/11 | €1,282,005 | €1,282,005 | = | 0.0% |
| Reserves | 13 | €304,992 | €314,579 | +€9,587 | +3.1% |
| Tax-exempt reserves | 132 | €120,131 | €108,090 | -€12,040 | -10.0% |
| Distributable reserves | 133 | €184,861 | €206,488 | +€21,627 | +11.7% |
| Profit (loss) carried forward | 14 | €12,086 | €12,086 | = | 0.0% |
| Amounts payable | 17/49 | €11,130 | €19,308 | +€8,177 | +73.5% |
| Amounts payable within one year | 42/48 | €10,267 | €18,444 | +€8,177 | +79.6% |
| Trade debts | 44 | €4,417 | €923 | -€3,493 | -79.1% |
| Suppliers | 440/4 | €4,417 | €923 | -€3,493 | -79.1% |
| Taxes, remuneration and social security | 45 | €5,850 | €11,521 | +€5,671 | +96.9% |
| Taxes | 450/3 | €4,300 | €9,971 | +€5,671 | +132% |
| Remuneration and social security | 454/9 | €1,550 | €1,550 | = | 0.0% |
| Other amounts payable | 47/48 | - | €6,000 | +€6,000 | |
| Accrued charges and deferred income | 492/3 | €863 | €863 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,976 | €16,939 | -€37 | -0.2% |
| Other operating charges | 640/8 | €3,413 | €3,362 | -€51 | -1.5% |
| Gross operating margin | 9900 | -€34,496 | -€28,660 | +€5,837 | +16.9% |
| Operating profit (loss) | 9901 | -€54,885 | -€48,960 | +€5,925 | +10.8% |
| Financial income | 75/76B | €61,532 | €74,078 | +€12,545 | +20.4% |
| Recurring financial income | 75 | €61,532 | €74,078 | +€12,545 | +20.4% |
| Financial charges | 65/66B | €292 | €264 | -€29 | -9.8% |
| Recurring financial charges | 65 | €292 | €264 | -€29 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €6,355 | €24,854 | +€18,498 | +291% |
| Income taxes | 67/77 | €5,683 | €9,267 | +€3,584 | +63.1% |
| Profit (loss) for the period | 9904 | €673 | €15,587 | +€14,914 | +2,217% |
| Transfer from tax-exempt reserves | 789 | €12,040 | €12,040 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,713 | €27,627 | +€14,914 | +117% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.