Cartule: 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.
Cartule
Largest movements
- Tangible fixed assets +€94,422
up €94,422 (+21.5%), from €438,915 to €533,337
of which Assets under construction and advance payments: +€108,002
- Cash -€18,701
down €18,701 (-87.4%), from €21,401 to €2,700
mainly Investment in fixed assets (net) (-€111,989) and Debts after one year (-€54,933)
- Other debts +€123,788
up €123,788 (+313.6%), from €39,470 to €163,258
- Debts after one year -€54,933
down €54,933 (-17.8%), from €309,248 to €254,315
of which Financial debts: -€54,933
- Profit (loss) carried forward +€11,766
up €11,766 (+19.0%), from €61,797 to €73,563
- Depreciation -€29,351
down €29,351 (-62.6%), from €46,918 to €17,567
- Gross operating margin +€8,404
up €8,404 (+26.9%), from €31,237 to €39,641
- Financial charges +€5,608
up €5,608 (+413.6%), from €1,356 to €6,964
- Other operating charges +€2,082
up €2,082 (+165.1%), from €1,261 to €3,344
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 | €468,853 | €542,464 | +€73,611 | +15.7% |
| Fixed assets | 21/28 | €438,915 | €533,337 | +€94,422 | +21.5% |
| Tangible fixed assets | 22/27 | €438,915 | €533,337 | +€94,422 | +21.5% |
| Land and buildings | 22 | €429,440 | €411,987 | -€17,454 | -4.1% |
| Furniture and vehicles | 24 | - | €3,874 | +€3,874 | |
| Assets under construction and advance payments | 27 | €9,474 | €117,476 | +€108,002 | +1139.9% |
| Current assets | 29/58 | €29,938 | €9,127 | -€20,811 | -69.5% |
| Amounts receivable within one year | 40/41 | €7,504 | €5,607 | -€1,896 | -25.3% |
| Trade receivables | 40 | €2,504 | €2,004 | -€500 | -20.0% |
| Other amounts receivable | 41 | €5,000 | €3,604 | -€1,396 | -27.9% |
| Cash at bank and in hand | 54/58 | €21,401 | €2,700 | -€18,701 | -87.4% |
| Deferred charges and accrued income | 490/1 | €1,033 | €820 | -€213 | -20.6% |
| Total equity and liabilities | 10/49 | €468,853 | €542,464 | +€73,611 | +15.7% |
| Equity | 10/15 | €74,197 | €85,963 | +€11,766 | +15.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,797 | €73,563 | +€11,766 | +19.0% |
| Amounts payable | 17/49 | €394,656 | €456,501 | +€61,845 | +15.7% |
| Amounts payable after more than one year | 17 | €309,248 | €254,315 | -€54,933 | -17.8% |
| Financial debts | 170/4 | €279,248 | €224,315 | -€54,933 | -19.7% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,349 | €202,159 | +€116,810 | +136.9% |
| Current portion of amounts payable after more than one year | 42 | €39,103 | €36,226 | -€2,877 | -7.4% |
| Trade debts | 44 | €6,776 | €2,675 | -€4,101 | -60.5% |
| Suppliers | 440/4 | €6,776 | €2,675 | -€4,101 | -60.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €39,470 | €163,258 | +€123,788 | +313.6% |
| Accrued charges and deferred income | 492/3 | €59 | €27 | -€32 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,918 | €17,567 | -€29,351 | -62.6% |
| Other operating charges | 640/8 | €1,261 | €3,344 | +€2,082 | +165.1% |
| Gross operating margin | 9900 | €31,237 | €39,641 | +€8,404 | +26.9% |
| Operating profit (loss) | 9901 | -€16,942 | €18,731 | +€35,673 | |
| Financial charges | 65/66B | €1,356 | €6,964 | +€5,608 | +413.6% |
| Recurring financial charges | 65 | €1,356 | €6,964 | +€5,608 | +413.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,298 | €11,766 | +€30,065 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€18,298 | €11,766 | +€30,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,298 | €11,766 | +€30,065 |
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 1 October 2026 via checked.be.