CASE STUDYO: 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.
CASE STUDYO
Largest movements
- Current investments -€440,089
down €440,089 (-35.4%), from €1.2m to €804,628
- Cash -€347,233
down €347,233 (-72.1%), from €481,521 to €134,289
mainly Contributions, distributions and other (-€882,353) and Trade debts (-€14,997)
- Receivables within one year -€55,932
down €55,932 (-38.5%), from €145,094 to €89,162
of which Other amounts receivable: -€32,059
- Reserves -€836,582
down €836,582 (-46.3%), from €1.8m to €968,818
- Gross operating margin -€72,180
down €72,180 (-38.8%), from €185,966 to €113,786
- Staff costs -€33,658
down €33,658 (-37.3%), from €90,278 to €56,620
- Taxes -€12,206
down €12,206 (-51.3%), from €23,781 to €11,575
- Depreciation -€6,729
down €6,729 (-25.5%), from €26,420 to €19,692
- Financial charges -€4,995
down €4,995 (-20.8%), from €24,044 to €19,049
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 | €1,985,515 | €1,130,840 | -€854,675 | -43.0% |
| Fixed assets | 21/28 | €64,184 | €52,762 | -€11,422 | -17.8% |
| Tangible fixed assets | 22/27 | €64,184 | €52,762 | -€11,422 | -17.8% |
| Furniture and vehicles | 24 | €64,184 | €52,762 | -€11,422 | -17.8% |
| Current assets | 29/58 | €1,921,332 | €1,078,078 | -€843,254 | -43.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €145,094 | €89,162 | -€55,932 | -38.5% |
| Trade receivables | 40 | €57,345 | €33,472 | -€23,873 | -41.6% |
| Other amounts receivable | 41 | €87,748 | €55,689 | -€32,059 | -36.5% |
| Current investments | 50/53 | €1,244,717 | €804,628 | -€440,089 | -35.4% |
| Cash at bank and in hand | 54/58 | €481,521 | €134,289 | -€347,233 | -72.1% |
| Total equity and liabilities | 10/49 | €1,985,515 | €1,130,840 | -€854,675 | -43.0% |
| Equity | 10/15 | €1,811,022 | €974,440 | -€836,582 | -46.2% |
| Contributions | 10/11 | €5,545 | €5,545 | = | 0.0% |
| Reserves | 13 | €1,805,400 | €968,818 | -€836,582 | -46.3% |
| Distributable reserves | 133 | €1,805,400 | €968,818 | -€836,582 | -46.3% |
| Profit (loss) carried forward | 14 | €77 | €77 | = | 0.0% |
| Amounts payable | 17/49 | €174,494 | €156,400 | -€18,094 | -10.4% |
| Amounts payable within one year | 42/48 | €174,494 | €156,400 | -€18,094 | -10.4% |
| Trade debts | 44 | €38,277 | €23,280 | -€14,997 | -39.2% |
| Suppliers | 440/4 | €38,277 | €23,280 | -€14,997 | -39.2% |
| Taxes, remuneration and social security | 45 | €32,828 | €24,413 | -€8,415 | -25.6% |
| Taxes | 450/3 | €11,535 | €11,974 | +€439 | +3.8% |
| Remuneration and social security | 454/9 | €21,293 | €12,439 | -€8,854 | -41.6% |
| Other amounts payable | 47/48 | €103,389 | €108,707 | +€5,318 | +5.1% |
| Non-recurring operating income | 76A | - | €6,319 | +€6,319 | |
| Remuneration, social security and pensions | 62 | €90,278 | €56,620 | -€33,658 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,420 | €19,692 | -€6,729 | -25.5% |
| Other operating charges | 640/8 | €2,862 | €1,116 | -€1,746 | -61.0% |
| Gross operating margin | 9900 | €185,966 | €113,786 | -€72,180 | -38.8% |
| Operating profit (loss) | 9901 | €66,406 | €36,358 | -€30,048 | -45.2% |
| Financial income | 75/76B | €40,610 | €40,037 | -€573 | -1.4% |
| Recurring financial income | 75 | €40,610 | €40,037 | -€573 | -1.4% |
| Financial charges | 65/66B | €24,044 | €19,049 | -€4,995 | -20.8% |
| Recurring financial charges | 65 | €24,044 | €19,049 | -€4,995 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €82,972 | €57,346 | -€25,626 | -30.9% |
| Income taxes | 67/77 | €23,781 | €11,575 | -€12,206 | -51.3% |
| Profit (loss) for the period | 9904 | €59,191 | €45,771 | -€13,420 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,191 | €45,771 | -€13,420 | -22.7% |
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 30 September 2026 via checked.be.