Cash Distribution: 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.
What changed
Cash Distribution
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,275
2024 · -€25,470+€2,195
Equity
€339,258
2024 · €362,533-€23,275
Cash
€5,459
2024 · €2,643+€2,816
Balance sheet total
€4.9m
2024 · €5.1m-€121,154
Largest movements
Assets
- Tangible fixed assets -€181,294
down €181,294 (-11.0%), from €1.6m to €1.5m
- Receivables within one year +€55,428
up €55,428 (+20.6%), from €268,746 to €324,175
Equity and liabilities
- Short-term financial debts +€510,217
up €510,217 (+176%), from €289,601 to €799,818
- Other debts -€332,960
down €332,960 (-19.3%), from €1.7m to €1.4m
- Debts after one year -€284,075
down €284,075 (-16.3%), from €1.7m to €1.5m
of which Financial debts: -€284,075
Income statement
- Gross operating margin +€54,181
up €54,181 (+25.7%), from €210,642 to €264,823
- Depreciation +€30,590
up €30,590 (+20.3%), from €150,703 to €181,294
- Financial charges +€27,409
up €27,409 (+35.1%), from €77,985 to €105,394
- Taxes -€5,325
no longer reported in 2025 (was €5,325)
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.
Result 2024
-€25,470
Gross operating margin
+€54,181
Depreciation
-€30,590
Other operating charges
+€106
Financial income
+€582
Financial charges
-€27,409
Taxes
+€5,325
Result 2025
-€23,275
raises the resultlowers the result
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.
From operations
-€271,401
Investment
€0
Financing
+€274,217
Cash 2024
€2,643
From operations (derived)
-€271,401
Net result for the year
-€23,275
Depreciation
+€181,294
Receivables within one year
-€55,428
Deferred charges and accrued income
-€1,895
Provisions
-€19,932
Trade debts
-€17,021
Tax, wage and social debts
-€3,618
Other debts
-€332,960
Accrued charges and deferred income
+€1,435
Financing
+€274,217
Debts after one year
-€284,075
Current portion of long-term debt
+€48,074
Short-term financial debts
+€510,217
Cash 2025
€5,459
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,060,607 | €4,939,453 | -€121,154 | -2.4% |
| Fixed assets | 21/28 | €4,788,589 | €4,607,296 | -€181,294 | -3.8% |
| Tangible fixed assets | 22/27 | €1,644,369 | €1,463,076 | -€181,294 | -11.0% |
| Land and buildings | 22 | €1,644,369 | €1,463,076 | -€181,294 | -11.0% |
| Financial fixed assets | 28 | €3,144,220 | €3,144,220 | = | 0.0% |
| Current assets | 29/58 | €272,018 | €332,158 | +€60,140 | +22.1% |
| Amounts receivable within one year | 40/41 | €268,746 | €324,175 | +€55,428 | +20.6% |
| Other amounts receivable | 41 | €268,746 | €324,175 | +€55,428 | +20.6% |
| Cash at bank and in hand | 54/58 | €2,643 | €5,459 | +€2,816 | +107% |
| Deferred charges and accrued income | 490/1 | €628 | €2,523 | +€1,895 | +302% |
| Total equity and liabilities | 10/49 | €5,060,607 | €4,939,453 | -€121,154 | -2.4% |
| Equity | 10/15 | €362,533 | €339,258 | -€23,275 | -6.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €288,165 | €264,890 | -€23,275 | -8.1% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €259,955 | €212,502 | -€47,453 | -18.3% |
| Distributable reserves | 133 | €20,773 | €44,951 | +€24,177 | +116% |
| Provisions and deferred taxes | 16 | €109,194 | €89,262 | -€19,932 | -18.3% |
| Deferred taxes | 168 | €109,194 | €89,262 | -€19,932 | -18.3% |
| Amounts payable | 17/49 | €4,588,880 | €4,510,934 | -€77,946 | -1.7% |
| Amounts payable after more than one year | 17 | €1,740,347 | €1,456,272 | -€284,075 | -16.3% |
| Financial debts | 170/4 | €1,739,633 | €1,455,559 | -€284,075 | -16.3% |
| Other amounts payable | 178/9 | €713 | €713 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,844,042 | €3,048,736 | +€204,693 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €253,526 | €301,600 | +€48,074 | +19.0% |
| Financial debts | 43 | €289,601 | €799,818 | +€510,217 | +176% |
| Credit institutions | 430/8 | €289,601 | €799,818 | +€510,217 | +176% |
| Trade debts | 44 | €562,688 | €545,668 | -€17,021 | -3.0% |
| Suppliers | 440/4 | €562,688 | €545,668 | -€17,021 | -3.0% |
| Taxes, remuneration and social security | 45 | €12,955 | €9,338 | -€3,618 | -27.9% |
| Taxes | 450/3 | €12,955 | €9,338 | -€3,618 | -27.9% |
| Other amounts payable | 47/48 | €1,725,272 | €1,392,312 | -€332,960 | -19.3% |
| Accrued charges and deferred income | 492/3 | €4,491 | €5,926 | +€1,435 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,703 | €181,294 | +€30,590 | +20.3% |
| Other operating charges | 640/8 | €26,116 | €26,010 | -€106 | -0.4% |
| Gross operating margin | 9900 | €210,642 | €264,823 | +€54,181 | +25.7% |
| Operating profit (loss) | 9901 | €33,823 | €57,519 | +€23,697 | +70.1% |
| Financial income | 75/76B | €4,085 | €4,667 | +€582 | +14.2% |
| Recurring financial income | 75 | €4,085 | €4,667 | +€582 | +14.2% |
| Financial charges | 65/66B | €77,985 | €105,394 | +€27,409 | +35.1% |
| Recurring financial charges | 65 | €77,985 | €105,394 | +€27,409 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | -€40,077 | -€43,208 | -€3,131 | -7.8% |
| Transfer from deferred taxes | 780 | €19,932 | €19,932 | = | 0.0% |
| Income taxes | 67/77 | €5,325 | - | -€5,325 | |
| Profit (loss) for the period | 9904 | -€25,470 | -€23,275 | +€2,195 | +8.6% |
| Transfer from tax-exempt reserves | 789 | €47,453 | €47,453 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,983 | €24,177 | +€2,195 | +10.0% |
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.