CFO INSTITUTE: 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.
CFO INSTITUTE
Largest movements
- Tangible fixed assets -€15,695
down €15,695 (-9.1%), from €172,373 to €156,677
of which Furniture and vehicles: -€10,620
- Receivables within one year -€6,065
down €6,065 (-75.8%), from €8,000 to €1,935
of which Other amounts receivable: -€6,065
- Cash +€4,227
up €4,227 (+27.5%), from €15,379 to €19,606
mainly Net result for the year (+€30,635) and Depreciation (+€15,695)
- Reserves +€30,635
up €30,635 (+97.0%), from €31,571 to €62,206
- Other debts -€14,010
down €14,010 (-98.0%), from €14,303 to €293
- Debts after one year -€9,602
down €9,602 (-8.1%), from €118,941 to €109,338
- Tax, wage and social debts -€8,596
down €8,596 (-97.1%), from €8,848 to €252
- Current portion of long-term debt -€7,289
down €7,289 (-53.4%), from €13,641 to €6,351
- Gross operating margin -€22,572
down €22,572 (-26.4%), from €85,611 to €63,039
- Other operating charges -€20,059
down €20,059 (-92.4%), from €21,704 to €1,645
- Depreciation +€9,260
up €9,260 (+144%), from €6,435 to €15,695
- Taxes -€5,172
down €5,172 (-34.4%), from €15,041 to €9,870
- Financial charges +€3,865
up €3,865 (+288%), from €1,342 to €5,208
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,752 | €179,112 | -€16,640 | -8.5% |
| Fixed assets | 21/28 | €172,373 | €156,677 | -€15,695 | -9.1% |
| Tangible fixed assets | 22/27 | €172,373 | €156,677 | -€15,695 | -9.1% |
| Land and buildings | 22 | €144,792 | €139,717 | -€5,075 | -3.5% |
| Furniture and vehicles | 24 | €27,581 | €16,960 | -€10,620 | -38.5% |
| Current assets | 29/58 | €23,379 | €22,434 | -€945 | -4.0% |
| Amounts receivable within one year | 40/41 | €8,000 | €1,935 | -€6,065 | -75.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,000 | €1,935 | -€6,065 | -75.8% |
| Cash at bank and in hand | 54/58 | €15,379 | €19,606 | +€4,227 | +27.5% |
| Deferred charges and accrued income | 490/1 | - | €893 | +€893 | |
| Total equity and liabilities | 10/49 | €195,752 | €179,112 | -€16,640 | -8.5% |
| Equity | 10/15 | €37,771 | €62,206 | +€24,435 | +64.7% |
| Contributions | 10/11 | €6,200 | €0 | -€6,200 | -100% |
| Reserves | 13 | €31,571 | €62,206 | +€30,635 | +97.0% |
| Distributable reserves | 133 | €31,571 | €62,206 | +€30,635 | +97.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €157,981 | €116,906 | -€41,076 | -26.0% |
| Amounts payable after more than one year | 17 | €118,941 | €109,338 | -€9,602 | -8.1% |
| Financial debts | 170/4 | €118,941 | €109,338 | -€9,602 | -8.1% |
| Amounts payable within one year | 42/48 | €38,441 | €7,568 | -€30,873 | -80.3% |
| Current portion of amounts payable after more than one year | 42 | €13,641 | €6,351 | -€7,289 | -53.4% |
| Trade debts | 44 | €1,649 | €671 | -€978 | -59.3% |
| Suppliers | 440/4 | €1,649 | €671 | -€978 | -59.3% |
| Taxes, remuneration and social security | 45 | €8,848 | €252 | -€8,596 | -97.1% |
| Taxes | 450/3 | €8,848 | €252 | -€8,596 | -97.1% |
| Other amounts payable | 47/48 | €14,303 | €293 | -€14,010 | -98.0% |
| Accrued charges and deferred income | 492/3 | €600 | €0 | -€600 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,435 | €15,695 | +€9,260 | +144% |
| Other operating charges | 640/8 | €21,704 | €1,645 | -€20,059 | -92.4% |
| Gross operating margin | 9900 | €85,611 | €63,039 | -€22,572 | -26.4% |
| Operating profit (loss) | 9901 | €57,472 | €45,699 | -€11,773 | -20.5% |
| Financial income | 75/76B | €1 | €14 | +€13 | +1,299% |
| Recurring financial income | 75 | €1 | €14 | +€13 | +1,299% |
| Financial charges | 65/66B | €1,342 | €5,208 | +€3,865 | +288% |
| Recurring financial charges | 65 | €1,342 | €5,208 | +€3,865 | +288% |
| Profit (loss) for the period before taxes | 9903 | €56,130 | €40,505 | -€15,625 | -27.8% |
| Income taxes | 67/77 | €15,041 | €9,870 | -€5,172 | -34.4% |
| Profit (loss) for the period | 9904 | €41,089 | €30,635 | -€10,453 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,089 | €30,635 | -€10,453 | -25.4% |
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 31 October 2026 via checked.be.