CHALLENGE: 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.
CHALLENGE
Largest movements
- Cash +€175,161
up €175,161 (+64.4%), from €271,813 to €446,974
mainly Other debts (+€149,499) and Net result for the year (+€123,539)
- Tangible fixed assets -€104,197
down €104,197 (-3.6%), from €2.9m to €2.8m
- Other debts +€149,499
up €149,499 (+5761.4%), from €2,595 to €152,094
- Debts after one year -€87,817
down €87,817 (-12.2%), from €719,542 to €631,725
- Tax, wage and social debts +€53,581
up €53,581 (+1152.3%), from €4,650 to €58,231
- Gross operating margin +€4,649
up €4,649 (+1.4%), from €332,617 to €337,266
- Taxes +€4,537
up €4,537 (+9.3%), from €49,045 to €53,581
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 | €3,192,031 | €3,284,460 | +€92,429 | +2.9% |
| Fixed assets | 21/28 | €2,855,557 | €2,751,360 | -€104,197 | -3.6% |
| Tangible fixed assets | 22/27 | €2,855,557 | €2,751,360 | -€104,197 | -3.6% |
| Land and buildings | 22 | €2,855,557 | €2,751,360 | -€104,197 | -3.6% |
| Current assets | 29/58 | €336,474 | €533,101 | +€196,627 | +58.4% |
| Amounts receivable within one year | 40/41 | €64,661 | €86,127 | +€21,466 | +33.2% |
| Trade receivables | 40 | €55,893 | €86,127 | +€30,234 | +54.1% |
| Other amounts receivable | 41 | €8,768 | - | -€8,768 | |
| Cash at bank and in hand | 54/58 | €271,813 | €446,974 | +€175,161 | +64.4% |
| Total equity and liabilities | 10/49 | €3,192,031 | €3,284,460 | +€92,429 | +2.9% |
| Equity | 10/15 | €2,380,011 | €2,354,550 | -€25,461 | -1.1% |
| Contributions | 10/11 | €1,980,000 | €1,980,000 | = | 0.0% |
| Capital | 10 | €1,980,000 | €1,980,000 | = | 0.0% |
| Issued capital | 100 | €1,980,000 | €1,980,000 | = | 0.0% |
| Reserves | 13 | €399,447 | €373,707 | -€25,741 | -6.4% |
| Non-distributable reserves | 130/1 | €28,447 | €35,207 | +€6,759 | +23.8% |
| Legal reserve | 130 | €28,447 | €35,207 | +€6,759 | +23.8% |
| Distributable reserves | 133 | €371,000 | €338,500 | -€32,500 | -8.8% |
| Profit (loss) carried forward | 14 | €564 | €843 | +€279 | +49.5% |
| Amounts payable | 17/49 | €812,020 | €929,911 | +€117,891 | +14.5% |
| Amounts payable after more than one year | 17 | €719,542 | €631,725 | -€87,817 | -12.2% |
| Financial debts | 170/4 | €719,542 | €631,725 | -€87,817 | -12.2% |
| Amounts payable within one year | 42/48 | €92,478 | €298,185 | +€205,707 | +222.4% |
| Current portion of amounts payable after more than one year | 42 | €85,233 | €87,817 | +€2,584 | +3.0% |
| Trade debts | 44 | - | €43 | +€43 | |
| Suppliers | 440/4 | - | €43 | +€43 | |
| Taxes, remuneration and social security | 45 | €4,650 | €58,231 | +€53,581 | +1152.3% |
| Taxes | 450/3 | €4,650 | €58,231 | +€53,581 | +1152.3% |
| Other amounts payable | 47/48 | €2,595 | €152,094 | +€149,499 | +5761.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,197 | €104,197 | = | 0.0% |
| Other operating charges | 640/8 | €31,566 | €32,220 | +€654 | +2.1% |
| Gross operating margin | 9900 | €332,617 | €337,266 | +€4,649 | +1.4% |
| Operating profit (loss) | 9901 | €196,854 | €200,849 | +€3,995 | +2.0% |
| Financial charges | 65/66B | €26,475 | €23,728 | -€2,746 | -10.4% |
| Recurring financial charges | 65 | €26,475 | €23,728 | -€2,746 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €170,379 | €177,120 | +€6,741 | +4.0% |
| Income taxes | 67/77 | €49,045 | €53,581 | +€4,537 | +9.3% |
| Profit (loss) for the period | 9904 | €121,334 | €123,539 | +€2,204 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €121,334 | €123,539 | +€2,204 | +1.8% |
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 11 October 2026 via checked.be.