CHANGE: 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.
CHANGE
Largest movements
- Receivables within one year +€25,017
up €25,017 (+90.4%), from €27,661 to €52,678
of which Trade receivables: +€25,017
- Tangible fixed assets -€12,560
down €12,560 (-4.5%), from €280,439 to €267,880
of which Land and buildings: -€15,898
- Profit (loss) carried forward +€12,578
up €12,578 (+2.4%), from -€515,025 to -€502,447
- Gross operating margin +€26,105
up €26,105 (+246.1%), from €10,607 to €36,712
- Other operating charges +€1,992
up €1,992 (+52.0%), from €3,832 to €5,824
- Depreciation -€1,437
down €1,437 (-7.6%), from €18,979 to €17,542
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 | €488,558 | €497,003 | +€8,445 | +1.7% |
| Fixed assets | 21/28 | €281,696 | €269,136 | -€12,560 | -4.5% |
| Tangible fixed assets | 22/27 | €280,439 | €267,880 | -€12,560 | -4.5% |
| Land and buildings | 22 | €258,070 | €242,172 | -€15,898 | -6.2% |
| Plant, machinery and equipment | 23 | €22,369 | €25,707 | +€3,338 | +14.9% |
| Financial fixed assets | 28 | €1,256 | €1,256 | = | 0.0% |
| Current assets | 29/58 | €206,862 | €227,867 | +€21,005 | +10.2% |
| Amounts receivable within one year | 40/41 | €27,661 | €52,678 | +€25,017 | +90.4% |
| Trade receivables | 40 | €18,183 | €43,200 | +€25,017 | +137.6% |
| Other amounts receivable | 41 | €9,478 | €9,478 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €179,201 | €175,189 | -€4,012 | -2.2% |
| Total equity and liabilities | 10/49 | €488,558 | €497,003 | +€8,445 | +1.7% |
| Equity | 10/15 | -€193,578 | -€181,000 | +€12,578 | +6.5% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Revaluation surpluses | 12 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €447 | €447 | = | 0.0% |
| Non-distributable reserves | 130/1 | €447 | €447 | = | 0.0% |
| Other | 1319 | €447 | €447 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€515,025 | -€502,447 | +€12,578 | +2.4% |
| Amounts payable | 17/49 | €682,136 | €678,002 | -€4,133 | -0.6% |
| Amounts payable after more than one year | 17 | €5,860 | €5,860 | = | 0.0% |
| Other amounts payable | 178/9 | €5,860 | €5,860 | = | 0.0% |
| Amounts payable within one year | 42/48 | €676,276 | €672,142 | -€4,133 | -0.6% |
| Trade debts | 44 | €1,121 | €343 | -€779 | -69.4% |
| Suppliers | 440/4 | €1,121 | €343 | -€779 | -69.4% |
| Other amounts payable | 47/48 | €675,154 | €671,800 | -€3,355 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,979 | €17,542 | -€1,437 | -7.6% |
| Other operating charges | 640/8 | €3,832 | €5,824 | +€1,992 | +52.0% |
| Gross operating margin | 9900 | €10,607 | €36,712 | +€26,105 | +246.1% |
| Operating profit (loss) | 9901 | -€12,205 | €13,346 | +€25,551 | |
| Financial charges | 65/66B | €792 | €768 | -€24 | -3.0% |
| Recurring financial charges | 65 | €792 | €768 | -€24 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,997 | €12,578 | +€25,575 | |
| Profit (loss) for the period | 9904 | -€12,997 | €12,578 | +€25,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,997 | €12,578 | +€25,575 |
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 7 October 2026 via checked.be.