ChangeMatters: 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.
ChangeMatters
Largest movements
- Current investments +€160,000
up €160,000 (+66.7%), from €240,000 to €400,000
- Financial fixed assets -€94,000
down €94,000 (-52.5%), from €179,000 to €85,000
- Cash +€74,182
up €74,182 (+159%), from €46,802 to €120,984
mainly Net result for the year (+€162,958) and Investment in fixed assets (net) (+€92,044)
- Receivables within one year -€27,537
down €27,537 (-83.9%), from €32,834 to €5,297
of which Trade receivables: -€25,778
- Reserves +€86,150
up €86,150 (+21.2%), from €405,630 to €491,780
of which Distributable reserves: +€86,150
- Other debts +€37,180
up €37,180 (+92.9%), from €40,000 to €77,180
- Gross operating margin +€8,020
up €8,020 (+3.7%), from €219,232 to €227,253
- Financial income +€7,040
up €7,040 (+379%), from €1,857 to €8,897
- Taxes +€2,804
up €2,804 (+4.2%), from €66,200 to €69,004
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 | €506,770 | €622,002 | +€115,231 | +22.7% |
| Fixed assets | 21/28 | €182,261 | €87,882 | -€94,380 | -51.8% |
| Tangible fixed assets | 22/27 | €3,261 | €2,882 | -€380 | -11.6% |
| Furniture and vehicles | 24 | €3,261 | €2,882 | -€380 | -11.6% |
| Financial fixed assets | 28 | €179,000 | €85,000 | -€94,000 | -52.5% |
| Current assets | 29/58 | €324,509 | €534,120 | +€209,611 | +64.6% |
| Amounts receivable within one year | 40/41 | €32,834 | €5,297 | -€27,537 | -83.9% |
| Trade receivables | 40 | €28,864 | €3,086 | -€25,778 | -89.3% |
| Other amounts receivable | 41 | €3,971 | €2,212 | -€1,759 | -44.3% |
| Current investments | 50/53 | €240,000 | €400,000 | +€160,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €46,802 | €120,984 | +€74,182 | +159% |
| Deferred charges and accrued income | 490/1 | €4,873 | €7,839 | +€2,966 | +60.9% |
| Total equity and liabilities | 10/49 | €506,770 | €622,002 | +€115,231 | +22.7% |
| Equity | 10/15 | €424,251 | €510,409 | +€86,158 | +20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,630 | €491,780 | +€86,150 | +21.2% |
| Non-distributable reserves | 130/1 | €3,040 | €3,040 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,040 | €3,040 | = | 0.0% |
| Distributable reserves | 133 | €402,590 | €488,740 | +€86,150 | +21.4% |
| Profit (loss) carried forward | 14 | €21 | €29 | +€8 | +38.5% |
| Amounts payable | 17/49 | €82,520 | €111,593 | +€29,073 | +35.2% |
| Amounts payable within one year | 42/48 | €71,310 | €104,188 | +€32,878 | +46.1% |
| Trade debts | 44 | €468 | €2,195 | +€1,727 | +369% |
| Suppliers | 440/4 | €468 | €2,195 | +€1,727 | +369% |
| Taxes, remuneration and social security | 45 | €30,842 | €24,814 | -€6,028 | -19.5% |
| Taxes | 450/3 | €30,842 | €24,814 | -€6,028 | -19.5% |
| Other amounts payable | 47/48 | €40,000 | €77,180 | +€37,180 | +92.9% |
| Accrued charges and deferred income | 492/3 | €11,210 | €7,405 | -€3,805 | -33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,643 | €2,336 | +€693 | +42.2% |
| Other operating charges | 640/8 | €996 | €1,021 | +€25 | +2.5% |
| Gross operating margin | 9900 | €219,232 | €227,253 | +€8,020 | +3.7% |
| Operating profit (loss) | 9901 | €216,594 | €223,896 | +€7,303 | +3.4% |
| Financial income | 75/76B | €1,857 | €8,897 | +€7,040 | +379% |
| Recurring financial income | 75 | €1,857 | €8,897 | +€7,040 | +379% |
| Financial charges | 65/66B | €242 | €831 | +€590 | +244% |
| Recurring financial charges | 65 | €242 | €831 | +€590 | +244% |
| Profit (loss) for the period before taxes | 9903 | €218,209 | €231,962 | +€13,754 | +6.3% |
| Income taxes | 67/77 | €66,200 | €69,004 | +€2,804 | +4.2% |
| Profit (loss) for the period | 9904 | €152,009 | €162,958 | +€10,949 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €152,009 | €162,958 | +€10,949 | +7.2% |
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 18 October 2026 via checked.be.