Christian BOURSEAU: 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.
Christian BOURSEAU
Largest movements
- Tangible fixed assets -€29,417
down €29,417 (-4.4%), from €662,806 to €633,389
of which Land and buildings: -€28,993
- Debts after one year -€30,710
down €30,710 (-7.3%), from €422,671 to €391,962
of which Financial debts: -€32,210
- Other debts +€15,148
up €15,148 (+7.2%), from €211,373 to €226,521
- Profit (loss) carried forward -€12,055
down €12,055 (-9.6%), from -€126,138 to -€138,193
- Gross operating margin +€10,210
up €10,210 (+28.2%), from €36,230 to €46,440
- Depreciation +€8,054
up €8,054 (+32.5%), from €24,756 to €32,809
- Financial charges +€7,233
up €7,233 (+102%), from €7,125 to €14,358
- Taxes -€3,640
down €3,640 (-83.5%), from €4,361 to €721
- Other operating charges -€2,397
down €2,397 (-34.8%), from €6,896 to €4,498
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 | €699,965 | €669,189 | -€30,776 | -4.4% |
| Fixed assets | 21/28 | €663,594 | €634,177 | -€29,417 | -4.4% |
| Tangible fixed assets | 22/27 | €662,806 | €633,389 | -€29,417 | -4.4% |
| Land and buildings | 22 | €661,634 | €632,641 | -€28,993 | -4.4% |
| Furniture and vehicles | 24 | €1,172 | €747 | -€425 | -36.2% |
| Financial fixed assets | 28 | €788 | €788 | = | 0.0% |
| Current assets | 29/58 | €36,371 | €35,012 | -€1,359 | -3.7% |
| Amounts receivable within one year | 40/41 | €35,577 | €34,678 | -€899 | -2.5% |
| Trade receivables | 40 | €35,577 | €34,678 | -€899 | -2.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €731 | €0 | -€731 | -100% |
| Deferred charges and accrued income | 490/1 | €63 | €334 | +€271 | +428% |
| Total equity and liabilities | 10/49 | €699,965 | €669,189 | -€30,776 | -4.4% |
| Equity | 10/15 | -€21,722 | -€39,648 | -€17,926 | -82.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €85,824 | €79,954 | -€5,870 | -6.8% |
| Tax-exempt reserves | 132 | €85,584 | €79,714 | -€5,870 | -6.9% |
| Distributable reserves | 133 | €240 | €240 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,138 | -€138,193 | -€12,055 | -9.6% |
| Provisions and deferred taxes | 16 | €28,528 | €26,571 | -€1,957 | -6.9% |
| Deferred taxes | 168 | €28,528 | €26,571 | -€1,957 | -6.9% |
| Amounts payable | 17/49 | €693,159 | €682,266 | -€10,893 | -1.6% |
| Amounts payable after more than one year | 17 | €422,671 | €391,962 | -€30,710 | -7.3% |
| Financial debts | 170/4 | €421,580 | €389,370 | -€32,210 | -7.6% |
| Other amounts payable | 178/9 | €1,091 | €2,591 | +€1,500 | +137% |
| Amounts payable within one year | 42/48 | €270,488 | €290,304 | +€19,816 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €31,061 | €32,210 | +€1,148 | +3.7% |
| Trade debts | 44 | €23,693 | €26,492 | +€2,799 | +11.8% |
| Suppliers | 440/4 | €23,693 | €26,492 | +€2,799 | +11.8% |
| Taxes, remuneration and social security | 45 | €4,361 | €5,081 | +€721 | +16.5% |
| Taxes | 450/3 | €4,361 | €5,081 | +€721 | +16.5% |
| Other amounts payable | 47/48 | €211,373 | €226,521 | +€15,148 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,756 | €32,809 | +€8,054 | +32.5% |
| Other operating charges | 640/8 | €6,896 | €4,498 | -€2,397 | -34.8% |
| Non-recurring operating charges | 66A | €0 | €13,965 | +€13,965 | |
| Gross operating margin | 9900 | €36,230 | €46,440 | +€10,210 | +28.2% |
| Operating profit (loss) | 9901 | €4,579 | -€4,833 | -€9,412 | |
| Financial income | 75/76B | €157 | €29 | -€127 | -81.4% |
| Recurring financial income | 75 | €157 | €29 | -€127 | -81.4% |
| Financial charges | 65/66B | €7,125 | €14,358 | +€7,233 | +102% |
| Recurring financial charges | 65 | €7,125 | €14,358 | +€7,233 | +102% |
| Profit (loss) for the period before taxes | 9903 | -€2,389 | -€19,162 | -€16,773 | -702% |
| Transfer from deferred taxes | 780 | €1,957 | €1,957 | = | 0.0% |
| Income taxes | 67/77 | €4,361 | €721 | -€3,640 | -83.5% |
| Profit (loss) for the period | 9904 | -€4,793 | -€17,926 | -€13,133 | -274% |
| Transfer from tax-exempt reserves | 789 | €5,870 | €5,870 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,077 | -€12,055 | -€13,133 |
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 23 October 2026 via checked.be.