City 25: 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.
City 25
Largest movements
- Current investments -€5.2m
down €5.2m (-100%), from €5.2m to €0
- Tangible fixed assets -€2.7m
down €2.7m (-33.3%), from €8.2m to €5.4m
of which Land and buildings: -€2.6m
- Receivables within one year -€2.5m
down €2.5m (-93.6%), from €2.7m to €170,698
of which Other amounts receivable: -€2.6m
- Deferred charges and accrued income -€495,812
down €495,812 (-98.9%), from €501,259 to €5,447
- Cash -€320,051
down €320,051 (-72.3%), from €442,930 to €122,879
mainly Contributions, distributions and other (-€15.1m) and Current portion of long-term debt (-€1.1m)
- Reserves -€12.9m
down €12.9m (-98.6%), from €13.1m to €184,827
of which Distributable reserves: -€12.4m
- Other debts +€2.8m
up €2.8m (+935%), from €300,000 to €3.1m
- Contributions -€2.3m
down €2.3m (-98.9%), from €2.3m to €25,000
- Profit (loss) carried forward +€1.8m
new in 2025: €1.8m
- Current portion of long-term debt -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Taxes +€5.7m
up €5.7m (+426%), from €1.3m to €7.0m
- Gross operating margin +€2.4m
up €2.4m (+43.2%), from €5.5m to €7.9m
- Financial income +€915,971
up €915,971 (+180%), from €508,489 to €1.4m
- Financial charges -€631,615
down €631,615 (-85.7%), from €737,153 to €105,538
- Depreciation -€95,487
down €95,487 (-28.0%), from €341,408 to €245,921
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 | €17,014,618 | €5,732,970 | -€11.3m | -66.3% |
| Fixed assets | 21/28 | €8,150,031 | €5,433,946 | -€2.7m | -33.3% |
| Tangible fixed assets | 22/27 | €8,150,031 | €5,433,946 | -€2.7m | -33.3% |
| Land and buildings | 22 | €7,856,718 | €5,213,789 | -€2.6m | -33.6% |
| Plant, machinery and equipment | 23 | €13,510 | €0 | -€13,510 | -100% |
| Furniture and vehicles | 24 | €3,095 | €0 | -€3,095 | -100% |
| Other tangible fixed assets | 26 | €276,707 | €220,157 | -€56,550 | -20.4% |
| Current assets | 29/58 | €8,864,587 | €299,024 | -€8.6m | -96.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,671,889 | €170,698 | -€2.5m | -93.6% |
| Trade receivables | 40 | €42,863 | €170,655 | +€127,792 | +298% |
| Other amounts receivable | 41 | €2,629,026 | €43 | -€2.6m | -100.0% |
| Current investments | 50/53 | €5,248,509 | €0 | -€5.2m | -100% |
| Cash at bank and in hand | 54/58 | €442,930 | €122,879 | -€320,051 | -72.3% |
| Deferred charges and accrued income | 490/1 | €501,259 | €5,447 | -€495,812 | -98.9% |
| Total equity and liabilities | 10/49 | €17,014,618 | €5,732,970 | -€11.3m | -66.3% |
| Equity | 10/15 | €15,440,089 | €2,040,839 | -€13.4m | -86.8% |
| Contributions | 10/11 | €2,304,000 | €25,000 | -€2.3m | -98.9% |
| Revaluation surpluses | 12 | €76,343 | €76,343 | +€0 | 0.0% |
| Reserves | 13 | €13,059,746 | €184,827 | -€12.9m | -98.6% |
| Non-distributable reserves | 130/1 | €399,400 | €0 | -€399,400 | -100% |
| Reserves not available under the articles | 1311 | €399,400 | - | -€399,400 | |
| Tax-exempt reserves | 132 | €216,418 | €184,827 | -€31,591 | -14.6% |
| Distributable reserves | 133 | €12,443,928 | €0 | -€12.4m | -100% |
| Profit (loss) carried forward | 14 | - | €1,754,669 | +€1.8m | |
| Provisions and deferred taxes | 16 | €55,126 | €48,079 | -€7,047 | -12.8% |
| Deferred taxes | 168 | €55,126 | €48,079 | -€7,047 | -12.8% |
| Amounts payable | 17/49 | €1,519,403 | €3,644,053 | +€2.1m | +140% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,418,054 | €3,346,882 | +€1.9m | +136% |
| Current portion of amounts payable after more than one year | 42 | €1,064,925 | €0 | -€1.1m | -100% |
| Trade debts | 44 | €11,535 | €109,659 | +€98,124 | +851% |
| Suppliers | 440/4 | €11,535 | €109,659 | +€98,124 | +851% |
| Taxes, remuneration and social security | 45 | €41,594 | €132,223 | +€90,629 | +218% |
| Taxes | 450/3 | €33,424 | €132,223 | +€98,799 | +296% |
| Remuneration and social security | 454/9 | €8,170 | - | -€8,170 | |
| Other amounts payable | 47/48 | €300,000 | €3,105,000 | +€2.8m | +935% |
| Accrued charges and deferred income | 492/3 | €101,349 | €297,171 | +€195,822 | +193% |
| Non-recurring operating income | 76A | €3,193,430 | €5,930,956 | +€2.7m | +85.7% |
| Remuneration, social security and pensions | 62 | €82,131 | €48,350 | -€33,781 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €341,408 | €245,921 | -€95,487 | -28.0% |
| Other operating charges | 640/8 | €213,202 | €195,618 | -€17,584 | -8.2% |
| Gross operating margin | 9900 | €5,519,119 | €7,903,260 | +€2.4m | +43.2% |
| Operating profit (loss) | 9901 | €4,882,377 | €7,413,371 | +€2.5m | +51.8% |
| Financial income | 75/76B | €508,489 | €1,424,460 | +€915,971 | +180% |
| Recurring financial income | 75 | €508,489 | €1,424,460 | +€915,971 | +180% |
| Financial charges | 65/66B | €737,153 | €105,538 | -€631,615 | -85.7% |
| Recurring financial charges | 65 | €737,153 | €105,538 | -€631,615 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | €4,653,714 | €8,732,294 | +€4.1m | +87.6% |
| Transfer from deferred taxes | 780 | €7,047 | €7,047 | +€0 | 0.0% |
| Income taxes | 67/77 | €1,334,611 | €7,016,262 | +€5.7m | +426% |
| Profit (loss) for the period | 9904 | €3,326,150 | €1,723,078 | -€1.6m | -48.2% |
| Transfer from tax-exempt reserves | 789 | €31,591 | €31,591 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,357,741 | €1,754,669 | -€1.6m | -47.7% |
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 30 October 2026 via checked.be.