CLASS - INVEST: 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.
CLASS - INVEST
Largest movements
- Tangible fixed assets -€207,824
down €207,824 (-5.4%), from €3.9m to €3.7m
- Receivables within one year -€120,661
down €120,661 (-37.0%), from €326,535 to €205,874
of which Other amounts receivable: -€210,494
- Debts after one year -€143,003
down €143,003 (-5.2%), from €2.8m to €2.6m
of which Financial debts: -€141,993
- Trade debts -€111,280
down €111,280 (-63.5%), from €175,346 to €64,066
- Current portion of long-term debt -€58,664
down €58,664 (-30.9%), from €190,157 to €131,493
- Gross operating margin +€70,941
up €70,941 (+30.0%), from €236,138 to €307,080
- Depreciation +€41,621
up €41,621 (+21.5%), from €193,201 to €234,822
- Financial charges +€18,954
up €18,954 (+24.4%), from €77,780 to €96,734
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 | €4,643,111 | €4,315,167 | -€327,945 | -7.1% |
| Fixed assets | 21/28 | €4,314,731 | €4,106,907 | -€207,824 | -4.8% |
| Tangible fixed assets | 22/27 | €3,864,731 | €3,656,907 | -€207,824 | -5.4% |
| Land and buildings | 22 | €3,864,731 | €3,656,907 | -€207,824 | -5.4% |
| Financial fixed assets | 28 | €450,000 | €450,000 | = | 0.0% |
| Current assets | 29/58 | €328,381 | €208,260 | -€120,121 | -36.6% |
| Amounts receivable within one year | 40/41 | €326,535 | €205,874 | -€120,661 | -37.0% |
| Trade receivables | 40 | €83,779 | €173,612 | +€89,833 | +107% |
| Other amounts receivable | 41 | €242,756 | €32,262 | -€210,494 | -86.7% |
| Cash at bank and in hand | 54/58 | €111 | €12 | -€100 | -89.5% |
| Deferred charges and accrued income | 490/1 | €1,735 | €2,374 | +€639 | +36.9% |
| Total equity and liabilities | 10/49 | €4,643,111 | €4,315,167 | -€327,945 | -7.1% |
| Equity | 10/15 | €1,450,132 | €1,427,303 | -€22,829 | -1.6% |
| Contributions | 10/11 | €351,588 | €351,588 | = | 0.0% |
| Capital | 10 | €351,588 | €351,588 | = | 0.0% |
| Issued capital | 100 | €351,588 | €351,588 | = | 0.0% |
| Revaluation surpluses | 12 | €1,243,572 | €1,243,572 | = | 0.0% |
| Reserves | 13 | €11,792 | €5,896 | -€5,896 | -50.0% |
| Tax-exempt reserves | 132 | €11,792 | €5,896 | -€5,896 | -50.0% |
| Profit (loss) carried forward | 14 | -€156,820 | -€173,753 | -€16,933 | -10.8% |
| Amounts payable | 17/49 | €3,192,980 | €2,887,864 | -€305,115 | -9.6% |
| Amounts payable after more than one year | 17 | €2,763,156 | €2,620,153 | -€143,003 | -5.2% |
| Financial debts | 170/4 | €2,657,615 | €2,515,622 | -€141,993 | -5.3% |
| Other amounts payable | 178/9 | €105,541 | €104,531 | -€1,010 | -1.0% |
| Amounts payable within one year | 42/48 | €429,823 | €267,711 | -€162,112 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €190,157 | €131,493 | -€58,664 | -30.9% |
| Financial debts | 43 | €25,968 | €26,975 | +€1,008 | +3.9% |
| Credit institutions | 430/8 | €25,968 | €26,975 | +€1,008 | +3.9% |
| Trade debts | 44 | €175,346 | €64,066 | -€111,280 | -63.5% |
| Suppliers | 440/4 | €175,346 | €64,066 | -€111,280 | -63.5% |
| Taxes, remuneration and social security | 45 | €3,704 | €3,704 | = | 0.0% |
| Taxes | 450/3 | €3,704 | €3,704 | = | 0.0% |
| Other amounts payable | 47/48 | €34,649 | €41,473 | +€6,824 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,201 | €234,822 | +€41,621 | +21.5% |
| Other operating charges | 640/8 | €200 | - | -€200 | |
| Gross operating margin | 9900 | €236,138 | €307,080 | +€70,941 | +30.0% |
| Operating profit (loss) | 9901 | €42,738 | €72,258 | +€29,520 | +69.1% |
| Financial income | 75/76B | €29 | €1,647 | +€1,618 | +5,579% |
| Recurring financial income | 75 | €29 | €1,647 | +€1,618 | +5,579% |
| Financial charges | 65/66B | €77,780 | €96,734 | +€18,954 | +24.4% |
| Recurring financial charges | 65 | €77,780 | €96,734 | +€18,954 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€35,014 | -€22,829 | +€12,184 | +34.8% |
| Profit (loss) for the period | 9904 | -€35,014 | -€22,829 | +€12,184 | +34.8% |
| Transfer from tax-exempt reserves | 789 | €5,896 | €5,896 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,118 | -€16,933 | +€12,184 | +41.8% |
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 27 October 2026 via checked.be.