Claudia BLUMENTHAL: 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.
Claudia BLUMENTHAL
Largest movements
- Tangible fixed assets +€107,622
up €107,622 (+31.9%), from €337,700 to €445,321
of which Land and buildings: +€107,782
- Cash -€42,578
down €42,578 (-16.7%), from €254,300 to €211,722
mainly Investment in fixed assets (net) (-€139,082) and Contributions, distributions and other (-€118,246)
- Receivables within one year +€20,849
up €20,849 (+76.7%), from €27,194 to €48,043
- Receivables after one year -€15,000
down €15,000 (-50.0%), from €30,000 to €15,000
- Profit (loss) carried forward +€66,614
up €66,614 (+24.7%), from €269,729 to €336,343
- Reserves +€30,303
up €30,303 (+30.2%), from €100,428 to €130,730
of which Tax-exempt reserves: +€48,549
- Debts after one year -€19,067
down €19,067 (-8.3%), from €231,034 to €211,967
- Other debts -€18,364
down €18,364 (-56.3%), from €32,599 to €14,235
- Gross operating margin +€55,444
up €55,444 (+20.1%), from €275,915 to €331,359
- Depreciation +€19,476
up €19,476 (+163%), from €11,983 to €31,460
- Taxes +€10,142
up €10,142 (+16.9%), from €60,115 to €70,256
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 | €669,153 | €734,227 | +€65,074 | +9.7% |
| Fixed assets | 21/28 | €337,700 | €445,321 | +€107,622 | +31.9% |
| Tangible fixed assets | 22/27 | €337,700 | €445,321 | +€107,622 | +31.9% |
| Land and buildings | 22 | €329,346 | €437,128 | +€107,782 | +32.7% |
| Plant, machinery and equipment | 23 | - | €1,046 | +€1,046 | |
| Furniture and vehicles | 24 | €4,232 | €3,797 | -€435 | -10.3% |
| Other tangible fixed assets | 26 | €4,122 | €3,350 | -€771 | -18.7% |
| Current assets | 29/58 | €331,454 | €288,906 | -€42,548 | -12.8% |
| Amounts receivable after more than one year | 29 | €30,000 | €15,000 | -€15,000 | -50.0% |
| Other amounts receivable | 291 | €30,000 | €15,000 | -€15,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €27,194 | €48,043 | +€20,849 | +76.7% |
| Other amounts receivable | 41 | €27,194 | €48,043 | +€20,849 | +76.7% |
| Cash at bank and in hand | 54/58 | €254,300 | €211,722 | -€42,578 | -16.7% |
| Deferred charges and accrued income | 490/1 | €19,960 | €14,141 | -€5,819 | -29.2% |
| Total equity and liabilities | 10/49 | €669,153 | €734,227 | +€65,074 | +9.7% |
| Equity | 10/15 | €372,657 | €469,574 | +€96,917 | +26.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €100,428 | €130,730 | +€30,303 | +30.2% |
| Non-distributable reserves | 130/1 | €7,082 | €7,082 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,082 | €7,082 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,100 | €93,649 | +€48,549 | +108% |
| Distributable reserves | 133 | €48,246 | €30,000 | -€18,246 | -37.8% |
| Profit (loss) carried forward | 14 | €269,729 | €336,343 | +€66,614 | +24.7% |
| Amounts payable | 17/49 | €296,496 | €264,653 | -€31,843 | -10.7% |
| Amounts payable after more than one year | 17 | €231,034 | €211,967 | -€19,067 | -8.3% |
| Financial debts | 170/4 | €231,034 | €211,967 | -€19,067 | -8.3% |
| Amounts payable within one year | 42/48 | €65,102 | €50,476 | -€14,625 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €11,024 | €15,324 | +€4,300 | +39.0% |
| Trade debts | 44 | €14,955 | €17,056 | +€2,101 | +14.0% |
| Suppliers | 440/4 | €14,955 | €17,056 | +€2,101 | +14.0% |
| Taxes, remuneration and social security | 45 | €6,524 | €3,862 | -€2,662 | -40.8% |
| Taxes | 450/3 | €6,380 | €3,718 | -€2,662 | -41.7% |
| Remuneration and social security | 454/9 | €144 | €144 | = | 0.0% |
| Other amounts payable | 47/48 | €32,599 | €14,235 | -€18,364 | -56.3% |
| Accrued charges and deferred income | 492/3 | €361 | €2,210 | +€1,849 | +512% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,983 | €31,460 | +€19,476 | +163% |
| Other operating charges | 640/8 | €2,016 | €1,701 | -€315 | -15.6% |
| Non-recurring operating charges | 66A | €171 | €493 | +€322 | +188% |
| Gross operating margin | 9900 | €275,915 | €331,359 | +€55,444 | +20.1% |
| Operating profit (loss) | 9901 | €261,745 | €297,705 | +€35,960 | +13.7% |
| Financial income | 75/76B | €1,783 | €376 | -€1,407 | -78.9% |
| Recurring financial income | 75 | €1,783 | €376 | -€1,407 | -78.9% |
| Financial charges | 65/66B | €11,751 | €12,662 | +€911 | +7.8% |
| Recurring financial charges | 65 | €11,751 | €12,662 | +€911 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €251,777 | €285,419 | +€33,642 | +13.4% |
| Income taxes | 67/77 | €60,115 | €70,256 | +€10,142 | +16.9% |
| Profit (loss) for the period | 9904 | €191,663 | €215,163 | +€23,500 | +12.3% |
| Transfer to tax-exempt reserves | 689 | €45,100 | €48,549 | +€3,449 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,563 | €166,614 | +€20,052 | +13.7% |
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 20 October 2026 via checked.be.