CODE: 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.
CODE
Largest movements
- Tangible fixed assets +€235,164
up €235,164 (+17.1%), from €1.4m to €1.6m
of which Assets under construction and advance payments: +€218,937
- Receivables within one year -€71,899
down €71,899 (-54.5%), from €131,926 to €60,027
of which Other amounts receivable: -€113,812
- Cash -€40,589
down €40,589 (-10.2%), from €399,624 to €359,035
mainly Contributions, distributions and other (-€415,788) and Investment in fixed assets (net) (-€328,510)
- Debts after one year +€143,490
up €143,490 (+34.1%), from €421,219 to €564,709
of which Financial debts: +€141,150
- Reserves -€106,904
down €106,904 (-7.1%), from €1.5m to €1.4m
- Current portion of long-term debt +€66,863
up €66,863 (+112.7%), from €59,332 to €126,195
- Tax, wage and social debts +€40,430
up €40,430 (+2386.7%), from €1,694 to €42,124
- Gross operating margin +€204,798
up €204,798 (+57.6%), from €355,588 to €560,386
- Taxes +€51,433
up €51,433 (+63.4%), from €81,182 to €132,615
- Financial charges +€15,744
up €15,744 (+93.7%), from €16,810 to €32,554
- Depreciation +€13,130
up €13,130 (+16.4%), from €80,216 to €93,346
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.
Cash bridge derived
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 | €2,003,883 | €2,147,269 | +€143,386 | +7.2% |
| Fixed assets | 21/28 | €1,373,821 | €1,608,985 | +€235,164 | +17.1% |
| Tangible fixed assets | 22/27 | €1,373,821 | €1,608,985 | +€235,164 | +17.1% |
| Land and buildings | 22 | €1,257,511 | €1,208,548 | -€48,963 | -3.9% |
| Plant, machinery and equipment | 23 | €3,220 | €6,602 | +€3,382 | +105.0% |
| Furniture and vehicles | 24 | €18,455 | €97,691 | +€79,236 | +429.3% |
| Other tangible fixed assets | 26 | €94,635 | €77,207 | -€17,428 | -18.4% |
| Assets under construction and advance payments | 27 | - | €218,937 | +€218,937 | |
| Current assets | 29/58 | €630,062 | €538,284 | -€91,778 | -14.6% |
| Amounts receivable within one year | 40/41 | €131,926 | €60,027 | -€71,899 | -54.5% |
| Trade receivables | 40 | €3,004 | €44,917 | +€41,913 | +1395.2% |
| Other amounts receivable | 41 | €128,922 | €15,110 | -€113,812 | -88.3% |
| Current investments | 50/53 | €96,214 | €96,214 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €399,624 | €359,035 | -€40,589 | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,298 | €23,008 | +€20,710 | +901.2% |
| Total equity and liabilities | 10/49 | €2,003,883 | €2,147,269 | +€143,386 | +7.2% |
| Equity | 10/15 | €1,514,368 | €1,407,464 | -€106,904 | -7.1% |
| Reserves | 13 | €1,514,368 | €1,407,464 | -€106,904 | -7.1% |
| Distributable reserves | 133 | €1,514,368 | €1,407,464 | -€106,904 | -7.1% |
| Amounts payable | 17/49 | €489,515 | €739,805 | +€250,290 | +51.1% |
| Amounts payable after more than one year | 17 | €421,219 | €564,709 | +€143,490 | +34.1% |
| Financial debts | 170/4 | €416,759 | €557,909 | +€141,150 | +33.9% |
| Other amounts payable | 178/9 | €4,460 | €6,800 | +€2,340 | +52.5% |
| Amounts payable within one year | 42/48 | €67,656 | €172,916 | +€105,260 | +155.6% |
| Current portion of amounts payable after more than one year | 42 | €59,332 | €126,195 | +€66,863 | +112.7% |
| Trade debts | 44 | €6,630 | €4,597 | -€2,033 | -30.7% |
| Suppliers | 440/4 | €6,630 | €4,597 | -€2,033 | -30.7% |
| Taxes, remuneration and social security | 45 | €1,694 | €42,124 | +€40,430 | +2386.7% |
| Taxes | 450/3 | €1,694 | €42,124 | +€40,430 | +2386.7% |
| Accrued charges and deferred income | 492/3 | €640 | €2,180 | +€1,540 | +240.6% |
| Non-recurring operating income | 76A | - | €13,744 | +€13,744 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,216 | €93,346 | +€13,130 | +16.4% |
| Other operating charges | 640/8 | €6,794 | €5,841 | -€953 | -14.0% |
| Non-recurring operating charges | 66A | €16,654 | - | -€16,654 | |
| Gross operating margin | 9900 | €355,588 | €560,386 | +€204,798 | +57.6% |
| Operating profit (loss) | 9901 | €251,924 | €461,199 | +€209,275 | +83.1% |
| Financial income | 75/76B | €8,860 | €12,854 | +€3,994 | +45.1% |
| Recurring financial income | 75 | €8,860 | €12,854 | +€3,994 | +45.1% |
| Financial charges | 65/66B | €16,810 | €32,554 | +€15,744 | +93.7% |
| Recurring financial charges | 65 | €16,810 | €32,554 | +€15,744 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €243,974 | €441,499 | +€197,525 | +81.0% |
| Income taxes | 67/77 | €81,182 | €132,615 | +€51,433 | +63.4% |
| Profit (loss) for the period | 9904 | €162,792 | €308,884 | +€146,092 | +89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €162,792 | €308,884 | +€146,092 | +89.7% |
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 11 October 2026 via checked.be.