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
- Cash -€68,550
down €68,550 (-99.4%), from €68,946 to €395
mainly Contributions, distributions and other (-€179,216) and Receivables within one year (-€53,480)
- Receivables within one year +€53,480
up €53,480 (+31.1%), from €172,153 to €225,633
of which Other amounts receivable: +€32,284
- Tangible fixed assets -€16,136
down €16,136 (-60.6%), from €26,646 to €10,510
of which Furniture and vehicles: -€16,136
- Other debts +€103,811
up €103,811 (+156.1%), from €66,489 to €170,300
- Reserves -€89,663
down €89,663 (-13.7%), from €654,232 to €564,569
of which Distributable reserves: -€89,663
- Debts after one year -€39,267
down €39,267 (-100.0%), from €39,267 to €0
- Tax, wage and social debts +€24,165
up €24,165 (+92.3%), from €26,194 to €50,360
- Current portion of long-term debt -€21,499
down €21,499 (-41.0%), from €52,456 to €30,957
- Gross operating margin -€156,918
down €156,918 (-55.3%), from €283,758 to €126,840
- Taxes +€20,461
up €20,461 (+125.9%), from €16,249 to €36,710
- Financial charges -€13,109
down €13,109 (-65.5%), from €20,027 to €6,918
- Depreciation -€8,190
down €8,190 (-60.2%), from €13,599 to €5,409
- Financial income +€5,247
up €5,247 (+55.8%), from €9,405 to €14,652
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 | €902,377 | €878,494 | -€23,883 | -2.6% |
| Fixed assets | 21/28 | €444,030 | €426,344 | -€17,686 | -4.0% |
| Tangible fixed assets | 22/27 | €26,646 | €10,510 | -€16,136 | -60.6% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €26,646 | €10,510 | -€16,136 | -60.6% |
| Financial fixed assets | 28 | €417,384 | €415,834 | -€1,550 | -0.4% |
| Current assets | 29/58 | €458,347 | €452,150 | -€6,197 | -1.4% |
| Amounts receivable after more than one year | 29 | €215,000 | €215,000 | = | 0.0% |
| Other amounts receivable | 291 | €215,000 | €215,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €172,153 | €225,633 | +€53,480 | +31.1% |
| Trade receivables | 40 | €11,304 | €32,500 | +€21,196 | +187.5% |
| Other amounts receivable | 41 | €160,850 | €193,133 | +€32,284 | +20.1% |
| Cash at bank and in hand | 54/58 | €68,946 | €395 | -€68,550 | -99.4% |
| Deferred charges and accrued income | 490/1 | €2,248 | €11,122 | +€8,874 | +394.7% |
| Total equity and liabilities | 10/49 | €902,377 | €878,494 | -€23,883 | -2.6% |
| Equity | 10/15 | €655,007 | €565,344 | -€89,663 | -13.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €654,232 | €564,569 | -€89,663 | -13.7% |
| Tax-exempt reserves | 132 | €167,699 | €167,699 | = | 0.0% |
| Distributable reserves | 133 | €486,533 | €396,870 | -€89,663 | -18.4% |
| Profit (loss) carried forward | 14 | €274 | €274 | = | 0.0% |
| Provisions and deferred taxes | 16 | €54,096 | €54,096 | = | 0.0% |
| Deferred taxes | 168 | €54,096 | €54,096 | = | 0.0% |
| Amounts payable | 17/49 | €193,275 | €259,054 | +€65,780 | +34.0% |
| Amounts payable after more than one year | 17 | €39,267 | €0 | -€39,267 | -100.0% |
| Financial debts | 170/4 | €39,267 | €0 | -€39,267 | -100.0% |
| Amounts payable within one year | 42/48 | €153,258 | €259,054 | +€105,797 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €52,456 | €30,957 | -€21,499 | -41.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,118 | €7,438 | -€680 | -8.4% |
| Suppliers | 440/4 | €8,118 | €7,438 | -€680 | -8.4% |
| Taxes, remuneration and social security | 45 | €26,194 | €50,360 | +€24,165 | +92.3% |
| Taxes | 450/3 | €26,194 | €50,360 | +€24,165 | +92.3% |
| Other amounts payable | 47/48 | €66,489 | €170,300 | +€103,811 | +156.1% |
| Accrued charges and deferred income | 492/3 | €750 | €0 | -€750 | -100.0% |
| Non-recurring operating income | 76A | €216,384 | €13,333 | -€203,051 | -93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,599 | €5,409 | -€8,190 | -60.2% |
| Other operating charges | 640/8 | €3,155 | €2,903 | -€252 | -8.0% |
| Gross operating margin | 9900 | €283,758 | €126,840 | -€156,918 | -55.3% |
| Operating profit (loss) | 9901 | €267,005 | €118,528 | -€148,476 | -55.6% |
| Financial income | 75/76B | €9,405 | €14,652 | +€5,247 | +55.8% |
| Recurring financial income | 75 | €9,405 | €14,652 | +€5,247 | +55.8% |
| Financial charges | 65/66B | €20,027 | €6,918 | -€13,109 | -65.5% |
| Recurring financial charges | 65 | €20,027 | €6,918 | -€13,109 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €256,383 | €126,263 | -€130,120 | -50.8% |
| Transfer to deferred taxes | 680 | €54,096 | €0 | -€54,096 | -100.0% |
| Income taxes | 67/77 | €16,249 | €36,710 | +€20,461 | +125.9% |
| Profit (loss) for the period | 9904 | €186,038 | €89,553 | -€96,485 | -51.9% |
| Transfer to tax-exempt reserves | 689 | €162,288 | €0 | -€162,288 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,749 | €89,553 | +€65,803 | +277.1% |
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 10 October 2026 via checked.be.