COM & MANAGEMENT: what changed
Two fiscal 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.
COM & MANAGEMENT
Largest movements
- Current investments +€1.7m
new in 2025: €1.7m
- Tangible fixed assets +€344,178
up €344,178 (+11323.8%), from €3,039 to €347,218
of which Land and buildings: +€344,383
- Cash +€318,583
up €318,583 (+120.2%), from €265,028 to €583,610
mainly Net result for the year (+€1.8m) and Debts after one year (+€250,000)
- Receivables within one year -€180,573
down €180,573 (-61.9%), from €291,744 to €111,171
of which Other amounts receivable: -€170,073
- Financial fixed assets -€96,958
down €96,958 (-98.0%), from €98,958 to €2,000
- Reserves +€1.6m
up €1.6m (+302.5%), from €515,033 to €2.1m
of which Distributable reserves: +€1.6m
- Profit (loss) carried forward +€288,731
new in 2025: €288,731
- Debts after one year +€250,000
new in 2025: €250,000
- Short-term financial debts +€87,655
new in 2025: €87,655
- Provisions -€59,032
down €59,032 (-100.0%), from €59,032 to €0
- Gross operating margin +€1.8m
up €1.8m (+1984.5%), from €92,097 to €1.9m
- Financial income -€359,087
down €359,087 (-94.0%), from €381,994 to €22,907
- Provisions -€59,032
no longer reported in 2025 (was €59,032)
- Taxes +€20,281
up €20,281 (+46.6%), from €43,555 to €63,836
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 | €659,680 | €2,831,447 | +€2.2m | +329.2% |
| Fixed assets | 21/28 | €101,997 | €349,218 | +€247,220 | +242.4% |
| Tangible fixed assets | 22/27 | €3,039 | €347,218 | +€344,178 | +11323.8% |
| Land and buildings | 22 | - | €344,383 | +€344,383 | |
| Furniture and vehicles | 24 | €3,039 | €2,834 | -€205 | -6.7% |
| Financial fixed assets | 28 | €98,958 | €2,000 | -€96,958 | -98.0% |
| Current assets | 29/58 | €557,682 | €2,482,230 | +€1.9m | +345.1% |
| Amounts receivable after more than one year | 29 | - | €65,061 | +€65,061 | |
| Other amounts receivable | 291 | - | €65,061 | +€65,061 | |
| Amounts receivable within one year | 40/41 | €291,744 | €111,171 | -€180,573 | -61.9% |
| Trade receivables | 40 | €72,600 | €62,100 | -€10,500 | -14.5% |
| Other amounts receivable | 41 | €219,144 | €49,071 | -€170,073 | -77.6% |
| Current investments | 50/53 | - | €1,713,394 | +€1.7m | |
| Cash at bank and in hand | 54/58 | €265,028 | €583,610 | +€318,583 | +120.2% |
| Deferred charges and accrued income | 490/1 | €910 | €8,994 | +€8,083 | +887.9% |
| Total equity and liabilities | 10/49 | €659,680 | €2,831,447 | +€2.2m | +329.2% |
| Equity | 10/15 | €533,633 | €2,380,264 | +€1.8m | +346.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €515,033 | €2,072,933 | +€1.6m | +302.5% |
| Tax-exempt reserves | 132 | €42,100 | €0 | -€42,100 | -100.0% |
| Distributable reserves | 133 | €472,933 | €2,072,933 | +€1.6m | +338.3% |
| Profit (loss) carried forward | 14 | - | €288,731 | +€288,731 | |
| Provisions and deferred taxes | 16 | €59,032 | €0 | -€59,032 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €59,032 | €0 | -€59,032 | -100.0% |
| Environmental obligations | 163 | €59,032 | €0 | -€59,032 | -100.0% |
| Amounts payable | 17/49 | €67,015 | €451,183 | +€384,168 | +573.3% |
| Amounts payable after more than one year | 17 | - | €250,000 | +€250,000 | |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €66,751 | €200,055 | +€133,304 | +199.7% |
| Financial debts | 43 | - | €87,655 | +€87,655 | |
| Credit institutions | 430/8 | - | €87,655 | +€87,655 | |
| Trade debts | 44 | €7,677 | €13,423 | +€5,746 | +74.9% |
| Suppliers | 440/4 | €7,677 | €13,423 | +€5,746 | +74.9% |
| Taxes, remuneration and social security | 45 | €59,058 | €95,264 | +€36,206 | +61.3% |
| Taxes | 450/3 | €59,058 | €95,264 | +€36,206 | +61.3% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €16 | €3,712 | +€3,696 | +23102.1% |
| Accrued charges and deferred income | 492/3 | €264 | €1,128 | +€864 | +327.4% |
| Non-recurring operating income | 76A | - | €1,939,784 | +€1.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385 | €8,342 | +€7,957 | +2066.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €59,032 | - | -€59,032 | |
| Other operating charges | 640/8 | €607 | €5,611 | +€5,003 | +823.8% |
| Non-recurring operating charges | 66A | - | €115 | +€115 | |
| Gross operating margin | 9900 | €92,097 | €1,919,769 | +€1.8m | +1984.5% |
| Operating profit (loss) | 9901 | €32,072 | €1,905,701 | +€1.9m | +5841.9% |
| Financial income | 75/76B | €381,994 | €22,907 | -€359,087 | -94.0% |
| Recurring financial income | 75 | €381,994 | €22,907 | -€359,087 | -94.0% |
| Financial charges | 65/66B | €1,492 | €18,141 | +€16,649 | +1115.9% |
| Recurring financial charges | 65 | €1,492 | €18,141 | +€16,649 | +1115.9% |
| Profit (loss) for the period before taxes | 9903 | €412,575 | €1,910,467 | +€1.5m | +363.1% |
| Income taxes | 67/77 | €43,555 | €63,836 | +€20,281 | +46.6% |
| Profit (loss) for the period | 9904 | €369,020 | €1,846,631 | +€1.5m | +400.4% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €369,020 | €1,888,731 | +€1.5m | +411.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.