CONSTITUTIE MANAGEMENT: 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.
CONSTITUTIE MANAGEMENT
Largest movements
- Tangible fixed assets -€24,000
down €24,000 (-2.9%), from €816,000 to €792,000
- Debts after one year +€73,243
up €73,243 (+26.9%), from €272,104 to €345,347
- Other debts -€66,956
no longer reported in 2025 (was €66,956)
- Reserves -€29,418
down €29,418 (-8.4%), from €350,624 to €321,206
of which Distributable reserves: -€29,418
- Short-term financial debts -€12,160
no longer reported in 2025 (was €12,160)
- Other operating charges +€4,915
up €4,915 (+149%), from €3,299 to €8,214
- Depreciation -€2,965
down €2,965 (-11.0%), from €26,965 to €24,000
- Financial charges +€2,372
up €2,372 (+14.1%), from €16,845 to €19,217
- Gross operating margin +€2,368
up €2,368 (+12.1%), from €19,604 to €21,972
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 | €818,499 | €792,944 | -€25,555 | -3.1% |
| Fixed assets | 21/28 | €816,000 | €792,000 | -€24,000 | -2.9% |
| Tangible fixed assets | 22/27 | €816,000 | €792,000 | -€24,000 | -2.9% |
| Land and buildings | 22 | €816,000 | €792,000 | -€24,000 | -2.9% |
| Current assets | 29/58 | €2,499 | €944 | -€1,555 | -62.2% |
| Amounts receivable within one year | 40/41 | - | €12 | +€12 | |
| Other amounts receivable | 41 | - | €12 | +€12 | |
| Cash at bank and in hand | 54/58 | - | €306 | +€306 | |
| Deferred charges and accrued income | 490/1 | €2,499 | €625 | -€1,874 | -75.0% |
| Total equity and liabilities | 10/49 | €818,499 | €792,944 | -€25,555 | -3.1% |
| Equity | 10/15 | €412,624 | €383,206 | -€29,418 | -7.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €350,624 | €321,206 | -€29,418 | -8.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €344,424 | €315,006 | -€29,418 | -8.5% |
| Amounts payable | 17/49 | €405,875 | €409,738 | +€3,863 | +1.0% |
| Amounts payable after more than one year | 17 | €272,104 | €345,347 | +€73,243 | +26.9% |
| Financial debts | 170/4 | €272,104 | €345,347 | +€73,243 | +26.9% |
| Amounts payable within one year | 42/48 | €128,602 | €55,498 | -€73,105 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | €49,418 | €51,854 | +€2,435 | +4.9% |
| Financial debts | 43 | €12,160 | - | -€12,160 | |
| Credit institutions | 430/8 | €12,160 | - | -€12,160 | |
| Trade debts | 44 | €68 | €3,644 | +€3,576 | +5,254% |
| Suppliers | 440/4 | €68 | €3,644 | +€3,576 | +5,254% |
| Other amounts payable | 47/48 | €66,956 | - | -€66,956 | |
| Accrued charges and deferred income | 492/3 | €5,169 | €8,893 | +€3,724 | +72.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,965 | €24,000 | -€2,965 | -11.0% |
| Other operating charges | 640/8 | €3,299 | €8,214 | +€4,915 | +149% |
| Gross operating margin | 9900 | €19,604 | €21,972 | +€2,368 | +12.1% |
| Operating profit (loss) | 9901 | -€10,659 | -€10,242 | +€418 | +3.9% |
| Financial income | 75/76B | - | €41 | +€41 | |
| Recurring financial income | 75 | - | €41 | +€41 | |
| Financial charges | 65/66B | €16,845 | €19,217 | +€2,372 | +14.1% |
| Recurring financial charges | 65 | €16,845 | €19,217 | +€2,372 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€27,505 | -€29,418 | -€1,914 | -7.0% |
| Profit (loss) for the period | 9904 | -€27,505 | -€29,418 | -€1,914 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,505 | -€29,418 | -€1,914 | -7.0% |
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 15 October 2026 via checked.be.