Core: 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.
Core
Largest movements
- Receivables within one year +€31,912
up €31,912 (+35.8%), from €89,026 to €120,938
- Deferred charges and accrued income -€24,875
down €24,875 (-65.6%), from €37,941 to €13,066
- Tangible fixed assets +€18,081
up €18,081 (+8.2%), from €221,067 to €239,148
of which Other tangible fixed assets: +€19,537
- Reserves +€61,837
up €61,837 (+303%), from €20,419 to €82,256
of which Distributable reserves: +€61,837
- Debts after one year -€11,691
down €11,691 (-5.6%), from €210,143 to €198,451
- Other debts -€10,426
down €10,426 (-41.7%), from €24,982 to €14,556
- Tax, wage and social debts -€7,891
down €7,891 (-14.3%), from €55,080 to €47,190
of which Remuneration and social security: -€30,320
- Trade debts -€6,122
down €6,122 (-6.4%), from €95,175 to €89,053
- Staff costs -€94,156
down €94,156 (-40.3%), from €233,425 to €139,269
- Taxes +€24,507
up €24,507 (+828%), from €2,958 to €27,465
- Gross operating margin -€16,406
down €16,406 (-5.9%), from €277,060 to €260,655
- Depreciation -€5,081
down €5,081 (-25.8%), from €19,686 to €14,605
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 | €441,490 | €467,669 | +€26,179 | +5.9% |
| Fixed assets | 21/28 | €222,867 | €240,948 | +€18,081 | +8.1% |
| Tangible fixed assets | 22/27 | €221,067 | €239,148 | +€18,081 | +8.2% |
| Land and buildings | 22 | €179,156 | €178,551 | -€605 | -0.3% |
| Furniture and vehicles | 24 | €5,599 | €4,748 | -€851 | -15.2% |
| Other tangible fixed assets | 26 | €36,312 | €55,849 | +€19,537 | +53.8% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €218,623 | €226,722 | +€8,098 | +3.7% |
| Amounts receivable within one year | 40/41 | €89,026 | €120,938 | +€31,912 | +35.8% |
| Trade receivables | 40 | €89,026 | €120,938 | +€31,912 | +35.8% |
| Cash at bank and in hand | 54/58 | €91,656 | €92,717 | +€1,061 | +1.2% |
| Deferred charges and accrued income | 490/1 | €37,941 | €13,066 | -€24,875 | -65.6% |
| Total equity and liabilities | 10/49 | €441,490 | €467,669 | +€26,179 | +5.9% |
| Equity | 10/15 | €44,891 | €106,728 | +€61,837 | +138% |
| Contributions | 10/11 | €13,400 | €13,400 | = | 0.0% |
| Reserves | 13 | €20,419 | €82,256 | +€61,837 | +303% |
| Tax-exempt reserves | 132 | €2,475 | €2,475 | = | 0.0% |
| Distributable reserves | 133 | €17,944 | €79,781 | +€61,837 | +345% |
| Profit (loss) carried forward | 14 | €11,071 | €11,071 | = | 0.0% |
| Amounts payable | 17/49 | €396,599 | €360,942 | -€35,658 | -9.0% |
| Amounts payable after more than one year | 17 | €210,143 | €198,451 | -€11,691 | -5.6% |
| Financial debts | 170/4 | €210,143 | €198,451 | -€11,691 | -5.6% |
| Amounts payable within one year | 42/48 | €186,457 | €162,490 | -€23,966 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €11,219 | €11,691 | +€472 | +4.2% |
| Trade debts | 44 | €95,175 | €89,053 | -€6,122 | -6.4% |
| Suppliers | 440/4 | €95,175 | €89,053 | -€6,122 | -6.4% |
| Taxes, remuneration and social security | 45 | €55,080 | €47,190 | -€7,891 | -14.3% |
| Taxes | 450/3 | €7,994 | €30,423 | +€22,429 | +281% |
| Remuneration and social security | 454/9 | €47,087 | €16,767 | -€30,320 | -64.4% |
| Other amounts payable | 47/48 | €24,982 | €14,556 | -€10,426 | -41.7% |
| Remuneration, social security and pensions | 62 | €233,425 | €139,269 | -€94,156 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,686 | €14,605 | -€5,081 | -25.8% |
| Other operating charges | 640/8 | €2,870 | €3,241 | +€371 | +12.9% |
| Gross operating margin | 9900 | €277,060 | €260,655 | -€16,406 | -5.9% |
| Operating profit (loss) | 9901 | €21,079 | €103,540 | +€82,461 | +391% |
| Financial income | 75/76B | €237 | - | -€237 | |
| Recurring financial income | 75 | €237 | - | -€237 | |
| Financial charges | 65/66B | €14,639 | €14,238 | -€401 | -2.7% |
| Recurring financial charges | 65 | €14,639 | €14,238 | -€401 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €6,677 | €89,302 | +€82,625 | +1,238% |
| Income taxes | 67/77 | €2,958 | €27,465 | +€24,507 | +828% |
| Profit (loss) for the period | 9904 | €3,719 | €61,837 | +€58,118 | +1,563% |
| Profit (loss) for the period to be appropriated | 9905 | €3,719 | €61,837 | +€58,118 | +1,563% |
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 26 October 2026 via checked.be.