CORE: 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.
CORE
Largest movements
- Receivables within one year -€60,841
down €60,841 (-73.3%), from €83,026 to €22,185
of which Other amounts receivable: -€49,886
- Current investments +€34,279
up €34,279 (+219.0%), from €15,654 to €49,933
- Cash -€11,546
down €11,546 (-56.8%), from €20,327 to €8,781
mainly Contributions, distributions and other (-€43,743) and Current investments (-€34,279)
- Tangible fixed assets -€3,504
down €3,504 (-2.0%), from €176,973 to €173,469
of which Furniture and vehicles: -€10,140
- Reserves -€29,760
down €29,760 (-18.3%), from €162,512 to €132,751
of which Distributable reserves: -€29,760
- Debts after one year -€13,735
down €13,735 (-14.1%), from €97,406 to €83,670
- Advances received +€6,534
up €6,534, from €0 to €6,534
- Trade debts -€5,354
down €5,354 (-55.5%), from €9,640 to €4,286
- Gross operating margin -€16,118
down €16,118 (-26.6%), from €60,572 to €44,454
- Write-downs +€10,000
new in 2025: €10,000
- Depreciation +€5,944
up €5,944 (+71.5%), from €8,318 to €14,262
- Taxes -€3,095
down €3,095 (-66.2%), from €4,676 to €1,581
- Financial charges +€1,093
up €1,093 (+54.7%), from €1,998 to €3,091
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 | €297,644 | €256,484 | -€41,161 | -13.8% |
| Fixed assets | 21/28 | €176,973 | €173,469 | -€3,504 | -2.0% |
| Tangible fixed assets | 22/27 | €176,973 | €173,469 | -€3,504 | -2.0% |
| Land and buildings | 22 | €131,100 | €138,039 | +€6,939 | +5.3% |
| Plant, machinery and equipment | 23 | €1,358 | €1,056 | -€302 | -22.3% |
| Furniture and vehicles | 24 | €44,515 | €34,375 | -€10,140 | -22.8% |
| Current assets | 29/58 | €120,671 | €83,014 | -€37,657 | -31.2% |
| Amounts receivable within one year | 40/41 | €83,026 | €22,185 | -€60,841 | -73.3% |
| Trade receivables | 40 | €20,590 | €9,635 | -€10,955 | -53.2% |
| Other amounts receivable | 41 | €62,436 | €12,550 | -€49,886 | -79.9% |
| Current investments | 50/53 | €15,654 | €49,933 | +€34,279 | +219.0% |
| Cash at bank and in hand | 54/58 | €20,327 | €8,781 | -€11,546 | -56.8% |
| Deferred charges and accrued income | 490/1 | €1,664 | €2,115 | +€451 | +27.1% |
| Total equity and liabilities | 10/49 | €297,644 | €256,484 | -€41,161 | -13.8% |
| Equity | 10/15 | €168,712 | €138,951 | -€29,760 | -17.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €162,512 | €132,751 | -€29,760 | -18.3% |
| Tax-exempt reserves | 132 | €791 | €791 | = | 0.0% |
| Distributable reserves | 133 | €161,720 | €131,960 | -€29,760 | -18.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €128,933 | €117,533 | -€11,400 | -8.8% |
| Amounts payable after more than one year | 17 | €97,406 | €83,670 | -€13,735 | -14.1% |
| Financial debts | 170/4 | €97,406 | €83,670 | -€13,735 | -14.1% |
| Amounts payable within one year | 42/48 | €30,121 | €32,862 | +€2,742 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €13,411 | €13,735 | +€325 | +2.4% |
| Trade debts | 44 | €9,640 | €4,286 | -€5,354 | -55.5% |
| Suppliers | 440/4 | €9,640 | €4,286 | -€5,354 | -55.5% |
| Advances received on contracts in progress | 46 | €0 | €6,534 | +€6,534 | |
| Taxes, remuneration and social security | 45 | €7,070 | €8,307 | +€1,237 | +17.5% |
| Taxes | 450/3 | €7,070 | €8,307 | +€1,237 | +17.5% |
| Accrued charges and deferred income | 492/3 | €1,406 | €1,000 | -€406 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,318 | €14,262 | +€5,944 | +71.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €2,320 | €1,829 | -€492 | -21.2% |
| Gross operating margin | 9900 | €60,572 | €44,454 | -€16,118 | -26.6% |
| Operating profit (loss) | 9901 | €49,933 | €18,364 | -€31,570 | -63.2% |
| Financial income | 75/76B | €71 | €291 | +€221 | +311.2% |
| Recurring financial income | 75 | €71 | €291 | +€221 | +311.2% |
| Financial charges | 65/66B | €1,998 | €3,091 | +€1,093 | +54.7% |
| Recurring financial charges | 65 | €1,998 | €3,091 | +€1,093 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €48,006 | €15,564 | -€32,442 | -67.6% |
| Income taxes | 67/77 | €4,676 | €1,581 | -€3,095 | -66.2% |
| Profit (loss) for the period | 9904 | €43,330 | €13,983 | -€29,347 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,330 | €13,983 | -€29,347 | -67.7% |
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 8 October 2026 via checked.be.