CORRECT: 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.
CORRECT
Largest movements
- Current investments +€163,917
up €163,917 (+151.9%), from €107,946 to €271,863
- Cash -€156,764
down €156,764 (-46.9%), from €334,029 to €177,266
mainly Current investments (-€163,917) and Contributions, distributions and other (-€57,895)
- Tangible fixed assets +€17,453
up €17,453 (+27.1%), from €64,365 to €81,818
of which Furniture and vehicles: +€10,206
- Receivables within one year -€9,627
down €9,627 (-11.0%), from €87,329 to €77,702
of which Trade receivables: -€12,697
- Reserves +€24,187
up €24,187 (+6.2%), from €389,562 to €413,749
- Trade debts -€6,554
down €6,554 (-64.1%), from €10,232 to €3,678
- Gross operating margin +€24,545
up €24,545 (+6.2%), from €397,035 to €421,580
- Financial charges +€10,069
up €10,069 (+660.4%), from €1,525 to €11,594
- Staff costs +€8,972
up €8,972 (+3.5%), from €253,979 to €262,952
- Depreciation +€8,055
up €8,055 (+33.8%), from €23,821 to €31,876
- Financial income -€7,871
down €7,871 (-40.3%), from €19,522 to €11,651
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 | €597,548 | €615,244 | +€17,696 | +3.0% |
| Fixed assets | 21/28 | €64,365 | €81,818 | +€17,453 | +27.1% |
| Tangible fixed assets | 22/27 | €64,365 | €81,818 | +€17,453 | +27.1% |
| Plant, machinery and equipment | 23 | €6,568 | €13,815 | +€7,247 | +110.3% |
| Furniture and vehicles | 24 | €57,797 | €68,003 | +€10,206 | +17.7% |
| Current assets | 29/58 | €533,183 | €533,426 | +€244 | 0.0% |
| Amounts receivable within one year | 40/41 | €87,329 | €77,702 | -€9,627 | -11.0% |
| Trade receivables | 40 | €81,262 | €68,566 | -€12,697 | -15.6% |
| Other amounts receivable | 41 | €6,067 | €9,137 | +€3,070 | +50.6% |
| Current investments | 50/53 | €107,946 | €271,863 | +€163,917 | +151.9% |
| Cash at bank and in hand | 54/58 | €334,029 | €177,266 | -€156,764 | -46.9% |
| Deferred charges and accrued income | 490/1 | €3,878 | €6,595 | +€2,717 | +70.1% |
| Total equity and liabilities | 10/49 | €597,548 | €615,244 | +€17,696 | +3.0% |
| Equity | 10/15 | €544,102 | €568,289 | +€24,187 | +4.4% |
| Contributions | 10/11 | €12,622 | €12,622 | = | 0.0% |
| Reserves | 13 | €389,562 | €413,749 | +€24,187 | +6.2% |
| Distributable reserves | 133 | €389,562 | €413,749 | +€24,187 | +6.2% |
| Profit (loss) carried forward | 14 | €141,918 | €141,918 | = | 0.0% |
| Amounts payable | 17/49 | €53,445 | €46,955 | -€6,490 | -12.1% |
| Amounts payable within one year | 42/48 | €53,445 | €46,955 | -€6,490 | -12.1% |
| Trade debts | 44 | €10,232 | €3,678 | -€6,554 | -64.1% |
| Suppliers | 440/4 | €10,232 | €3,678 | -€6,554 | -64.1% |
| Taxes, remuneration and social security | 45 | €39,879 | €39,445 | -€434 | -1.1% |
| Taxes | 450/3 | €12,962 | €9,974 | -€2,988 | -23.1% |
| Remuneration and social security | 454/9 | €26,916 | €29,471 | +€2,555 | +9.5% |
| Other amounts payable | 47/48 | €3,334 | €3,832 | +€498 | +14.9% |
| Remuneration, social security and pensions | 62 | €253,979 | €262,952 | +€8,972 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,821 | €31,876 | +€8,055 | +33.8% |
| Other operating charges | 640/8 | €2,676 | €3,271 | +€595 | +22.2% |
| Gross operating margin | 9900 | €397,035 | €421,580 | +€24,545 | +6.2% |
| Operating profit (loss) | 9901 | €116,559 | €123,481 | +€6,923 | +5.9% |
| Financial income | 75/76B | €19,522 | €11,651 | -€7,871 | -40.3% |
| Recurring financial income | 75 | €19,522 | €11,651 | -€7,871 | -40.3% |
| Financial charges | 65/66B | €1,525 | €11,594 | +€10,069 | +660.4% |
| Recurring financial charges | 65 | €1,525 | €11,594 | +€10,069 | +660.4% |
| Profit (loss) for the period before taxes | 9903 | €134,556 | €123,539 | -€11,017 | -8.2% |
| Income taxes | 67/77 | €44,666 | €41,458 | -€3,209 | -7.2% |
| Profit (loss) for the period | 9904 | €89,890 | €82,082 | -€7,808 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €89,890 | €82,082 | -€7,808 | -8.7% |
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 9 October 2026 via checked.be.