CORRELATE: 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.
CORRELATE
Largest movements
- Cash +€142,798
up €142,798 (+57.5%), from €248,197 to €390,995
mainly Net result for the year (+€126,717) and Tax, wage and social debts (+€30,589)
- Receivables within one year +€28,470
up €28,470 (+195269.4%), from €15 to €28,485
of which Trade receivables: +€20,715
- Reserves +€126,717
up €126,717 (+12.4%), from €1.0m to €1.1m
- Tax, wage and social debts +€30,589
up €30,589 (+126.7%), from €24,140 to €54,728
- Other debts +€17,020
up €17,020 (+38.1%), from €44,706 to €61,727
- Gross operating margin -€23,568
down €23,568 (-12.0%), from €196,389 to €172,821
- Taxes -€5,706
down €5,706 (-9.7%), from €58,790 to €53,084
- Financial income +€5,265
up €5,265 (+107.9%), from €4,879 to €10,144
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 | €1,108,060 | €1,282,511 | +€174,451 | +15.7% |
| Fixed assets | 21/28 | €122 | €61 | -€61 | -50.0% |
| Tangible fixed assets | 22/27 | €122 | €61 | -€61 | -50.0% |
| Furniture and vehicles | 24 | €122 | €61 | -€61 | -50.0% |
| Current assets | 29/58 | €1,107,938 | €1,282,450 | +€174,512 | +15.8% |
| Amounts receivable within one year | 40/41 | €15 | €28,485 | +€28,470 | +195269.4% |
| Trade receivables | 40 | - | €20,715 | +€20,715 | |
| Other amounts receivable | 41 | €15 | €7,770 | +€7,755 | +53189.8% |
| Current investments | 50/53 | €859,020 | €862,020 | +€3,000 | +0.3% |
| Cash at bank and in hand | 54/58 | €248,197 | €390,995 | +€142,798 | +57.5% |
| Deferred charges and accrued income | 490/1 | €706 | €950 | +€244 | +34.6% |
| Total equity and liabilities | 10/49 | €1,108,060 | €1,282,511 | +€174,451 | +15.7% |
| Equity | 10/15 | €1,039,121 | €1,165,837 | +€126,717 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,020,521 | €1,147,237 | +€126,717 | +12.4% |
| Distributable reserves | 133 | €1,020,521 | €1,147,237 | +€126,717 | +12.4% |
| Amounts payable | 17/49 | €68,939 | €116,673 | +€47,735 | +69.2% |
| Amounts payable within one year | 42/48 | €68,939 | €116,673 | +€47,735 | +69.2% |
| Trade debts | 44 | €93 | €218 | +€126 | +135.9% |
| Suppliers | 440/4 | €93 | €218 | +€126 | +135.9% |
| Taxes, remuneration and social security | 45 | €24,140 | €54,728 | +€30,589 | +126.7% |
| Taxes | 450/3 | €24,140 | €54,728 | +€30,589 | +126.7% |
| Other amounts payable | 47/48 | €44,706 | €61,727 | +€17,020 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €756 | €61 | -€696 | -92.0% |
| Other operating charges | 640/8 | €1,707 | €1,607 | -€100 | -5.9% |
| Gross operating margin | 9900 | €196,389 | €172,821 | -€23,568 | -12.0% |
| Operating profit (loss) | 9901 | €193,925 | €171,153 | -€22,772 | -11.7% |
| Financial income | 75/76B | €4,879 | €10,144 | +€5,265 | +107.9% |
| Recurring financial income | 75 | €4,879 | €10,144 | +€5,265 | +107.9% |
| Financial charges | 65/66B | €416 | €1,496 | +€1,080 | +259.5% |
| Recurring financial charges | 65 | €416 | €1,496 | +€1,080 | +259.5% |
| Profit (loss) for the period before taxes | 9903 | €198,388 | €179,801 | -€18,587 | -9.4% |
| Income taxes | 67/77 | €58,790 | €53,084 | -€5,706 | -9.7% |
| Profit (loss) for the period | 9904 | €139,598 | €126,717 | -€12,882 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €139,598 | €126,717 | -€12,882 | -9.2% |
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 3 October 2026 via checked.be.