COURSE: 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.
COURSE
Largest movements
- Financial fixed assets -€1.8m
no longer reported in 2025 (was €1.8m)
- Tangible fixed assets -€75,390
down €75,390 (-6.6%), from €1.1m to €1.1m
of which Land and buildings: -€46,755
- Debts after one year -€916,063
down €916,063 (-56.5%), from €1.6m to €705,885
of which Other amounts payable: -€809,198
- Reserves -€558,418
down €558,418 (-92.3%), from €605,180 to €46,761
of which Distributable reserves: -€558,418
- Other debts -€300,389
down €300,389 (-60.5%), from €496,913 to €196,524
- Accrued charges and deferred income -€55,203
no longer reported in 2025 (was €55,203)
- Gross operating margin -€53,234
down €53,234 (-25.6%), from €208,045 to €154,811
- Financial charges -€25,662
down €25,662 (-31.9%), from €80,411 to €54,749
- Depreciation -€11,502
down €11,502 (-19.7%), from €58,257 to €46,755
- Taxes -€4,190
down €4,190 (-27.5%), from €15,260 to €11,070
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 | €2,960,279 | €1,109,943 | -€1.9m | -62.5% |
| Fixed assets | 21/28 | €2,932,946 | €1,072,715 | -€1.9m | -63.4% |
| Tangible fixed assets | 22/27 | €1,148,105 | €1,072,715 | -€75,390 | -6.6% |
| Land and buildings | 22 | €1,119,470 | €1,072,715 | -€46,755 | -4.2% |
| Furniture and vehicles | 24 | €28,635 | - | -€28,635 | |
| Financial fixed assets | 28 | €1,784,840 | - | -€1.8m | |
| Current assets | 29/58 | €27,333 | €37,228 | +€9,895 | +36.2% |
| Stocks and contracts in progress | 3 | €20,547 | - | -€20,547 | |
| Stocks | 30/36 | €20,547 | - | -€20,547 | |
| Amounts receivable within one year | 40/41 | €3,128 | €10,091 | +€6,963 | +222.6% |
| Trade receivables | 40 | €160 | €851 | +€691 | +432.0% |
| Other amounts receivable | 41 | €2,968 | €9,240 | +€6,272 | +211.3% |
| Cash at bank and in hand | 54/58 | €1,781 | €25,352 | +€23,572 | +1323.7% |
| Deferred charges and accrued income | 490/1 | €1,878 | €1,785 | -€93 | -4.9% |
| Total equity and liabilities | 10/49 | €2,960,279 | €1,109,943 | -€1.9m | -62.5% |
| Equity | 10/15 | €666,680 | €108,285 | -€558,394 | -83.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €605,180 | €46,761 | -€558,418 | -92.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €599,030 | €40,611 | -€558,418 | -93.2% |
| Profit (loss) carried forward | 14 | €0 | €24 | +€24 | |
| Amounts payable | 17/49 | €2,293,599 | €1,001,658 | -€1.3m | -56.3% |
| Amounts payable after more than one year | 17 | €1,621,948 | €705,885 | -€916,063 | -56.5% |
| Financial debts | 170/4 | €812,751 | €705,885 | -€106,866 | -13.1% |
| Other amounts payable | 178/9 | €809,198 | - | -€809,198 | |
| Amounts payable within one year | 42/48 | €616,448 | €295,773 | -€320,675 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €103,613 | €88,062 | -€15,551 | -15.0% |
| Trade debts | 44 | €1,082 | €2,428 | +€1,346 | +124.4% |
| Suppliers | 440/4 | €1,082 | €2,428 | +€1,346 | +124.4% |
| Taxes, remuneration and social security | 45 | €14,839 | €8,759 | -€6,081 | -41.0% |
| Taxes | 450/3 | €14,839 | €8,759 | -€6,081 | -41.0% |
| Other amounts payable | 47/48 | €496,913 | €196,524 | -€300,389 | -60.5% |
| Accrued charges and deferred income | 492/3 | €55,203 | - | -€55,203 | |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,257 | €46,755 | -€11,502 | -19.7% |
| Other operating charges | 640/8 | €14,090 | €14,020 | -€69 | -0.5% |
| Non-recurring operating charges | 66A | - | €586,614 | +€586,614 | |
| Gross operating margin | 9900 | €208,045 | €154,811 | -€53,234 | -25.6% |
| Operating profit (loss) | 9901 | €135,698 | -€492,578 | -€628,276 | |
| Financial income | 75/76B | €8 | €3 | -€5 | -61.5% |
| Recurring financial income | 75 | €8 | €3 | -€5 | -61.5% |
| Financial charges | 65/66B | €80,411 | €54,749 | -€25,662 | -31.9% |
| Recurring financial charges | 65 | €80,411 | €54,749 | -€25,662 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €55,295 | -€547,324 | -€602,619 | |
| Income taxes | 67/77 | €15,260 | €11,070 | -€4,190 | -27.5% |
| Profit (loss) for the period | 9904 | €40,035 | -€558,394 | -€598,429 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,035 | -€558,394 | -€598,429 |
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 4 October 2026 via checked.be.