COVER: 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.
COVER
Largest movements
- Cash +€123,411
up €123,411 (+8460.8%), from €1,459 to €124,870
mainly Net result for the year (+€114,125) and Tax, wage and social debts (+€51,965)
- Receivables within one year +€48,835
up €48,835 (+36.6%), from €133,474 to €182,309
- Tangible fixed assets -€24,934
down €24,934 (-17.4%), from €143,085 to €118,151
of which Land and buildings: -€23,827
- Reserves +€114,125
up €114,125 (+53.0%), from €215,501 to €329,626
of which Distributable reserves: +€114,125
- Tax, wage and social debts +€51,965
up €51,965 (+495.5%), from €10,488 to €62,454
- Other debts -€7,000
no longer reported in 2025 (was €7,000)
- Trade debts -€6,981
no longer reported in 2025 (was €6,981)
- Accrued charges and deferred income -€4,797
down €4,797 (-79.3%), from €6,047 to €1,250
- Gross operating margin +€154,299
up €154,299 (+610.6%), from €25,271 to €179,570
- Taxes +€52,220
up €52,220 (+994.0%), from €5,254 to €57,473
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 | €278,017 | €425,329 | +€147,312 | +53.0% |
| Fixed assets | 21/28 | €143,085 | €118,151 | -€24,934 | -17.4% |
| Tangible fixed assets | 22/27 | €143,085 | €118,151 | -€24,934 | -17.4% |
| Land and buildings | 22 | €141,978 | €118,151 | -€23,827 | -16.8% |
| Plant, machinery and equipment | 23 | €1,106 | - | -€1,106 | |
| Current assets | 29/58 | €134,932 | €307,178 | +€172,246 | +127.7% |
| Amounts receivable within one year | 40/41 | €133,474 | €182,309 | +€48,835 | +36.6% |
| Other amounts receivable | 41 | €133,474 | €182,309 | +€48,835 | +36.6% |
| Cash at bank and in hand | 54/58 | €1,459 | €124,870 | +€123,411 | +8460.8% |
| Total equity and liabilities | 10/49 | €278,017 | €425,329 | +€147,312 | +53.0% |
| Equity | 10/15 | €247,501 | €361,626 | +€114,125 | +46.1% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €215,501 | €329,626 | +€114,125 | +53.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €212,402 | €326,527 | +€114,125 | +53.7% |
| Amounts payable | 17/49 | €30,516 | €63,704 | +€33,187 | +108.8% |
| Amounts payable within one year | 42/48 | €24,469 | €62,454 | +€37,984 | +155.2% |
| Trade debts | 44 | €6,981 | - | -€6,981 | |
| Suppliers | 440/4 | €6,981 | - | -€6,981 | |
| Taxes, remuneration and social security | 45 | €10,488 | €62,454 | +€51,965 | +495.5% |
| Taxes | 450/3 | €10,488 | €62,454 | +€51,965 | +495.5% |
| Other amounts payable | 47/48 | €7,000 | - | -€7,000 | |
| Accrued charges and deferred income | 492/3 | €6,047 | €1,250 | -€4,797 | -79.3% |
| Non-recurring operating income | 76A | - | €155,528 | +€155,528 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,462 | €10,462 | = | 0.0% |
| Other operating charges | 640/8 | €4,851 | €4,566 | -€285 | -5.9% |
| Gross operating margin | 9900 | €25,271 | €179,570 | +€154,299 | +610.6% |
| Operating profit (loss) | 9901 | €9,959 | €164,543 | +€154,584 | +1552.2% |
| Financial income | 75/76B | €6,088 | €7,414 | +€1,326 | +21.8% |
| Recurring financial income | 75 | €6,088 | €7,414 | +€1,326 | +21.8% |
| Financial charges | 65/66B | €295 | €358 | +€64 | +21.6% |
| Recurring financial charges | 65 | €295 | €358 | +€64 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €15,752 | €171,599 | +€155,847 | +989.4% |
| Income taxes | 67/77 | €5,254 | €57,473 | +€52,220 | +994.0% |
| Profit (loss) for the period | 9904 | €10,498 | €114,125 | +€103,627 | +987.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,498 | €114,125 | +€103,627 | +987.1% |
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 7 October 2026 via checked.be.