COVER 11: 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 11
Largest movements
- Cash +€348,877
up €348,877 (+1781.2%), from €19,587 to €368,464
mainly Investment in fixed assets (net) (+€144,692) and Net result for the year (+€84,146)
- Tangible fixed assets -€144,692
down €144,692 (-19.0%), from €760,016 to €615,324
- Other debts +€64,477
up €64,477 (+7.7%), from €833,028 to €897,504
- Reserves +€48,647
up €48,647 (+488.0%), from €9,970 to €58,617
- Trade debts +€48,201
up €48,201 (+2785.6%), from €1,730 to €49,931
- Profit (loss) carried forward +€35,499
no longer reported in 2025 (was -€35,499)
- Tax, wage and social debts +€17,593
up €17,593 (+988.3%), from €1,780 to €19,374
- Gross operating margin +€113,299
up €113,299, from -€7,129 to €106,170
- Taxes +€17,724
new in 2025: €17,724
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 | €836,009 | €1,050,426 | +€214,417 | +25.6% |
| Fixed assets | 21/28 | €760,016 | €615,324 | -€144,692 | -19.0% |
| Tangible fixed assets | 22/27 | €760,016 | €615,324 | -€144,692 | -19.0% |
| Land and buildings | 22 | €760,016 | €615,324 | -€144,692 | -19.0% |
| Current assets | 29/58 | €75,993 | €435,102 | +€359,109 | +472.6% |
| Stocks and contracts in progress | 3 | €50,953 | €58,729 | +€7,776 | +15.3% |
| Stocks | 30/36 | €50,953 | €58,729 | +€7,776 | +15.3% |
| Amounts receivable within one year | 40/41 | €5,453 | €7,909 | +€2,456 | +45.0% |
| Other amounts receivable | 41 | €5,453 | €7,909 | +€2,456 | +45.0% |
| Cash at bank and in hand | 54/58 | €19,587 | €368,464 | +€348,877 | +1781.2% |
| Total equity and liabilities | 10/49 | €836,009 | €1,050,426 | +€214,417 | +25.6% |
| Equity | 10/15 | -€529 | €83,617 | +€84,146 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €9,970 | €58,617 | +€48,647 | +488.0% |
| Distributable reserves | 133 | €9,970 | €58,617 | +€48,647 | +488.0% |
| Profit (loss) carried forward | 14 | -€35,499 | - | +€35,499 | |
| Amounts payable | 17/49 | €836,538 | €966,809 | +€130,271 | +15.6% |
| Amounts payable within one year | 42/48 | €836,538 | €966,809 | +€130,271 | +15.6% |
| Trade debts | 44 | €1,730 | €49,931 | +€48,201 | +2785.6% |
| Suppliers | 440/4 | €1,730 | €49,931 | +€48,201 | +2785.6% |
| Taxes, remuneration and social security | 45 | €1,780 | €19,374 | +€17,593 | +988.3% |
| Taxes | 450/3 | €1,780 | €19,374 | +€17,593 | +988.3% |
| Other amounts payable | 47/48 | €833,028 | €897,504 | +€64,477 | +7.7% |
| Other operating charges | 640/8 | €3,777 | €3,164 | -€613 | -16.2% |
| Gross operating margin | 9900 | -€7,129 | €106,170 | +€113,299 | |
| Operating profit (loss) | 9901 | -€10,906 | €103,006 | +€113,912 | |
| Financial charges | 65/66B | €241 | €1,136 | +€896 | +372.0% |
| Recurring financial charges | 65 | €241 | €1,136 | +€896 | +372.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,147 | €101,869 | +€113,017 | |
| Income taxes | 67/77 | - | €17,724 | +€17,724 | |
| Profit (loss) for the period | 9904 | -€11,147 | €84,146 | +€95,293 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,147 | €84,146 | +€95,293 |
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 5 October 2026 via checked.be.