CUT THE CRAP: 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.
CUT THE CRAP
Largest movements
- Cash -€98,558
down €98,558 (-28.4%), from €347,592 to €249,034
mainly Contributions, distributions and other (-€240,403) and Investment in fixed assets (net) (-€94,246)
- Tangible fixed assets +€69,551
up €69,551 (+93.3%), from €74,584 to €144,135
of which Furniture and vehicles: +€71,853
- Receivables after one year -€35,000
no longer reported in 2025 (was €35,000)
- Current investments -€7,401
down €7,401 (-4.6%), from €162,499 to €155,098
- Reserves -€195,957
down €195,957 (-39.3%), from €498,781 to €302,825
- Other debts +€67,747
up €67,747 (+223%), from €30,381 to €98,128
- Debts after one year +€54,278
up €54,278 (+544%), from €9,983 to €64,261
- Current portion of long-term debt +€19,650
up €19,650 (+221%), from €8,875 to €28,525
- Short-term financial debts -€8,462
down €8,462 (-40.3%), from €20,996 to €12,534
- Gross operating margin -€19,227
down €19,227 (-10.5%), from €183,476 to €164,249
- Depreciation +€8,337
up €8,337 (+51.0%), from €16,358 to €24,695
- Taxes -€6,833
down €6,833 (-11.9%), from €57,253 to €50,420
- Financial charges +€1,853
up €1,853 (+14.4%), from €12,894 to €14,747
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.
Derived cash bridge
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 | €641,622 | €570,829 | -€70,793 | -11.0% |
| Fixed assets | 21/28 | €74,584 | €144,135 | +€69,551 | +93.3% |
| Tangible fixed assets | 22/27 | €74,584 | €144,135 | +€69,551 | +93.3% |
| Plant, machinery and equipment | 23 | €46,192 | €46,342 | +€149 | +0.3% |
| Furniture and vehicles | 24 | €12,313 | €84,166 | +€71,853 | +584% |
| Other tangible fixed assets | 26 | €16,078 | €13,627 | -€2,451 | -15.2% |
| Current assets | 29/58 | €567,038 | €426,694 | -€140,344 | -24.8% |
| Amounts receivable after more than one year | 29 | €35,000 | - | -€35,000 | |
| Other amounts receivable | 291 | €35,000 | - | -€35,000 | |
| Amounts receivable within one year | 40/41 | €16,954 | €16,330 | -€624 | -3.7% |
| Trade receivables | 40 | €16,940 | €16,147 | -€793 | -4.7% |
| Other amounts receivable | 41 | €14 | €183 | +€169 | +1,166% |
| Current investments | 50/53 | €162,499 | €155,098 | -€7,401 | -4.6% |
| Cash at bank and in hand | 54/58 | €347,592 | €249,034 | -€98,558 | -28.4% |
| Deferred charges and accrued income | 490/1 | €4,992 | €6,232 | +€1,240 | +24.8% |
| Total equity and liabilities | 10/49 | €641,622 | €570,829 | -€70,793 | -11.0% |
| Equity | 10/15 | €511,181 | €315,225 | -€195,957 | -38.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €498,781 | €302,825 | -€195,957 | -39.3% |
| Distributable reserves | 133 | €498,781 | €302,825 | -€195,957 | -39.3% |
| Amounts payable | 17/49 | €130,441 | €255,604 | +€125,164 | +96.0% |
| Amounts payable after more than one year | 17 | €9,983 | €64,261 | +€54,278 | +544% |
| Financial debts | 170/4 | €9,983 | €64,261 | +€54,278 | +544% |
| Amounts payable within one year | 42/48 | €120,458 | €189,543 | +€69,085 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €8,875 | €28,525 | +€19,650 | +221% |
| Financial debts | 43 | €20,996 | €12,534 | -€8,462 | -40.3% |
| Credit institutions | 430/8 | €20,996 | €12,534 | -€8,462 | -40.3% |
| Trade debts | 44 | €9,570 | €3,681 | -€5,889 | -61.5% |
| Suppliers | 440/4 | €9,570 | €3,681 | -€5,889 | -61.5% |
| Advances received on contracts in progress | 46 | €8,623 | €8,623 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €42,012 | €38,052 | -€3,960 | -9.4% |
| Taxes | 450/3 | €42,012 | €38,052 | -€3,960 | -9.4% |
| Other amounts payable | 47/48 | €30,381 | €98,128 | +€67,747 | +223% |
| Accrued charges and deferred income | 492/3 | - | €1,801 | +€1,801 | |
| Non-recurring operating income | 76A | €5,927 | €7,555 | +€1,628 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,358 | €24,695 | +€8,337 | +51.0% |
| Other operating charges | 640/8 | €5,461 | €3,833 | -€1,628 | -29.8% |
| Non-recurring operating charges | 66A | €1,718 | €32,300 | +€30,582 | +1,780% |
| Gross operating margin | 9900 | €183,476 | €164,249 | -€19,227 | -10.5% |
| Operating profit (loss) | 9901 | €159,939 | €103,421 | -€56,518 | -35.3% |
| Financial income | 75/76B | €7,842 | €6,191 | -€1,651 | -21.1% |
| Recurring financial income | 75 | €7,842 | €6,191 | -€1,651 | -21.1% |
| Financial charges | 65/66B | €12,894 | €14,747 | +€1,853 | +14.4% |
| Recurring financial charges | 65 | €12,894 | €14,747 | +€1,853 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €154,887 | €94,866 | -€60,022 | -38.8% |
| Income taxes | 67/77 | €57,253 | €50,420 | -€6,833 | -11.9% |
| Profit (loss) for the period | 9904 | €97,635 | €44,446 | -€53,189 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,635 | €44,446 | -€53,189 | -54.5% |
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 29 October 2026 via checked.be.