D & A: 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.
D & A
Largest movements
- Tangible fixed assets -€22,564
down €22,564 (-3.2%), from €707,578 to €685,013
- Cash +€11,383
up €11,383 (+63.4%), from €17,949 to €29,332
mainly Other debts (+€25,705) and Depreciation (+€22,564)
- Receivables within one year +€10,956
up €10,956 (+47.0%), from €23,328 to €34,284
of which Other amounts receivable: +€20,341
- Other debts +€25,705
up €25,705 (+48.1%), from €53,495 to €79,200
- Debts after one year -€17,246
down €17,246 (-5.6%), from €307,841 to €290,595
of which Financial debts: -€17,246
- Current portion of long-term debt -€9,461
down €9,461 (-35.4%), from €26,707 to €17,246
- Reserves +€8,040
up €8,040 (+2.9%), from €279,566 to €287,606
of which Distributable reserves: +€13,554
- Gross operating margin +€4,300
up €4,300 (+7.6%), from €56,791 to €61,091
- Other operating charges -€3,016
down €3,016 (-28.7%), from €10,501 to €7,485
- Financial charges +€1,396
up €1,396 (+9.5%), from €14,658 to €16,054
- Taxes -€654
down €654 (-8.7%), from €7,477 to €6,823
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 | €762,943 | €763,400 | +€457 | +0.1% |
| Fixed assets | 21/28 | €707,578 | €685,013 | -€22,564 | -3.2% |
| Tangible fixed assets | 22/27 | €707,578 | €685,013 | -€22,564 | -3.2% |
| Land and buildings | 22 | €707,578 | €685,013 | -€22,564 | -3.2% |
| Current assets | 29/58 | €55,365 | €78,386 | +€23,021 | +41.6% |
| Amounts receivable after more than one year | 29 | €8,749 | €8,749 | = | 0.0% |
| Other amounts receivable | 291 | €8,749 | €8,749 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,328 | €34,284 | +€10,956 | +47.0% |
| Trade receivables | 40 | €23,260 | €13,875 | -€9,385 | -40.3% |
| Other amounts receivable | 41 | €68 | €20,409 | +€20,341 | +29,900% |
| Cash at bank and in hand | 54/58 | €17,949 | €29,332 | +€11,383 | +63.4% |
| Deferred charges and accrued income | 490/1 | €5,339 | €6,022 | +€682 | +12.8% |
| Total equity and liabilities | 10/49 | €762,943 | €763,400 | +€457 | +0.1% |
| Equity | 10/15 | €298,158 | €306,198 | +€8,040 | +2.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €279,566 | €287,606 | +€8,040 | +2.9% |
| Tax-exempt reserves | 132 | €98,550 | €93,036 | -€5,514 | -5.6% |
| Distributable reserves | 133 | €181,016 | €194,570 | +€13,554 | +7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €50,772 | €47,933 | -€2,840 | -5.6% |
| Deferred taxes | 168 | €50,772 | €47,933 | -€2,840 | -5.6% |
| Amounts payable | 17/49 | €414,013 | €409,269 | -€4,744 | -1.1% |
| Amounts payable after more than one year | 17 | €307,841 | €290,595 | -€17,246 | -5.6% |
| Financial debts | 170/4 | €91,041 | €73,795 | -€17,246 | -18.9% |
| Other amounts payable | 178/9 | €216,800 | €216,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €106,172 | €118,674 | +€12,502 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €26,707 | €17,246 | -€9,461 | -35.4% |
| Financial debts | 43 | €7,042 | €8,571 | +€1,530 | +21.7% |
| Credit institutions | 430/8 | €774 | €220 | -€554 | -71.6% |
| Other loans | 439 | €6,268 | €8,351 | +€2,083 | +33.2% |
| Trade debts | 44 | €2,924 | €2,488 | -€435 | -14.9% |
| Suppliers | 440/4 | €2,924 | €2,488 | -€435 | -14.9% |
| Taxes, remuneration and social security | 45 | €16,004 | €11,168 | -€4,836 | -30.2% |
| Taxes | 450/3 | €16,004 | €11,168 | -€4,836 | -30.2% |
| Other amounts payable | 47/48 | €53,495 | €79,200 | +€25,705 | +48.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,595 | €22,564 | -€31 | -0.1% |
| Other operating charges | 640/8 | €10,501 | €7,485 | -€3,016 | -28.7% |
| Gross operating margin | 9900 | €56,791 | €61,091 | +€4,300 | +7.6% |
| Operating profit (loss) | 9901 | €23,695 | €31,042 | +€7,347 | +31.0% |
| Financial income | 75/76B | €723 | €535 | -€188 | -26.0% |
| Recurring financial income | 75 | €723 | €535 | -€188 | -26.0% |
| Financial charges | 65/66B | €14,658 | €16,054 | +€1,396 | +9.5% |
| Recurring financial charges | 65 | €14,658 | €16,054 | +€1,396 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €9,760 | €15,523 | +€5,763 | +59.0% |
| Transfer from deferred taxes | 780 | €2,840 | €2,840 | = | 0.0% |
| Income taxes | 67/77 | €7,477 | €6,823 | -€654 | -8.7% |
| Profit (loss) for the period | 9904 | €5,123 | €11,540 | +€6,417 | +125% |
| Transfer from tax-exempt reserves | 789 | €23,318 | €5,514 | -€17,804 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,441 | €17,054 | -€11,387 | -40.0% |
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 15 October 2026 via checked.be.