D & S: 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 & S
Largest movements
- Cash +€130,281
up €130,281 (+15.8%), from €823,554 to €953,834
mainly Receivables within one year (+€99,569) and Net result for the year (+€34,895)
- Receivables within one year -€99,569
down €99,569 (-86.5%), from €115,140 to €15,571
of which Trade receivables: -€100,000
- Tangible fixed assets -€31,360
down €31,360 (-8.0%), from €389,739 to €358,379
of which Land and buildings: -€16,357
- Debts after one year -€21,953
down €21,953 (-13.6%), from €160,963 to €139,010
- Profit (loss) carried forward +€19,207
up €19,207 (+416.4%), from €4,613 to €23,820
- Reserves +€15,687
up €15,687 (+1.5%), from €1.1m to €1.1m
of which Distributable reserves: +€17,000
- Gross operating margin -€102,915
down €102,915 (-59.8%), from €171,993 to €69,078
- Taxes -€52,629
down €52,629 (-90.3%), from €58,280 to €5,651
- Financial income -€11,808
down €11,808 (-44.2%), from €26,690 to €14,882
- Depreciation -€6,026
down €6,026 (-14.8%), from €40,723 to €34,696
- Other operating charges -€2,278
down €2,278 (-27.4%), from €8,326 to €6,047
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 | €1,329,609 | €1,329,026 | -€583 | 0.0% |
| Fixed assets | 21/28 | €389,739 | €358,379 | -€31,360 | -8.0% |
| Tangible fixed assets | 22/27 | €389,739 | €358,379 | -€31,360 | -8.0% |
| Land and buildings | 22 | €359,556 | €343,199 | -€16,357 | -4.5% |
| Plant, machinery and equipment | 23 | €7,388 | €6,215 | -€1,173 | -15.9% |
| Furniture and vehicles | 24 | €22,795 | €8,965 | -€13,830 | -60.7% |
| Current assets | 29/58 | €939,870 | €970,647 | +€30,777 | +3.3% |
| Amounts receivable within one year | 40/41 | €115,140 | €15,571 | -€99,569 | -86.5% |
| Trade receivables | 40 | €115,125 | €15,125 | -€100,000 | -86.9% |
| Other amounts receivable | 41 | €15 | €446 | +€431 | +2824.9% |
| Cash at bank and in hand | 54/58 | €823,554 | €953,834 | +€130,281 | +15.8% |
| Deferred charges and accrued income | 490/1 | €1,176 | €1,242 | +€66 | +5.6% |
| Total equity and liabilities | 10/49 | €1,329,609 | €1,329,026 | -€583 | 0.0% |
| Equity | 10/15 | €1,116,908 | €1,151,803 | +€34,895 | +3.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,050,296 | €1,065,983 | +€15,687 | +1.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,096 | €18,783 | -€1,313 | -6.5% |
| Distributable reserves | 133 | €1,024,000 | €1,041,000 | +€17,000 | +1.7% |
| Profit (loss) carried forward | 14 | €4,613 | €23,820 | +€19,207 | +416.4% |
| Provisions and deferred taxes | 16 | €5,183 | €4,476 | -€707 | -13.6% |
| Deferred taxes | 168 | €5,183 | €4,476 | -€707 | -13.6% |
| Amounts payable | 17/49 | €207,518 | €172,747 | -€34,771 | -16.8% |
| Amounts payable after more than one year | 17 | €160,963 | €139,010 | -€21,953 | -13.6% |
| Financial debts | 170/4 | €160,963 | €139,010 | -€21,953 | -13.6% |
| Amounts payable within one year | 42/48 | €46,556 | €33,677 | -€12,879 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €21,619 | €21,953 | +€333 | +1.5% |
| Trade debts | 44 | €3,521 | €1,953 | -€1,568 | -44.5% |
| Suppliers | 440/4 | €3,521 | €1,953 | -€1,568 | -44.5% |
| Taxes, remuneration and social security | 45 | €17,846 | €7,435 | -€10,411 | -58.3% |
| Taxes | 450/3 | €17,846 | €7,435 | -€10,411 | -58.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,569 | €2,336 | -€1,233 | -34.5% |
| Accrued charges and deferred income | 492/3 | €0 | €60 | +€60 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,723 | €34,696 | -€6,026 | -14.8% |
| Other operating charges | 640/8 | €8,326 | €6,047 | -€2,278 | -27.4% |
| Gross operating margin | 9900 | €171,993 | €69,078 | -€102,915 | -59.8% |
| Operating profit (loss) | 9901 | €122,945 | €28,335 | -€94,610 | -77.0% |
| Financial income | 75/76B | €26,690 | €14,882 | -€11,808 | -44.2% |
| Recurring financial income | 75 | €26,690 | €14,882 | -€11,808 | -44.2% |
| Financial charges | 65/66B | €3,547 | €3,377 | -€170 | -4.8% |
| Recurring financial charges | 65 | €3,547 | €3,377 | -€170 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €146,088 | €39,839 | -€106,249 | -72.7% |
| Transfer from deferred taxes | 780 | €707 | €707 | = | 0.0% |
| Income taxes | 67/77 | €58,280 | €5,651 | -€52,629 | -90.3% |
| Profit (loss) for the period | 9904 | €88,514 | €34,895 | -€53,620 | -60.6% |
| Transfer from tax-exempt reserves | 789 | €1,313 | €1,313 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,827 | €36,207 | -€53,620 | -59.7% |
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 9 October 2026 via checked.be.